Hangzhou EZVIZ Network (SH:688475) Xin Lang Cai Jing·2025-04-13 08:30Core Insights - The company achieved a total revenue of 5.442 billion yuan in 2024, representing a year-on-year increase of 12.41%, while the net profit attributable to shareholders was 504 million yuan, down 10.52% year-on-year [1] - In Q4 2024, the company reported revenue of 1.479 billion yuan, up 11.05% year-on-year, with a net profit of 129 million yuan, down 20.03% year-on-year [1] - The company plans to distribute a cash dividend of 3.5 yuan per 10 shares (including tax), with a payout ratio of 55% [1] Revenue and Profit Analysis - For Q1 2025, the company expects to achieve revenue of 1.38 billion yuan, an increase of 11.59% year-on-year, with a net profit of 138 million yuan, up 10.42% year-on-year [1] - The smart home camera segment faced slight pressure with a revenue decline of 1.38% year-on-year, while the smart entry and service robot segments saw significant growth of 47.87% and 265.12% respectively [1] - The cloud platform business revenue grew by 22.87% year-on-year, driven by an increase in device connections and user numbers [1] Margin and Cost Structure - The overall gross margin for 2024 was 42.08%, a decrease of 0.39 percentage points year-on-year, while the net margin was 9.26%, down 2.37 percentage points year-on-year [2] - In Q4 2024, the gross margin was 39.95%, up 0.03 percentage points year-on-year, with a net margin of 8.73%, down 3.39 percentage points year-on-year [2] - The gross margins for smart entry and cloud platform businesses increased by 8.99 and 0.1 percentage points year-on-year respectively, while other segments experienced varying degrees of decline [2] Marketing and Investment - The company increased its marketing and promotional expenditures, with sales expense ratios rising due to investments in new smart products [3] - For 2024, the sales, management, R&D, and financial expense ratios were 15.77%, 3.26%, 14.95%, and -1.08% respectively, showing an increase in sales expenses [3] - The company aims to optimize R&D expenses while managing financial costs influenced by currency fluctuations [3] Future Outlook - The company is positioned as a leader in the smart home sector, expanding its product categories and applications through integrated hardware and software solutions [4] - The smart lock segment is entering a growth phase, becoming a significant revenue driver alongside cameras [4] - Profitability is expected to improve due to changes in channel structure, product enhancements, and supply chain reforms [4]