Hangzhou EZVIZ Network (688475) Caixin Securities·2024-07-31 10:00Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The smart home industry is accelerating towards full-home intelligence, with the importance of visual interaction becoming more pronounced. AI technology supports proactive services, enhancing user experience [5][6][7] - The company has established a dual business model of "smart home + IoT cloud platform," focusing on visual interaction and AI technology to drive product development [27][28] - The company is well-positioned to capitalize on the aging population and the growing demand for smart elderly care solutions, while also expanding its overseas market presence [7][27] Summary by Sections 1. Smart Home Market Expansion - The global smart home market reached 155.8 billion in 2024 [13] - The Chinese smart home market is also in a rapid growth phase, projected to reach ¥682.1 billion in 2024 [17] 2. Company Business Model - The company has developed four main product categories: smart home cameras, smart entry systems, smart controls, and smart service robots, supported by a robust IoT cloud platform [27][28] - The unique business model allows for sustainable software revenue through value-added services after initial product sales [27][36] 3. Investment Value Exploration - The company is strategically positioned in the smart elderly care market, leveraging the aging population trend [7] - The overseas market shows strong demand for smart security solutions, enhancing the company's operational quality [7] 4. Financial Forecast - The company is expected to achieve net profits of ¥6.97 billion, ¥8.88 billion, and ¥10.99 billion for 2024, 2025, and 2026, respectively, with growth rates of 23.85%, 27.42%, and 23.74% [7] - The target market capitalization is set at ¥243.32 billion, with a target price of ¥30.90 [7]