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 ...

Summary of Conference Call for Yingstone Network Company Overview - **Company**: Yingstone Network - **Date of Conference Call**: August 12, 2024 - **Industry**: Smart Home and IoT (Internet of Things) Key Financial Highlights - **Total Revenue**: 2.583 billion CNY, up 13.05% year-over-year [2] - **Pre-tax Profit**: 313 million CNY, up 16.51% year-over-year [2] - **Net Profit (after tax)**: 282 million CNY, up 8.88% year-over-year [2] - **Net Profit (excluding non-recurring items)**: 277 million CNY, up 9.89% year-over-year [2] - **EBITDA**: 250 million CNY, up 11.57% year-over-year [3] - **Q2 Revenue**: 1.347 billion CNY, up 11.70% year-over-year and 8.86% quarter-over-quarter [3] - **Q2 Net Profit**: 156 million CNY, down 6.64% year-over-year due to tax adjustments [4] - **Gross Margin**: 41.46%, up 3.08 percentage points year-over-year [5] Business Performance - **Smart Home Products**: Revenue from smart home products reached 328 million CNY, up 68.97% year-over-year, accounting for 12.78% of total revenue [4] - **IoT Cloud Platform**: Revenue of 495 million CNY, up 29.97% year-over-year, accounting for 19.27% of total revenue [6] - **International Revenue**: 849 million CNY, up 29.86% year-over-year, accounting for 32.85% of total revenue [9] - **Domestic Revenue**: 1.735 billion CNY, up 6.35% year-over-year, accounting for 67.15% of total revenue [9] Product and Market Strategy - **Product Diversification**: Introduction of new AI-driven products, including smart cameras and service robots, enhancing user experience [12][13] - **Retail Strategy**: Increased focus on digital marketing and retail channels, with online sales accounting for 21.02% of total sales [7][8] - **Channel Expansion**: New hardware channels and retail stores established to enhance sales capabilities [8] - **AI Integration**: Continuous investment in AI technology, with a focus on enhancing product interactivity and user engagement [14][58] Research and Development - **R&D Investment**: 422 million CNY, up 14.88% year-over-year, with an R&D expense ratio of 16.35% [17] - **Employee Growth**: R&D personnel increased by 16% year-over-year, reaching over 4,900 employees [23] Future Outlook - **Cloud Services Growth**: Anticipated growth in both B2B and B2C cloud services, with a combined growth rate of approximately 30% [19] - **AI Model Development**: Launch of the "Blue Ocean Model," aimed at enhancing AI capabilities in IoT applications [58][60] - **Market Positioning**: Continued focus on expanding market share in smart home and IoT sectors, with a strong emphasis on product innovation and customer engagement [28][31] Additional Insights - **Tax Impact**: Previous tax adjustments significantly influenced profit figures, but overall tax rates are expected to stabilize [39][40] - **Product Performance**: Smart home cameras and locks are expected to see increased sales due to enhanced features and market demand [44][46] - **Competitive Landscape**: The smart home industry remains fragmented, with ongoing consolidation and competition driving innovation [27][28] This summary encapsulates the key points discussed during the conference call, highlighting the financial performance, strategic initiatives, and future outlook of Yingstone Network in the smart home and IoT industry.

