Hangzhou EZVIZ Network (688475) 天风证券·2025-02-23 06:09Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is a leading player in the smart home sector, continuously expanding its product categories and application scenarios through integrated software and hardware solutions, gradually building core barriers [2] - The revenue from smart locks has entered a harvest phase, becoming the second growth driver for the company alongside cameras [2] - The company plans to increase its shareholding by no less than RMB 200 million and no more than RMB 400 million within six months, reflecting confidence in the company's future development [2] Financial Performance - In 2024, the company achieved revenue of RMB 5.44 billion, a year-on-year increase of 12.41%, and a net profit attributable to shareholders of RMB 500 million, a year-on-year decrease of 10.52% [1] - The revenue for Q4 2024 was RMB 1.48 billion, a year-on-year increase of 11.1%, with a net profit of RMB 129 million, down 20% year-on-year [1] - The company’s cloud platform business revenue reached RMB 495 million in H1 2024, accounting for 19% of total revenue, with a year-on-year growth of 30% [1] Product Performance - The smart lock segment showed exceptional performance, with retail volume and value increasing by 145% and 154% year-on-year, respectively, ranking first among key brands [1] - The company’s cleaning appliances, particularly the robotic vacuum cleaners, saw a revenue increase of 273% year-on-year in H1 2024 [1] - The average price of the company's cleaning appliances increased by 2.56% year-on-year, with a market share of 0.26% in 2024 [1] Financial Projections - The projected net profit for 2024-2026 is RMB 502 million, RMB 655 million, and RMB 756 million, respectively, with corresponding dynamic P/E ratios of 68.95x, 52.86x, and 45.80x [2] - The company’s revenue is expected to grow at rates of 12.45%, 17.30%, and 15.46% for the years 2024, 2025, and 2026, respectively [4]