Hangzhou EZVIZ Network (688475) 群益证券·2025-02-24 08:23Investment 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 expanding its market presence, particularly in the AI ecosystem, which is expected to drive long-term growth. The integration of AI technology with various smart devices and services is a key development direction [6]. - The company's revenue for 2024 is projected to be 5.442 billion RMB, reflecting a year-over-year growth of 12.4%. However, the net profit is expected to decline by 10.5% to 500 million RMB due to increased expenses related to new product development [9]. - The company has introduced a new AI ecosystem model, "2+5+N", which includes core self-developed products and a variety of ecosystem products, enhancing its competitive edge in the smart home market [9]. Financial Summary - The company reported a net profit of 333 million RMB in 2022, which is expected to grow to 720 million RMB by 2026, with corresponding EPS increasing from 0.74 RMB to 1.28 RMB over the same period [7][9]. - The projected P/E ratios for the years 2024 to 2026 are 49.09, 41.28, and 34.37 respectively, indicating a decreasing valuation multiple as earnings grow [7]. - The company’s revenue is forecasted to increase from 4.306 billion RMB in 2022 to 7.002 billion RMB in 2026, demonstrating a strong growth trajectory [14].