Summary of the Conference Call Company and Industry Involved - The conference call was held by TMP and the home appliance industry, focusing on the performance analysis for the first half of the year [1] Core Points and Arguments - The call featured insights from the company's Secretary, Mr. Cao, who discussed the operational performance and highlights of the first half of the year [1] Other Important but Possibly Overlooked Content - The meeting was a collaborative effort between TMP and the home appliance sector, indicating a joint focus on industry performance and trends [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced steady revenue growth in Q2 2024, primarily driven by a strong performance in its second growth curve and successful expansion of domestic and international channels. However, the gross margin showed some fluctuations due to industry demand pressures and tax calculation differences affecting net profit growth [3][11] - The company's ecosystem has been upgraded to "2+5+N," with significant growth potential in smart hardware and ongoing investments in AI technology. The integration of AI with various smart devices is expected to drive sustained growth as consumer education deepens and business models mature [3][11] - The dual business model of "smart home + IoT public cloud" remains competitive, with continued expansion in both domestic and international channels. The company is projected to achieve revenue growth rates of 15%, 22%, and 23% from 2024 to 2026, with net profit growth rates of 15%, 27%, and 25% respectively [11][12] Financial Performance Summary - In the first half of 2024, the company achieved revenue of 2.583 billion yuan, a year-on-year increase of 13.05%. The net profit attributable to the parent company was 282 million yuan, up 8.88% year-on-year, while the non-recurring net profit was 277 million yuan, an increase of 9.89% year-on-year [11] - For Q2 2024, the company reported revenue of 1.347 billion yuan, a year-on-year increase of 11.65%. However, the net profit attributable to the parent company decreased by 6.63% year-on-year to 156 million yuan [11] - The company’s gross margin showed slight fluctuations, with a net profit margin of 11.62% in Q2 2024, down 2.27 percentage points year-on-year [11][16] Product and Channel Performance - The company’s smart home product revenue was 2.072 billion yuan, with a year-on-year growth of 9.42%. Notably, the smart entry product revenue surged by 69% year-on-year, while the cloud platform revenue increased by 30% [15] - The company’s international sales outperformed domestic sales, with a year-on-year increase of 30% in external sales, raising the external sales proportion to over 30% [11][15] Future Projections - The company is expected to achieve revenues of 5.579 billion yuan, 6.811 billion yuan, and 8.373 billion yuan from 2024 to 2026, with corresponding net profits of 648 million yuan, 821 million yuan, and 1.027 billion yuan [12][11] - The target price is set at 32.91 yuan, based on a 40x PE ratio for 2024 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company experienced steady revenue growth in Q2 2024, primarily driven by a strong performance in its second growth curve and successful expansion of domestic and international channels. However, the gross margin showed some fluctuations due to industry demand pressures and tax calculation differences affecting net profit growth [3][11] - The company's ecosystem has been upgraded to "2+5+N," indicating a broad growth potential in smart hardware, supported by ongoing investments in AI technology. The integration of AI with various smart devices is expected to drive sustained growth as consumer education deepens and business models mature [3][11] - The dual business model of "smart home + IoT public cloud" remains competitive, with continued expansion in both domestic and international channels. The company is projected to achieve revenues of 55.79 billion, 68.11 billion, and 83.73 billion from 2024 to 2026, with corresponding net profits of 6.48 billion, 8.21 billion, and 10.27 billion [11][12] Financial Performance Summary - In H1 2024, the company achieved revenue of 25.83 billion, a year-on-year increase of 13.05%, and a net profit of 2.82 billion, up 8.88% year-on-year. In Q2 alone, revenue was 13.47 billion, reflecting an 11.65% increase, while net profit decreased by 6.63% to 1.56 billion [11][12] - The company’s gross margin showed slight fluctuations, with a net profit margin of 11.62% in Q2, down 2.27 percentage points year-on-year. The overall expense ratios for sales, management, R&D, and financial costs remained relatively stable [11][16] - The company’s revenue from smart home products was 20.72 billion, with notable growth in smart entry products (up 69%) and service robots (up 273%). The international sales growth outpaced domestic sales, with external sales accounting for over 30% of total revenue [11][15]

证券代码：688475 证券简称：萤石网络 公告编号：2024-031 杭州萤石网络股份有限公司 关于董事长兼总经理增持公司股份的公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律 责任。 重要内容提示： 杭州萤石网络股份有限公司（以下简称"公司"）于 2024 年 8 月 12 日接到 公司董事长兼总经理蒋海青先生关于增持公司股份的通知，基于对公司未来 发展前景的信心和对公司价值的认同，前述增持人员通过上海证券交易所交 易系统以集中竞价方式增持了本公司股份。现将具体情况公告如下： 一、本次增持主体的基本情况 （一）增持主体：董事长兼总经理蒋海青先生 二、本次增持情况 1、本次增持的目的：对公司未来发展的信心及长期投资价值的认可。 5、本次增持的具体情况： | 姓名 | 增持数量 | 成交均价 | 成交总金额 | 本次增持后直接 | 本次增持后直接 | | --- | --- | --- | --- | --- | --- | | | （股） | （元/股） | （元） | 持有公司股份的 | 持有公司股份的 | | ...

