萤石网络（688475.SH）2024 年三季报点评 [盈利预测与财务指标 Table_Forcast] 重磅新品发布与 AI 能力升级孕育全新增长曲线 2024 年 10 月 29 日 ➢ 事件：近日，萤石网络发布 2024 年三季报，2024 年前三季度营收约 39.63 亿元，同比增加 12.93%；实现归母净利润约 3.75 亿元，同比减少 6.69%。 ➢ 公司战略调整造成利润阶段性失真，积极布局新品孕育公司全新增长曲线。 具体到 2024Q3，公司单季度实现收入 13.79 亿元，同比增长 12.7%；实现归母 净利润约 0.93 亿元，同比减少 34.87%；主要系 2024Q3 公司产品结构调整、 竞争加剧等因素影响导致毛利率有所下降，同时公司积极布局家用和商用清洁机 器人等新品市场及拓展电商和新零售渠道，导致各项费用投入有所增加。面对各 种外部经营挑战，公司保持合理的投入为中长期成长和发展提供动力，夯实技术 研发，积极布局智能锁、家用和商用清洁机器人等新品市场，同时积极发展电商 和新零售渠道，不断构建公司各类核心产品线在境内外的品牌影响力： ➢ 1）2024 年 7 月，公司发布智能健康手表 ...

Investment Rating - The report maintains a "Buy" rating for the company, citing its strong product capabilities, expansion in smart locks, and leading dual-core business model of "smart home + IoT public cloud" [2][4][6] Core Views - The company's revenue growth accelerated in Q3 2024, with a 12.7% YoY increase to RMB 1.379 billion, despite a challenging environment for the small home appliance and camera industries [6] - The company's profitability experienced short-term fluctuations, with a 34.87% YoY decline in net profit attributable to shareholders in Q3 2024, primarily due to increased competition and necessary investments [6] - The company is actively expanding its product lines, including smart locks and cleaning robots, and is building brand influence both domestically and internationally, particularly in Southeast Asia, Europe, and Latin America [6] - The company's "2+5+N" ecosystem and its transition to the "AI+" stage are expected to drive long-term growth [6] Financial Performance - In Q3 2024, the company's gross margin decreased by 2.3 percentage points YoY to 42.0%, mainly due to product mix adjustments and intensified competition [6] - The company's sales expense ratio increased by 2.1 percentage points YoY in Q3 2024, driven by new product launches and channel expansion [6] - The company's net profit margin attributable to shareholders decreased by 4.9 percentage points YoY to 6.8% in Q3 2024 [6] - The company's revenue for the first three quarters of 2024 reached RMB 3.963 billion, a 12.93% YoY increase, while net profit attributable to shareholders decreased by 6.69% YoY to RMB 375 million [6] Future Projections - The company's revenue is expected to grow to RMB 5.500 billion, RMB 6.629 billion, and RMB 8.061 billion in 2024, 2025, and 2026, respectively, with YoY growth rates of 14%, 21%, and 22% [6] - Net profit attributable to shareholders is projected to be RMB 521 million, RMB 706 million, and RMB 928 million in 2024, 2025, and 2026, with YoY growth rates of -7%, 36%, and 31%, respectively [6] - The company's EPS is expected to be RMB 0.66, RMB 0.90, and RMB 1.18 in 2024, 2025, and 2026, with corresponding P/E ratios of 47x, 35x, and 26x [6] Industry and Market Position - The company operates in the computer/computer equipment industry and has a market capitalization of RMB 12.613 billion [4] - The company's stock price has fluctuated between RMB 24.18 and RMB 58.11 over the past year [4] - The company's overseas market remains a significant source of revenue growth, with increasing brand influence in regions such as Southeast Asia, Europe, and Latin America [6]

2024年10月26日 来源：公司年报、国金证券研究所 萤石网络（688475.SH） 买入(维持评级) 公司点评 证券研究报告 收入端稳健增长，投入影响短期利润 业绩简评 2024 年 10 月 25 日,公司发布三季报,前三季度实现营收 ■ 39.63 亿元，同比增长 12.93%: 实现归母净利润 3.75 亿元, 同比下降 6.69%。单 Q3 公司实现营收 13.79 亿元,同比增 长 12.70%;实现归母净利润 0.93 亿元,同比下降 34.87%。 业绩简评 ■ 收入端保持稳健增长，毛利率同比有所下降，前三季度毛利 率 42.88%，同比下降 0.55pct,单 Q3 毛利率 42.01%，同比 下降 2.29pat。我们认为,主要受产品结构调整(如孵化的新 业务品类清洁机器人占比提升)、原材料成本上升、竞争、出 口业务汇率波动等因素影响。 投入增加费用率提升,影响利润表现,前三季度研发、销售、 ■ 管理、财务费用率分别为 15.61%、15.46%、3.56%、-1.68%, 同比提升 0.06pct、1.17pct、0.15pct、下降 0.48pct。我们认 为,主要受公司在新品投放、 ...

