Hangzhou EZVIZ Network (688475)

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萤石网络核心产品营收、产销量、毛利率同时下滑 2024年净利缩水10.52%、高企费用承压
Xin Lang Zheng Quan· 2025-04-18 09:55
Core Insights - The core viewpoint of the articles highlights the financial performance and challenges faced by Yingzi Network, a company spun off from Hikvision, as it navigates a competitive smart home market while experiencing fluctuations in revenue and profit margins [1][3]. Financial Performance - In 2024, Yingzi Network achieved operating revenue of 5.442 billion yuan, a year-on-year increase of 12.41%, but the net profit attributable to shareholders fell by 10.52% to 504 million yuan, marking the second decline in net profit since its IPO [1][3]. - For Q1 2025, the company reported operating revenue of 1.38 billion yuan, up 11.59% year-on-year, and a net profit of 138 million yuan, reflecting a growth of 10.42% [1]. - The overall revenue growth has been consistent since the company's listing, but the growth rate has been slowing down, with annual increases of 1.62%, 12.39%, 12.41%, and 11.59% from 2020 to Q1 2025 [3]. Product and Market Dynamics - Yingzi Network has expanded its product offerings in the smart home market, including innovative smart cameras, smart locks, cleaning robots, and wearables, but faces intense competition from major players like Xiaomi, Huawei, and traditional appliance manufacturers [1][2]. - The company's reliance on smart home cameras has been a concern, as revenue, sales volume, and gross margin for this product category declined in 2024, with revenue dropping to 2.948 billion yuan, a decrease of 1.38% year-on-year [7]. - Despite rapid growth in other product lines, such as smart entry and service robots, which saw revenue increases of 47.87% and 265.12% respectively, their overall scale remains small compared to the dominant camera segment [7]. Cost and Profitability Challenges - The company's gross margin has shown relative stability, with figures of 36.42%, 42.85%, 42.08%, and 42.55% from 2022 to Q1 2025, but profitability has been inconsistent due to rising expenses [5]. - Research and development expenses increased significantly, reaching 814 million yuan in 2024, with a year-on-year growth of 11.35%, while sales expenses also rose to 858 million yuan, up 26.66% [5]. - The company's operating cash flow saw a drastic decline, with net inflow of only 548 million yuan in 2024, nearly halving from the previous year, and a net outflow of 65 million yuan in Q1 2025 [6]. Investment and Future Outlook - Yingzi Network's investment project for a smart manufacturing base in Chongqing has faced delays, with only 51.53% of the planned funding utilized by the end of November 2024, pushing the project's completion date to December 2025 [6]. - The company continues to face pressure from high operational costs and market competition, which may further impact its profit margins in the future [5][6].
萤石网络亮相2025智能家居产业高质量发展大会
Zhong Guo Chan Ye Jing Ji Xin Xi Wang· 2025-04-18 08:57
Core Insights - The conference "2025 Smart Home Industry High-Quality Development Conference" was held in Hangzhou, focusing on the theme "Connecting Everything, Empowering the Future" to explore new paths for high-quality development in the smart home industry [1] - The Chinese government has introduced policies to encourage innovation in the smart home sector, emphasizing product interoperability, enhancing smart home product configurations, and establishing unified industry standards [1] - The company,萤石网络, aims to build a comprehensive smart home ecosystem through technological innovation and a diverse product range, focusing on user safety, convenience, health, and comfort [1][4] Product Ecosystem - 萤石网络 has developed a "2+5+N" product ecosystem, concentrating on smart video and visual technology, driven by AI and萤石物联云, featuring five core self-developed AI interactive products [2] - The smart home camera is a key component of the ecosystem, with萤石网络 pushing for upgrades towards visualization, scenario-based applications, interactivity, and intelligence [2] - In 2024, the company will launch the S10 video call camera and the TAMO mobile pet care camera, targeting daily care and emotional