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 ...

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]