涂鸦智能(TUYA.N) 2025年一季报点评：25年一季度业绩亮眼，全面拥抱AI

Investment Rating - The report maintains an "Accumulate" rating for Tuya Smart (TUYA.N) [1][8] Core Insights - The first quarter of 2025 showed strong performance, with the company's platform model exhibiting high stickiness, while uncertainties from tariff factors have increased [3] - The company reported a revenue of $74.7 million in Q1 2025, representing a year-on-year growth of 21.1% [8] - The IoT PaaS business line generated $53.7 million, up 17.9% year-on-year, while SaaS and smart solutions also saw significant growth [8] - The company has embraced AI comprehensively, launching four core engines to enhance its AI capabilities [8] Financial Summary - Current stock price is $2.42, with a market capitalization of $1.585 billion [2][4] - Revenue projections for 2025-2027 are $325 million, $361 million, and $410 million, respectively, with year-on-year growth rates of 8.81%, 11.12%, and 13.45% [8] - The company reported a gross profit margin of 48.5% in Q1 2025, an increase of 0.7 percentage points year-on-year [8] - The total number of customers reached 2,800, with 287 premium users contributing 88.7% of the IoT PaaS revenue [8] - Cash and cash equivalents stood at $1.024 billion [8]