证券研究报告：计算机 | 公司点评报告 发布时间：2026-03-24 股票投资评级 增持|维持 个股表现 -17% -4% 9% 22% 35% 48% 61% 74% 87% 100% 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 合合信息 计算机 资料来源：聚源，中邮证券研究所 公司基本情况 | 最新收盘价（元） | 169.00 | | --- | --- | | 总股本/流通股本（亿股）1.40 / 0.97 | | | 总市值/流通市值（亿元）237 / 163 | | | 52 周内最高/最低价 | 331.20 / 145.49 | | 资产负债率(%) | 24.4% | | 市盈率 | 52.16 | | 第一大股东 | 镇立新 | 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 合合信息(688615) 全面拥抱 AI，深化海外布局 事件 公司发布 2 ...

发布时间：2026-03-24 股票投资评级 增持|维持 个股表现 -17% -4% 9% 22% 35% 48% 61% 74% 87% 100% 2025-03 2025-06 2025-08 2025-10 2026-01 2026-03 合合信息 计算机 资料来源：聚源，中邮证券研究所 证券研究报告：计算机 | 公司点评报告 公司基本情况 | 最新收盘价（元） | 169.00 | | --- | --- | | 总股本/流通股本（亿股）1.40 / 0.97 | | | 总市值/流通市值（亿元）237 / 163 | | | 52 周内最高/最低价 | 331.20 / 145.49 | | 资产负债率(%) | 24.4% | | 市盈率 | 52.16 | | 第一大股东 | 镇立新 | 研究所 分析师:李佩京 SAC 登记编号:S1340525080003 Email:lipeijing@cnpsec.com 分析师:王思 SAC 登记编号:S1340525080002 Email:wangsi1@cnpsec.com 合合信息(688615) 全面拥抱 AI，深化海外布局 事件 公司发布 2 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [6]. Core Insights - The company reported a revenue of 1.81 billion yuan in 2025, reflecting a year-on-year growth of 25.8%, and a net profit attributable to shareholders of 450 million yuan, which is a 13.4% increase [4][6]. - The growth drivers identified are AI and international expansion, with significant contributions from both consumer and business segments [6]. - The company has launched new AI-driven products and achieved a monthly active user count of 190 million in the consumer segment, marking an 11.1% increase [6]. - The report highlights a strong growth trajectory, with revenue projections for 2026 and 2027 adjusted to 2.28 billion yuan and 2.87 billion yuan, respectively [6]. Financial Data Summary - Revenue and profit forecasts for the upcoming years are as follows: - 2024: Revenue of 1.44 billion yuan, net profit of 401 million yuan - 2025: Revenue of 1.81 billion yuan, net profit of 454 million yuan - 2026E: Revenue of 2.28 billion yuan, net profit of 587 million yuan - 2027E: Revenue of 2.87 billion yuan, net profit of 743 million yuan - 2028E: Revenue of 3.58 billion yuan, net profit of 933 million yuan [5][8]. - The gross margin is projected to remain stable around 84.5% to 86.7% over the forecast period [5]. - The return on equity (ROE) is expected to increase from 15.5% in 2025 to 21.8% in 2028 [5]. Market Performance - The company's stock closed at 190.78 yuan, with a price-to-book ratio of 9.1 and a dividend yield of 1.05% [1]. - The stock has experienced a price range of 368.68 yuan to 142.52 yuan over the past year [1]. Strategic Focus - The report emphasizes the company's commitment to expanding its product offerings in AI education, healthcare, and business data, which are expected to enhance revenue streams in the future [6]. - The company is also focusing on increasing its international market presence, with overseas revenue growth outpacing domestic growth [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is rapidly expanding its overseas business and actively embracing the AI wave, indicating promising growth prospects. The forecast for net profit attributable to the parent company for 2026 is set at 568 million yuan, with additional forecasts for 2027 and 2028 at 764 million yuan and 1.015 billion yuan respectively. The expected EPS for these years is 4.05, 5.46, and 7.25 yuan per share, corresponding to P/E ratios of 46.5, 34.5, and 26 times [3][4] Financial Performance - In 2025, the company achieved total revenue of 1.81 billion yuan, representing a year-on-year growth of 25.83%. The net profit attributable to the parent company was 454 million yuan, up 13.39% year-on-year. The cash flow from operating activities was 606 million yuan, reflecting a 33.10% increase [4][6] - The company's C-end products generated revenue of 1.54 billion yuan, growing by 28.11% year-on-year, while B-end products saw revenue of 257 million yuan, a 14.56% increase. Domestic revenue reached 1.18 billion yuan, up 21.88%, and overseas revenue was 624 million yuan, growing by 34.11% [4][6] Product Development and AI Integration - The company launched a new version of its scanning product in the second half of 2025, featuring AI capabilities such as AI image translation and AI reading modes. It is also exploring new product directions, including AI-driven educational and health products [5][6] - For B-end products, the company upgraded its enterprise-level AI product line, enhancing capabilities in complex layout understanding and document processing automation [5][6] Financial Projections - Revenue projections for the upcoming years are as follows: 2026E at 2.33 billion yuan, 2027E at 2.97 billion yuan, and 2028E at 3.73 billion yuan, with respective year-on-year growth rates of 28.8%, 27.2%, and 25.8% [6][8] - The gross margin is expected to improve from 86.7% in 2025 to 87.7% in 2028, while the net profit margin is projected to stabilize around 27.2% by 2028 [6][9]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Insights - The company achieved a revenue of 1.81 billion yuan in 2025, representing a year-on-year growth of 25.83%, and a net profit of 454 million yuan, up 13.39% year-on-year [1]. - The C-end business is the core growth engine, with revenue reaching 1.544 billion yuan in 2025, a 28.11% increase year-on-year, driven by an expanded user base and improved conversion rates [2]. - The B-end business showed stable growth, generating 257 million yuan in revenue, a 14.56% increase year-on-year, supported by advancements in AI capabilities [3]. - The overseas business experienced rapid growth, with a 34% increase in revenue, enhancing the company's global influence [4]. Financial Performance - In 2025, the company reported a total revenue of 1.81 billion yuan, with a year-on-year growth rate of 25.83% [1]. - The net profit for 2025 was 454 million yuan, reflecting a year-on-year increase of 13.39% [1]. - The projected revenues for 2026, 2027, and 2028 are estimated at 2.266 billion yuan, 2.826 billion yuan, and 3.506 billion yuan, respectively, with corresponding net profits of 591 million yuan, 755 million yuan, and 930 million yuan [4][6].

Core Insights - The artificial intelligence industry is entering a new phase characterized by the deep integration of technology and diverse scenarios, which is becoming the core competitive advantage of the industry [1] - Shanghai Hehe Information Technology Co., Ltd. has launched a series of innovative products based on multimodal large models, covering AI education, AI health management, AI infrastructure, and AI agent applications, providing practical pathways for AI commercialization [1] Group 1: Document Solutions - The company has introduced the "CS-AI One-stop Intelligent Document Solution," which spans the entire document lifecycle from image digitization to intelligent services, addressing core scenarios such as scanning, reading, editing, and learning [2] - This solution can automatically repair image quality issues and optimize document layout, showcasing strong potential in cross-border e-commerce, outbound tourism, and professional document translation [2] Group 2: Education and Health Applications - In the education sector, the company has launched two AI learning management tools, "Bee Exam" and "QuizAI," which can intelligently recognize handwritten test papers and provide grading and interactive learning features [2] - The health sector features the AI dietary health assistant Appediet, which identifies food nutritional components through photos and generates calorie reports, customizing dietary plans based on user health data [2] Group 3: AI Infrastructure and Enterprise Solutions - The company is addressing enterprise market pain points by building an AI infrastructure and intelligent agent product system to reshape data processing workflows [3] - IDC predicts a compound annual growth rate of 24.4% in global data volume from 2023 to 2028, reaching 393.8 ZB by 2028, highlighting the need for effective data management solutions [3] - The TextIn product line has launched the AI infrastructure product xParse, which empowers unstructured data mining for knowledge base construction and compliance risk control [3] - The Agentic AI product INTSIG Docflow acts as a "digital employee" to parse, review, and transfer complex documents, optimizing core business processes [3] - The company’s AI-native applications, such as "AI Intelligent Sourcing," have improved customer acquisition efficiency by over 30%, while "AI Admission Due Diligence" and "AI Relationship Insights" assist in supplier screening and risk management [3]

