Investment Rating - The report maintains a "Buy" rating for the company, expecting a strong performance in the next six months [11]. Core Insights - The company achieved a revenue of 2.583 billion yuan in H1 2024, representing a year-on-year increase of 13.05%, with a net profit attributable to shareholders of 282 million yuan, up 8.88% year-on-year [7]. - The company continues to innovate with new product launches, including a smart wearable product line, and has seen significant growth in its smart home segment, with smart home revenue increasing by 68.97% to 328 million yuan [7]. - The cloud platform business is performing well, with revenue growth of 29.97% to 495 million yuan, and an overall gross margin improvement to 43.34% in H1 2024 [7][8]. - The company is expanding its domestic and international sales channels, with overseas revenue reaching 850 million yuan, contributing to a diversified revenue structure [8]. - The financial metrics indicate a stable asset management approach, with a debt-to-asset ratio of 33.99% and a return on equity of 5.25% [7]. Summary by Sections Financial Performance - In H1 2024, the company reported a total revenue of 2.583 billion yuan, with a net profit of 282 million yuan, reflecting a growth of 13.05% and 8.88% respectively [7]. - The second quarter of 2024 saw a revenue of 1.347 billion yuan, a year-on-year increase of 11.64%, but a decline in net profit by 6.64% [7]. Product Development - The company launched multiple new products in the spring of 2024, including a smart wearable line, contributing to a significant increase in smart home product sales [7]. - Revenue from smart cameras was 1.444 billion yuan with a gross margin of 39.41%, while smart home products saw a gross margin increase to 41.46% [7]. Cloud Business - The IoT cloud platform generated 495 million yuan in revenue, with a gross margin of 76.13%, indicating a strong performance and improvement in revenue structure [7][8]. Market Expansion - The company has enhanced its sales channels, with over 40% of domestic sales coming from e-commerce, and has established a presence in over 130 countries, with overseas revenue contributing significantly to total sales [8]. Financial Stability - As of mid-2024, the company had total assets of 7.983 billion yuan, with a debt-to-asset ratio of 33.99%, indicating a solid financial position [8].

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 | --- | --- | --- | --- | --- | |-----------------------|--------------------|-----------------------------------------------------|---------------------------------------------------------------------------------------------|------------------------| | 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 | | | 参与单位名称 | | Brilliance Asset Management Limited 才华/才誉资本 | | 胡誉镜、唐毅 | | 及人员姓名 | | CLOUDBAY EQUITY FUND GOLDMAN SACHS ASSE ...

中国国际金融股份有限公司 关于杭州萤石网络股份有限公司 2024 年半年度持续督导跟踪报告 根据《证券发行上市保荐业务管理办法》《上海证券交易所科创板股票上市 规则》和《上海证券交易所上市公司自律监管指引第 11 号——持续督导》等有 关法律、法规的规定，中国国际金融股份有限公司（以下简称"保荐机构"）作 为正在履行杭州萤石网络股份有限公司（以下简称"萤石网络"、"公司"）持续 督导工作的保荐机构，负责萤石网络上市后的持续督导工作，并出具本持续督导 半年度跟踪报告。 1 项目 工作内容 1、建立健全并有效执行持续督导工作制度，并针对具体的持 续督导工作制定相应的工作计划。 保荐机构已建立健全并有效执行持 续督导工作制度，并针对具体的持续 督导工作制定相应的工作计划。 2、根据中国证监会相关规定，在持续督导工作开始前，与上 市公司或相关当事人签署持续督导协议，明确双方在持续督 导期间的权利义务，并报上海证券交易所备案。 保荐机构已与公司签署了持续督导 协议，协议明确了双方在持续督导期 间的权利和义务，并已报上海证券交 易所备案。 3、通过日常沟通、定期回访、现场检查、尽职调查等方式开 展持续督导工作。 保荐机构 ...

证券研究报告 公司点评 萤石网络(688475.SH) 计算机｜ 计算机设备 云服务和新兴产品业务快速成长，渠道优化改革中 2024 年 08 月 14 日 评级 买入 | --- | --- | |---------------------|-------------| | | 维持 | | 交易数据 | | | 当前价格（元） | 26.85 | | 52 周价格区间（元） | 26.85-57.46 | | 总市值（百万） | 21144.40 | | 流通市值（百万） | 10868.30 | | 总股本（万股） | 78750.00 | | 流通股（万股） | 40477.50 | 涨跌幅比较 萤石网络 计算机设备 -29% -9% 11% 31% 51% 2023-08 2023-11 2024-02 2024-05 2024-08 % 1M 3M 12M 袁玮志 分析师 执业证书编号:S0530522050002 yuanweizhi@hnchasing.com 周心怡 分析师 执业证书编号:S0530524030001 zhouxinyi67@hnchasing.com 相关报告 萤石网络 - ...

