觅睿科技（920036）：民用视频监控小巨人企业，聚焦物联网、云平台与AI技术

Investment Rating - The report suggests a "Focus" on the company, indicating potential investment interest [2][52]. Core Insights - The company, known as a "little giant" in the civil video surveillance sector, integrates IoT, cloud platforms, and AI technology [2][13]. - The company is expected to generate revenues of 802.36 million yuan and a net profit of 78.22 million yuan in 2025, reflecting a year-on-year growth of 7.99% and a decline of 4.21% respectively [29]. Summary by Sections 1. Initial Offering - The company plans to issue 13.61 million shares at a price of 21.52 yuan per share, with an earnings ratio of 14.3X [3][6]. - The total number of shares after the offering will be 54.42 million, with the offering accounting for 25% of the total shares [3][6]. 2. Business Overview - The company focuses on smart network cameras and IoT video products, with these products accounting for 83.79% of total revenue in the first half of 2025 [17][19]. - The company has established a diverse product matrix, with low-power network cameras as the core and other IoT video products as growth points [52]. 3. Financial Performance - The company reported a revenue of 549 million yuan in the first three quarters of 2025, showing a year-on-year decrease of 0.95% [27][30]. - The gross profit margin for the smart network camera and IoT video product business was 27% in the first half of 2025 [23][20]. 4. Industry Insights - The global smart civil security market is projected to reach approximately 23.68 billion USD in 2024, with a compound annual growth rate (CAGR) of 15.16% from 2019 to 2028 [33][40]. - The shipment of civil video surveillance products is expected to be around 244 million units in 2024, with a forecasted increase to 309 million units by 2028 [36][39]. 5. Subscription Recommendation - The report recommends attention to the company due to its continuous R&D investment and technological advantages in the civil video surveillance field [52][54].