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年开展外汇套期保值交易的核查意见 中国国际金融股份有限公司（以下简称 "保荐机构"）作为杭州萤石网络股 份有限公司（以下简称"萤石网络"或"公司"）首次公开发行并在科创板上市 的保荐机构，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》《科创板上市公司持续监管办法（试行）》及《上海证券交易所上 市公司自律监管指引第 11 号——持续督导》等相关法律、法规和规范性文件的 规定，对公司开展套期保值业务进行了核查，具体情况如下： 一、交易情况概述 1、投资目的：进出口业务是公司的主要业务之一，物料采购进口支付产生的 外币应付账款与出口收汇产生的外币应收账款会出现风险敞口，为防范汇率波动 风险，降低市场波动对公司经营及损益带来的影响，公司计划采用外汇套期保值 交易工具对外汇敞口进行风险防范，以锁定汇率风险。 公司拟开展的外汇套期保值业务是为满足正常生产经营需要，在银行办理的 用于规避和防范汇率风险的外汇交易业务。本次投资不会影响公司主营业务的发 展，公司资金使用安排合理。根据相关会计准则，本次投资符合套期保值相关规 定。 2、交 ...

| 召开日期 | | | 会议届次 | | | 会议内容 | | --- | --- | --- | --- | --- | --- | --- | | 2023 | 年1 | 月 | 第一届董事会审 | | | 一、审议通过《关于 2022 年年度审计工作计划》 | | 17 日 | | | 计委员会 | 2023 | 年 | 二、审议通过《2021 年内部审计工作报告及 2022 年内 | | | | | 第一次会议 | | | 部审计工作计划》 | | 2023 | 年4 | 月 | | | | 一、审议通过《2022 年年度报告及其摘要》 三、审议通过《2022 年年度财务决算报告》 年年度募集资金存放与使用情况专 | | | | | | | | 二、审议通过《2022 年年度董事会审计委员会履职报 | | | | | | | | 告》 | | | | | 第一届董事会审 | | | | | | | | 计委员会 | 2023 | 年 | 四、审议通过《2022 | | 13 日 | | | 第二次会议 | | | 项报告》 | | | | | | | | 五、审议通过《2022 年度内部控制评价报告 ...

杭州萤石网络股份有限公司 第一届董事会独立董事专门会议第一次会议决议 表决结果：3 票同意、0 票反对、0 票弃权。 杭州萤石网络股份有限公司 独立董事：陈俊、方刚、葛伟军 2024 年 4 月 11 日 根据《中华人民共和国公司法》《中华人民共和国证券法》《上海证券交易 所科创板股票上市规则》《上市公司独立董事管理办法》、杭州萤石网络股份有 限公司（以下简称"公司"）《公司章程》以及《独立董事工作制度》等相关规 定，公司第一届董事会独立董事专门会议第一次会议于 2024 年 4 月 11 日以现场 结合通讯方式召开。本次会议由公司过半数独立董事共同推举独立董事陈俊先生 召集并主持，应出席独立董事 3 人，实际出席独立董事 3 人，会议的召集、召开 和表决程序符合《上市公司独立董事管理办法》等法律、法规、规范性文件和公 司《独立董事工作制度》《公司章程》的有关规定，会议决议合法、有效。经与 会独立董事审议，通过如下决议： 一、 审议通过《关于 2024 年度日常关联交易预计的议案》 经审查，独立董事认为：公司董事会对 2023 年日常关联交易实际发生情况 与预计存在较大差异的说明符合公司的实际情况，2023 ...

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 | √ 特定对象调研 □分析师会议 □现场参观 \n□ □路演活动 | □ | 媒体采访 □业绩说明会 □新闻发布会 其他 （ ） | | | 华泰证券 | | 蒋雪蕾 | | 参与单位名称 | 长江资本有限公 司 | | 王劲军 | | 及人员姓名 | 逸原达投资 | | 寿平 | | | 和谐汇一 | | 林鹏、韩冬、凌晨、梁爽、赵雪 | | | 景顺长城 | | 杨锐文 | | | 银华基金 | | 吴思其、罗婷、周燕、王一川、同颖茜、刘宇尘、魏卓、王浩、焦巍、 方建、贾鹏、吴颖、王建 | ...

