公司研究 证 券 研 究 报 告 萤石网络（688475）2025 年半年报点评 推荐（维持） 智能门锁产品表现亮眼，海外渠道积极开拓 目标价：38.90 元 事项： ❖ 萤石网络发布 2025 年半年报，公司 2025H1 实现营收 28.3 亿元，YoY+9.5%； 实现归母净利润 3.0 亿元，YoY+7.4%。经折算，公司 2025Q2 单季度营收 14.5 亿元，YoY+7.5%；实现归母净利润 1.6 亿元，YoY+5.0%。 评论： | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 5,442 | 6,151 | 7,132 | 8,359 | | 同比增速(%) | 12.4% | 13.0% | 15.9% | 17.2% | | 归母净利润(百万) | 504 | 585 | 683 | 898 | | 同比增速(%) | -10.5% | 16.0% | 16.8% | 31.6% | | 每股盈利(元) | 0.64 | 0.74 | 0.87 | 1.14 | | 市盈率 ...

Investment Rating - The report indicates a positive investment outlook for the smart elderly care device industry, driven by technological advancements and increasing demand due to aging population trends [3][10][19]. Core Insights - The smart elderly care device industry in China is rapidly evolving, leveraging AI and IoT technologies to address the needs of the aging population, with significant market growth anticipated [3][19]. - The market is characterized by a high growth rate, with a projected compound annual growth rate (CAGR) of 21.2% from 2020 to 2024, reaching a market size of 156.4 billion yuan by 2024 [33][36]. - The industry is supported by strong government policies aimed at promoting smart elderly care solutions, enhancing the overall market environment [11][36]. Summary by Sections Industry Definition - Smart elderly care devices utilize technologies such as AI, IoT, and big data to provide health management, safety monitoring, and daily assistance to the elderly, enhancing their quality of life [4][19]. Industry Characteristics - The industry is experiencing rapid growth, with a significant increase in the number of new elderly care products, reflecting a robust demand driven by an aging population [10][11]. - The industry exhibits a multi-polar regional development pattern, with eastern regions leading in enterprise concentration [12]. Market Dynamics - The market for smart elderly care devices is expanding rapidly, with a notable increase in product registrations and a growing elderly population, particularly those aged 60 and above [10][35]. - The report highlights a strong policy framework supporting the industry, including financial incentives and subsidies for smart elderly care products [11][36]. Development History - The industry has evolved through three phases: the nascent phase (2007-2017), the initiation phase (2017-2020), and the rapid development phase (2021-present), with increasing integration of technology and services [13][17]. Industry Chain Analysis - The industry chain consists of upstream technology suppliers, midstream manufacturers of smart devices, and downstream application scenarios, with a focus on enhancing user experience and product functionality [18][27]. Competitive Landscape - The competitive landscape is characterized by a diverse range of players, from large tech companies to smaller startups, with varying degrees of market share and technological capabilities [44][45]. - The report identifies three tiers of competition, with major tech firms leading the market, followed by mid-sized companies and smaller startups focusing on niche markets [44]. Market Size and Growth Forecast - The smart elderly care device market is projected to grow significantly, with estimates suggesting a market size of over 600 billion yuan by 2024, driven by demographic trends and technological advancements [33][37]. - The report anticipates continued growth in the sector, with a focus on improving product quality and expanding market reach through innovation and collaboration [38].

