云平台业务贡献收入利润，智能家居产品毛利显著提升

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of 10%-20% over the next six months [3][18]. Core Insights - The company achieved a total revenue of 4.84 billion yuan in 2023, representing a year-on-year growth of 12.39%, and a net profit of 562.94 million yuan, up 68.8% year-on-year [6][12]. - The cloud platform business showed a revenue increase of 27.8% year-on-year, significantly outpacing the overall revenue growth, driven by an increase in device connections and user numbers [7][8]. - The gross margin improved to 42.85% in 2023, up 6.44 percentage points year-on-year, with net profit margin reaching 11.63%, an increase of 3.9 percentage points [8][12]. Financial Performance Summary - Revenue for 2024 is projected to reach 5.74 billion yuan, with a growth rate of 18.58% [2][12]. - The company plans to distribute a cash dividend of 5 yuan per 10 shares and a stock bonus of 4 shares per 10 shares, resulting in a dividend payout ratio of 49.96% [6][12]. - The company’s net profit for 2024 is estimated at 721.07 million yuan, reflecting a growth of 28.09% [2][12]. Product and Market Development - The smart home product segment, particularly smart entry products, saw significant growth, with revenue increases of 49.5% and 52.2% for smart entry and other smart home products, respectively [7][8]. - The company has launched several series of facial recognition smart locks, enhancing its market position in the smart lock industry [7][8]. - The overseas sales increased by 24.8% year-on-year, contributing to a rise in the overseas revenue share to 31.4% [7][8]. Cost and Margin Analysis - The company’s gross margin for 2023 was 42.85%, with improvements across various product lines, particularly in smart home cameras, which saw a gross margin increase of 7.6 percentage points [8][12]. - The company has focused on optimizing its product structure and supply chain management, leading to a reduction in raw material costs and an increase in overseas business contributions [8][12]. Cash Flow and Financial Health - The net cash flow from operating activities for 2023 was 971 million yuan, an increase of 31.95% year-on-year [9][12]. - The company’s total assets reached 8.19 billion yuan in 2023, with a debt ratio of 32.06% [3][12].