证 券 研 究 报 告 萤石网络（688475）2024 年半年报点评 推荐（维持） 产品升级+外销加速，期待公司长远发展 当前价：27.05 元 事项： 公司发布 2024 年半年报，24H1 公司实现营业总收入 25.8 亿元，同比+13.1%； 归母净利润 2.8 亿元，同比+8.9%。单季度来看，24Q2 公司实现营业总收入 13.5 亿元，同比+11.6%；归母净利润 1.6 亿元，同比-6.6%。 评论： AI+萤石云双核驱动，软硬件收入齐增。分业务看，公司 24H1 年智能家居产 品收入共 20.7 亿元，同比+9.4%。具体到各产品，智能家居摄像机、智能入户、 智能服务机器人收入分别为 14.4、3.3、0.5 亿元，同比增速分别为-4.4%、 +69.0%、+273.3%。公司第二三梯队产品高增亮眼，智能入户及智能机器人贡 献主要增量，传统主业智能摄像机下滑主要为专业客户（如运营商等）渠道收 入下滑较多，同比-35.9%，该部分占比逐步收缩。此外，云平台服务实现收入 为 4.9 亿元，同比+30.0%，占主营业务收入的比例进一步提升至 19%，相较硬 件产品保持更快增速，云服务受益于续订模式 ...

Financial Data and Key Metrics Changes - The company reported a domestic revenue of 1.735 billion yuan, with a year-on-year growth rate of 6.35%, accounting for 67.15% of total revenue. In contrast, overseas revenue reached 849 million yuan, showing a significant year-on-year growth of 29.86%, and its share of total revenue increased to 32.8% [4] Business Line Data and Key Metrics Changes - The online business proportion increased to 21.02%, with e-commerce sales of home cameras and smart locks exceeding 40% [2] - The smart entry product line achieved a 69% growth in the first half of 2024, driven by proprietary facial recognition algorithms and video modules [6] - The cloud business experienced a 30% growth, with B-end growth outpacing C-end growth [1] Market Data and Key Metrics Changes - The overseas market showed strong performance, with a revenue growth rate of 29.86% [1] - The company has expanded its presence to over 130 countries and regions, focusing on Europe, Latin America, and the Southeast Asian Peninsula [19] Company Strategy and Development Direction - The company is transitioning to a diversified strategy with a focus on localization, emphasizing product and marketing strategies that adapt to regional characteristics [1] - The ecosystem has been upgraded from 1+4+N to 2+5+N, driven by AI and Silverstone Cloud, incorporating five AI interactive product lines [3] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of maintaining gross profit levels despite market challenges through product line diversification and enhanced online market share [1] - The company aims to balance rapid growth with market competition while expanding market share [10] Other Important Information - The company is increasing investment in AI technology research and development, launching several innovative products, and establishing a future-oriented technical architecture [1] - The smart service robot product line is positioned as a key growth area, integrating AI and deep learning technologies [10] Q&A Session Summary Question: What key actions or progress did the company make in the first half of 2024? - The company enhanced retail channels and C-end digital marketing capabilities, increasing online business share to 21.02% [2] Question: How has the company's ecosystem been upgraded? - The ecosystem has transitioned to a model driven by AI and Silverstone Cloud, featuring five AI interactive product lines [3] Question: What are the growth rates for domestic and overseas revenue? - Domestic revenue reached 1.735 billion yuan with a 6.35% growth, while overseas revenue grew by 29.86% to 849 million yuan [4] Question: How is the smart wearable product line positioned? - The smart wearable product line focuses on health and safety, serving as a control hub for smart home devices [5] Question: What is the performance of the smart entry product line in the first half of 2024? - The smart entry product line grew by 69%, driven by proprietary technology and changing consumer preferences [6] Question: What is the company's core competitiveness in the smart entry and lock sector? - The company boasts strong R&D capabilities, particularly in facial recognition and video module technology [7] Question: What are the reasons for the increase in gross margin for the smart entry business? - The increase is attributed to scale effects and a shift towards higher-margin e-commerce sales [8] Question: What is the company's strategy for smart user business? - The company aims for rapid growth while balancing market competition and expanding market share [10] Question: How is the smart service robot positioned? - The smart service robot is seen as a key growth area, integrating advanced AI technologies [10] Question: What is the order situation for commercial robots? - Commercial robots are expected to see limited orders in the second half of the year [11] Question: How does the company leverage AI technology through smart hardware? - The company integrates AI capabilities with smart hardware to create more application scenarios [12] Question: What is the outlook for the overseas smart home camera market? - The overseas market shows stable growth potential, with smart cameras expected to integrate more functionalities [13] Question: What are the reasons for lower gross margins in accessory business? - The accessory business is affected by promotional activities and rising costs, but it supports the growth of main products [14] Question: What is the situation of B-end and C-end in cloud business? - B-end business growth outpaces C-end, with new value-added services contributing to revenue growth [15] Question: What is the future strategy for the wearable product line? - The company plans to expand the wearable product line and enhance its connection to digital transformation [16] Question: What unique value does the wearable product offer compared to traditional wearables? - The wearable product focuses on health monitoring and AI interaction, serving specific scenarios like elderly care [17] Question: What is the development status and expansion strategy for the overseas market? - The company aims for diversification in product offerings while adapting to regional consumer characteristics [19]