communication for the elderly and children, and providing innovative features for pet owners [2] Smart Entry Products - Smart entry products serve as the first point of interaction between users and their homes, integrating audio-visual technology, smart recognition, and AI capabilities into smart locks, doorbells, and intercoms [3] - The company will introduce a self-developed facial recognition video lock in 2024, addressing blind spots in monitoring and enhancing security and convenience for users [3] -萤石网络 is also exploring smart service robots to improve user experience in smart homes, while smart wearables and control products enhance safety and convenience through visual and AI interaction [3] User Data and Market Impact - As of the end of 2024,萤石物联网公有云 has over 190 million registered users, with more than 65 million monthly active users and over 300 million IoT device connections [3] - This substantial user base and device connectivity reflect strong market recognition of萤石网络's products and provide a solid foundation for ongoing service optimization and technological iteration [3] Future Outlook -萤石网络's participation in the conference highlighted its technological achievements and commitment to leading the smart home industry towards high-quality development [4] - The company plans to continue focusing on technological innovation and enhancing its one-stop smart home service system to create new possibilities for smart living [4]
一季度社保基金15只重仓股出炉 增持万华化学等5只个股





Zheng Quan Ri Bao Zhi Sheng· 2025-04-17 16:41
Group 1 - The core viewpoint of the article highlights the social security fund's investment strategy, showing a mix of new investments, increases, and reductions in holdings among various companies [1][2][3] - As of the end of Q1, the social security fund held shares in 15 companies, with a total holding of 260 million shares and a market value of 5.215 billion yuan [1][2] - The fund has newly invested in five companies, including Shandong Sanwei Chemical Group Co., Ltd. and Hainan Junda New Energy Technology Co., Ltd. [2][3] Group 2 - The social security fund increased its holdings in five companies, with the largest investment in Wanhua Chemical Group Co., Ltd., valued at 1.426 billion yuan [2][3] - The fund maintained its positions in two companies, while slightly reducing its holdings in three others, indicating a flexible response to market conditions [3] - Among the companies held, 12 are listed on the main board, 2 on the Sci-Tech Innovation Board, and 1 on the Growth Enterprise Market, reflecting a "technology + consumption" dual-core driving pattern [4] Group 3 - Seven of the companies in which the fund invested reported year-on-year profit growth in Q1, with Zhongyuan Media leading at a 234.61% increase [4] - Despite an average decline of 3.28% in the fund's heavy stocks, some companies like Juewei Food saw a price increase of 15.79% [4] - The fund's investment strategy is seen as a stabilizing force in the A-share market, focusing on high-quality assets and long-term growth potential [5][6]
萤石网络(688475) - 萤石网络实际控制人的全资子公司增持股份之法律意见书
2025-04-16 10:03
国浩律师(杭州)事务所 关于 杭州萤石网络股份有限公司 实际控制人的全资子公司增持股份 之 法律意见书 地址:杭州市上城区老复兴路白塔公园 B 区 2 号、15 号国浩律师楼 邮编:310008 Grandall Building, No.2&No.15, Block B, Baita Park, Old Fuxing Road, Hangzhou, Zhejiang 310008, China 电话/Tel: (+86)(571) 8577 5888 传真/Fax: (+86)(571) 8577 5643 电子邮箱/Mail:grandallhz@grandall.com.cn 网址/Website:http://www.grandall.com.cn 二〇二五年四月 国浩律师(杭州)事务所 法律意见书 国浩律师(杭州)事务所 关于 杭州萤石网络股份有限公司 实际控制人的全资子公司增持股份之 法律意见书 致:杭州萤石网络股份有限公司 国浩律师(杭州)事务所接受杭州萤石网络股份有限公司(以下简称"萤石 网络""公司")的委托,依据《中华人民共和国公司法》《中华人民共和国证 券法》(以下简称"《证券法》")、 ...
质量与服务严选 萤石网络荣登“全国产品和服务质量诚信承诺企业”榜单
Zhong Guo Chan Ye Jing Ji Xin Xi Wang· 2025-04-16 08:24
近日,萤石网络积极响应中国质量检验协会号召,凭借高质量产品与诚信服务,成功登上2025 年"3·15"国际消费者权益日"产品和服务质量诚信承诺"主题活动"全国产品和服务质量诚信承诺企业"榜 单。 中国质量检验协会在国家市场监管总局的指导下,作为全国质量检验行业及质量专业社团机构,长期致 力于推动质量检验行业发展与质量提升工作。此次"3.15"国际消费者权益日"产品和服务质量诚信承 诺"主题活动,旨在强化企业的质量主体责任意识,引导企业积极践行质量诚信,为消费者提供更加优 质可靠的产品和服务,营造健康、有序、诚信的市场环境。 自2013年品牌成立以来,萤石网络始终将产品质量视为企业发展的生命线。公司持续优化质量管理体 系,深入推进质量文化建设,确保从产品研发到生产、从检测到交付的每一个环节都精益求精,全方位 保障产品的安全可靠,推动智能家居行业高质量发展。 在质量管理方面,萤石网络设立了质量管理委员会,作为公司质量建设的最高领导机构。通过质量管理 委员会的常态化运作,自上而下推动系统性的质量提升。同时,萤石建立了质量责任制,明确质量红线 与质量行为规范,使质量职责和行为要求融入每一位员工的日常工作,推动全员参与 ...
