Hangzhou EZVIZ Network (688475) 财信证券·2025-02-27 04:03Investment Rating - The investment rating for the company is "Buy" [4][6][8] Core Views - The company is driven by AI and cloud platform initiatives, with a focus on accelerating the deployment of smart home hardware [2][5] - Revenue is projected to grow steadily, with expected figures of 54.42 billion yuan in 2024, 62.18 billion yuan in 2025, and 70.12 billion yuan in 2026, reflecting a compound annual growth rate [2][6] - The company is currently in a growth phase, investing heavily in marketing and channel expansion, which is anticipated to enhance profitability in the future [6][7] Financial Projections - Main revenue figures (in billion yuan): - 2022A: 43.06 - 2023A: 48.40 - 2024E: 54.42 - 2025E: 62.18 - 2026E: 70.12 [2][7] - Net profit attributable to shareholders (in billion yuan): - 2022A: 3.33 - 2023A: 5.63 - 2024E: 5.04 - 2025E: 6.07 - 2026E: 7.60 [2][7] - Earnings per share (EPS) projections: - 2022A: 0.42 - 2023A: 0.71 - 2024E: 0.64 - 2025E: 0.77 - 2026E: 0.97 [2][7] Market Position and Strategy - The company is focusing on expanding its smart home ecosystem, with key products including smart cameras, smart locks, and service robots [5][6] - The smart camera segment is expected to recover due to policy support and promotional events, while the smart lock segment is experiencing significant growth in both domestic and international markets [4][5] - The company is leveraging user behavior data to enhance its service offerings, creating a more integrated experience for consumers [5][6]