萤石网络（688475）：2024年报、2025年一季报点评：二三品类快速成长，一季度盈利企稳

Investment Rating - The investment rating for the company is "Outperform the Market" [6][28]. Core Views - The company has shown good revenue growth, with a 12.4% increase in revenue for 2024, reaching 5.44 billion, although net profit decreased by 10.5% to 500 million [1][5]. - The company is a leader in the domestic smart home hardware and software market, with strong growth in secondary and tertiary hardware categories, and the cloud platform is expected to benefit from the AI wave [4][6]. - The company plans to increase marketing investments, which may impact profitability in the short term but is expected to drive long-term growth [4][6]. Revenue and Profitability - In Q1 2025, the company achieved revenue of 1.38 billion, a 11.6% increase, and net profit of 140 million, a 10.4% increase [1]. - The company's camera revenue decreased by 1.4% to 2.95 billion in 2024, while smart home revenue grew by 47.9% to 750 million [2]. - The cloud platform revenue grew by 22.9% to 1.05 billion, with C-end revenue increasing by 19.5% and B-end revenue by 26.3% [3]. Financial Forecasts - The company expects net profits for 2025-2027 to be 620 million, 737 million, and 863 million respectively, with growth rates of 22.9%, 19%, and 17% [4][5]. - The projected PE ratios for 2025-2027 are 46, 38, and 33 times [4][5]. - The company plans to distribute a cash dividend of 0.35 per share, with a cash dividend rate of 54.7% [1].