萤石网络:三费齐升侵蚀利润,王牌产品卖不动,智能入户红海市场恐难突围
Zheng Quan Zhi Xing· 2025-04-16 05:53
近日,萤石网络(688475.SH)于2024年交出了一份增收不增利的成绩单,其归母净利润同比下滑 10.52%,为5.04亿元。 证券之星注意到,费用激增、毛利率走低影响了公司去年的盈利表现。尽管整体收入保持增长,但多项 业务面临不小压力:核心产品智能家居摄像机销量下滑,表现疲软;作为"第二增长曲线"的智能入户业 务收入规模仍偏小,且所处行业已是一片红海,增长的可持续性仍存不确定性。同时,云服务业务的C 端用户付费率也出现下滑迹象,反映出其增值服务的变现能力趋弱。 核心产品遇冷,智能入户增长持续性待考 公开资料显示,萤石品牌诞生于海康威视(002415)旗下,2015年脱胎开启公司化运营,随后于2022年 登陆科创板上市。目前,萤石网络专注于智能家居和物联网云平台服务两大领域,核心产品包括智能家 居摄像机、智能入户、智能服务机器人、智能穿戴及智能控制五大AI交互类自研产品线。 据2024年年度报告显示,报告期内,萤石网络实现营业收入54.42亿元,同比增长12.41%;归母净利润 为5.04亿元,同比下降10.52%,出现增收不增利的情况。 分业务来看,智能家居摄像机为公司的营收支柱,为公司贡献了超5成的收 ...
萤石网络(688475):智能入户与出海双轮驱动 AI赋能成长
Xin Lang Cai Jing· 2025-04-15 12:27
投资要点 萤石网络发布2024A&2025Q1 业绩: 2024 年全年业绩:营收54.42 亿元(同比+12.41%,下同),归母净利润 5.04 亿元(-10.52%),扣非 净利润 4.83 亿元(-12.63%),主要受销售费用增长26.66%(6.97 亿元→8.58 亿元)增加较多拖累。 2024Q4 单季业绩:营收14.79 亿元(+11.05%),归母净利润1.29 亿元(-20.03%),扣非净利润1.15 亿 元(-29.73%)。 2025Q1 单季业绩:营收13.80 亿元(+11.59%),连续 8 个季度保持 10%-15%增速,归母净利润 1.38 亿元(+10.42%),扣非净利润1.38 亿元(+13.24%)。 分业务:智能入户与云平台业务增速亮眼,智能服务机器人实现突破1)智能摄像机:2024 年全年营收 29.48 亿元(同比- 1.38%,下同),收入占比54%,毛利率为 37.19%(同比下降0.97pct),我们预计主 要受消费力不足等因素影响表现相对疲软。2024 年推出多款新品,如带屏视频通话摄像机 S10、超级 夜景室外云台 H8x 系列、TAMO 宠物看护 ...