Core Insights - Shanghai Hehe Information Technology Co., Ltd. has recently launched a series of innovative products based on multimodal large models, covering various fields such as AI education, AI health management, AI infrastructure, and AI agents [1][2] Group 1: Product Innovations - The product "CS-AI One-stop Intelligent Document Solution" from Hehe Information's Scanning All-in-One can automatically repair image quality issues and optimize document layout, showing strong potential in cross-border e-commerce and professional document translation markets [1] - In the education sector, Hehe Information has introduced AI error learning management tools "Bee Paper" and "QuizAI," which can intelligently recognize handwritten test papers and provide interactive learning features for personalized education [1] - The AI dietary health assistant Appediet allows users to identify food nutritional components through photos, generating calorie reports and customized dietary plans based on user health data [1] Group 2: Enterprise Market Developments - Hehe Information's enterprise-level AI product line TextIn has launched the AI Infra product xParse, which empowers unstructured data mining in general documents, with broad application prospects in knowledge base implementation, intelligent translation, and compliance risk management [2] - The company plans to continue deepening its focus on AI, advancing multimodal text intelligence technology research, and exploring new opportunities for AI application and commercial growth [2]

Core Insights - The article highlights the transition of the AI industry into a "landing is king" phase, focusing on the integration of AI technology with diverse scenarios, particularly through the innovative products launched by Shanghai Hehe Information Technology Co., Ltd. (stock code: 688615.SH) [1][10] Group 1: AI Product Innovations - Hehe Information has released a series of innovative products based on multi-modal large models, covering areas such as AI education, AI health management, AI infrastructure, and AI agent applications, showcasing the potential for commercializing AI technology [1][10] - The "CS-AI One-stop Intelligent Document Solution" launched by Hehe Information's product "Scan All-in-One" upgrades from image digitization to full-cycle intelligent document services, expected to show strong overseas potential in markets like cross-border e-commerce and professional document translation [2][11] Group 2: AI in Education and Health - In the education sector, Hehe Information has introduced AI tools like "Bee Exam" and "QuizAI," which can intelligently recognize handwritten test papers and provide interactive learning features, enabling personalized education [4][13] - The health sector sees the launch of the AI dietary health assistant Appediet, which allows users to identify food nutritional components through photos and generate personalized dietary plans and health reports [4][15] Group 3: AI Infrastructure and Data Processing - The rise of Agentic AI is pushing AI infrastructure to a critical position, with high-quality data being essential for its effectiveness. IDC predicts global data volume will reach 393.8ZB by 2028, with a compound annual growth rate of 24.4% from 2023 to 2028 [6][17] - Hehe Information's enterprise-level AI product line, TextIn, has launched the AI infrastructure product xParse, which empowers unstructured data mining to unlock data value across various applications [6][17] Group 4: AI Applications in Business - Hehe Information's subsidiary, Qixin Huayan, has introduced several AI-native applications aimed at business data intelligence, enhancing risk management and decision-making processes. For instance, the "AI Intelligent Sourcing" feature helps clients efficiently find cooperation targets among 340 million enterprises, improving sourcing efficiency by over 30% [8][19] - The AI applications have been implemented across multiple industries, including manufacturing, pharmaceuticals, semiconductors, electronics, energy, automotive, and finance, with daily risk scanning exceeding 20 million times [8][19]

Core Viewpoint - The company, Hehe Information, has launched a series of innovative products based on multimodal large models, covering various fields such as AI education, health management, infrastructure, and intelligent applications, showcasing deep integration of text intelligence technology in different scenarios [1][5]. Group 1: Product Innovations - Hehe Information's product matrix update responds to market demands for close integration of technology and application scenarios, marking a new phase in the AI industry focused on practical implementation [1][5]. - The "CS-AI One-stop Intelligent Document Solution" launched by the company's Scan All-in-One product not only digitizes document images but also provides a full-cycle intelligent service covering scanning, reading, editing, and learning, with capabilities for automatic image quality repair and intelligent layout optimization [1][5]. - The "Bee Paper" AI error management