Investment Rating - The report maintains a "Buy" rating for the company [4][11]. Core Insights - The company demonstrated steady growth in Q2, with an increase in profit margins and an upgrade in AI capabilities enhancing the smart home product experience [1][11]. - Revenue for the first half of 2025 reached 2.827 billion yuan, a year-on-year increase of 9.45%, with net profit attributable to the parent company at 302 million yuan, up 7.38% year-on-year [11]. - The company is expected to achieve earnings per share (EPS) of 0.77, 0.98, and 1.21 yuan for 2025, 2026, and 2027 respectively, with growth rates of +10.4%, +12.1%, and +13.7% [11]. Financial Summary - Total revenue projections are as follows: - 2023A: 4.841 billion yuan - 2024A: 5.442 billion yuan - 2025E: 5.972 billion yuan - 2026E: 7.061 billion yuan - 2027E: 8.039 billion yuan - Net profit (attributable to the parent) is projected as: - 2023A: 563 million yuan - 2024A: 504 million yuan - 2025E: 610 million yuan - 2026E: 772 million yuan - 2027E: 951 million yuan [3][12]. Business Segmentation - In H1 2025, the smart home camera segment generated 1.547 billion yuan in revenue, a 7.2% increase, accounting for 55% of total revenue [11]. - The smart entry segment achieved 436 million yuan in revenue, a 33% increase, representing 16% of total revenue [11]. - The IoT cloud platform contributed 555 million yuan, growing 12% year-on-year, making up 19.7% of total revenue [11]. Market Position - The company’s overseas business saw a revenue growth of 25.42% in H1 2025, increasing its share of total revenue to 38% [11]. - The report anticipates that as the company continues its overseas expansion, the proportion of international revenue will keep rising [11].

Investment Rating - The report maintains a "Recommended" rating for the company [5][7]. Core Insights - The company achieved a revenue of 2.878 billion yuan in the first half of 2025, representing a year-on-year growth of 9.45%, and a net profit attributable to shareholders of 302 million yuan, up 7.38% year-on-year [1]. - The company is focusing on AI and IoT cloud technology to build smart living ecosystem solutions, with key revenue drivers being smart home cameras and smart entry products [2][3]. - The company has strengthened its retail channel matrix both domestically and internationally, with overseas revenue growing by 25.42% year-on-year, accounting for 38% of total revenue [4]. Summary by Sections Financial Performance - In the first half of 2025, the company reported a net cash flow from operating activities of 330 million yuan, a significant increase of 911% year-on-year [1]. - The projected revenues for 2025-2027 are 6.258 billion, 7.385 billion, and 8.862 billion yuan respectively, with net profits expected to be 717 million, 968 million, and 1.312 billion yuan [5][6]. Product and Technology Development - The smart home camera segment generated 1.548 billion yuan in revenue, growing 7.22% year-on-year, while the smart entry segment saw a 32.99% increase, reaching 436 million yuan [2]. - The company launched the self-developed AI facial video lock, enhancing the functionality and interaction of smart entry products [2][3]. Market Strategy - The company is enhancing its online and offline retail strategies, with over 50% of mainstream sales now through e-commerce channels [4]. - The upgraded "2+5+N" ecosystem aims to continuously iterate existing products while solidifying AIoT barriers through channel expansion and technological deepening [5].

Core Viewpoint - The report highlights the robust growth of YingShi Network in H1 2025, with strong performance in overseas markets and smart home products, leading to a "buy" rating for the company [1][6]. Financial Performance - In H1 2025, YingShi Network achieved revenue of 2.827 billion yuan (+9.45%) and a net profit of 302 million yuan (+7.38%), with Q2 revenue at 1.447 billion yuan (+7.48%) and net profit at 164 million yuan (+5.11%) [2]. - The gross margin for Q2 2025 was 44.58% (+0.67 percentage points), while the net margin was 11.36% (-0.26 percentage points) [4]. Business Segments - Revenue from smart home cameras, smart entry, smart service robots, and IoT cloud platform in H1 2025 was 1.548 billion yuan (+7.22%), 436 million yuan (+32.99%), 60 million yuan (+9.36%), and 555 million yuan (+12.20%) respectively, with smart entry showing significant growth [3]. - Domestic revenue was 1.763 