证券代码：688475 证券简称：萤石网络 杭州萤石网络股份有限公司投资者关系活动记录表 编号：2024-10-31 | --- | --- | --- | --- | --- | |-----------------------|--------------------------|---------------------------------------------------------------------------------------------|-------|--------------| | 投资者关系 \n活动类别 | √ \n□ □ 其他 （ ） | 特定对象调研 □分析师会议 □现场参观 □券商策略会 \n媒体采访 √业绩说明会 □新闻发布会 √路演活动 | | | | | | IKARIA GROUP (HK) LIMITED | | Yichen Wang | | 参与单位名称 | IVY CAPITAL LIMITED | | | 陈雯雯 | | 及人员姓名 | Nebula | 臻一资产管理有限公司 | | 项凯 | | | | Pinpoint Asset Mana ...

公 司 研 究 2024 年 10 月 28 日 公司点评 买入/维持 萤石网络(688475) 目标价: 昨收盘:31.16 萤石网络：2024Q3 收入双位数增长，实控人增持信心充足 | --- | --- | --- | --- | |--------------------------|--------------------------------------------------|---------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ◼ 20% | 走势比较 | | 事件： 2024 年 10 月 25 日，萤石网络发布 2024 年三季报。 2024 年 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a revenue growth of 12.93% year-on-year for the first three quarters of 2024, achieving a revenue of 39.63 billion yuan. However, the net profit attributable to shareholders decreased by 6.69% year-on-year to 3.75 billion yuan [4][8] - The company is in a business cultivation phase, with expectations of revenue growth to 55.85 billion yuan in 2024, 64.84 billion yuan in 2025, and 74.66 billion yuan in 2026, alongside net profits of 5.71 billion yuan, 7.00 billion yuan, and 8.81 billion yuan respectively [4][8] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 13.79 billion yuan, reflecting a year-on-year increase of 12.70% and a quarter-on-quarter increase of 2.45%. The net profit for the same quarter was 931.85 million yuan, down 34.87% year-on-year and 40.76% quarter-on-quarter [4][5] - The company's gross margin and net margin for the first three quarters of 2024 were 42.88% and 9.46%, respectively, showing a decline compared to the previous year [6] Business Model and Growth Drivers - The company has established a "2+5+N" business model, focusing on home smart cameras, smart entry systems, service robots, and smart wearables. The home smart camera segment is experiencing good growth, with sales reaching 27.91 million units in H1 2024, a 9.2% increase year-on-year [5][6] - The smart entry segment is expected to achieve breakeven by Q4 2024, benefiting from high-end positioning and product innovation [5] Market Outlook - The overseas market and domestic retail are anticipated to contribute significantly to revenue growth, with higher consumer willingness to pay in international markets [6] - The company is undergoing a channel adjustment phase in the domestic market, which may impact short-term profitability but is expected to support long-term growth once completed [6][8]

上 市 公 司 证 券 研 究 报 告 计算机 2024 年 10 月 28 日 萤石网络 (688475) ——坚持费用投入力度，积极布局新品和生态 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 28 日 | | 收盘价（元） | 31.16 | | 一年内最高/最低（元） | 58.11/24.18 | | 市净率 | 4.6 | | 息率（分红/股价） | 1.60 | | 流通 A 股市值（百万元） | 12,613 | | 上证指数/深证成指 | 3,322.20/10,685.89 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |-------------------------------|-------------------------------| | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） | 6.81 | | | | | 资产负债率 % | 34. ...

各位投资人好尊敬的银石网络的曹总好我是中菜证券的追踪机联系首席何秉玉今天我们也是跟中菜和东京剑投我们两个社商一起联合去组织银石的三级报的解读今天我们也是很荣幸能够邀请到了像银石网络的董毅曹总今天我们会议大概就是先由曹总专业内容做一下三级报这些解读然后我们再QA 下面我们有请乔总发言好 谢谢珍爱宣传 谢谢中信线头大家好 欢迎参加银丝网络2027年3季度的月期解读会我是董敏乔新闻今天的会议还是像往常一样我们分成两个部分首先向大家简单汇报公司的经营情况接下来时间我们做互动的交流 2024年前单季度,国内运营商策略调整,智能家居摄像头采购量大幅收缩,消费者消费的产品、方式和习惯都在不断动态变化的过程中市场竞争加剧。面对各种外部的经营挑战,公司保持合理的投入,为中长期成长和发展提供动力。 磅石技术研发积极地布局智能锁、家用和商用清洁机器人等新品市场,同时积极发展电商和新民众渠道,不断构建公司各类核心产品线在境内外的品牌影响力。 2017年前三季度,公司累计实现营业总收入39.63亿元,同比增长12.93%实现税前利润总额4.12亿元,同比下降2.37%实现税后归属于30公司股东的净利润3.75亿元,较上年同期下降6.6 ...

