萤石网络：2025Q1业绩双位数增长修复，智能入户与智能服务机器人表现亮眼

Investment Rating - The report maintains a "Buy" rating for the company with a target price based on the last closing price of 36.40 [1][8] Core Views - The company achieved a revenue of 54.42 billion yuan in 2024, representing a year-on-year growth of 12.41%, while the net profit attributable to shareholders was 5.04 billion yuan, down 10.52% [4][5] - In Q1 2025, the company reported a revenue of 13.8 billion yuan, an increase of 11.59%, and a net profit of 1.38 billion yuan, up 10.42% [4][6] - The company plans to distribute a cash dividend of 3.5 billion yuan to shareholders, with a payout ratio of 54.70% [4] Summary by Sections Financial Performance - In 2024, the company's revenue from smart home cameras, smart entry, smart service robots, and cloud platform services were 29.48 billion yuan (-1.38%), 7.48 billion yuan (+47.87%), 1.66 billion yuan (+265.12%), and 10.52 billion yuan (+22.87%) respectively [5] - For Q1 2025, the gross margin was 42.55%, and the net margin was 10.00% [6][8] Product and Market Development - The smart entry business is rapidly growing and becoming a cash cow, while the smart service robots are showing impressive growth [5] - The IoT cloud platform's revenue is also growing at a double-digit rate, with a high-margin segment's contribution increasing to 19.33% [5] Future Projections - The company expects net profits of 6.91 billion yuan, 8.73 billion yuan, and 10.95 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.88 yuan, 1.11 yuan, and 1.39 yuan [8][9] - The projected revenue growth rates for the next few years are 17.60% for 2025, 17.20% for 2026, and 15.80% for 2027 [9][11]