萤石网络（688475.SH）深度报告 AI 终端与机器人最佳２Ｃ平台 2024年03月07日 ➢ 战略清晰，一体两翼：以云为重，终端+AI的两翼齐飞。终端+云+AI成为 推荐 维持评级 核心三要素，萤石网络目前已构建摄像头、智能门锁、清洁机器人等多个爆品终 当前价格： 46.83元 端，并以立身之本的萤石云为基石，通过AI全面赋能，实现多终端并发叠加AI 赋能，构建智能生活基础平台坚实基础。 [Table_Author] ➢ 清洁机器人带来百亿级别蓝海市场。我们坚定认为萤石网络的机器人方式是 同时实现商业化落地和作为基础平台实现 AI 终端与机器人无感交互的最佳路径 之一。其核心在于萤石网络的机器人是以自下而上的方式不断延伸自身的业务触 角，2023 年推出萤石云视觉商用清洁机器人 BS1，更是打开多维度业务的“宝 藏钥匙”。以纯视觉为技术路径的清洁机器人，将不再局限于地面清洁范畴，甚 至是不再局限于清洁功能。根据我们测算，预计2027年商用清洁机器人的相关 分析师 吕伟 市场规模达到 110 亿元。同时得益于海康威视自身庞大办公楼面积有望率先试 执业证书： S0100521110003 用萤石商用清洁机器 ...

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company achieved a revenue of 4.84 billion yuan in 2023, representing a year-on-year growth of 12.39%. The net profit attributable to the parent company was 563 million yuan, a significant increase of 68.8%, while the net profit excluding non-recurring items reached 553 million yuan, up by 86.9% [4][5]. Summary by Sections Revenue and Profit Growth - The company maintained rapid revenue growth, with a year-on-year increase of 12.39% in 2023. Quarterly growth rates were 4.27%, 14.14%, 17%, and 13.87% respectively. The Chinese consumer-grade surveillance camera market saw a total sales volume of 53.43 million units, growing by 10.9%, with the company holding a 7.8% market share and a year-on-year sales growth of 9.8% [5]. Product and Market Expansion - The company is actively expanding its product categories, launching two new cleaning service robots in October 2023. The company benefits from improved supply chain management, reduced raw material costs, and an increase in the proportion of cloud and overseas business, leading to an overall improvement in gross margin [5][6]. Research and Development - The company is increasing its R&D investment to drive product iteration and upgrade. It focuses on core advantages and technological innovation, expanding product categories and application scenarios. The company is also enhancing its e-commerce layout and expanding its overseas presence [5][6]. Financial Forecast - The company is expected to achieve net profits of 711 million yuan and 895 million yuan in 2024 and 2025, respectively, with corresponding PE ratios of 36.94 and 29.33 times [6][11].

