25 年一季度业绩亮眼，全面拥抱 AI 涂鸦智能(TUYA.N) 2025 年一季报点评 股票研究 /[Table_Date] 2025.6.17 [Table_Industry] 计算机 [Table_Invest] [Table_CurPrice] 当前价格(美元)： 2.42 本报告导读： 25 年一季度表现亮眼，公司的平台模式具有高粘性特征，关税因素带来的不确定性 增强。 股 投资要点： | 财务摘要（百万美元） | 2022A | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | --- | | 营业收入 | 208.17 | 229.99 | 298.62 | 324.93 | 361.06 | 409.64 | | (+/-)% | -31.1% | 10.5% | 29.8% | 8.8% | 11.1% | 13.5% | | 毛利润 | 89.42 | 106.66 | 141.43 | 151.30 | 169.25 | 193.11 | | 归母净利润 | -146.18 | -6 ...

NYSE: TUYA / HKEX: 2391.HK TUYA SMART THE GLOBAL LEADING AI CLOUD PLATFORM SERVICE PROVIDER 125,125,125 100,100,100 75,75,75 First Quarter 2025 255,72,0 88,49,236 140,110,240 201,186,248 175,175,175 50,50,50 0,0,0 255,100,0 255,160,130 0,155,120 0,180,150 100,200,180 150,220,190 200,230,220 50,55,70 90,100,120 110,120,150 200,200,210 TUYA OFSTAR 150,160,180 0,110,80 220,90,250 250,180,250 170,50,250 136,58,255 75,75,75 World's Largest 3rd-party AI Cloud Platform Service Provider Build an AIoT Developer Ecos ...

Core Insights - Tuya Smart has been recognized as one of the top AI technology companies in China by Forbes China in its "2025 Forbes China AI Tech Enterprises Top 50" list, being the only AI cloud platform included in this year's ranking [1][4] - The list emphasizes the importance of companies that integrate advanced technology breakthroughs with industry expertise to drive AI innovation and influence the technological landscape [2][3] Company Highlights - Tuya Smart's recognition reflects its strong technological capabilities and contributions to AI accessibility and commercialization [1] - The company aims to continue leveraging its technological strengths and open ecosystem to facilitate AI adoption and promote equitable access to AI solutions [4] Industry Overview - The "Top 50 AI Tech Enterprises" list showcases the development and growing influence of the AI industry in China, highlighting key players that are shaping the future of technology [2][3] - A panel of global and domestic AI experts evaluated nominees based on criteria such as technological innovation, market performance, and industry impact [3]

Core Insights - The article emphasizes the importance of combining financial data with qualitative analysis to evaluate companies and sectors, particularly in technology, infrastructure, and internet services [1]. Company Focus - The analysis is directed towards companies with strong fundamentals and growth potential, indicating a preference for long-term investment strategies [1]. Sector Interest - The sectors of interest include technology, healthcare, and finance, highlighting a diverse investment approach [1].

Investment Rating - The industry investment rating for Greater China IT Services and Software is cautious [2]. Core Insights - The report indicates that the overall IT spending growth outlook for 2025 has dipped again, with downward revisions across segments [7][12]. - AI remains a bright spot in the industry, with accelerated adoption and budget reallocations primarily driving AI investments [40][51]. - The majority of the 2025 budget growth is expected to be allocated to IT services, despite the overall cautious sentiment [21][31]. Summary by Sections Macro Overview - The macroeconomic environment continues to be a key factor influencing the IT services and software industry, with vendor price wars moderating [31]. - The long-term outlook has slightly improved, but immediate spending cuts are worsening the situation [26][12]. AI Insights - AI adoption is accelerating sharply, with companies preferring open-sourced models and private deployments for building AI applications [45][57]. - Monetization of AI software based on open-sourced models remains a challenge [62]. Company Ratings - The report includes various company ratings, with notable mentions such as: - Glodon Co. Ltd. rated as Equal-weight with a price of CNY 14.14 [122]. - Kingsoft Corp Ltd rated as Overweight with a price of HKD 38.95 [122]. - Yonyou Network Technology Co Ltd rated as Underweight with a price of CNY 13.34 [122].

