Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in 2024 exceeded expectations, with total revenue reaching 249 million yuan, a year-on-year increase of 5.35%, and a net profit attributable to shareholders of 48 million yuan, up 21.76% year-on-year. In Q1 2025, revenue was 61.47 million yuan, a 27.65% increase compared to the same period last year, with a net profit of 15.23 million yuan, up 53.10% year-on-year [1][7] - The smart home and smart building industries are experiencing strong growth, driven by various factors. The global smart home market is projected to reach 222.9 billion USD in 2024, with China contributing over 35%. The company is well-positioned to benefit from this trend [7] - The company has made significant strides in brand influence and product innovation, launching over 20 new products and receiving various industry awards. This focus on brand building is expected to support future global product promotion [7] Financial Summary - The company's total revenue is projected to grow from 248.68 million yuan in 2024 to 387.80 million yuan in 2027, with a compound annual growth rate (CAGR) of 17.03% [1][8] - The net profit attributable to shareholders is expected to increase from 47.68 million yuan in 2024 to 98.04 million yuan in 2027, reflecting a CAGR of 22.14% [1][8] - The earnings per share (EPS) is forecasted to rise from 0.67 yuan in 2024 to 1.38 yuan in 2027, indicating a strong growth trajectory [1][8]
视声智能（870976）：2024年报暨2025年一季报点评：业绩增速超预期，智能产品出海势头强劲