billion yuan (+1.63%) and overseas revenue was 1.064 billion yuan (+25.42%), indicating stronger overseas performance [3]. Innovation and Product Development - The company launched the self-developed YingShi Qiming AI facial video lock (Y5000FVX) in H1 2025, enhancing its smart and interactive capabilities [5]. - The Blue Ocean Model 2.0 was upgraded, focusing on technical capabilities and scene applications, optimizing for specific scenarios [5]. Investment Outlook - The company is expected to see continued revenue growth, with projected net profits of 638 million yuan, 785 million yuan, and 980 million yuan for 2025, 2026, and 2027 respectively [6]. - The current stock price corresponds to PE ratios of 42.92, 34.86, and 27.94 for the years 2025, 2026, and 2027 [6].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on the last closing price of 34.77 [1][7]. Core Insights - The company reported a steady growth in Q2 2025, with H1 performance driven by strong overseas sales and smart home integration [1][4]. - H1 2025 revenue reached 28.27 billion yuan, reflecting a 9.45% increase year-on-year, while net profit attributable to shareholders was 3.02 billion yuan, up 7.38% [3][4]. - The company is expected to benefit from the growth in its smart home segment and overseas markets, with a focus on enhancing its competitive edge through product innovation and channel expansion [6][7]. Summary by Sections Financial Performance - In Q2 2025, the company achieved revenue of 14.47 billion yuan (+7.48%) and a net profit of 1.64 billion yuan (+5.11%) [3][4]. - The revenue breakdown for H1 2025 shows smart home cameras at 15.48 billion yuan (+7.22%), smart home integration at 4.36 billion yuan (+32.99%), and IoT cloud platform at 5.55 billion yuan (+12.20%) [4]. Profitability Metrics - The gross margin for Q2 2025 was 44.58%, an increase of 0.67 percentage points year-on-year, attributed to the scaling of high-margin smart locks and product mix optimization [5]. - The net profit margin for Q2 2025 was 11.36%, a slight decrease of 0.26 percentage points year-on-year [5]. Business Segments - The smart home integration segment is experiencing rapid growth, with a 32.99% increase in revenue, indicating strong market demand and competitive positioning [4][6]. - The overseas revenue for H1 2025 was 10.64 billion yuan, reflecting a 25.42% increase, showcasing the company's successful international expansion strategy [4]. Future Outlook - The company is projected to achieve net profits of 6.38 billion yuan, 7.85 billion yuan, and 9.80 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.81, 1.00, and 1.24 yuan [7][10]. - The report anticipates continued revenue growth driven by the smart home and IoT cloud segments, supported by the company's innovative product offerings and enhanced distribution channels [6][7].

Summary of the Conference Call for YingShi Network (2025 H1) Company Overview - **Company**: YingShi Network - **Period**: First half of 2025 - **Total Revenue**: 2.827 billion CNY, up 9.45% YoY - **Net Profit**: 302 million CNY, up 7.38% YoY Key Financial Highlights - **Smart Home Products Revenue**: 2.256 billion CNY, up 8.9%, accounting for approximately 80.3% of main business revenue, with a gross margin of 36.8%, an increase of 1.3 percentage points [2][5] - **Smart Home Camera Revenue**: 1.548 billion CNY, up 7.2%, accounting for about 55.1% of main business revenue, with a gross margin of 39.1%, unchanged from the previous year [2][6] - **Smart Entry Products Revenue**: 436 million CNY, up 33%, with gross margin increasing by 5.1 percentage points to 46.3% [2][7] - **IoT Cloud Platform Revenue**: 555 million CNY, up 12.2%, accounting for 19.7% of main business revenue [2][9] - **Domestic Revenue**: 1.763 billion CNY, up 1.63%, accounting for 62% of total revenue; **Overseas Revenue**: 1.064 billion CNY, up 25.42%, accounting for 38% of total revenue [2][10] Product and Market Insights - **AI Face Video Lock Y5,000FBX**: Launched as a self-developed product, integrating AI technology for enhanced visual and interactive capabilities [2][7] - **Sales and Marketing Expenses**: Increased to 444 million CNY, up 19.18%, accounting for 15.71% of revenue, driven by expansion in smart home camera and new product markets [4][11] - **Cross-Border E-commerce Growth**: Significant growth noted in overseas markets, particularly in Europe for smart entry products [4][12] Strategic