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Summary of Tuya Smart's Conference Call Company Overview - **Company**: Tuya Smart - **Industry**: AI and IoT Solutions Key Financial Highlights - Q1 total revenue reached **$31.7 million**, a **26.4%** year-over-year increase [2] - Revenue from smart solutions grew to **$11 million**, up **47.1%** year-over-year, driven by smart video products and innovative home appliances [2][3] - Mixed gross margin remained stable at **48.5%**, benefiting from structural improvements in product mix [2][3] - Net operating expenses decreased by nearly **18%** to **$37.7 million**, primarily due to a significant reduction in stock-based compensation [2][3] - Net profit for Q1 was **$19.3 million**, a **60%** year-over-year increase, with a non-GAAP net profit margin of **25%**, up **8 percentage points** [2][3] AI Developments - Launched an AI agent development platform in 2024, expanding AI capabilities to both cloud and edge devices [4] - Held a global developer conference with over **2,700 attendees**, showcasing AIoT development engines and hardware solutions [4] - Introduced a two-year AI agent development platform, enabling developers to access mainstream logic language models [4][5] Business Strategy - Focus on standardizing and popularizing AI capabilities to solve user problems and promote AI adoption [5] - Emphasis on four core areas: large language model integration, hardware development, edge deployment, and open-source ecosystems [5] - Launched AI energy assistant for power generation forecasting and load optimization [5][6] Market and Economic Context - Market volatility has led to cautious behavior among clients, particularly in the U.S. due to new tariffs [9] - Localized manufacturing supply chain strategy implemented, with manufacturers in **11 countries** to mitigate macroeconomic risks [2][9] - Tariffs primarily affect finished products, which constitute a small portion of overall costs but have larger macroeconomic implications [9] Partnerships and Collaborations - Collaborated with the Singapore government to provide centralized energy management systems for over **1.4 million** public rental apartments [14] - Expected deployment to begin by the end of Q3, with full coverage planned within three years [14] AI Integration and Market Expansion - AI integration has created significant opportunities, allowing seamless incorporation into existing business models [13] - AIoT platform pricing differs from traditional IoT services, focusing on functionality rather than device count [10][11] - Plans to enhance monetization of IoT platforms through external acquisitions and partnerships [12] R&D and Product Development - Ongoing investment in TuyaOS, TuyaOpen, and T5 AI development board ecosystems to support over **10,000** new members [7] - Development of innovative AIoT hardware products, including smart feeders and energy management systems [8] Conclusion - Tuya Smart is positioned for growth through its innovative AI solutions and strategic partnerships, while navigating market challenges and economic uncertainties. The focus on AI integration and localized manufacturing is expected to enhance operational efficiency and market penetration.

不受关税波动影响，劳氏(LOW.US)销售额超出预期。美国家居装修零售商劳氏最新季度的同店销售额超出预期，尽管消费者信心减弱且经济形势动荡，但 消费者仍维持了家居支出。在截至5月2日的季度中，其同店销售额下降了1.7%，但仍预计全年这一关键销售指标将持平或增长至多1%。财报显示，劳氏该 季度营收 209.3 亿美元，同比下降 2.2%，不及市场预期;每股收益2.92 美元，高于市场预期 0.05 美元。 1. 5月21日(周三)美股盘前，美股三大股指期货齐跌。截至发稿，道指期货跌0.75%，标普500指数期货跌0.50%，纳指期货跌0.51%。 | 2. 截至发稿，德国DAX指数跌0.10%，英国富时100指数跌0.01%，法国CAC40指数跌0.54%，欧洲斯托克50指数跌0.37%。 | | --- | | 3. 截至发稿，WTI原油涨0.74%，报62.49美元/桶。布伦特原油涨0.67%，报65.82美元/桶。 | 市场消息 美元贬值预期升温!期权市场释放有史以来最悲观信号。一项常用的衡量投资者情绪的指标显示，外汇期权交易员目前对美元未来一年的走势比以往任何时 候都悲观。据悉，Bloomberg美元指 ...

