证券代码：688475 证券简称：萤石网络 公告编号：2024-039 杭州萤石网络股份有限公司 第二届董事会第五次会议决议公告 本公司董事会、全体董事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。 股东大会会议通知详见公司于2024年11月22日在上海证券交易所网站 （www.sse.com.cn）上披露的《杭州萤石网络股份有限公司关于召开2024年第一 次临时股东大会的通知》。 特此公告。 一、董事会会议召开情况 杭州萤石网络股份有限公司（以下简称"公司"）第二届董事会第五次会议， 于2024年11月18日以电子邮件及专人送达方式向全体董事发出书面通知，于2024 年11月21日以通讯表决方式召开。会议由董事长蒋海青先生召集并主持。会议应 出席董事7名，实际出席董事7名。会议召开符合有关法律、法规、规章和公司章 程的规定。 二、董事会会议审议情况 （一）以7票赞成、0票反对、0票弃权，审议通过《关于修订<公司章程>及 部分治理制度的议案》 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》《上市公司章 ...

杭州萤石网络股份有限公司 董事会议事规则 杭州萤石网络股份有限公司 董事会议事规则 第一章 总 则 第一条 为了进一步规范杭州萤石网络股份有限公司（以下简称"公司"） 董事会的议事方式和决策程序，促使董事和董事会有效地履行其职责，提高董事 会规范运作和科学决策水平，根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》《上市公司章程指引》《上市公司治理 准则》《上海证券交易所科创板股票上市规则》和《杭州萤石网络股份有限公司 章程》（以下简称"《公司章程》"）等有关规定，制订本规则。 第二条 董事会下设董事会办公室，处理董事会日常事务。 1 杭州萤石网络股份有限公司 董事会议事规则 年度各召开一次，每次会议应当于会议召开 10 日前通知全体董事和监事。 第三条 董事会秘书或者证券事务代表兼任董事会办公室负责人，保管董事 会和董事会办公室印章。 第二章 董事会的组成 第四条 公司依法设立董事会。董事会是公司的经营决策机构，依据《公司 法》等相关法律、法规、规范性文件和《公司章程》的规定，经营和管理公司的 法人财产，对股东大会负责。 第五条 董事会由 7 名董事组成，其中独立董事 3 名 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company, Yingshi Network (688475), and sets a target price of 46.52 CNY [2][3]. Core Insights - Yingshi Network is positioned as a leader in the smart home industry, leveraging a dual business model of hardware products and cloud services. The short-term outlook is supported by sustainable expansion of smart home hardware categories, while the long-term perspective focuses on continuous cash flow from cloud services [3][8]. Summary by Sections 1. Investment Story - Yingshi Network, spun off from Hikvision, focuses on consumer-end security hardware, primarily smart home cameras, and is expanding into smart locks and other hardware categories. The company aims to evolve into a platform-based business with a strong foundation in visual technology [19]. 2. Business Overview - The company employs a "2+5+N" strategy, where "2" refers to AI technology and Yingshi Cloud, "5" represents five major self-developed hardware categories, and "N" symbolizes the interconnected ecosystem of smart devices [8]. 3. Financial Performance - Revenue for 2024-2026 is projected to grow from 55.07 billion CNY to 72.16 billion CNY, with a year-on-year growth of 13.79%, 14.43%, and 14.51% respectively. Net profit attributable to shareholders is expected to increase from 5.64 billion CNY to 9.03 billion CNY during the same period [29][30]. 4. Short-term and Long-term Outlook - In the short term, the company anticipates a network effect from the expansion of new hardware categories, while the long-term focus is on establishing a sustainable cash flow through cloud services, which currently account for 20% of total revenue [8][27]. 5. Market Position and Competitive Advantage - Yingshi Network benefits from a well-established offline channel and after-sales service system, which enhances its ability to respond to fragmented market demands. The company is also making strides in overseas markets, particularly in Europe and Southeast Asia [8][19]. 6. Financial Projections - The report forecasts earnings per share (EPS) of 0.72 CNY, 0.89 CNY, and 1.15 CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 0.1%, 24.9%, and 28.2% [29][30].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a Q3 revenue of 1.379 billion yuan, representing a year-on-year increase of 12.70%, while the net profit attributable to shareholders was 93 million yuan, down 34.87% year-on-year [5] - For the first three quarters, the company achieved a cumulative revenue of 3.963 billion yuan, up 12.93% year-on-year, and a net profit of 375 million yuan, down 6.69% year-on-year [5] - The decline in net profit is attributed to product structure adjustments, rising raw material costs, and intensified external competition, which led to a decrease in gross margin [5][6] - The company is actively expanding into the home and commercial cleaning robot markets and enhancing e-commerce and new retail channels, resulting in increased expenses [5] Financial Performance Summary - Q3 gross margin decreased by 2.29 percentage points to 42.01%, with the expense ratios for sales, management, R&D, and finance increasing year-on-year [6] - The net profit margin for Q3 decreased by 4.93 percentage points to 6.75% [6] - For the first three quarters, the gross margin was 42.88%, down 0.55 percentage points year-on-year, with a net profit margin of 9.46%, down 1.98 percentage points [6] Investment Recommendations - The company has entered the "AI+" phase, focusing on