巨头在前，九安智能迎难闯关

Core Viewpoint - The company, Jiuan Intelligent Technology Co., Ltd., is set to launch its IPO on the Shenzhen Stock Exchange, aiming to raise funds for the industrialization of smart visual products, R&D upgrades, and working capital [2] Company Overview - Jiuan Intelligent is a manufacturer of smart visual products, an IoT service provider, and a technology solution provider, leveraging core technologies in visual imaging and AI applications [2] - The company has developed an integrated model that includes hardware, platforms, and services, covering various scenarios such as smart home security, health monitoring, outdoor surveillance, and smart retail [2] Financial Performance - From 2022 to 2024, Jiuan Intelligent's revenue is projected to grow from 484 million yuan to 780 million yuan, with a compound annual growth rate (CAGR) of 26.95% [2] - The net profit attributable to the parent company is expected to rise from 34.31 million yuan to 102 million yuan during the same period [2] - In the first half of 2025, the company reported revenue of 323 million yuan and a net profit of 44.79 million yuan, surpassing the total profit for 2022 [2] Industry Growth Potential - The smart security sector is identified as a rapidly growing market, with the global civil security market projected to reach 39 billion USD by 2029, and the smart security camera market expected to grow to 24.2 billion USD [3] - In China, the smart security camera market is anticipated to reach 5 billion USD by 2029, with user numbers exceeding 200 million and a penetration rate of 36.4%, indicating significant growth potential [3] Competitive Landscape - Jiuan Intelligent faces competition from industry giants like Hikvision, which dominates the B-end security market and has spun off its C-end business into a separate entity, Ezviz, which has become a key player in the smart home sector [3] - Ezviz's revenue for the first half of 2025 reached 1.548 billion yuan, with a market share of 12.4% in home cameras, highlighting the competitive pressure on Jiuan Intelligent [4] - In comparison to its peers, Jiuan Intelligent's revenue of 780 million yuan in 2024 is significantly lower than Ezviz's 5.442 billion yuan, but it outperforms other competitors like Anlian Ruishi and Mi Rui Technology [4]