——公司首次覆盖报告 投资评级：买入（首次） | 当前股价(元) | 32.60 | | --- | --- | | 一年最高最低(元) | 44.29/24.18 | | 总市值(亿元) | 256.73 | | 流通市值(亿元) | 133.50 | | 总股本(亿股) | 7.88 | | 流通股本(亿股) | 4.10 | | 近 3 个月换手率(%) | 77.1 | 股价走势图 -30% 0% 30% 60% 90% 2024-09 2025-01 2025-05 萤石网络 沪深300 数据来源：聚源 计算机/计算机设备 萤石网络（688475.SH） 硬件矩阵&软件升级构筑生态化，未来成长逻辑清晰 2025 年 09 月 05 日 日期 2025/9/4 吕明（分析师） 骆扬（分析师） luoyang@kysec.cn 证书编号：S0790520030002 证书编号：S0790525050002 硬件矩阵&软件升级构筑生态化，未来成长逻辑清晰，首覆给予"买入"评级 公司是国内领先的智能家居硬件与物联云平台服务提供商，以 2+5+N 体系构建 AIoT 一体化生态，硬件&云平台双轮驱动业绩增长。 ...

摘要 萤石网络智能家居硬件毛利率提升至 36.8%，同比增长 1.3 个百分点， 现金流业务趋于稳定。智能锁业务作为增长引擎，毛利率达 46.3%，同 比增长 5.1 个百分点，二季度已实现小幅盈利，有望成为公司第二大现 金流业务。 国内市场相机需求放缓，但便携可移动 4G 电视相机及带屏视频通话摄 像机等细分品类增长迅速。公司通过推出针对年轻人的"金小豆"和运 动爱好者的"爱可图"等子品牌，拓展 C 端市场。 海外市场安全监控需求潜力巨大，上半年业务同比增长 7.2%，剔除运 营商收缩影响后增速约为 12%。公司采取多品类扩展策略，导入别墅门 铃、猫眼、清洁机器人等入户产品，并推广智能锁，提升收入结构均衡 性。 智能锁业务凭借自研技术和产品定义权保持快速增长，如 Y5,000 AI 智 能锁引领行业创新。智能入户业务客单价高于智能摄像机，公司正从入 户场景维度进行产品线布局，长期目标是该业务占比与摄像机持平。 萤石网络 20250902 Q&A 请介绍一下萤石网络在 2025 年上半年的业务表现及其主要产品线的情况。 2025 年上半年，萤石网络的整体业务表现相对稳健。硬件收入达到 22.56 亿 元，占公 ...

Investment Rating - The report maintains an "Overweight" rating for the construction materials industry [1] Core Views - The construction materials sector is expected to benefit from a slight recovery in cement demand, particularly in southern regions as rainfall decreases. However, demand in areas like Beijing-Tianjin-Hebei, Shandong, and Henan is weakening due to stricter environmental controls [2][14] - The report highlights the potential for price increases in cement, driven by improved demand and supply-side discipline, with a focus on leading companies such as Conch Cement and Huaxin Cement [4][5] - The report emphasizes the importance of government policies aimed at boosting domestic demand and stabilizing the real estate market, which are expected to positively impact the home improvement and building materials sectors [17] Summary by Sections 1. Sector Overview - The construction materials sector saw a slight increase in the PMI for August, indicating a seasonal uptick in activity, particularly in major infrastructure projects initiated in July [4] - The construction materials index showed a marginal increase of 0.14% during the week, underperforming compared to the broader market indices [4] 2. Bulk Construction Materials 2.1 Cement - The national average price for high-standard cement is reported at 344.3 RMB/ton, reflecting a week-on-week increase of 1.7 RMB/ton but a year-on-year decrease of 35.2 RMB/ton [22][23] - The average cement inventory level among sample enterprises is 63.6%, down 1.0 percentage points from the previous week [25] - The report anticipates a potential price stabilization and recovery in the cement market, particularly in the second half of the year [5][14] 2.2 Glass - The average price for float glass is reported at 1189.7 RMB/ton, down 16.1 RMB/ton from the previous week and down 176.6 RMB/ton year-on-year [4] - The report suggests that supply-side adjustments are likely to improve the supply-demand balance in the glass industry, with a focus on leading companies benefiting from cost advantages [16] 2.3 Fiberglass - The report notes a stable pricing environment for fiberglass, with the average price for non-alkali roving at 3100-3700 RMB/ton, remaining stable compared to previous periods [4] - The demand for specialty fiberglass products is expected to grow significantly, driven by technological advancements and increased applications in various industries [15] 3. Home Improvement Materials - The report highlights the positive impact of government policies aimed at stimulating domestic consumption, particularly in the home improvement sector, with expectations for a recovery in demand [17] - Leading companies in the home improvement materials sector are encouraged to explore new business models and enhance their market positioning [17]

