证券代码：688475 证券简称：萤石网络 公告编号：2024-018 杭州萤石网络股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 公告 本公司董事会及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、准确性和完整性承担法律责任。 重要内容提示： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于即日起至 04 月 24 日(星期三)16:00 前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱 ir@ezviz.com 进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 杭州萤石网络股份有限公司（以下简称"公司"）已于 2024 年 4 月 13 日发 布公司 2023 年年度报告及 2024 年第一季度报告，为便于广大投资者更全面深入 地了解公司 2023 年度及 2024 年第一季度经营成果、财务状况，公司计划于 2024 年 04 月 25 日下午 16:00-17:00 举行 2023 年度暨 2024 年第一季度业绩说明会， 就投资者关心的问题进行交流 ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 4.84 billion yuan in 2023, representing a year-on-year growth of 12.39%, with a net profit attributable to shareholders of 563 million yuan, up 68.80% year-on-year [5][6] - The revenue for Q4 2023 was 1.33 billion yuan, a 13.87% increase year-on-year, with a net profit of 161 million yuan, growing 41.11% year-on-year [5] - In Q1 2024, the company achieved a revenue of 1.24 billion yuan, a 14.61% increase year-on-year, and a net profit of 125 million yuan, up 37.38% year-on-year [5] - The company announced a dividend of 5 yuan per 10 shares for 2023, with a payout ratio of 50% [5] Summary by Sections Smart Home Products - The smart home product segment generated revenue of 3.96 billion yuan in 2023, growing 10.09% year-on-year, with smart entry products seeing a revenue increase of 49% [6] - The revenue contribution from smart entry products to the smart home segment rose to 13% [6] IoT Cloud Platform - The IoT cloud platform generated revenue of 856 million yuan, a year-on-year increase of 27.79%, with its revenue contribution rising to 17.69% [6] - The C-end value-added service revenue was 432 million yuan, while B-end developer service revenue was 424 million yuan [6] Profitability - The gross margin for smart home products improved by 6.02 percentage points to 35.86%, while the gross margin for the IoT cloud platform increased by 3.66 percentage points to 76.09% [6] - The overall gross margin for the company rose by 6.44 percentage points to 42.85% [6] - The net profit margin for 2023 increased by 3.90 percentage points to 11.63%, with Q1 2024 continuing the upward trend [6] Financial Forecast - The company is expected to achieve net profits of 718 million yuan, 901 million yuan, and 1.10 billion yuan for 2024, 2025, and 2026, respectively [6][10] - The estimated P/E ratio for 2024 is projected to be between 35-38 times, corresponding to a fair value range of 44.8 yuan to 48.64 yuan [6]

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [2][15]. Core Insights - The company achieved a revenue of 4.84 billion yuan in 2023, representing a year-on-year increase of 12.39%, and a net profit attributable to shareholders of 563 million yuan, up 68.8% year-on-year [2][3]. - The growth was driven by strong performance in cloud services and overseas markets, with cloud platform services revenue increasing by 27.8% year-on-year [3]. - The gross profit margin improved significantly to 42.85%, up 6.43 percentage points year-on-year, primarily due to the higher margin from cloud services and increased overseas business [3]. - The company is focusing on the smart home sector, launching new AI-driven products, which positions it well for future growth [3]. Financial Performance Summary - Total revenue for 2023 was 4.84 billion yuan, with a projected growth rate of 12.4% for 2024 [4]. - The net profit for 2023 was 563 million yuan, with a forecasted increase to 783 million yuan in 2024, reflecting a growth rate of 39.2% [4]. - The earnings per share (EPS) for 2023 was 1.00 yuan, expected to rise to 1.39 yuan in 2024 [4]. - The company’s price-to-earnings (P/E) ratio is projected to decrease from 45 in 2023 to 33 in 2024, indicating improved valuation metrics [4]. Business Segment Performance - The smart home product segment generated 3.96 billion yuan in revenue, growing by 10.1% year-on-year, with significant contributions from smart cameras and other products [3]. - Cloud services revenue reached 860 million yuan, with a notable 40.1% increase in B-end revenue, highlighting the segment's strong growth potential [3]. - The overseas market contributed 1.51 billion yuan in revenue, marking a 24.8% increase year-on-year, with exports accounting for 31.4% of total revenue [3].

