Hangzhou EZVIZ Network (688475) Minsheng Securities·2025-04-14 08:23Investment Rating - The report maintains a "Recommended" rating for the company [6][9]. Core Insights - The company achieved a revenue of 5.442 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders decreased by 10.52% to 504 million yuan. In Q1 2025, revenue reached 1.38 billion yuan, up 11.59% year-on-year, with a net profit of 138 million yuan, an increase of 10.42% [3][4]. - The company is focusing on building a PaaS IoT cloud platform service model, with a significant increase in user payment rates. The cloud platform services generated 1.052 billion yuan in revenue, a growth of 22.87% year-on-year, with monthly active users reaching 65.5281 million, up 20.31% [4]. - The product matrix is expanding with a focus on AI terminals and embodied intelligence. The smart home camera segment generated 2.948 billion yuan in revenue, with sales exceeding 18.31 million units, maintaining the global leading position. The smart lock segment saw a revenue increase of 47.87% to 748 million yuan [5][6]. Financial Summary - The company forecasts revenues of 6.258 billion yuan, 7.385 billion yuan, and 8.862 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 717 million yuan, 967 million yuan, and 1.31 billion yuan for the same years. The PE ratios are expected to be 40X, 30X, and 22X respectively [6][8][14].