Investment Rating - The report maintains a "Buy" rating for several companies including UGREEN Technology, YingShi Network, Kid King, TCL Electronics, ZhaoChi Co., Stone Technology, and Ecovacs, while Bull Group is rated as "Hold" [7][8]. Core Insights - The "AI+" initiative is expected to drive significant changes in the technology and consumer sectors, particularly in smart hardware and infrastructure, following the release of a government policy aimed at promoting AI applications [1][2]. - The report identifies two main investment themes: "AI+ Hardware" focusing on sectors like AI glasses, vacuum cleaners, panoramic cameras, NAS, and 3C accessories, and "AI+ Infrastructure" emphasizing the growth in computing power investments driven by increasing AI demand [1][4]. Summary by Sections AI+ Hardware - The report highlights five key areas for potential growth: AI glasses, vacuum cleaners, security systems, panoramic cameras, and NAS, with a clear demand and pain points that AI technology can address [3]. - Recommended companies in this sector include YingShi Network, UGREEN Technology, TCL Electronics, Stone Technology, Ecovacs, and Bull Group, with additional attention on Anker Innovations and Yingshi Innovations [3]. AI+ Infrastructure - The report notes that the growth in AI demand will stimulate investments in computing power infrastructure, with projections indicating a 43% increase in China's smart computing capacity by 2025 compared to 2024 [4]. - Recommended companies in this area include ZhaoChi Co. and a focus on Yitian Intelligent [4]. Company-Specific Insights - **UGREEN Technology**: Expected revenue growth of 28.5% in 2024 and 42% in Q1 2025, driven by strong domestic and overseas market performance [9]. - **YingShi Network**: Reported a revenue of 2.827 billion yuan in H1 2025, a year-on-year increase of 9.45%, with strong performance in smart camera and IoT cloud platform segments [10]. - **Kid King**: Achieved a revenue of 4.91 billion yuan in H1 2025, up 8.6% year-on-year, with a significant profit increase of 79.4% [12]. - **TCL Electronics**: Reported a revenue of 54.777 billion HKD in H1 2025, a 20.4% increase, with a net profit growth of 67.8% [14]. - **ZhaoChi Co.**: Despite a revenue decline of 10.89% in H1 2025, the company is focusing on transforming its business model and expanding into new markets [15]. - **Stone Technology**: Achieved a revenue of 7.903 billion yuan in H1 2025, a 79% increase, with expectations for continued growth in overseas markets [15]. - **Ecovacs**: Reported a revenue of 8.676 billion yuan in H1 2025, a 24.4% increase, with strong performance in product structure and operational efficiency [15]. - **Bull Group**: Achieved a revenue of 16.831 billion yuan in 2024, a 7.24% increase, with a focus on optimizing business operations for steady growth [15].

Investment Rating - The report maintains a "Buy" rating for several companies, including Kingsoft Office, Fourth Paradigm, Fanwei Network, Yonyou Network, Deepin, Inspur Information, Zhongke Chuangda, and Ying Shi Network [8][11]. Core Insights - The "Artificial Intelligence+" action plan released by the State Council marks a strategic shift in China's AI industry, focusing on deep integration with the real economy and commercialization [1]. - The report emphasizes the importance of AI applications, with a goal for integration rates in key areas to exceed 70% by 2027 and 90% by 2030 [2]. - AI infrastructure, particularly computing power and data, is highlighted as a national strategic priority, indicating a potential for rapid growth in these sectors [3]. - The concept of "AI-Native" businesses is introduced, which fundamentally differs from traditional AI models, suggesting new investment opportunities in companies that can create disruptive value [4]. Summary by Sections AI Applications - The report anticipates that various government departments will introduce supporting policies to facilitate AI application deployment, addressing the "last mile" challenges [2]. - A clear roadmap is established with quantitative targets for AI integration in key sectors [2]. AI Infrastructure - The report identifies computing power and high-quality data as critical components for AI development, with a focus on building a unified national computing network [3]. - The emphasis on data supply innovation and the construction of high-quality AI datasets indicates a strategic move towards enhancing AI capabilities [3]. Investment Opportunities - The report outlines four main investment themes: AI + Computing Power, AI + Data, AI + Applications, and AI + End Devices, recommending specific companies within these categories [5]. - Companies such as Kingsoft Office, Fourth Paradigm, and others are highlighted for their potential in rapidly deploying AI solutions [5]. Company Performance - Kingsoft Office reported a revenue of 2.657 billion yuan in H1 2025, with a year-on-year growth of 10.12% [12]. - Fourth Paradigm's revenue reached 2.63 billion yuan in H1 2025, reflecting a year-on-year increase of 40.7% [13]. - Fanwei Network's H1 2025 revenue was 808 million yuan, down 8.79% year-on-year, but with a significant net profit increase [14]. - Yonyou Network's revenue for H1 2025 was 3.581 billion yuan, showing a decline of 5.89% year-on-year, but with positive growth in Q2 [15]. - Deepin's revenue for H1 2025 was 3.009 billion yuan, with a year-on-year growth of 11.16% [16].

