Hangzhou EZVIZ Network (688475) 证券日报·2025-05-20 03:12Core Viewpoint - The company is focusing on the integration of AI and smart hardware, enhancing its IoT ecosystem to meet the growing demand for intelligent home solutions [2][4]. Group 1: Company Performance - In 2024, the company upgraded its ecosystem from "1+4+N" to "2+5+N," transitioning to a dual-core model driven by "AI + YingShi IoT Cloud" [2]. - The smart home camera segment generated revenue of 2.948 billion yuan in 2024, with new products targeting niche markets such as children, the elderly, and pet care [2]. - The smart entry products achieved revenue of 748 million yuan, reflecting a year-on-year growth of 47.87% [3]. - The smart service robot segment saw a revenue increase of 265.12%, reaching 166 million yuan, driven by advancements in environmental perception and self-learning capabilities [3]. - The cloud platform service business generated revenue of 1.052 billion yuan in 2024, with a year-on-year growth of 22.87% and a gross margin of 76.19% [5]. - In the first quarter of 2025, the company reported revenue of 1.38 billion yuan, a year-on-year increase of 11.59%, and a net profit of 138 million yuan, up 10.42% [5]. Group 2: Industry Trends - The rapid development of AI interactive models and smart visual IoT products is becoming a new trend in the industry [2]. - There is a growing demand for remote management, data analysis, and personalized services among users, which the company is addressing through its subscription-based cloud platform [4]. - The company is enhancing user engagement and platform value by continuously innovating its product offerings and improving inter-product connectivity [4].