证券研究报告 | 年报点评报告 gszqdatemark 2025 05 08 年 月 日 萤石网络（688475.SH） 海外持续拓展，构建多元智能产品矩阵 事件：公司发布 2024 年年报和 2025 年一季报。公司 2024 年实现营业 总收入 54.42 亿元，同比增长 12.41%；实现归母净利润 5.04 亿元，同比 -10.52%。其中，2024Q4单季营业总收入为14.79亿元，同比增长11.05%； 归母净利润为 1.29 亿元，同比-20.03%。2025Q1 单季营业总收入为 13.80 亿元，同比增长 11.59%；归母净利润为 1.38 亿元，同比增长 10.42%。 海外持续开拓，云平台业务高增。分产品看，2024 年公司智能家居产品/ 物联网云平台分别实现收入 43.47/10.52 亿元，同比+9.76%/+22.87%， 毛利率分别为 34.02%/76.19%，同比-1.36pct/+0.1pct。智能家居产品中， 智能家居摄像机/智能入户/配件产品/智能服务机器人/其他智能家居产品 分 别 实 现 收 入 29.48/7.48/3.84/1.66/1.01 亿 元 ， 同 ...

Investment Rating - The report maintains an "Accumulate" rating for the company Ninebot [5] Core Insights - The electric two-wheeler industry in China exhibits a paradoxical situation of high concentration and low profitability, with the top three companies holding a market share of approximately 61% in 2024, while the leading company, Yadea, commands about 26% [1][11] - The industry's low profitability is attributed to several factors, including low entry barriers, complex supply and demand characteristics, and weak economies of scale [20][21] - The report predicts that the profitability of electric two-wheeler brands will primarily improve due to market structure benefits, although the extent of improvement is expected to be limited [3][65] Summary by Sections Industry Characteristics - The electric two-wheeler market is characterized by a head-heavy structure with a CR3 of about 61% in 2024, while Yadea, Aima, and Tailin hold significant shares [11] - Despite the concentration, the industry faces low profitability, with gross margins for major brands like Yadea and Aima at 15% and 18% respectively, which is significantly lower than that of the air conditioning industry [1][11] - Key reasons for low profitability include low entry barriers, complex supply and demand dynamics, and weak scale effects [20][21] Market Structure - The report identifies channels, production capacity, and brand strength as core competitive factors, suggesting a potential dual oligopoly structure in the future [2][48] - The commercial model emphasizes the importance of channel and brand advantages, with Yadea's rapid expansion in dealer networks and production capacity significantly enhancing its market share [30][34] - The report anticipates further concentration in the industry, driven by stricter production standards and the exit of smaller players [48][49] Future Development - The electric two-wheeler market is primarily a replacement market, with a projected ownership exceeding 420 million units by 2025, and demand mainly driven by vehicle updates [3][59] - The report highlights that profitability improvements will mainly stem from structural benefits, with limited room for price increases due to high price sensitivity among consumers [3][63] - The introduction of new policies, such as trade-in incentives and stricter regulations, is expected to stimulate demand and facilitate market growth [63][64]

