狄耐克：物联网产品及解决方案领军企业，脑电波交互业务或成全新增长点

Investment Rating - The report assigns an "Outperform the Market" rating to the company [2][8]. Core Insights - The company is a leading enterprise in IoT products and solutions, with a strong market presence in building intercom products and smart home solutions. It is actively expanding into the emerging field of brainwave interaction technology, which is expected to become a new growth point for the company [4][6][20]. - The company has established strategic partnerships with major real estate firms and is enhancing its sales network across various city tiers, which has contributed to its increasing market share [4][7]. - The company reported a revenue of 884 million yuan in 2023, a year-on-year increase of 4.92%, and a net profit of 102 million yuan, up 27.42% from the previous year [7][11]. Summary by Sections Company Overview - The company focuses on the development, production, and sales of products related to smart communities and smart hospitals, including building intercoms, smart home products, and smart hospital solutions [17][20]. Market Position and Strategy - The company has a clear marketing strategy emphasizing large clients and channel development, which has led to a continuous increase in its market share [4][7]. - The company has set up over 60 direct offices and more than 30 distribution points across the country, ensuring a comprehensive service network [4]. Financial Performance - The company expects significant growth in its building intercom products, with projected year-on-year growth rates of 30%, 12%, and 10% for 2024-2026 [8][10]. - The smart home products are anticipated to grow at rates of 40%, 20%, and 15% during the same period, driven by innovations in AI integration [8][10]. - The company’s net profit is projected to reach 1.17 billion yuan in 2024, with corresponding EPS of 0.46 yuan [11][18]. Future Growth Areas - The company is actively investing in brainwave interaction technology, focusing on sleep health, concentration enhancement, and rehabilitation devices, which are expected to open new market opportunities [6][20]. - The company is also expanding its international market presence, with plans to establish offices in key regions such as North America, Europe, and the Asia-Pacific [7][20].