Hangzhou EZVIZ Network (688475) 群益证券·2025-02-24 07:50Investment Rating - The report assigns a "Trading Buy" rating for the company, indicating a potential upside of 5% to 15% [5][11]. Core Insights - The company is focusing on the integration of AI technology with various smart devices and IoT cloud services, which is expected to drive long-term growth [6]. - The company has reported a revenue of RMB 5.44 billion for 2024, reflecting a year-over-year increase of 12.4%, but the net profit decreased by 10.5% [9]. - The new business development, particularly in smart home products, is impacting net profit due to increased marketing expenses and lower initial profit margins [9]. - The company is upgrading its "AI+" ecosystem, which includes a range of self-developed AI interactive products [9]. Financial Summary - The company’s net profit for 2024 is projected to be RMB 5.0 billion, with an expected growth of 18.9% in 2025 and 20.1% in 2026 [9]. - Earnings per share (EPS) are forecasted to be RMB 0.90 in 2024, RMB 1.07 in 2025, and RMB 1.28 in 2026, with corresponding price-to-earnings (P/E) ratios of 49, 41, and 34 respectively [7][9]. - The company’s revenue is expected to grow from RMB 5.44 billion in 2024 to RMB 6.20 billion in 2025 and RMB 7.00 billion in 2026 [14].