新股覆盖研究：觅睿科技

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 company has a strong management team with many members having prior experience at Hikvision, a leading global security video surveillance company, which contributes to its technical expertise [29]. - The global smart network camera market is expected to have significant growth potential, with a projected penetration rate of less than 10% by 2026 [30][24]. - The company has developed various core technologies, including audio and video AI technology, and has received multiple design awards, enhancing its market presence [30][31]. Financial Summary - The company is expected to achieve net profits of 72 million yuan, 82 million yuan, and 79 million yuan for the years 2023, 2024, and 2025, with year-over-year growth rates of 82.84%, 14.09%, and -3.08% [4][9]. - The average sales gross margin for the company is positioned in the mid-to-high range compared to its peers, despite its revenue scale being below the average of comparable companies [35][36]. Industry Overview - The global smart civil security market is projected 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% [16]. - The smart video surveillance market, a segment of the smart civil security market, is expected to see significant growth, with the number of households using smart network cameras projected to increase substantially by 2027 [21][23]. - The company operates in a competitive landscape with comparable companies such as Ezviz, Aoni Electronics, and Alliance Vision, which have varying financial metrics and market positions [35][36].