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 Views - 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] Summary by Sections Financial Performance - In 2024, the company's revenue from smart home cameras, smart entry, smart service robots, and cloud platform services were 29.48 billion yuan (-1.38%), 7.48 billion yuan (+47.87%), 1.66 billion yuan (+265.12%), and 10.52 billion yuan (+22.87%) respectively [5] - For Q1 2025, the gross margin was 42.55%, and the net margin was 10.00% [6][8] Product and Market Development - The smart entry business is rapidly growing and becoming a cash cow, while the smart service robots are showing impressive growth [5] - The IoT cloud platform's revenue is also growing at a double-digit rate, with a high-margin segment's contribution increasing to 19.33% [5] Future Projections - The company expects net profits of 6.91 billion yuan, 8.73 billion yuan, and 10.95 billion yuan for 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]

Investment Rating - The report maintains a "Recommended" rating for the company [6][9]. Core Insights - The company achieved a revenue of 5.442 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders decreased by 10.52% to 504 million yuan. In Q1 2025, revenue reached 1.38 billion yuan, up 11.59% year-on-year, with a net profit of 138 million yuan, an increase of 10.42% [3][4]. - The company is focusing on building a PaaS IoT cloud platform service model, with a significant increase in user payment rates. The cloud platform services generated 1.052 billion yuan in revenue, a growth of 22.87% year-on-year, with monthly active users reaching 65.5281 million, up 20.31% [4]. - The product matrix is expanding with a focus on AI terminals and embodied intelligence. The smart home camera segment generated 2.948 billion yuan in revenue, with sales exceeding 18.31 million units, maintaining the global leading position. The smart lock segment saw a revenue increase of 47.87% to 748 million yuan [5][6]. Financial Summary - The company forecasts revenues of 6.258 billion yuan, 7.385 billion yuan, and 8.862 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 717 million yuan, 967 million yuan, and 1.31 billion yuan for the same years. The PE ratios are expected to be 40X, 30X, and 22X respectively [6][8][14].

萤石网络(688475.SH)2024 年年报及 2025 年一季报点评 AI+云全面赋能，云 PaaS 模式付费率迎来新高 2025 年 04 月 14 日 ➢ 事件：2025 年 4 月 11 日，萤石网络发布 2024 年度报告及 2025 年一季度 报告，2024 年实现营业收入 54.42 亿元，同比增长 12.41%；归母净利润 5.04 亿元，同比下降 10.52%。2025 年一季度实现营业收入 13.80 亿元，同比增长 11.59%；归母净利润 1.38 亿元，同比增长 10.42%。 ➢ 打造 PaaS 物联网云平台服务模式，用户付费率持续提升。作为全球化物联 网云平台服务提供商，萤石云通过构建多数据中心+就近服务点的方式服务客户。 萤石云聚焦视觉技术，与 B 端开发者客户共创以 AI 音视频为核心的全栈开放的 PaaS 物联网云平台服务模式。2024 年，公司云平台服务实现收入 10.52 亿元， 同比增长 22.87%；月活跃用户数 6552.81 万名，同比增长 20.31%；以月活为 基准人均付费 16.06 元，同比增长 2.12%。其中，C 端增值服务收入 5.16 亿元， ...

公 司 报 告 2025年04月14日 萤石网络(688475.SH) 公司营收实现平稳增长，智能家居产品线持续完善 推荐 ( 维持) 股价:36.4元 行情走势图 证券分析师 事项： 计算机 公司公告2024年年报和2025年一季报。2024年，公司实现营业收入54.42亿 元，同比增长12.41%；实现归母净利润5.04亿元，同比下降10.52%。2025年 一季度，公司实现营业收入13.80亿元，同比增长11.59%；实现归母净利润 1.38亿元，同比增长10.42%。公司发布利润分配预案：拟向全体股东每股派 发现金红利0.35元（含税），派发现金红利275,625,000.00元（含税），占公 司2024年合并报表归属于上市公司股东净利润的54.70%。 平安观点： 公 司 年 报 点 评 研 究 报 告 HUANGWEIHAN235@pingan.com.cn 研究助理 | 王佳一 | 一般证券从业资格编号 | | --- | --- | | | S1060123070023 | | | WANGJIAYI446@pingan.com.cn | | | 2023A | 2024A | 2025E | ...

