Company Overview - The company showcased its third-generation Lingstone product at the second "Rui Jian" conference held on December 12 in Shanghai [1] - The chairman emphasized the themes of "smart driving for vehicles and smart control for buildings" while presenting Lingstone 3.0, which serves as an intelligent control brain for real estate allocation [1] Product Evolution - Lingstone 1.0 started with a camera cluster to utilize algorithms for work order scheduling [1] - Lingstone 2.0 linked energy hardware clusters for smart control of air conditioning, elevators, and lighting, and established a microgrid for energy savings [1] - Lingstone 3.0 has begun deploying distilled large models, integrating into robots like cleaning and patrol vehicles, creating a comprehensive ecosystem that includes software, robotics, low carbon solutions, and value-added services [1] Commercialization and Impact - Lingstone has achieved commercialization in 44 scenarios, with over 800 external projects implemented, including notable projects like Chengdu Tianhui City and Sun Yat-sen University Shenzhen Campus [1] - For instance, in the Tianhui City project, Lingstone products helped reduce inspection labor costs by 20% and energy consumption by 19.6% [1] Pricing and Growth Strategy - The full-featured version of the Lingstone product is priced between 13,000 to 29,000 yuan per month, with contract durations ranging from 3 to 10 years [2] - The company plans to accelerate product promotion to further enhance its growth momentum [2] Profit Forecast and Valuation - The company maintains its profit forecast and continues to rate the stock as outperforming the industry, with a target price of 27.5 HKD per share, corresponding to a 12x core P/E for 2025 and a 41.5% upside potential [2] - The stock is currently trading at 8.2x core P/E for 2025 and offers a dividend yield of 9.8%, assuming an 80% payout of the core net profit for 2025 [2]
万物云(02602.HK)：“灵石3.0”迭代升级 场景商业化加速落地