Initiatives - **Cloud Services**: Public cloud platform revenue grew by 12%, maintaining double-digit growth for several years, with a focus on personalized services to enhance user experience [4][13] - **AI Integration**: Plans to leverage AI models to enhance service offerings for both developers and customers, with a focus on IoT and cloud services [16][36] - **New Brand Development**: Introduction of sub-brands targeting younger demographics, with a focus on innovative designs and marketing strategies [27][30] Future Outlook - **Market Expansion**: Continued focus on international markets, with expectations for overseas revenue growth to outpace domestic growth [12][20] - **Product Diversification**: Plans to expand product lines, including smart locks and cleaning robots, to capture emerging market opportunities [21][24] - **Investment in AI and Robotics**: Commitment to invest in AI interaction and video technology for smart service robots, aiming for breakthroughs across various product lines [36][37] Additional Insights - **Customer Trends**: Increasing demand for smart cameras in home care, pet companionship, and outdoor activities, indicating a shift in consumer needs [29][30] - **Competitive Positioning**: The Y5,000 product is positioned as a premium offering with advanced AI capabilities, aiming to capture a broader market segment [25][26] This summary encapsulates the key points from the conference call, highlighting the financial performance, product developments, strategic initiatives, and future outlook for YingShi Network.

Summary of the Conference Call for Yingzi Network Company Overview - **Company**: Yingzi Network - **Period**: First half of 2025 - **Total Revenue**: 2.827 billion CNY, up 9.45% YoY - **Net Profit**: 302 million CNY, up 7.38% YoY - **Key Revenue Contributors**: Smart home products, smart entry business, IoT cloud platform, overseas market growth Key Points Industry and Company Performance - **Smart Home Products**: Revenue reached 2.256 billion CNY, accounting for over 80% of total revenue, with a YoY growth of 8.9% and a gross margin of 36.8%, up 1.3 percentage points [2][5] - **Smart Entry Business**: Revenue of 436 million CNY, a significant growth of 33% YoY, with gross margin increasing by 5.1 percentage points to 46.3% [2][6] - **IoT Cloud Platform**: Revenue of 555 million CNY, up 12.2% YoY, accounting for approximately 19.7% of main business revenue [2][8] - **Overseas Market**: Revenue of 1.064 billion CNY, up 25.42% YoY, representing 38% of total revenue, driven by localization strategies [2][9] Financial Metrics - **R&D Investment**: 423 million CNY, accounting for 14.95% of revenue, with a slight decrease of 1.4 percentage points YoY [4][9] - **Sales Expenses**: 444 million CNY, up 19.18% YoY, representing 15.71% of revenue, an increase of 1.28 percentage points YoY [4][9] - **E-commerce Channel**: Global self-operated e-commerce accounted for 24.7% of revenue, up 4 percentage points YoY, with over 50% of domestic mainstream sales through e-commerce [4][9] Product Development and Market Strategy - **Smart Lock Series**: The Y5,000 series is expected to redefine AI smart locks, projected to become the second cash flow business for the company [2][10] - **New Brands**: Introduction of sub-brands targeting younger demographics and outdoor enthusiasts, with promising sales growth [18][19] - **AI Integration**: Continuous investment in AI technology to enhance product capabilities and user experience [24][25] Challenges and Future Outlook - **Market Competition**: The smart service robot segment faces challenges in the C-end market but has potential in the B-end market [23][31] - **Regulatory Impact**: The national subsidy policy's influence on the smart lock industry is diminishing, affecting growth rates [22] - **Future Growth Areas**: Expansion into new service areas such as AI cloud services and elderly care solutions [30] Additional Insights - **Sales Channel Efficiency**: Improvement in e-commerce operational efficiency and strategic use of AI tools for internal operations [10] - **Product Diversification**: Plans to expand product lines in smart entry, cleaning products, and wearable devices for overseas markets [15][16] This summary encapsulates the key insights and performance metrics from Yingzi Network's conference call, highlighting the company's growth trajectory, strategic initiatives, and market challenges.