Investment Rating - The report maintains a "Recommendation" rating for the company, indicating a positive outlook for future performance [5][9]. Core Views - The company achieved steady growth in the first half of 2024, with operating revenue of 2.583 billion yuan, a year-on-year increase of 13.05%, and a net profit attributable to shareholders of 282 million yuan, up 8.88% year-on-year [5][9]. - The company's dual core strategy of "IoT + AI" is expected to drive future growth, with a significant expansion in its product matrix and cloud platform capabilities [6][9]. - The company has upgraded its ecosystem from "1+4+N" to "2+5+N," enhancing its competitive edge in the smart home and IoT sectors [6][9]. Financial Performance Summary - In the first half of 2024, the smart home product line generated revenue of 2.072 billion yuan, a year-on-year increase of 9.42%, while the IoT cloud platform revenue reached 495 million yuan, growing by 29.97% [6][8]. - The company’s revenue projections for 2024-2026 are 5.554 billion yuan, 6.538 billion yuan, and 7.840 billion yuan, respectively, with corresponding net profits of 674 million yuan, 824 million yuan, and 1.027 billion yuan [11][12]. - The gross margin is expected to improve gradually, reaching 44.4% by 2026, while the net profit margin is projected to increase to 13.1% [13]. Business Development Summary - The company has launched several new products, including AI-enabled devices, which are expected to enhance its market position [6][9]. - The smart entry product line has seen a remarkable growth of 68.97%, contributing to 12.78% of the company's main business revenue [8]. - The company is actively expanding its domestic and international sales channels, with a focus on digital marketing and retail capabilities [8][9].

上 市 公 司 计算机 2024 年 08 月 11 日 萤石网络 (688475) ——第二/三成长曲线加速起量，"云+AI"生态进化 | --- | |---------------------| | 2024 年 08 月 09 日 | | 28.88 | | 58.11/26.90 | | 4.2 | | 1.73 | | 11,690 | | 2,862.19/8,393.70 | | | | --- | --- | |--------------------------|---------------------| | 基础数据: | 2024 年 06 月 30 日 | | 每股净资产（元） | 6.69 | | 资产负债率% | 33.99 | | 总股本/流通 A 股（百万） | 788/405 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 08-0909-0910-0911-0912-0901-0902-0903-0904-0905-0906-0907-0908-09 -40% -20% 0% 20% 40% 萤石网络 沪深300指数 (收益率) 相关研 ...

证券研究报告 | 公司点评报告 2024 年 08 月 11 日 萤石网络（688475.SH） H1 入户及云业务表现亮眼，2+5+N 生态驱动长期发展 TMT 及中小盘/电子 当前股价：28.88 元 事件：公司发布 24 年半年报，实现营收 25.83 亿元同比+13.05%，归母净利 2.82 亿元同比+8.88%，扣非归母 2.77 亿元同比+9.89%。我们点评如下： q H1 业绩总体稳健增长，智能入户、云平台业务表现亮眼，服务机器人取得 突破。24H1 实现营收 25.83 亿元同比+13.05%，归母净利 2.82 亿元同比 +8.88%，扣非归母 2.77 亿元同比+9.89%，毛利率 43.34%同比+0.38pct， 净利率 10.90%同比-0.42pct。公司上半年整体经营业绩稳健增长，硬件业务 看，上半年智能摄像机收入同比-4.42%，但作为公司第二增长曲线的智能入 户产品实现收入 68.97%同比增速，营收占比升至 12.78%。智能服务机器人 为公司的孵化业务，在上半年实现了小规模上市的初步突破，收入同比增长 273.34%；软件业务看，基于萤石云服务能力及大模型技术加持，萤 ...

2024 年 08 月 11 日 公司点评 买入/维持 萤石网络(688475) 目标价: 昨收盘:28.88 萤石网络：2024Q2 盈利能力短期承压，智能入户业务实现高增 ◼ 走势比较 (40%) (24%) (8%) 8% 24% 40% 23/8/10 23/10/2224/1/324/3/1624/5/2824/8/9 萤石网络 沪深300 ◼ 股票数据 总股本/流通(亿股) 7.88/7.88 总市值/流通(亿元) 227.43/227.43 12 个月内最高/最低价 (元) 58.11/26.9 相关研究报告 <<萤石网络：2024Q1 利润快速增长， 2023A 智能入户业务收入高增>>-- 2024-04-17 证券分析师：孟昕 E-MAIL：mengxin@tpyzq.com 分析师登记编号：S1190524020001 研究助理：赵梦菲 E-MAIL：zhaomf@tpyzq.com 一般证券业务登记编号：S1190124030006 研究助理：金桐羽 电话：021-58502206 E-MAIL：jinty@tpyzq.com 一般证券业务登记编号：S1190124030010 事件： ...