Hangzhou EZVIZ Network (688475) 民生证券·2025-02-19 14:23Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company is positioned to benefit from the AI and cloud integration strategy, with a strong product matrix that supports revenue growth [2][4]. - The introduction of various AI-enabled products, such as the RK3 home service robot and the S10 video call camera, is expected to enhance user engagement and service offerings [2][3]. - The IoT cloud platform has over 250 million devices connected, indicating significant market penetration and potential for future growth [4]. Financial Projections - Revenue is projected to grow from 4.84 billion in 2023 to 7.87 billion in 2026, with annual growth rates of 12.4%, 13.2%, 17.0%, and 22.7% respectively [5][10]. - Net profit is expected to increase from 563 million in 2023 to 960 million in 2026, with growth rates of 68.8%, 1.9%, 25.0%, and 33.8% respectively [5][10]. - Earnings per share (EPS) are forecasted to rise from 0.71 in 2023 to 1.22 in 2026, with corresponding price-to-earnings (PE) ratios decreasing from 56 to 33 [5][10]. Product Development - The company has launched multiple series of facial recognition video smart locks, leading the industry into a new era of dual-camera and facial recognition technology [3]. - The TAMO mobile care camera and the BS1 commercial cleaning robot showcase the company's innovation in smart home and commercial cleaning solutions [2]. Market Positioning - The company aims to establish itself as a global IoT cloud service provider, leveraging its extensive device connectivity and service capabilities to cater to both consumer and business clients [4].