萤石网络（688475）：智能家居领军者，掘金端侧AI全球蓝海

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Insights - The company is positioned as a leader in the smart home sector, leveraging a dual business model of "smart home + cloud platform" to enter the AI+ era [1][13]. - The smart home market presents vast opportunities, with AIoH (AI of Things) becoming a focal point for future development [2][34]. - The company's product matrix and intelligent cloud platform create ecological barriers, with AI expected to enhance ARPU (Average Revenue Per User) [3][40]. Summary by Sections Company Overview - The company, originally part of Hikvision's internet business center, has evolved into a leading provider of smart home solutions and IoT cloud services since its inception in 2013 [1][13]. Business Model and Growth - The company has established a "2+5+N" ecosystem, focusing on AI and cloud services, and offers a tiered payment model to cater to diverse consumer needs [20]. - Revenue has shown stable growth, with a reported operating income of 39.63 billion yuan for the first three quarters of 2024, marking a year-on-year increase of 12.93% [25]. Market Potential - The smart home market is characterized by the integration of various technologies to create efficient residential management systems, with a shift towards products that can operate autonomously [34]. Product and Technology Advantages - The company benefits from Hikvision's technological heritage, maintaining a leading position in audio-visual AI algorithms and a robust supply chain management system [3][41]. - The cloud platform has become a significant revenue source, accounting for nearly 20% of total income with a gross margin of 76% [3][45]. Financial Projections - Projected revenues for 2024-2026 are estimated at 55.15 billion, 63.78 billion, and 73.49 billion yuan, respectively, with corresponding net profits of 5.73 billion, 7.10 billion, and 8.86 billion yuan [4][5].