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is actively expanding into new business areas, particularly in smart home products, which is expected to drive revenue growth. The revenue for the first three quarters of 2024 reached 3.96 billion yuan, a year-on-year increase of 12.93%, while the net profit attributable to the parent company was 375 million yuan, a year-on-year decrease of 6.69% [1][2] - The company is focusing on the smart home sector, with strong growth anticipated in smart entry and service robots. The introduction of new products in the household and commercial cleaning robot markets, along with the expansion into e-commerce and new retail channels, is expected to contribute to revenue growth [2] - The company has adjusted its profit forecasts for 2024-2026, projecting net profits of 570 million, 690 million, and 790 million yuan respectively, with corresponding dynamic P/E ratios of 46.5x, 38.7x, and 33.6x [2] Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 42.88%, a decrease of 0.56 percentage points year-on-year, while the net margin was 9.46%, down 1.99 percentage points year-on-year. In Q3 2024, the gross margin was 42.01%, a decline of 2.29 percentage points year-on-year, and the net margin was 6.75%, down 4.93 percentage points year-on-year [3] - The company has increased its expenditure in sales, management, R&D, and financial costs, with the expense ratios for these categories in Q3 2024 being 17.05%, 4.05%, 14.24%, and -0.24% respectively, reflecting a year-on-year increase [4] - The company’s total revenue for 2024 is projected to be 5.43 billion yuan, with a growth rate of 12.28%, and is expected to reach 6.37 billion yuan in 2025, with a growth rate of 17.25% [9]

萤石网络（ [Table_StockNameRptType] 688475） 公司点评 智能入户延续高增 | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------|-----------------------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.963 billion yuan for the first three quarters of 2024, a year-on-year increase of 12.93%, while the net profit attributable to shareholders decreased by 6.69% [2] - The company's star products, such as smart locks, continue to grow rapidly, with Q3 2024 revenue reaching 1.379 billion yuan, a year-on-year increase of 12.70% and a quarter-on-quarter increase of 2.43% [2] - The gross margin for Q3 2024 was 42.01%, down 2.29 percentage points year-on-year and 1.90 percentage points quarter-on-quarter, primarily due to product mix adjustments and rising raw material costs [2] - Increased marketing expenses for new product launches and channel expansions, along with costs associated with moving into a new office building, led to a significant decline in net profit for Q3 2024, which was 0.093 billion yuan, down 34.87% year-on-year and 40.46% quarter-on-quarter [2] - The controlling shareholder's plan to increase their stake in the company by 200-400 million yuan reflects confidence in the company's future development [2] Financial Performance Summary - For 2024, the company is expected to achieve revenues of 5.506 billion yuan, 6.503 billion yuan in 2025, and 7.897 billion yuan in 2026, with corresponding net profits of 477.96 million yuan, 782.85 million yuan, and 905.55 million yuan [3][4] - The projected PE ratios for 2024, 2025, and 2026 are 55.62, 33.96, and 29.36 respectively [3] - The company’s revenue growth rates are forecasted at 13.76% for 2024, 18.11% for 2025, and 21.43% for 2026 [4] - The net profit growth rates are expected to be -15.10% for 2024, 63.79% for 2025, and 15.67% for 2026 [4] - The gross margin is projected to be 43.0% in 2024, 44.4% in 2025, and 45.2% in 2026 [4]

证券代码：688475 证券简称：萤石网络 公告编号：2024-038 杭州萤石网络股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 投资者可于即日起至 10 月 30 日(星期三)16:00 前登录上证路演中心网站首 页点击"提问预征集"栏目或通过公司邮箱 ir@ezviz.com 进行提问。公司将在 说明会上对投资者普遍关注的问题进行回答。 杭州萤石网络股份有限公司（以下简称"公司"）将于 2024 年 10 月 26 日发 布公司 2024 年第三季度报告，为便于广大投资者更全面深入地了解公司 2024 年 第三季度经营成果、财务状况，公司计划于 2024 年 10 月 31 日下午 16:00-17:00 举行 2024 年第三季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2024 年第三季度的经 营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息披露允许的 范围内就投 ...

证券代码：688475 证券简称：萤石网络 公告编号：2024-036 杭州萤石网络股份有限公司 （一）以7票赞成、0票反对、0票弃权，审议通过《2024年第三季度报告》 本议案已经公司第二届董事会审计委员会2024年第四次会议审议通过。 具 体 内 容 详 见 公 司 于 2024 年 10 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《杭州萤石网络股份有限公司2024年第三季度报告》。 本公司董事会、全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、董事会会议召开情况 杭州萤石网络股份有限公司（以下简称"公司"）第二届董事会第四次会议， 于2024年10月22日以电子邮件及专人送达方式向全体董事发出书面通知，于2024 年10月25日以通讯表决方式召开。会议由董事长蒋海青先生召集并主持。会议应 出席董事7名，实际出席董事7名。会议召开符合有关法律、法规、规章和公司章 程的规定。 二、董事会会议审议情况 特此公告。 第二届董事会第四次会议决议公告 杭州萤石网络股份有限公司 董 事 会 ...

证券代码：688475 证券简称：萤石网络 公告编号：2024-037 杭州萤石网络股份有限公司 第二届监事会第四次会议决议公告 二、监事会会议审议情况 （一）以3票赞成、0票反对、0票弃权，审议通过《2024年第三季度报告》 经核查，监事会认为董事会编制和审核公司2024年第三季度报告的程序符合 法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 具 体 内 容 详 见 公 司 于 2024 年 10 月 26 日 在 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）上披露的《杭州萤石网络股份有限公司2024年第三季度报 告》。 特此公告。 本公司监事会、全体监事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 杭州萤石网络股份有限公司 一、监事会会议召开情况 监 事 会 杭州萤石网络股份有限公司（以下简称"公司"）第二届监事会第四次会议， 于2024年10月22日以电子邮件及专人送达方式向全体监事发出书面通知，于2024 年10月25日以通讯表决 ...

杭州萤石网络股份有限公司 2024 年第三季度报告 证券代码：688475 证券简称：萤石网络 杭州萤石网络股份有限公司 2024 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务信息 的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 1 / 16 杭州萤石网络股份有限公司 2024 年第三季度报告 单位：元 币种：人民币 一、 主要财务数据 （一） 主要会计数据和财务指标 | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------------------------------------|------------------|----------------- ...