觅睿科技（920036）：新股覆盖研究

Investment Rating - The investment rating for the company is "Buy" with an expected relative increase of over 15% in the next 6-12 months compared to the relevant market index [38]. Core Insights - The company, MiRui Technology, specializes in the research, design, production, and sales of intelligent network cameras and IoT video products, integrating hardware, software, cloud services, and AI [7][8]. - The company is projected to achieve revenues of 673 million yuan, 743 million yuan, and 802 million yuan for the years 2023, 2024, and 2025, respectively, with year-over-year growth rates of 22.67%, 10.42%, and 7.90% [9][4]. - The net profit attributable to the parent company is expected to be 72 million yuan, 82 million yuan, and 79 million yuan for the same years, with year-over-year growth rates of 82.84%, 14.09%, and -3.08% [9][4]. Summary by Sections Basic Financial Status - The company is expected to generate revenues of 6.73 billion yuan in 2023, 7.43 billion yuan in 2024, and 8.02 billion yuan in 2025, with corresponding year-over-year growth rates of 22.67%, 10.42%, and 7.90% [9][4]. - The net profit attributable to the parent company is projected to be 0.72 billion yuan in 2023, 0.82 billion yuan in 2024, and 0.79 billion yuan in 2025, with year-over-year growth rates of 82.84%, 14.09%, and -3.08% [9][4]. Industry Situation - The global smart civil security market is expected to grow from approximately 23.68 billion USD in 2024 to 35.95 billion USD by 2028, with a compound annual growth rate (CAGR) of 15.16% from 2019 to 2028 [16]. - The smart network camera market is projected to have significant growth potential, with a penetration rate expected to rise from 4.3% in 2023 to 7.1% in 2026 [24]. Company Highlights - The management team includes several members with experience at Hikvision, a leading global security video surveillance company, providing a strong technical foundation [29]. - The company has integrated core technologies such as audio and video AI, enabling it to become a representative enterprise in the global intelligent network camera sector [30]. - The company has launched low-power products and achieved technological innovations in areas such as baby monitors, enhancing its competitive edge in the market [31]. Fundraising Project Investment - The company plans to invest in two projects through its IPO: a headquarters and brand building project, and a research and development center construction project [33]. - The total investment for these projects is approximately 320 million yuan, with a significant portion allocated to enhancing R&D capabilities [34]. Peer Company Comparison - Compared to peer companies, MiRui Technology's revenue is below the average, but its sales gross margin is in the mid-to-high range of the industry [35]. - The average PE ratio for comparable companies is 41.18, while MiRui Technology's PE ratio is 11.24, indicating a potential undervaluation [36].