Key Points Summary of the Conference Call for Yingzi Network Company Overview - **Company**: Yingzi Network - **Fiscal Year**: 2024 - **Revenue**: 54.42 billion CNY, up 12.41% YoY - **Net Profit**: 5.04 billion CNY, down 10.52% YoY - **Core Business**: Smart home products and IoT cloud services Financial Performance - **Total Revenue**: 54.42 billion CNY, with a 12.41% increase YoY [3][4] - **Total Profit**: 5.39 billion CNY, down 5.02% YoY [3][4] - **Net Profit**: 5.04 billion CNY, down 10.52% YoY [3][4] - **Smart Home Hardware Revenue**: 43.47 billion CNY, accounting for 80.51% of total revenue, up 9.76% YoY [3][5] - **IoT Cloud Platform Revenue**: 10.52 billion CNY, up 22.87% YoY, accounting for 19.49% of total revenue [3][5] - **Smart Entry Business Revenue**: 7.48 billion CNY, up 47.87% YoY [3][6] - **R&D Expenses**: 8.14 billion CNY, 14.95% of revenue [3][8] - **Sales Expenses**: 8.58 billion CNY, up 26.66% YoY [3][8] - **Cash Dividend**: 3.5 CNY per 10 shares, totaling approximately 2.76 billion CNY, 54.70% of net profit [3][9] Product and Market Development - **Product Line Expansion**: Upgraded from 1+4+N to 2+5+N, introducing AI and IoT dual-core drive [3][4] - **Smart Home Hardware**: 80.51% of revenue, with a gross margin of 34.02%, down 1.36 percentage points [3][5] - **Smart Service Robots**: Revenue exceeded 100 million CNY, up 265% YoY [3][7] - **Domestic Market Revenue**: 34.87 billion CNY, up 5.54% YoY [3][8] - **International Market Strategy**: Focus on localization and multi-category expansion [3][8][21] Strategic Initiatives - **AI Integration**: Launched AI models and expanded into smart home cameras and locks [3][4][11] - **New Brand Launch**: Introduced sub-brand "Qin Xiaodou" targeting younger consumers [3][25][26] - **Cloud Services Growth**: Cloud services revenue close to 20%, with a growth rate of 22.87% [3][15] - **Market Diversification**: Over 30% of revenue from overseas markets, with a focus on Europe, Latin America, and Southeast Asia [3][21][22] Future Outlook - **Growth Areas**: Smart entry and service robots expected to drive future revenue [3][10][41] - **C端 Marketing Improvement**: Increased focus on enhancing C-end marketing capabilities [3][29] - **AI Service Development**: Plans to expand AI services for B-end clients [3][37] - **Sales Expense Management**: Sales expenses expected to fluctuate with gross margin improvements [3][39] Additional Insights - **Consumer Acceptance**: Company remains optimistic about new technology product acceptance [3][13] - **Marketing Strategy**: Focus on product usage and user reputation rather than heavy advertising [3][34] - **Impact of Policies**: Benefited from government policies like trade-in subsidies [3][16][19] This summary encapsulates the key points from the conference call, highlighting the financial performance, product developments, strategic initiatives, and future outlook of Yingzi Network.

业绩简评 2025 年 4 月 11 日，公司发布 24 年年报及 25 年一季报，24 全年实现营收 54.42 亿元，同比增长 12.41%；实现归母净利 润 5.04 亿元，同比下降 10.52%。24Q4 实现营收 14.79 亿 元，同比增长 11.05%；实现归母净利润 1.29 亿元，同比下 降 20.03%。25Q1 实现营收 13.80 亿元，同比增长 11.59%； 实现归母净利润 1.38 亿元，同比增长 10.42%。 业绩简评 盈利预测、估值与评级 预计公司 25~27 年营业收入为 67.9/81.5/96.2 亿元，同比增 长 24.8%/20.1%/18.0%；归母净利润为 7.0/8.7/10.9 亿元， 同比增长 39.0%/24.1%/25.4%，对应 41/33/26X PE，维持"买 入"评级。 风险提示 SHC 国内增长趋缓拖累云平台收入增长的风险；清洁机器人 销售进展不及预期的风险；行业竞争加剧影响利润率的风险。 0 100 200 300 400 500 600 700 800 900 1,000 24.00 28.00 32.00 36.00 40.00 44 ...

2025 年 04 月 13 日 萤石网络 (688475) ——盈利能力修复，业绩符合预期 报告原因：有业绩公布需要点评 买入（维持） 上 市 公 司 | 市场数据： | 2025 年 04 月 11 日 | | --- | --- | | 收盘价（元） | 36.40 | | 一年内最高/最低（元） | 58.11/24.18 | | 市净率 | 5.3 | | 股息率%（分红/股价） | 1.37 | | 流通 A 股市值（百万元） | 14,906 | | 上证指数/深证成指 | 3,238.23/9,834.44 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 03 月 31 日 | | --- | --- | | 每股净资产（元） | 7.15 | | 资产负债率% | 31.04 | | 总股本/流通 A 股（百万） | 788/410 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 04-11 05-11 06-11 07-11 08-11 09-11 10-11 11-11 12-11 01-11 02-11 03- ...