core advantages and enhancing underlying technology research and development [7] - Continuous innovation in smart home products and IoT cloud platform services is expected to contribute more to revenue as the product structure is optimized [7] - The forecast for the company's net profit in 2024 is 570 million yuan, with a valuation range of 32.40 to 36.00 yuan based on a PE ratio of 45-50x [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company [2][4][9] Core Views - The company has shown steady revenue growth in the third quarter, with a year-on-year increase of 12.93%, reaching 3.963 billion yuan. However, the net profit attributable to shareholders decreased by 6.69% to 375 million yuan [4][9] - The actual controller's subsidiary plans to increase its stake in the company, indicating confidence in its future development and long-term investment value [4][9] - The company is actively expanding its product offerings and channels, particularly in the smart home sector, leveraging AI technology to enhance its product matrix [8][9] Financial Summary - For the first three quarters of 2024, the company achieved operating revenue of 3.963 billion yuan, a 12.93% increase year-on-year. The net profit attributable to shareholders was 375 million yuan, down 6.69% year-on-year, and the net profit after deducting non-recurring gains and losses was 368 million yuan, down 5.45% year-on-year [3][4] - In the third quarter alone, the company reported operating revenue of 1.379 billion yuan, with a year-on-year growth rate of 12.70%. However, the net profit attributable to shareholders fell by 34.87% to 93 million yuan, primarily due to product structure adjustments and increased competition [4][5] - The gross profit margin for the third quarter was 42.01%, a decrease of 2.29 percentage points compared to the same period last year, while the net profit margin dropped by 4.93 percentage points to 6.75% [5][9] Future Outlook - The company is expected to benefit from the ongoing penetration of smart home technology and the comprehensive empowerment of AI, which will further open up growth opportunities [9] - The earnings forecast for the company has been adjusted, with expected net profits for 2024, 2025, and 2026 projected at 566 million yuan, 721 million yuan, and 881 million yuan respectively [9][12]

先各位朋友大家下午好这里是银氏网络的专场交流会议先欢迎大家的参与我们今天是很荣幸邀请到银氏网络的董益也是我们的老朋友乔靖文乔总也非常感谢您百忙之中抽出时间我之前是华安大交汇组的首席邓新我们是考虑公司先前已经发布了采报 然后今天接的也都是全部都是买房的这个机构就近期的这个经营情况吧咱们做一个定向沟通那开始的时候呢公司这边希望提示一下接触的各位投资者就是今天的这个交流希望大家主要共资用如果有这个资讯或者录音的话不要外传也谢谢大家的一个配合那要不首先时间就交给宋文栋吧那辛苦您几分钟要不就您觉得比较重要的我看到了 好 谢谢曾欣总各位在线的话 把声音静一下 好 那我先开始各位投资人大家下午好欢迎大家参加银市网络2027年3季度的一个业绩解读会我是董蜜乔靖伦今天我们还是像往常一样把会议分成两个部分首先向大家简单汇报公司的一个经营情况接下来时间我们做互动的交流 2020年前三季度国内运营商策略调整智能家居摄像头采购量大幅收缩消费者消费产品方式和习惯都在不断动态变化的过程中市场进行加剧面对各种外部经营挑战公司保持合理的投入为中长期成长和发展提供动力康石技术研发积极布局智能锁家用和商用清洁机器人等新品市场 同时积极发展电商和新 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 30.98 CNY [4]. Core Views - The company achieved a revenue of 3.963 billion CNY in Q1-Q3 2024, representing a year-on-year increase of 12.93%, while the net profit attributable to shareholders was 375 million CNY, down 6.69% year-on-year [1][2]. - In Q3 2024, the company reported a revenue of 1.379 billion CNY, up 12.7% year-on-year, but the net profit attributable to shareholders fell to 93 million CNY, a decrease of 34.9% year-on-year, primarily due to product structure adjustments and increased competition [1][2]. - The actual controller's subsidiary plans to increase its stake in the company by no less than 200 million CNY and no more than 400 million CNY, reflecting confidence in the company's future development [2]. Financial Performance - The gross margin for Q1-Q3 2024 was 42.88%, a decrease of 0.55 percentage points year-on-year, while the net profit margin was 9.46%, down 1.98 percentage points year-on-year [2]. - The company has upgraded its ecosystem to a "2+5+N" model, focusing on smart home and IoT public cloud as its dual main businesses, with a comprehensive product matrix and industry-leading AI technology [2]. - The forecast for net profit attributable to shareholders has been adjusted to 564 million CNY for 2024 and 712 million CNY for 2025, with a new estimate of 879 million CNY for 2026 [2]. Market Position - The company is positioned as a leader in the smart home and IoT public cloud sectors, with a strong dealer system and a comprehensive product matrix [2]. - The current market capitalization is approximately 24.397 billion CNY, with a P/E ratio of 43x for 2024, 34x for 2025, and 28x for 2026 [4][7].