Investment Rating - The report maintains an "Accumulate" rating for the company [4][7]. Core Views - The company has solidified its leading position in the solar energy storage sector, with steady growth in revenue and profitability from its energy storage systems [1][2]. - In 2024, the company achieved a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [1]. - The company reported a significant increase in quarterly performance, with Q1 2025 revenue reaching 19.036 billion yuan, a 50.92% year-on-year increase, and net profit of 3.826 billion yuan, up 82.52% year-on-year [1]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue: 77.857 billion yuan, up 7.76% year-on-year [1]. - 2024 net profit: 11.036 billion yuan, up 16.92% year-on-year [1]. - Q1 2025 revenue: 19.036 billion yuan, up 50.92% year-on-year [1]. - Q1 2025 net profit: 3.826 billion yuan, up 82.52% year-on-year [1]. - **Product Performance**: - Revenue from solar inverters: 29.127 billion yuan, up 5.33% [11]. - Revenue from energy storage systems: 24.959 billion yuan, up 40.21% [11]. - Energy storage shipments: 28 GWh, up 167% year-on-year [11]. - **Geographical Revenue Distribution**: - Revenue from mainland China: 41.563 billion yuan, up 6.90% year-on-year [11]. - Revenue from overseas (including Hong Kong, Macau, and Taiwan): 36.294 billion yuan, up 8.76% year-on-year [11]. - **Profitability Ratios**: - 2024 net profit margin: 14.47%, up 1.17 percentage points year-on-year [11]. - 2024 gross margin: 29.94%, down 0.41 percentage points year-on-year [11]. - **Future Projections**: - Expected net profit for 2025: 12.442 billion yuan, a year-on-year increase of 12.7% [4]. - Expected net profit for 2026: 14.029 billion yuan, a year-on-year increase of 12.7% [4]. - Expected net profit for 2027: 15.358 billion yuan, a year-on-year increase of 9.5% [4].

Investment Rating - The report maintains an "Accumulate" rating for the company [4][7]. Core Views - The company has solidified its leading position in the solar energy storage sector, with steady growth in revenue and profitability from its energy storage systems [1][2]. - In 2024, the company achieved a revenue of 77.857 billion yuan, a year-on-year increase of 7.76%, and a net profit attributable to shareholders of 11.036 billion yuan, up 16.92% year-on-year [1]. - The company reported a significant increase in quarterly performance, with Q1 2025 revenue reaching 19.036 billion yuan, a 50.92% year-on-year increase, and net profit of 3.826 billion yuan, up 82.52% year-on-year [1][3]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue was 77.857 billion yuan, with a growth rate of 7.8% year-on-year. The net profit attributable to shareholders was 11.036 billion yuan, reflecting a 16.9% increase year-on-year [6]. - The company expects net profits for 2025, 2026, and 2027 to be 12.442 billion yuan, 14.029 billion yuan, and 15.358 billion yuan, respectively, with growth rates of 12.7%, 12.7%, and 9.5% [4]. - **Product Performance**: - Revenue from solar inverters was 29.127 billion yuan, a 5.33% increase, while energy storage system revenue reached 24.959 billion yuan, up 40.21% [11]. - The company shipped 28 GWh of energy storage products in 2024, a 167% increase year-on-year [11]. - **Regional Performance**: - Revenue from mainland China and overseas (including Hong Kong, Macau, and Taiwan) was 41.563 billion yuan and 36.294 billion yuan, respectively, with year-on-year growth of 6.90% and 8.76% [11]. - **Profitability Metrics**: - The company's net profit margin increased by 1.17 percentage points to 14.47% in 2024, with Q1 2025 net profit margin at 19.93%, up 3.22 percentage points year-on-year [11]. - **Valuation Ratios**: - The P/E ratio for 2025 is projected at 10.3, while the P/B ratio is expected to be 2.8 [6].