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：2024-04-13 投资者关系 □特定对象调研 □分析师会议 □现场参观 □媒体采访 √业绩说明会 □新闻发布会 活动类别 □路演活动 □其他 （ ） Awpice Capital Management—Terry Yao；Fidelity International—万智宇；IGWT 参与单位名称 Investment 投资公司—廖克銘；MARCO POLO PURE ASSET MANAGEMENT LIMITED— 黄晨；Omdia—朱文智；安中投资管理(上海)有限公司—刘伟亭；百川财富(北京)投资管理有 及人员姓名 限公司—唐琪；北大方正人寿保险有限公司—孟婧；北京才誉资产管理企业(有限合伙)—唐 毅；北京诚旸投资有限公司—尹竞超；北京枫瑞私募基金管理有限公司—吴蕊；北京高信百诺 投资管理有限公司—王亮；北京泓澄投资管理有限公司—宋熙予；北京明澄私募基金管理有限 公司—张宇博；北京清和泉资本管理有限公司—赵群翊；北京神农投资管理股份有限公司—赵 晚嘉；北京易融财富资产管理有限公司—仇子境；北京致顺投资管理 ...

公[T司abl点e_H评ea报der告] ●计算机行业 2024年 4月 13日 [Table_Title] [Table_StockCode] 扣非净利高增，双主业稳健，渠道优化 萤石网络(688475.SH) [Table_InvestRank] 助力未来发展 推荐 维持评级 核心观点： 分析师 [Table_ Sum事m件ar y公] 司发布 2023 年年度报告及 2024 年第一季度报告。2023 全年实 [吴Ta砚b靖le_ Authors] ：（8610）66568589 现营收 48.40 亿元（YoY+12.4%）；实现归母净利润 5.63 亿元 ：wuyanjing@chinastock.com.cn （YoY+68.8%）；实现扣非归母净利润 5.53 亿元（YoY+86.9%）。2024年 分析师登记编码：S0130519070001 一季度实现营收 12.37 亿元（YoY+14.6%）；实现归母净利润 1.25 亿元 （YoY+37.4%）；实现扣非归母净利润 1.22亿元（YoY+34.9%）。  营收净利双增长，毛利率显著提升：2023年公司开拓并优化渠道建设， [市T ...

上 市 公 司 计算机 2024 年04月 15 日 萤石网络 (688475) 公 司 研 究 ——业绩符合预期，云/智能入户/海外业务亮点纷呈 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  公司发布2023年报及24Q1季报：2023全年收入48.4亿元，同比增长12.4%；归母净 利润5.63亿元，同比增长68.8%。24Q1收入12.4亿元，同比增长14.6%，归母净利润 证 市场数据： 2024年04月12日 1.25亿元，同比增长37.4%，业绩符合市场预期。 券 收盘价（元） 46.5 研 一年内最高/最低（元） 57.78/37.21  云业务 C端有望提速。2023年云业务收入 8.56亿元，同比增长 27.8%。其中 C 端增值 究 市净率 4.9 服务同比增长18%，B端开发者客户服务收入同比增长40%。B端PaaS物联网云平台以 报 息率（分红/股价） - 告 流通A股市值（百万元） 13444 AI和音视频能力为核心，助力千行百业数字化和智能化升级，实现了快速增长；而C端在 上证指数/深证成指 3019.47/9228.24 AI大模型加持下，智能算 ...

萤[Ta石ble网_Sto络ckN（am6eR8p8tT4yp7e5] ） 公司研究/公司点评 海外及入户引领增长 ——萤石网络 23年报及24一季报点评 投资评级：买入（维持） 主要观点： [Table_Rank] 报告日期： 2024-04-15 [⚫T ab公le_司Su发m布ma2r3y]年 及24年Q1业绩： ➢ 24Q1：营收 12.4 亿（+15%），归母 1.3 亿（+37%），扣非 1.2 亿 [收Ta盘bl价e_（Ba元se）D ata] 46.50 （+35%）。 近12个月最高/最低（元） 57.78/37.21 ➢ 23Q4：营收 13.3 亿（+14%），归母 1.6 亿（+41%），扣非 1.6 亿 总股本（百万股） 563 （+98%）。 流通股本（百万股） 289 ➢ 23年：营收48.4亿（+12%），归母5.6亿（+69%），扣非5.5亿（+87%）。 流通股比例（%） 51.4 ➢ Q1 收入利润符合预期。另公司拟每10 股派息 5 元转增4 股，对应 总市值（亿元） 262 分红率50%（上年分红率51%）。 流通市值（亿元） 134 [公Ta司ble价_C格ha与r ...

