强成长兑现，产品迭代持续

Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage [5]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 540-580 million yuan in 2023, representing a year-on-year growth of 61.9%-73.9%. The non-recurring net profit is projected to be 525-565 million yuan, with a year-on-year increase of 77.3%-90.8% [2][13]. - The company continues to experience high growth in performance, driven by the rapid growth of the smart camera industry and the expansion into e-commerce and overseas markets, which enhances profitability [3][14]. - The company launched two new products in October 2023, which are expected to support continued revenue growth [3][14]. Summary by Sections Performance and Growth - The company reported a strong performance in Q4 2023, with net profit expected to be 139-179 million yuan, a year-on-year increase of 21.5%-56.6%. The non-recurring net profit is anticipated to be 136-176 million yuan, with a year-on-year growth of 63.9%-112.1% [2][13]. - The gross profit margins for Q1, Q2, and Q3 of 2023 were 41.1%, 44.6%, and 44.3%, respectively, indicating a positive trend in profitability [3][14]. Financial Projections - Revenue projections for 2023-2025 are 49.29 billion yuan, 58.64 billion yuan, and 70.37 billion yuan, with corresponding growth rates of 14.5%, 19.0%, and 20.0% [4][15]. - The net profit attributable to shareholders is expected to be 569 million yuan, 755 million yuan, and 944 million yuan for the years 2023-2025, with growth rates of 71.0%, 32.5%, and 25.1% respectively [4][15]. Market Position and Strategy - The company is recognized as a rare AIoT enterprise with a complete vertical integration service capability, which is expected to gradually realize its growth potential [4][15]. - The introduction of new products, such as the AI cleaning robot RS20 Pro and the commercial cleaning robot BS1, is anticipated to enhance the company's competitive edge and revenue growth [3][14].