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved approximately $74.7 million in revenue, representing a year-over-year growth of about 21.1% [8] - The net profit reached over $11 million, more than double that of last year's full year, with a non-GAAP net profit margin of 25.8% [12] - The blended gross margin stood at about 48.5%, with all three revenue lines maintaining steady margins [10] Business Line Data and Key Metrics Changes - Revenue from home appliances grew significantly, leading the performance across major categories, followed by security sensing and electrical and lighting products [9] - SaaS and other services generated about $10 million in revenue, growing approximately 15.5% year over year [9] - Smart solution revenue reached approximately $11 million, with a year-over-year increase of about 47.1% [9] Market Data and Key Metrics Changes - Europe accounted for about one-third of total revenue, followed by Asia Pacific (excluding China), China, and Latin America, each contributing around 15% [9] - The company maintains a diversified revenue structure across various regions, with emerging markets contributing to growth [10] Company Strategy and Development Direction - The company is focusing on AI integration into its product offerings, emphasizing the development of AI capabilities from cloud to device [5] - A commitment to maintaining efficient organizational execution and safeguarding a favorable environment for R&D amid external uncertainties is highlighted [6] - The company aims to leverage its unique platform model to drive continuous improvement in industrial-wide intelligence adoption [6] Management's Comments on Operating Environment and Future Outlook - Management noted that the macro environment has been volatile, influenced by AI advancements and geopolitical trade fluctuations [4] - The company is optimistic about the strategic opportunities presented by AI penetration across various industries [14] - Management emphasized the importance of navigating uncertainties and creating long-term value through disciplined cost management [21] Other Important Information - The company recently received an upgrade in its ESG rating from MSCI from single A to double A, achieving a full score in security and compliance [21] - The company hosted its first Global Developer Conference in April 2025, unveiling new AIoT development engines and solutions [5] Q&A Session Summary Question: Insights on AIoT hardware performance and customer behavior amid tariff volatility - Management identified audio and video interaction devices as strong performers, particularly in educational and entertainment applications for children [26] - Customers have become more conservative in their purchasing decisions due to tariff uncertainties, leading to a pause in order shipments [29] Question: Monetization of AI opportunities and outlook on revenue and profitability - The company plans to integrate AI capabilities into existing business models, offering seamless transitions for customers [38] - Short-term demand cycles may be affected by tariffs, but long-term growth is expected once negotiations are settled [42] Question: Progress on cooperation with Singapore and Chile - The partnership with Singapore's Home Development Bureau focuses on centralized energy management solutions for public apartments [52] - The company plans to replicate successful use cases in other Southeast Asian countries [56] Question: Internal use of AI to improve efficiency and margins - Various departments are utilizing AI tools to enhance operational efficiency, including marketing and HR processes [66] - The company believes that internal AI applications will lower operational costs and increase income [69]

Financial Data and Key Metrics Changes - In Q1 2025, the company achieved approximately $74.7 million in revenue, representing a year-over-year growth of about 21.1% [5] - The net profit reached over $11 million, more than double that of last year's full year, with a non-GAAP net profit margin of 25.8% [9][18] - The blended gross margin stood at about 48.5%, with all three revenue lines maintaining steady margins [7] Business Line Data and Key Metrics Changes - Revenue from home appliances grew significantly, leading the performance across major categories, followed by security sensing and electrical and lighting products [6] - SaaS and other services generated about $10 million in revenue, growing approximately 15.5% year over year [6] - Smart solution revenue reached approximately $11 million, with a year-over-year increase of about 47.1% [6] Market Data and Key Metrics Changes - Europe accounted for about one-third of total revenue, followed by Asia Pacific (excluding China), China, and Latin America, each contributing around 15% [7] - The company maintains a diversified revenue structure across various regions, with emerging markets contributing to growth [7] Company Strategy and Development Direction - The company is focusing on AI integration into its product offerings, emphasizing the development of AI capabilities from cloud to device [3][12] - Strategic partnerships and collaborations are being pursued to enhance AI hardware and software solutions, particularly in energy management and smart home applications [16][17] - The company aims to maintain efficient organizational execution and safeguard R&D amid external uncertainties [4] Management's Comments on Operating Environment and Future Outlook - The management noted that the macro environment has been volatile, influenced by AI advancements and geopolitical trade fluctuations [2][3] - Despite uncertainties, the company is committed to a long-term approach focused on technology-driven developments [18] - The management expressed optimism about the future, highlighting the potential for AI to drive growth in various sectors [18] Other Important Information - The company received an upgrade in its ESG rating from MSCI, reflecting improvements in compliance and sustainability practices [18] - The first Global Developer Conference in 2025 attracted over 2,700 attendees, showcasing the company's commitment to fostering a developer ecosystem [4] Q&A Session Summary Question: Insights on AIoT hardware performance and customer behavior amid tariff volatility - Management highlighted strong interest in audio and video interaction devices and AI-driven energy management systems as key areas of growth [21][26] - Customers have become more conservative in their purchasing decisions due to tariff uncertainties, leading to a cautious approach in the market [26][29] Question: Monetization of AI opportunities and outlook on revenue and profitability - The company plans to integrate AI capabilities into existing business models, offering seamless transitions for customers [35] - Short-term demand fluctuations are expected due to tariff impacts, but long-term growth is anticipated once negotiations stabilize [39][41] Question: Progress on cooperation with Singapore and Chile - The partnership with Singapore's Home Development Bureau focuses on centralized energy management solutions for public housing [49][50] - The company aims to replicate successful models in other Southeast Asian markets [52] Question: Internal use of AI to improve efficiency and margins - Various departments are utilizing AI tools to enhance operational efficiency, including marketing, HR, and development processes [62][65] - The company believes that internal AI applications will lower operational costs and increase income potential [65]