Revenue and Profit - The company reported total revenue of 2.827 billion yuan for the first half of 2025, an increase of 9.45% year-on-year [1] - The net profit attributable to shareholders was 302 million yuan, up 7.38% year-on-year, while the net profit excluding non-recurring items was 298 million yuan, an increase of 7.69% [1] - In the second quarter alone, total revenue reached 1.447 billion yuan, a year-on-year increase of 7.48%, with net profit attributable to shareholders at 164 million yuan, up 4.95% [1] Profitability - The company's gross margin was 43.59%, an increase of 1.0% year-on-year, while the net margin was 10.7%, a decrease of 1.89% year-on-year, indicating a need for improved cost control [2] Expense Control - Total selling, administrative, and financial expenses amounted to 474 million yuan, accounting for 16.76% of revenue, which is a year-on-year increase of 9.7% [3] - The increase in selling expenses was primarily due to the ongoing enhancement of domestic and international channel development and increased business promotion costs [3] Cash Flow and Balance Sheet - Operating cash flow per share was 0.42 yuan, a significant increase of 911.0% year-on-year, indicating a marked improvement in cash flow from operating activities [4] - Cash and cash equivalents totaled 3.78 billion yuan, a decrease of 8.46% year-on-year, while accounts receivable rose to 1.029 billion yuan, an increase of 13.41% [4] - Accounts receivable represented 204.24% of the latest annual net profit, highlighting potential risks in receivables collection [4] - Interest-bearing debt decreased by 96.00% year-on-year to 14.1972 million yuan, indicating a substantial reduction in debt pressure [4] Main Business Analysis - The company's main revenue sources are smart home products and IoT cloud platforms, with smart home product revenue at 2.256 billion yuan, accounting for 79.79% of total revenue [5] - Revenue from smart home cameras was 1.548 billion yuan, making up 54.75% of total revenue, while IoT cloud platform revenue was 555 million yuan, accounting for 19.63% of total revenue, with a high gross margin of 72.09% [5] Development Strategy and Outlook - The company has increased R&D investment, with R&D expenses for the first half of 2025 reaching 423 million yuan, representing 14.95% of total revenue [6] - The company launched the fully self-developed Y5000FVX AI facial video lock and made significant progress in AI technology with the release of the Zeiss Blue Ocean Model 2.0, enhancing its competitiveness in the smart home sector [6] Summary - Overall, the company achieved steady revenue growth in the first half of 2025, but there is room for improvement in accounts receivable management and net profit margin [7] - The company needs to continue optimizing cost control and strengthen accounts receivable management to ensure sustainable future development [7]

Investment Rating - The report maintains a "Recommended" investment rating for the company, with a current stock price of 35.29 yuan [1]. Core Insights - The company reported a steady growth in its performance for the first half of 2025, achieving an operating revenue of 2.827 billion yuan, a year-on-year increase of 9.45%. The net profit attributable to shareholders reached 302 million yuan, up 7.38% year-on-year, while the net profit excluding non-recurring items was 298 million yuan, reflecting a 7.69% increase [5][9]. - The company's second growth curve, focusing on smart home products, continues to enhance its competitive edge, particularly in AI capabilities and product innovation. The launch of the self-developed AI facial recognition video lock (Y5000FVX) exemplifies this strategy [9][10]. - The company is strengthening its domestic and international channel construction, with domestic sales through e-commerce channels exceeding 50% of total sales for key products. Internationally, revenue from overseas operations grew by 25.42% year-on-year, accounting for 38% of total revenue [10]. Financial Performance Summary - The company’s projected financial performance for 2025-2027 includes expected net profits of 622 million yuan, 748 million yuan, and 905 million yuan respectively, with corresponding EPS of 0.79 yuan, 0.95 yuan, and 1.15 yuan. The P/E ratios for these years are projected at 44.7, 37.1, and 30.7 times [9][10]. - The company is positioned as a leading player in the smart home industry, leveraging its visual technology advantages and expanding its product matrix to solidify its market position [10][12].