Hangzhou EZVIZ Network (SH:688475) CMS·2024-08-12 02:12Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook on its stock performance [2]. Core Insights - The company achieved a revenue of 2.583 billion yuan in H1 2024, representing a year-on-year growth of 13.05%, with a net profit attributable to shareholders of 282 million yuan, up 8.88% year-on-year [2]. - The company's performance is driven by strong growth in its smart home and cloud services, with significant contributions from new product lines such as smart service robots and an upgraded cloud platform [2]. - The report highlights the company's strategic focus on AI integration and the development of a comprehensive ecosystem, which is expected to enhance its growth potential in the coming years [2]. Financial Performance Summary - Total revenue for 2024 is projected to be 5.626 billion yuan, with a year-on-year growth of 16% [6]. - The net profit for 2024 is estimated at 651 million yuan, reflecting a 16% increase compared to the previous year [6]. - The company's gross margin is expected to improve slightly to 43.3% in 2024, while the net margin is projected to remain stable at 11.6% [6]. - The report anticipates a steady increase in earnings per share (EPS), reaching 0.83 yuan in 2024, with a corresponding price-to-earnings (PE) ratio of 35.0 [6]. Business Segment Analysis - The smart home segment, particularly the smart entry products, is expected to continue its rapid growth, with a revenue increase of 68.97% year-on-year [2]. - The cloud services segment is projected to maintain a high growth rate of 29.97% year-on-year, contributing significantly to the overall revenue [2]. - The company is also focusing on enhancing its retail channels and digital marketing capabilities, with e-commerce sales accounting for over 40% of its domestic sales [2].