萤石网络（688475.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 重磅新品发布与 AI 能力升级孕育全新增长曲线 2024 年 10 月 29 日 ➢ 事件：近日，萤石网络发布 2024 年三季报，2024 年前三季度营收约 39.63 亿元，同比增加 12.93%；实现归母净利润约 3.75 亿元，同比减少 6.69%。 ➢ 公司战略调整造成利润阶段性失真，积极布局新品孕育公司全新增长曲线。 具体到 2024Q3，公司单季度实现收入 13.79 亿元，同比增长 12.7%；实现归母 净利润约 0.93 亿元，同比减少 34.87%；主要系 2024Q3 公司产品结构调整、 竞争加剧等因素影响导致毛利率有所下降，同时公司积极布局家用和商用清洁机 器人等新品市场及拓展电商和新零售渠道，导致各项费用投入有所增加。面对各 种外部经营挑战，公司保持合理的投入为中长期成长和发展提供动力，夯实技术 研发，积极布局智能锁、家用和商用清洁机器人等新品市场，同时积极发展电商 和新零售渠道，不断构建公司各类核心产品线在境内外的品牌影响力： ➢ 1）2024 年 7 月，公司发布智能健康手表 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong product capabilities, expansion in smart locks, and leading dual-core business model of "smart home + IoT public cloud" [2][4][6] Core Views - The company's revenue growth accelerated in Q3 2024, with a 12.7% YoY increase to RMB 1.379 billion, despite a challenging environment for the small home appliance and camera industries [6] - The company's profitability experienced short-term fluctuations, with a 34.87% YoY decline in net profit attributable to shareholders in Q3 2024, primarily due to increased competition and necessary investments [6] - The company is actively expanding its product lines, including smart locks and cleaning robots, and is building brand influence both domestically and internationally, particularly in Southeast Asia, Europe, and Latin America [6] - The company's "2+5+N" ecosystem and its transition to the "AI+" stage are expected to drive long-term growth [6] Financial Performance - In Q3 2024, the company's gross margin decreased by 2.3 percentage points YoY to 42.0%, mainly due to product mix adjustments and intensified competition [6] - The company's sales expense ratio increased by 2.1 percentage points YoY in Q3 2024, driven by new product launches and channel expansion [6] - The company's net profit margin attributable to shareholders decreased by 4.9 percentage points YoY to 6.8% in Q3 2024 [6] - The company's revenue for the first three quarters of 2024 reached RMB 3.963 billion, a 12.93% YoY increase, while net profit attributable to shareholders decreased by 6.69% YoY to RMB 375 million [6] Future Projections - The company's revenue is expected to grow to RMB 5.500 billion, RMB 6.629 billion, and RMB 8.061 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 14%, 21%, and 22% [6] - Net profit attributable to shareholders is projected to be RMB 521 million, RMB 706 million, and RMB 928 million in 2024, 2025, and 2026, with YoY growth rates of -7%, 36%, and 31%, respectively [6] - The company's EPS is expected to be RMB 0.66, RMB 0.90, and RMB 1.18 in 2024, 2025, and 2026, with corresponding P/E ratios of 47x, 35x, and 26x [6] Industry and Market Position - The company operates in the computer/computer equipment industry and has a market capitalization of RMB 12.613 billion [4] - The company's stock price has fluctuated between RMB 24.18 and RMB 58.11 over the past year [4] - The company's overseas market remains a significant source of revenue growth, with increasing brand influence in regions such as Southeast Asia, Europe, and Latin America [6]

2024年10月26日 来源：公司年报、国金证券研究所 萤石网络（688475.SH） 买入(维持评级) 公司点评 证券研究报告 收入端稳健增长，投入影响短期利润 业绩简评 2024 年 10 月 25 日,公司发布三季报,前三季度实现营收 ■ 39.63 亿元，同比增长 12.93%: 实现归母净利润 3.75 亿元, 同比下降 6.69%。单 Q3 公司实现营收 13.79 亿元,同比增 长 12.70%;实现归母净利润 0.93 亿元,同比下降 34.87%。 业绩简评 ■ 收入端保持稳健增长，毛利率同比有所下降，前三季度毛利 率 42.88%，同比下降 0.55pct,单 Q3 毛利率 42.01%，同比 下降 2.29pat。我们认为,主要受产品结构调整(如孵化的新 业务品类清洁机器人占比提升)、原材料成本上升、竞争、出 口业务汇率波动等因素影响。 投入增加费用率提升,影响利润表现,前三季度研发、销售、 ■ 管理、财务费用率分别为 15.61%、15.46%、3.56%、-1.68%, 同比提升 0.06pct、1.17pct、0.15pct、下降 0.48pct。我们认 为,主要受公司在新品投放、 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is actively expanding into new business areas, particularly in smart home products, which is expected to drive revenue growth. The revenue for the first three quarters of 2024 reached 3.96 billion yuan, a year-on-year increase of 12.93%, while the net profit attributable to the parent company was 375 million yuan, a year-on-year decrease of 6.69% [1][2] - The company is focusing on the smart home sector, with strong growth anticipated in smart entry and service robots. The introduction of new products in the household and commercial cleaning robot markets, along with the expansion into e-commerce and new retail channels, is expected to contribute to revenue growth [2] - The company has adjusted its profit forecasts for 2024-2026, projecting net profits of 570 million, 690 million, and 790 million yuan respectively, with corresponding dynamic P/E ratios of 46.5x, 38.7x, and 33.6x [2] Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 42.88%, a decrease of 0.56 percentage points year-on-year, while the net margin was 9.46%, down 1.99 percentage points year-on-year. In Q3 2024, the gross margin was 42.01%, a decline of 2.29 percentage points year-on-year, and the net margin was 6.75%, down 4.93 percentage points year-on-year [3] - The company has increased its expenditure in sales, management, R&D, and financial costs, with the expense ratios for these categories in Q3 2024 being 17.05%, 4.05%, 14.24%, and -0.24% respectively, reflecting a year-on-year increase [4] - The company’s total revenue for 2024 is projected to be 5.43 billion yuan, with a growth rate of 12.28%, and is expected to reach 6.37 billion yuan in 2025, with a growth rate of 17.25% [9]

萤石网络（ [Table_StockNameRptType] 688475） 公司点评 智能入户延续高增 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...