tool and its overseas version "QuizAI" have been introduced for the education market, offering automatic grading and personalized learning through error-based practice generation [3][7]. Group 2: Health and Enterprise Solutions - In the health sector, the new AI dietary assistant "Appediet" allows users to identify food components through photos and generate nutritional reports, customizing dietary plans based on personal health data [3][7]. - Hehe Information's enterprise-level product line, TextIn, has launched the AI infrastructure product xParse, aimed at extracting value from unstructured data in general documents for knowledge base construction, intelligent translation, and compliance risk control [3][7]. - The Agentic AI product "INTSIG Docflow" automates the parsing, classification, review, and business process handling of complex documents like contracts and invoices, enhancing core operational efficiency for enterprises [3][7]. Group 3: Business Data Intelligence - The platform Qixin Huayan has introduced several AI-native applications, including "AI Intelligent Sourcing," which automates sourcing demand analysis and improves sourcing efficiency by over 30% [4][8]. - The "AI Admission Due Diligence" feature combines industry experience with comprehensive data to provide reliable supplier selection recommendations [4][8]. - The "AI Relationship Insight" function focuses on revealing inter-company relationships and potential risks, executing risk scans over 20 million times daily across various industries such as manufacturing, finance, pharmaceuticals, and energy [4][8]. Group 4: Future Directions - Hehe Information aims to continue deepening its multimodal text intelligence technology, expanding the boundaries of technology application, and exploring new opportunities and growth paths for AI commercialization [4][8].

Core Insights - The article highlights the transition of the AI industry into a phase where practical applications are prioritized, showcasing the integration of AI technology with diverse scenarios as a focal point for innovation [1] Group 1: AI Product Innovations - Shanghai Hehe Information Technology Co., Ltd. (Hehe Information) has launched a series of innovative products based on multimodal large models, covering areas such as AI education, AI health management, AI infrastructure, and AI agent applications [1] - The "CS-AI One-Stop Intelligent Document Solution" from Hehe Information's Scanning All-in-One product enables a full-cycle intelligent service upgrade from image digitization, targeting markets like cross-border e-commerce and professional document translation [2] - In the education sector, Hehe Information introduced AI tools like "Bee Paper" and "QuizAI," which can intelligently recognize handwritten test papers and provide personalized learning experiences [4] Group 2: Health and Nutrition Applications - The AI Diet Health Assistant Appediet allows users to identify food nutritional components through photos, generating calorie reports and personalized dietary plans [7] - Appediet aims to serve as a "personal AI nutritionist," offering tailored nutritional analysis and healthy recipe recommendations [7] Group 3: AI Infrastructure and Data Processing - The launch of the AI Infra product xParse by Hehe Information's TextIn aims to empower unstructured data mining, enhancing data value in various applications such as knowledge bases and compliance risk management [8] - According to IDC, global data volume is expected to reach 393.8ZB by 2028, with a compound annual growth rate of 24.4% from 2023 to 2028, emphasizing the importance of high-quality data for AI infrastructure [8] Group 4: Business Integration and AI Applications - The integration of AI with business processes is seen as a key direction for enterprise-level intelligent agents, with 62% of surveyed organizations experimenting with such applications [9] - Hehe Information's Agentic AI product INTSIG Docflow functions like a "digital employee," capable of parsing and processing complex, unstructured documents [9] Group 5: Commercial Data Intelligence - Hehe Information's Qixin Huayan has introduced several AI-native applications for commercial data intelligence, enhancing risk management and decision-making processes [10] - Features like "AI Intelligent Sourcing" and "AI Due Diligence" improve sourcing efficiency by over 30% and provide reliable supplier recommendations [10][12] - The AI applications have been implemented across various industries, with daily risk scanning exceeding 20 million times [12]