萤石网络(688475):2024年报、2025年一季报点评:二三品类快速成长,一季度盈利企稳
Guoxin Securities· 2025-04-15 11:45
Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company has shown good revenue growth, with a 12.4% increase in revenue for 2024, reaching 5.44 billion, although net profit decreased by 10.5% to 500 million [1][5]. - The company is a leader in the domestic smart home hardware and software market, with strong growth in secondary and tertiary hardware categories, and the cloud platform is expected to benefit from the AI wave [4][6]. - The company plans to increase marketing investments, which may impact profitability in the short term but is expected to drive long-term growth [4][6]. Revenue and Profitability - In Q1 2025, the company achieved revenue of 1.38 billion, a 11.6% increase, and net profit of 140 million, a 10.4% increase [1]. - The company's camera revenue decreased by 1.4% to 2.95 billion in 2024, while smart home revenue grew by 47.9% to 750 million [2]. - The cloud platform revenue grew by 22.9% to 1.05 billion, with C-end revenue increasing by 19.5% and B-end revenue by 26.3% [3]. Financial Forecasts - The company expects net profits for 2025-2027 to be 620 million, 737 million, and 863 million respectively, with growth rates of 22.9%, 19%, and 17% [4][5]. - The projected PE ratios for 2025-2027 are 46, 38, and 33 times [4][5]. - The company plans to distribute a cash dividend of 0.35 per share, with a cash dividend rate of 54.7% [1].
【私募调研记录】清水源调研萤石网络
Zheng Quan Zhi Xing· 2025-04-15 00:07
根据市场公开信息及4月14日披露的机构调研信息,知名私募清水源近期对1家上市公司进行了调研,相 关名单如下: 1)萤石网络 (深圳清水源投资管理有限公司参与公司业绩说明会) 调研纪要:萤石网络在智能入户、智能家居摄像机、云服务等方面取得显著进展。智能入户成为第二增 长曲线,盈利性逐渐改善,海外市场尤其是欧洲、东南亚和拉美增长迅速。公司继续加大智能家居摄像 机投入,推出带屏摄像机和开放式交互型机器人,端侧AI服务逐步落地。云服务收入占比提升,未来 将拓展AI云服务。公司通过子品牌睛小豆和爱可途覆盖年轻用户和户外运动市场,品牌矩阵进一步丰 富。尽管房地产下行,但公司前装业务占比低,后装业务为主,智能锁销售受新房交付影响小。销售费 用率与新品推广节奏相关,未来将保持动态平衡。 机构简介: 深圳清水源投资管理有限公司成立于2011年10月,是一家专注于证券投资管理的专业机构。公司于2013 年6月获批准成为中国证券投资基金业协会特别会员,并于2014年5月4日正式登记为私募投资基金管理 人。公司产品2012、2013两年累计收益排名在近1000只同类产品中排前十名。公司核心管理层由具有公 募基金管理公司及政府部门背景 ...
萤石网络(688475):2025Q1业绩双位数增长修复,智能户与智能服务设备人表现亮眼
Tai Ping Yang Zheng Quan· 2025-04-14 12:45
Investment Rating - The report maintains a "Buy" rating for the company with a target price based on the last closing price of 36.40 [1][8] Core Insights - The company achieved a revenue of 54.42 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders was 5.04 billion yuan, down 10.52% [4][5] - In Q1 2025, the company reported a revenue of 13.8 billion yuan, an increase of 11.59%, and a net profit of 1.38 billion yuan, up 10.42% [4][6] - The company plans to distribute a cash dividend of 3.5 billion yuan to shareholders, with a payout ratio of 54.70% [4] Revenue Breakdown - In 2024, the revenue from various segments was as follows: smart home cameras at 29.48 billion yuan (-1.38%), smart entry at 7.48 billion yuan (+47.87%), smart service robots at 1.66 billion yuan (+265.12%), and cloud platform services at 10.52 billion yuan (+22.87%) [5] - Domestic sales reached 34.87 billion yuan (+5.65%), while overseas sales were 19.12 billion yuan (+26.42%), indicating strong growth in international markets [5] Profitability Metrics - The gross margin for Q1 2025 was 42.55%, showing a slight decrease of 0.17 percentage points year-on-year, while the net margin was 10.00%, down 0.13 percentage points [6] - The company’s expense ratios for sales, management, R&D, and financial costs were 14.28%, 3.06%, 14.75%, and -1.64%, respectively, with management expenses showing continuous optimization [6] Future Projections - The company is expected to achieve net profits of 6.91 billion yuan, 8.73 billion yuan, and 10.95 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.88 yuan, 1.11 yuan, and 1.39 yuan [8][9] - The projected revenue growth rates for the next few years are 17.60% for 2025, 17.20% for 2026, and 15.80% for 2027 [9][11] Industry Outlook - The report highlights the potential for growth in the smart home industry, driven by advancements in AI and privacy capabilities, which are expected to enhance the company's competitive edge [6][8]