Investment Rating - The report assigns a "Buy" rating for the company, indicating a potential upside of 15% to 35% [6]. Core Insights - The company has shown significant growth in revenue and net profit, with a 2023 revenue of 4.84 billion RMB, representing a year-over-year increase of 12.4%, and a net profit of 563 million RMB, up 68.8% year-over-year [3][4]. - The gross margin has improved significantly, with a 2023 overall gross margin of 42.9%, an increase of 6.5 percentage points compared to the previous year [4]. - The company plans to distribute a cash dividend of 5 RMB per 10 shares, with a dividend payout ratio of approximately 50% [3]. Financial Performance - In Q4 2023, the company achieved a revenue of 1.33 billion RMB, a year-over-year increase of 13.9%, and a net profit of 160 million RMB, up 41.6% year-over-year [3]. - For Q1 2024, the company reported a revenue of 1.24 billion RMB, a year-over-year increase of 14.6%, and a net profit of 130 million RMB, up 37.4% year-over-year [3]. - The forecasted net profits for 2024, 2025, and 2026 are 711 million RMB, 861 million RMB, and 1.022 billion RMB, respectively, with year-over-year growth rates of 26.2%, 21.2%, and 18.6% [4][5]. Business Segmentation - The product mix is heavily weighted towards smart home products, accounting for 81.8% of total revenue, while the IoT platform contributes 17.7% [3]. - The company has seen rapid growth in overseas revenue, which increased by 24.8% year-over-year, compared to 8.1% growth in domestic revenue [4]. Valuation Metrics - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.26 RMB, 1.53 RMB, and 1.82 RMB, respectively, with corresponding price-to-earnings (P/E) ratios of 36.81, 30.37, and 25.60 [5][4].

萤石网络（688475.SH）2023年年报及2024年一季报点评 盈利质量持续优化，迈向 AI 终端与机器人最佳 TO C 平台 2024年04月13日 ➢ 事件：2024年4月12日，萤石网络发布2023年度报告和2024年一季度 推荐 维持评级 报告，2023年实现营收48.40亿元，同比增长12.39%；归母净利润5.63亿元， 当前价格： 46.50元 同比增长68.80%。2024年一季度实现营收12.37亿元，同比增长14.61%，归 母净利润为1.25亿元。 ➢ “聚焦核心优势+精益管理+结构优化”多重驱动盈利能力提升。2023年， [Table_Author] 萤石网络持续聚焦核心优势，持续拓展和优化渠道建设；受益于精益化供应链管 理，原材料成本下降，物联网云平台业务、境外业务占比提升，渠道结构和产品 结构优化等多方面综合因素，盈利能力持续优化。2023 年公司毛利率 42.85% （去年同期为36.42%），净利率为11.63%（去年同期为7.73%）。 ➢ 以 AI 和萤石物联网云平台为核心的产品矩阵持续创新。智能家居摄像机是 公司现金牛业务，2023 年实现营收 29.90 亿元，销售 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [3][18]. Core Insights - The company achieved a total revenue of 4.84 billion yuan in 2023, representing a year-on-year growth of 12.39%, and a net profit of 562.94 million yuan, up 68.8% year-on-year [6][12]. - The cloud platform business showed a revenue increase of 27.8% year-on-year, significantly outpacing the overall revenue growth, driven by an increase in device connections and user numbers [7][8]. - The gross margin improved to 42.85% in 2023, up 6.44 percentage points year-on-year, with net profit margin reaching 11.63%, an increase of 3.9 percentage points [8][12]. Financial Performance Summary - Revenue for 2024 is projected to reach 5.74 billion yuan, with a growth rate of 18.58% [2][12]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares and a stock bonus of 4 shares per 10 shares, resulting in a dividend payout ratio of 49.96% [6][12]. - The company’s net profit for 2024 is estimated at 721.07 million yuan, reflecting a growth of 28.09% [2][12]. Product and Market Development - The smart home product segment, particularly smart entry products, saw significant growth, with revenue increases of 49.5% and 52.2% for smart entry and other smart home products, respectively [7][8]. - The company has launched several series of facial recognition smart locks, enhancing its market position in the smart lock industry [7][8]. - The overseas sales increased by 24.8% year-on-year, contributing to a rise in the overseas revenue share to 31.4% [7][8]. Cost and Margin Analysis - The company’s gross margin for 2023 was 42.85%, with improvements across various product lines, particularly in smart home cameras, which saw a gross margin increase of 7.6 percentage points [8][12]. - The company has focused on optimizing its product structure and supply chain management, leading to a reduction in raw material costs and an increase in overseas business contributions [8][12]. Cash Flow and Financial Health - The net cash flow from operating activities for 2023 was 971 million yuan, an increase of 31.95% year-on-year [9][12]. - The company’s total assets reached 8.19 billion yuan in 2023, with a debt ratio of 32.06% [3][12].