Core Insights - The company achieved a total revenue of 5.442 billion yuan in 2024, representing a year-on-year increase of 12.41%, while the net profit attributable to shareholders was 504 million yuan, down 10.52% year-on-year [1] - In Q4 2024, the company reported revenue of 1.479 billion yuan, up 11.05% year-on-year, with a net profit of 129 million yuan, down 20.03% year-on-year [1] - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares (including tax), with a payout ratio of 55% [1] Revenue and Profit Analysis - For Q1 2025, the company expects to achieve revenue of 1.38 billion yuan, an increase of 11.59% year-on-year, with a net profit of 138 million yuan, up 10.42% year-on-year [1] - The smart home camera segment faced slight pressure with a revenue decline of 1.38% year-on-year, while the smart entry and service robot segments saw significant growth of 47.87% and 265.12% respectively [1] - The cloud platform business revenue grew by 22.87% year-on-year, driven by an increase in device connections and user numbers [1] Margin and Cost Structure - The overall gross margin for 2024 was 42.08%, a decrease of 0.39 percentage points year-on-year, while the net margin was 9.26%, down 2.37 percentage points year-on-year [2] - In Q4 2024, the gross margin was 39.95%, up 0.03 percentage points year-on-year, with a net margin of 8.73%, down 3.39 percentage points year-on-year [2] - The gross margins for smart entry and cloud platform businesses increased by 8.99 and 0.1 percentage points year-on-year respectively, while other segments experienced varying degrees of decline [2] Marketing and Investment - The company increased its marketing and promotional expenditures, with sales expense ratios rising due to investments in new smart products [3] - For 2024, the sales, management, R&D, and financial expense ratios were 15.77%, 3.26%, 14.95%, and -1.08% respectively, showing an increase in sales expenses [3] - The company aims to optimize R&D expenses while managing financial costs influenced by currency fluctuations [3] Future Outlook - The company is positioned as a leader in the smart home sector, expanding its product categories and applications through integrated hardware and software solutions [4] - The smart lock segment is entering a growth phase, becoming a significant revenue driver alongside cameras [4] - Profitability is expected to improve due to changes in channel structure, product enhancements, and supply chain reforms [4]

公司报告 | 年报点评报告 萤石网络（688475） 证券研究报告 智能入户和服务机器人增速较好，公司加大宣传投入 事件：公司 2024 年全年实现营业收入 54.42 亿元，同比+12.41%，归母净利润 5.04 亿 元，同比-10.52%；其中 2024Q4 实现营业收入 14.79 亿元，同比+11.05%，归母净利润 1.29 亿元，同比-20.03%。（调整后）拟向全体股东每 10 股派发现金红利 3.5 元（含税）， 分红比例 55%。公司 2025 年 Q1 全年实现营业收入 13.8 亿元，同比+11.59%，归母净利 润 1.38 亿元，同比+10.42%。（调整后） 智能入户和服务机器人业务增速亮眼，智能家居摄像机业务略有承压 分产品看，24A 核心品类智能家居摄像机收入同比-1.38%略有承压。智能入户和智能服 务机器人增势亮眼，同比+47.87%/+265.12%。云平台业务收入同比+22.87%，呈较快增 长。其中 24H2 智能家居摄像机收入增速环比 24H1 好转，同比+1.7%；智能入户和云平 台业务增速环比 24H1 略有降速，同比+34.7%/+17.2%。分地区看，24 ...

免疫诊断方向，已基本完成覆盖高中低通量的仪器布局，包括三款全自动化学发光免疫分析仪 （Caris200、Wan200+、Wan100）以及配套115项试剂，满足临床检验各种应用场景的核心需求，公司 国产自研的一款高速化学发光免疫分析仪Wan600开发已经进入行政审批阶段，将进一步提升检测效率 和准确性。生化诊断方向，公司推出一款高通量全自动生化分析仪WanBC2800。 西部矿业2024年净利润同比增长5% -- 重点要闻– 万泰生物2024年净利润1.06亿元 万泰生物(603392.SH)发布2024年年报，致力于为我国临床医疗体系提供优质、全面的体外诊断解决方 案。2024年营业收入为22.45亿元，相较上年同比减少-59.25%；归属于上市公司股东的净利润1.06亿 元，同比减少91.49%；归属于上市公司股东的扣除非经常性损益的净利润-1.86亿元，同比减少 117.29%。 | | | | 甲 W: 儿 | 1114: Acch | | --- | --- | --- | --- | --- | | 主要会计数据 | 2024年 | 2023年 | 本期比上年 同期增减 | 2022年 | | | ...