萤石网络(688475)：智能家居领军者 掘金端侧AI全球蓝海

Core Insights - The company is transitioning into the AI+ era with a dual focus on smart home products and cloud platform services, establishing itself as a leading provider in the domestic smart home solutions and IoT cloud platform market [1] Group 1: Financial Performance - In the first three quarters of 2024, the company achieved a revenue of 3.963 billion yuan, representing a year-on-year growth of 12.93%, while the net profit attributable to shareholders was 375 million yuan, down 6.69% year-on-year [1] - The company's cloud platform business accounted for nearly 20% of total revenue by the first half of 2024, with a gross margin of 76%, significantly higher than that of smart home products [2] - Revenue projections for 2024-2026 are estimated at 5.515 billion yuan, 6.378 billion yuan, and 7.349 billion yuan respectively, with net profits of 573 million yuan, 710 million yuan, and 886 million yuan [3] Group 2: Market Position and Strategy - The company has established a strong product matrix and intelligent cloud platform, creating ecological barriers that enhance its market position [2] - The company ranks first globally in consumer camera shipments as of the first half of 2024, benefiting from its technological advantages in audio-visual AI algorithms and a robust supply chain [2] - The development of AI technology and new demand is expected to further enhance the number of paid users and average revenue per user (ARPU) on the cloud platform [2] Group 3: Future Outlook - The company anticipates greater growth potential as it expands its ecosystem and responds to downstream demand [1] - The overseas business accounted for approximately 33% of total revenue in the first half of 2024, with a year-on-year growth rate of 30%, indicating a strong potential for overall performance growth [2] - The company is positioned to benefit from a relatively low valuation compared to peers, with a buy rating assigned for its future growth prospects [3]