公司报告 | 公司点评 萤石网络（688475） 证券研究报告 2024年02月26日 投资评级 智能入户表现亮眼，利润水平稳步提升 行业 计算机/计算机设备 6个月评级 增持（维持评级） 当前价格 44.92元 事件：公司发布23年业绩快报，23年实现营收48.4亿元，同比+12.39%； 实现归母净利润 5.6 亿元，同比+68.8%。其中 23Q4实现营收 13.3 亿元， 目标价格 元 同比+13.9%；实现归母净利润1.6亿元，同比+41.6%。 基本数据 收入方面，公司持续聚焦核心优势，夯实技术研发，不断推出有竞争力的 A股总股本(百万股) 562.50 产品；同时，公司持续拓展和优化渠道建设，整体经营业绩实现稳健增长。 流通A股股本(百万 智能入户业务中的智能门锁产品在经过多年深耕后在 23 年实现较快的销 289.13 股) 售增长，收入增速有显著正贡献，23年公司在抖音平台智能门锁类目同比 A股总市值(百万元) 25,267.50 增长及品牌检索热度指数中都为TOP1。公司在清洁电器赛道也进行了布局 和迭代，23Q4公司推出新一代全能型家用扫地机和商用清洁机器人，进一 流通A股市值(百万 1 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 50.13 CNY, based on a 40x PE for 2024 [6][7]. Core Views - The company achieved a revenue of 4.84 billion CNY in 2023, representing a year-on-year growth of 12.39%, and a net profit of 563 million CNY, which is a significant increase of 68.80% year-on-year [3][4]. - The growth in the camera business and new channels contributed positively to the company's performance, with online sales of consumer-grade surveillance cameras increasing by 9.8% [4]. - The company is expanding its domestic and international channels, which is expected to support long-term growth [5]. Financial Performance Summary - In 2023, the company reported a revenue of 48.40 billion CNY, with a net profit of 5.63 billion CNY and a non-recurring net profit of 5.53 billion CNY, showing substantial growth compared to previous years [3][4]. - The gross margin improved due to cost optimization and an increase in the proportion of high-margin cloud services and overseas business [4]. - The company forecasts revenues of 58.83 billion CNY and 71.54 billion CNY for 2024 and 2025, respectively, with net profits of 7.05 billion CNY and 8.77 billion CNY, indicating a compound annual growth rate (CAGR) of 38.09% from 2022 to 2025 [6][7].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company reported a revenue of 4.84 billion yuan for 2023, representing a year-on-year growth of 12.4%, and a net profit attributable to shareholders of 563 million yuan, up 68.8% year-on-year [5] - The significant profit growth outpaced revenue growth due to structural optimization, management improvements, and cost reductions, with a gross margin of 43.4% in the first three quarters of 2023, an increase of 7.4 percentage points year-on-year [5] - The company is positioned as a leader in AI multimodal models, with a focus on high-margin businesses such as cloud platforms and overseas operations, which are expected to drive revenue growth [5] - The commitment from a major shareholder not to reduce holdings until July 2024 reinforces market confidence [5] - Short-term growth is driven by a substantial increase in gross margin, while medium-term prospects are bolstered by the monetization of AI SaaS algorithm packages [5] Summary by Sections Financial Performance - For 2023, the company achieved a revenue of 4.84 billion yuan and a net profit of 563 million yuan, with a gross margin of 43.4% [5][7] - The forecast for net profit for 2024 and 2025 is 718 million yuan and 965 million yuan, respectively, with corresponding PE ratios of 35 and 26 [5][7] Business Strategy - The company is enhancing its product offerings in smart home technology and AI, with new product launches expected to further drive growth [5] - The focus on cloud services and embodied intelligence products, such as cleaning and companion robots, is anticipated to yield significant growth potential [5] Market Position - The company is recognized for its strong capabilities in data and multimodal technology, positioning it well in the competitive landscape of smart home and AI solutions [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 540-580 million yuan in 2023, representing a year-on-year growth of 61.9%-73.9%. The non-recurring net profit is projected to be 525-565 million yuan, with a year-on-year increase of 77.3%-90.8% [2][13]. - The company continues to experience high growth in performance, driven by the rapid growth of the smart camera industry and the expansion into e-commerce and overseas markets, which enhances profitability [3][14]. - The company launched two new products in October 2023, which are expected to support continued revenue growth [3][14]. Summary by Sections Performance and Growth - The company reported a strong performance in Q4 2023, with net profit expected to be 139-179 million yuan, a year-on-year increase of 21.5%-56.6%. The non-recurring net profit is anticipated to be 136-176 million yuan, with a year-on-year growth of 63.9%-112.1% [2][13]. - The gross profit margins for Q1, Q2, and Q3 of 2023 were 41.1%, 44.6%, and 44.3%, respectively, indicating a positive trend in profitability [3][14]. Financial Projections - Revenue projections for 2023-2025 are 49.29 billion yuan, 58.64 billion yuan, and 70.37 billion yuan, with corresponding growth rates of 14.5%, 19.0%, and 20.0% [4][15]. - The net profit attributable to shareholders is expected to be 569 million yuan, 755 million yuan, and 944 million yuan for the years 2023-2025, with growth rates of 71.0%, 32.5%, and 25.1% respectively [4][15]. Market Position and Strategy - The company is recognized as a rare AIoT enterprise with a complete vertical integration service capability, which is expected to gradually realize its growth potential [4][15]. - The introduction of new products, such as the AI cleaning robot RS20 Pro and the commercial cleaning robot BS1, is anticipated to enhance the company's competitive edge and revenue growth [3][14].