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated stable revenue growth in 2024, with a slight increase in operating income by 0.09% year-on-year, reaching 10.021 billion yuan. The net profit attributable to the parent company increased by 5.75% year-on-year to 692 million yuan, indicating resilience in operations despite a challenging market environment [1][2] - The company is actively expanding its international business, achieving a 12.43% year-on-year increase in international revenue, which reached 271 million yuan. This growth is supported by successful market entries in regions such as Indonesia and Saudi Arabia [3][4] Summary by Sections Financial Performance - In 2024, the company achieved operating income of 10.021 billion yuan, with a year-on-year growth rate of 0.1%. The net profit attributable to the parent company was 692 million yuan, reflecting a growth rate of 5.8% [4] - For Q1 2025, the company reported operating income of 2.308 billion yuan, a decline of 8.74% year-on-year, and a net profit of 160 million yuan, down 23.97% year-on-year [1][2] Segment Performance - The company’s four major segments showed varied performance in 2024. The pharmaceutical equipment segment led growth with a revenue increase of 12.90% to 2.171 billion yuan, while the infection control segment is expanding its international trade [3][4] - The domestic business revenue was 9.593 billion yuan, a slight decrease of 0.72% year-on-year, while international business revenue reached 271 million yuan, indicating a strong international growth trajectory [3] Profitability and Cost Management - The company improved its cost management, leading to a profit growth rate that outpaced revenue growth. The gross margin for 2024 was 26.06%, slightly down by 1.31 percentage points year-on-year [2][3] - In Q1 2025, the gross margin decreased to 23.79%, reflecting short-term pressure on revenue growth and cost structure [2] Future Outlook - The company is projected to achieve revenues of 10.771 billion yuan, 11.561 billion yuan, and 12.419 billion yuan for 2025, 2026, and 2027, respectively, with expected year-on-year growth rates of 7.5%, 7.3%, and 7.4% [3][4] - The net profit attributable to the parent company is forecasted to be 793 million yuan, 903 million yuan, and 1.030 billion yuan for the same years, with growth rates of 14.7%, 13.9%, and 14.0% [3][4]

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The company demonstrated stable revenue growth in 2024, with a slight increase in operating income by 0.09% year-on-year, reaching 10.02 billion yuan, while net profit attributable to shareholders increased by 5.75% to 692 million yuan [1][2] - The company is focusing on cost reduction and efficiency improvement, leading to a better profit growth rate compared to revenue growth [2] - The international business is showing promising growth, with a 12.43% increase in self-operated international revenue, reaching 271 million yuan [3] Financial Performance Summary - In 2024, the company achieved a gross margin of 26.06%, with a slight decrease of 1.31 percentage points year-on-year [2] - The company’s operating income for Q1 2025 was 2.31 billion yuan, down 8.74% year-on-year, while net profit decreased by 23.97% to 160 million yuan [1][2] - The projected revenue for 2025-2027 is expected to grow to 10.77 billion, 11.56 billion, and 12.42 billion yuan, respectively, with net profit forecasts of 793 million, 903 million, and 1.03 billion yuan [3][4] Segment Performance Summary - The pharmaceutical equipment segment led growth with a revenue increase of 12.90% to 2.17 billion yuan, while the infection control segment is expanding internationally [3][4] - The medical trading segment reported a revenue of 3.13 billion yuan, up 8.04%, while the medical services segment saw a decline of 9.51% to 834 million yuan [4][3] - The company is making significant progress in international markets, achieving certifications and operational qualifications in countries like Indonesia and Saudi Arabia [3]