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 编号：2024-10-31 | --- | --- | --- | --- | --- | |-----------------------|--------------------------|---------------------------------------------------------------------------------------------|-------|--------------| | 投资者关系 \n活动类别 | √ \n□ □ 其他 （ ） | 特定对象调研 □分析师会议 □现场参观 □券商策略会 \n媒体采访 √业绩说明会 □新闻发布会 √路演活动 | | | | | | IKARIA GROUP (HK) LIMITED | | Yichen Wang | | 参与单位名称 | IVY CAPITAL LIMITED | | | 陈雯雯 | | 及人员姓名 | Nebula | 臻一资产管理有限公司 | | 项凯 | | | | Pinpoint Asset Mana ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 31.16 [1][5]. Core Insights - The company achieved a revenue of 39.63 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 12.95%. However, the net profit attributable to shareholders decreased by 6.65% to 3.75 billion yuan [1]. - In Q3 2024, the company reported a revenue of 13.79 billion yuan, reflecting a robust growth of 12.73%, driven by the strong performance of its smart lock business and the rapid growth of service robots [1]. - The report highlights that the company's profitability faced short-term pressure, with a net profit of 0.93 billion yuan in Q3 2024, down 34.85% due to rising raw material costs and increased expenses [1]. - The report anticipates continued growth in revenue and profitability, projecting net profits of 6.45 billion yuan, 8.02 billion yuan, and 9.95 billion yuan for 2024, 2025, and 2026, respectively [2][3]. Financial Summary - The company’s revenue is expected to grow from 48.40 billion yuan in 2023 to 56.99 billion yuan in 2024, with a growth rate of 12.39% in 2023 and 17.75% in 2024 [2][3]. - The diluted earnings per share (EPS) are projected to be 0.82 yuan in 2024, increasing to 1.26 yuan by 2026, with corresponding price-to-earnings (PE) ratios of 38.04 and 24.66 [2][3]. - The gross margin for Q3 2024 was reported at 42.01%, a decrease of 2.29 percentage points, attributed to high raw material costs and changes in product mix [1]. Management and Shareholder Confidence - The controlling shareholder, Electric Science Group, has expressed confidence in the company's long-term development by planning to increase its stake in the company by investing between 200 million yuan and 400 million yuan within six months [1][3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a revenue growth of 12.93% year-on-year for the first three quarters of 2024, achieving a revenue of 39.63 billion yuan. However, the net profit attributable to shareholders decreased by 6.69% year-on-year to 3.75 billion yuan [4][8] - The company is in a business cultivation phase, with expectations of revenue growth to 55.85 billion yuan in 2024, 64.84 billion yuan in 2025, and 74.66 billion yuan in 2026, alongside net profits of 5.71 billion yuan, 7.00 billion yuan, and 8.81 billion yuan respectively [4][8] Summary by Sections Financial Performance - In Q3 2024, the company reported a revenue of 13.79 billion yuan, reflecting a year-on-year increase of 12.70% and a quarter-on-quarter increase of 2.45%. The net profit for the same quarter was 931.85 million yuan, down 34.87% year-on-year and 40.76% quarter-on-quarter [4][5] - The company's gross margin and net margin for the first three quarters of 2024 were 42.88% and 9.46%, respectively, showing a decline compared to the previous year [6] Business Model and Growth Drivers - The company has established a "2+5+N" business model, focusing on home smart cameras, smart entry systems, service robots, and smart wearables. The home smart camera segment is experiencing good growth, with sales reaching 27.91 million units in H1 2024, a 9.2% increase year-on-year [5][6] - The smart entry segment is expected to achieve breakeven by Q4 2024, benefiting from high-end positioning and product innovation [5] Market Outlook - The overseas market and domestic retail are anticipated to contribute significantly to revenue growth, with higher consumer willingness to pay in international markets [6] - The company is undergoing a channel adjustment phase in the domestic market, which may impact short-term profitability but is expected to support long-term growth once completed [6][8]