公司研究 证 券 研 究 报 告 萤石网络（688475）2025 年半年报点评 推荐（维持） 智能门锁产品表现亮眼，海外渠道积极开拓 目标价：38.90 元 事项： ❖ 萤石网络发布 2025 年半年报，公司 2025H1 实现营收 28.3 亿元，YoY+9.5%； 实现归母净利润 3.0 亿元，YoY+7.4%。经折算，公司 2025Q2 单季度营收 14.5 亿元，YoY+7.5%；实现归母净利润 1.6 亿元，YoY+5.0%。 评论： | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,442 | 6,151 | 7,132 | 8,359 | | 同比增速(%) | 12.4% | 13.0% | 15.9% | 17.2% | | 归母净利润(百万) | 504 | 585 | 683 | 898 | | 同比增速(%) | -10.5% | 16.0% | 16.8% | 31.6% | | 每股盈利(元) | 0.64 | 0.74 | 0.87 | 1.14 | | 市盈率 ...

关键词：可视门铃行业相关政策、可视门铃行业产业链、可视门铃行业市场规模、可视门铃行业出货量 一、可视门铃行业相关概述 可视门铃又叫电子猫眼，是一种集成了高清摄像头、智能识别技术、无线通信等技术的智能家居安全设 备。它可以通过摄像头捕捉到来访者的图像，并通过无线通信技术将图像传输到用户的手机或电脑上， 使用户可以随时随地了解家门前的动态。同时，可视门铃还可以通过智能识别技术，对来访者进行人脸 识别，提高家庭安全防范的准确性。与传统光学猫眼相比，可视门铃克服了传统光学猫眼的不足和存在 的安全隐患，增加了监控方面的作用，是传统光学猫眼的一种升级和替代产品。它广泛应用于家庭、办 公室、酒店等场所。 内容概要：在智能家居的蓬勃发展浪潮中，可视门铃凭借其创新性的功能和对家居安防的重要提升作 用，迅速崛起成为前沿利器。它不仅是传统门铃的简单升级，更是融合了多种先进技术，为用户打造全 方位的家门口安全防护与便捷沟通体验。近年来，随着人们生活水平的提高和对家居安全重视程度的不 断提升，可视门铃作为智能家居安防的重要入口产品，受到了越来越多消费者的青睐。数据显示，2018 年中国可视门铃行业市场规模达到15亿元，到了2024年行 ...

Core Points - The company has elected Wang Dan as the employee representative director for the second board of directors, with her term starting from the approval date of the employee representative assembly [1][3] - The second board of directors' ninth meeting was held on August 18, 2024, where the board confirmed the election of the chairman as the representative director and the audit committee members [4][7][8] - The company reported a revenue of 282,748.51 million RMB for the first half of 2025, representing a year-on-year growth of 9.45%, and a net profit of 30,244.56 million RMB, up 7.38% [26] - The company has a strong focus on technology innovation, with 1,412 R&D personnel, accounting for 31.15% of total employees, and R&D expenses of 42,275.68 million RMB, which is 14.95% of revenue [34] Company Governance - The company held an employee representative assembly on August 18, 2025, to elect Wang Dan as the employee representative director [1] - The second board of directors' ninth meeting confirmed the election of the chairman as the representative director and the audit committee members [4][7][8] Financial Performance - The company achieved a revenue of 282,748.51 million RMB in the first half of 2025, a 9.45% increase year-on-year [26] - The net profit for the same period was 30,244.56 million RMB, reflecting a growth of 7.38% [26] - The cash flow from operating activities increased by 911% compared to the previous year, amounting to 32,992.25 million RMB [26] R&D and Innovation - The company has 1,412 R&D personnel, representing 31.15% of its total workforce, with R&D expenses of 42,275.68 million RMB, which is 14.95% of its revenue [34] - The company focuses on visual perception technology and has expanded into smart robotics and AI technologies [34][35] Market Position and Strategy - The company is positioned as a leader in the smart home market, with a focus on safety, convenience, and health for users [29] - The company has established a dual-core business model combining smart home products and IoT cloud platform services [28][30]

（文章来源：证券日报） 证券日报网讯 8月18日晚间，萤石网络发布公告称，于2025年8月18日召开职工代表大会，会议经民主 讨论、表决，审议通过了《关于选举公司第二届董事会职工代表董事的议案》，同意选举王丹女士为公 司第二届董事会职工代表董事。王丹女士将与公司现任非职工代表董事共同组成公司第二届董事会，任 期自本次职工代表大会审议通过之日起至第二届董事会任期届满之日止。 ...

（文章来源：证券日报） 证券日报网讯 8月18日晚间，萤石网络发布公告称，公司2025年第一次临时股东大会于2025年8月18日 召开，审议通过了《关于取消监事会、调整董事会人数、修订并办理工商变更登记的议案》等多项议 案。 ...