萤石网络（688475）：海外持续拓展，构建多元智能产品矩阵

Investment Rating - The report maintains a "Buy" rating for the company [4][6] Core Views - The company achieved a total 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 [1] - The company is expanding its overseas market and enhancing its smart product matrix, focusing on smart home products and IoT cloud platforms, which saw revenue growth of 9.76% and 22.87% respectively in 2024 [2] - The company is expected to benefit from the upgrade and optimization of its smart ecosystem, with projected net profits of 675 million, 821 million, and 955 million yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 33.9%, 21.7%, and 16.2% [4] Financial Performance - In 2024, the company's gross margin was 42.08%, a decrease of 0.77 percentage points year-on-year, with a net margin of 9.26%, down 2.37 percentage points [3] - The company reported a total revenue of 1.38 billion yuan in Q1 2025, with a year-on-year growth of 10.42% [1] - The company’s operating expenses in Q4 2024 included a sales expense ratio of 16.61%, a management expense ratio of 2.44%, and a research and development expense ratio of 13.18% [3] Revenue Breakdown - In 2024, the company's smart home products generated revenue of 4.347 billion yuan, while the IoT cloud platform contributed 1.052 billion yuan [2] - The revenue from smart home cameras, smart locks, and cleaning robots showed significant growth, with increases of 47.87%, 43.73%, and 265.12% respectively [2] - The company’s domestic and overseas revenue reached 3.487 billion yuan and 1.912 billion yuan respectively in 2024, with year-on-year growth of 5.54% and 26.42% [2]