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The implementation of new national standards for fire safety products starting May 1, 2025, is expected to enhance product performance and quality, providing competitive advantages for leading companies like Qingniao Fire [1] - The industrial fire safety business is experiencing rapid growth, driven by domestic substitution and emerging demand, with a projected revenue of approximately 510 million in 2024, representing a 46% year-on-year increase [2] - The company is advancing towards intelligent solutions in fire safety, leveraging its self-developed Zhu Huan series chips to enhance capabilities in fire safety robots and integrated communication solutions [3] - Due to lower-than-expected downstream demand, the company's profit forecasts have been adjusted, with expected revenues of 52.82 billion, 58.38 billion, and 65.54 billion for 2025, 2026, and 2027 respectively [3] Financial Summary - The company's revenue for 2023 was 4,972 million, with a projected revenue of 5,282 million for 2025, reflecting a growth rate of 7.3% [4] - The net profit attributable to the parent company for 2023 was 659 million, with an expected increase to 525 million in 2025, showing a year-on-year growth of 48.6% [4] - The latest diluted EPS is projected to be 0.71 in 2025, with a P/E ratio of 15.8 [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Viewpoints - The company achieved a significant reduction in losses, with a total revenue of CNY 129.47 million in 2024, representing a year-on-year increase of 13.32%. The net loss attributable to shareholders was CNY 201.38 million, a reduction of CNY 127.58 million compared to the previous year [1][3] - The company is focusing on expanding the indications for its product Aikening, with new clinical trials approved for maintenance therapy and immune reconstitution failure, addressing a significant unmet clinical need in the HIV treatment space [2] - The company is actively exploring the small nucleic acid field for new drug development, with a candidate drug FB7013 for IgA nephropathy entering the IND-enabling stage and nine patent applications submitted to establish a technological moat [2] - The company is making breakthroughs in high-end generic drugs, with FB4001 expected to be approved in the US by 2025 and FB3002's application accepted for review, enhancing the company's revenue matrix [3] - Revenue forecasts for 2025-2027 are projected at CNY 161 million, CNY 190 million, and CNY 223 million, with year-on-year growth rates of 24.0%, 18.4%, and 17.2% respectively [3] Financial Summary - In 2024, the company reported total revenue of CNY 129.47 million, with a year-on-year growth rate of 13.32%. The net loss attributable to shareholders was CNY 201.38 million, a decrease of 38.8% from the previous year [5] - The projected revenues for 2025, 2026, and 2027 are CNY 161 million, CNY 190 million, and CNY 223 million, with corresponding growth rates of 24.0%, 18.4%, and 17.2% [5][11] - The latest diluted EPS for 2024 is expected to be CNY -0.54, with a projected improvement to CNY -0.49 in 2025 [5][11]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated steady revenue growth in 2024, with a 25.14% year-on-year increase in revenue to 637 million yuan and a 35.06% increase in net profit to 293 million yuan [1][2] - The profit growth rate outpaced revenue growth, primarily due to the realization of scale effects and improved profitability [2] - The company is actively expanding its global market presence, with significant growth in overseas revenue, particularly in the Asia-Pacific and South American markets [3] Financial Performance Summary - In 2024, the company achieved a revenue of 637 million yuan, a 25.14% increase year-on-year, and a net profit of 293 million yuan, a 35.06% increase year-on-year [1] - The gross margin for 2024 was 72.11%, up 1.24 percentage points year-on-year, while the sales expense ratio decreased to 8.01% [2] - The company expects revenues of 792 million yuan, 999 million yuan, and 1.257 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 426 million yuan, and 535 million yuan [4][5] Product and Market Development Summary - The company’s product lines showed varied performance, with GI products generating 413 million yuan in revenue (up 23.17%) and EMR/ESD products growing by 42.85% to 150 million yuan [2] - The company has made significant strides in its overseas operations, with the European subsidiary starting operations and the U.S. subsidiary in the planning stage [3] - The company has focused on R&D, obtaining multiple new registrations for its products, which are expected to enhance its market position [3]

Investment Rating - The investment rating for the company is "Buy" [6] Core Views - The company has demonstrated steady revenue growth in 2024, with a 25.14% year-on-year increase in revenue to 637 million yuan and a 35.06% increase in net profit to 293 million yuan [1][2] - The profit growth rate outpaced revenue growth, primarily due to the realization of scale effects and improved profitability [2] - The company is actively expanding its global market presence, with significant growth in overseas revenue, particularly in the Asia-Pacific and South American markets [3] Financial Performance - In 2024, the company achieved a revenue of 637 million yuan, with a year-on-year growth of 25.14% and a net profit of 293 million yuan, reflecting a growth of 35.06% [1] - The gross margin for 2024 was 72.11%, an increase of 1.24 percentage points year-on-year, while the sales expense ratio decreased to 8.01% [2] - The company expects revenues of 792 million yuan, 999 million yuan, and 1.257 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 343 million yuan, 426 million yuan, and 535 million yuan [4] Product and Market Development - The company has focused on R&D innovation, obtaining multiple new registrations for its products, including a highly recognized hemostatic clip [3] - The EMR/ESD product line led revenue growth with a 42.85% increase, while GI products also showed strong performance with a 23.17% increase [2] - The company has made significant strides in its overseas operations, with the Netherlands subsidiary commencing operations and the U.S. subsidiary in preparation for launch [3]