Investment Rating - The investment rating for the company is "Outperform" (Maintain) [2] Core Views - The company achieved a revenue of 249 million yuan in 2024, representing a year-on-year growth of 5.5%, and a net profit attributable to the parent company of 48 million yuan, which is a 21.3% increase year-on-year [4] - The company has optimized its product structure, leading to increased sales in smart home products, which now account for a larger proportion of total sales, enhancing overall profitability [4] - The company is expected to maintain a strong performance with projected net profits of 48 million, 62 million, and 80 million yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.67, 0.88, and 1.12 yuan [4] Financial Summary - The total revenue and net profit forecasts for the company from 2024 to 2026 are as follows: - Revenue: 249 million (2024), 312 million (2025), 392 million (2026) [6] - Net Profit: 48 million (2024), 62 million (2025), 80 million (2026) [6] - The company’s gross margin is projected to improve from 50.7% in 2024 to 52.7% in 2026, indicating enhanced profitability [6] - The P/E ratio is expected to decrease from 36.9 in 2024 to 22.0 in 2026, suggesting a more attractive valuation over time [6] Market Outlook - The smart home and smart building industry in China is projected to grow at a compound annual growth rate (CAGR) of approximately 15% from 2022 to 2026, indicating a robust market environment [5] - The global smart home market is expected to reach a size of 1 trillion yuan by 2023, with a projected growth rate of 60.01% over the next four years [5]
视声智能：北交所信息更新：KNX安全协议产品数量位居中国第一，2024年归母净利润同比增长21%-20250302