公司点评报告 • 计算机行业 战海加速，开启入户+云业务新篇章 — 2024 年中报业绩点评 事件：公司发布 2024 年半年度报告。公司 2024H1 实现营收 25.83 亿元 (YoY+13.05%)；实现归母净利润 2.82 亿元 (YoY+8.88%)；实现扣非归母 净利润 2.77 亿元（YoY+9.89%）。公司 2024 Q2 实现营收 13.47 亿元 （YoY+11.64%）；实现归母净利润 1.56 亿元（YoY-6.64%）；实现扣非归母 净利润 1.54 亿元（YoY-4.01%）。 。 毛利率水平提升，第二增长曲线智能入户高增：细分产品方面，智能服务机 器人实现突破，智能入户同比高增。公司 2024H1 智能家居摄像机、智能入户、 智能服务机器人、配件产品、其他智能家居产品、物联网云平台分别实现营收 14.44 亿 元 （ YoY-4.42% ） 、 3.28 亿 元 (YoY+68.97%)、 0.55 亿 元 (YoY+273.34%)、1.90 亿元（YoY+98.84%）、0.55 亿元（YoY-40.54%）、 4.95 亿元（YoY+29.97%）。智能入户和物联网云平 ...

公司简介 公司系国内视觉类智能家居龙头，拳头产品 SHC（智能家居摄 像机）位居全球及国内市场销量第一。公司背靠全球 AIoT 龙 头海康威视，基于 AI 多维感知&认知能力切入智能家居赛道。 投资逻辑 推荐逻辑一：智能家居品类不断扩充，硬件增收云增利。目前 公司旗下涵盖 SHC/智能入户/智能服务机器人/智能控制/智能 穿戴 5 条核心自研产品线，同时引进智能宠物喂食器等 N 类生 态产品，基于 AI 与物联云平台 2 类能力构建出 2+5+N 的业务 矩阵。一方面，智能家居产品为云平台提供了庞大的用户基数， 为 C 端增值服务导流；同时，云平台提供的智能算法等塑造了 智能家居的差异化卖点，形成硬件增收云增利的商业模式。 推荐逻辑二：拳头产品 SHC 全球市占第一，毛利率远超同业。 公司 23 年以 24.1%的销量份额位居 SHC 国内市占第一（据 洛图科技、公司及小米出货量统计核算得出），同时位居 24Q1 全球销量份额第一（IDC）。公司基于①同业最多 SKU+②人无 我有/人有我优的智能算法定位中高价格带的销售优势；基于 ①自有生产线+②全球出货量最高的规模效应成本优势。销 售与成本端的双重优势共同 ...

华福证券 萤石网络（688475.SH） 外销增速亮眼，智能入户产品快速放量 投资要点： 公司发布 2024 年半年报： 据公司公告，2024 年上半年公司实现营收 25.8 亿元，同比+13.1%； 实现归母净利润 2.8 亿元，同比+8.9%；实现扣非后归母净利润 2.8 亿 元，同比+9.9%。其中，Q2 单季度公司实现营收 13.5 亿元，同比+11.7%； 实现归母净利润 1.6 亿元，同比-6.6%；实现扣非后归母净利润 1.5 亿 元，同比-4.0%。 外销增速亮眼，智能入户产品快速放量 分区域来看，今年上半年公司内销营收 17.3 亿元，同比+6.4%， 在国内消费环境承压的背景下依然展现出较强韧性；外销营收 8.5 亿 元，同比+29.9%，或主要受益于海外渠道持续拓展及产品矩阵不断丰 富。分品类来看，上半年智能家居产品营收 20.7 亿元，同比+9.4%， 其中智能家居摄像机 14.4 亿元，同比-4.4%，或主要受专业客户渠道调 整影响，智能入户营收 3.3 亿元，同比+69%，占公司营收比例进一步 提升至 12.78%，逐渐成长为公司的第二曲线，智能服务机器人作为公 司的孵化业务，在上 ...

证券研究报告 萤石网络 (688475 CH) 基本数据 | --- | --- | |---------------------------------|-------------| | 目标价 (人民币) | 36.86 | | 收盘价 (人民币 截至 8 月 12 日) | 27.50 | | 市值 (人民币百万) | 21,656 | | 6 个月平均日成交额 (人民币百万) | 107.16 | | 52 周价格范围 (人民币) | 27.09-57.46 | | BVPS (人民币) | NA | 股价走势图 (%)萤石网络 沪深300 (19) (5) 9 22 36 Aug-23 Dec-23 Apr-24 Aug-24 资料来源：Wind 华泰研究 中报点评 投资评级(维持): 买入 目标价(人民币): 36.86 2024 年 8 月 13 日│中国内地 其他电子 风险提示：新品研发风险、行业竞争加剧风险、信息保护与数据安全风险。 研究员 谢春生 SAC No. S0570519080006 SFC No. BQZ938 xiechunsheng@htsc.com +(86) 21 298 ...