Core viewpoints

The fluorite network has the core highlights of business models and incentives to promote long-term development and sustainable innovation. At present, the demand side is dominated by the B-end market, with the recovery of offline consumption scenario and the growth of C-end consumer demand, there is broad room for short-term repair and long-term growth. The channel end is dominated by dealers, and the company's distribution channel strength is strong, helping to open up domestic and foreign markets. Fluorite cloud platform has great potential to increase payment rates and is expected to contribute to greater profit elasticity in the future.

Abstract

While introducing the core highlights of fluorite network, this report mainly answers the questions of market concern from three aspects: demand side, channel side and cloud platform.

Core highlights: with smart home + cloud platform dual main business development strategy, employee incentive mechanism, constitute the core highlights to promote the company's long-term development and sustainable innovation.

Demand side: mainly for the B-end market, with the recovery of offline consumption scenario and the growth of end-consumer demand, the company has greater short-term income elasticity and strong medium-and long-term demand growth.

Channel end: give priority to distribution channels, diversified channel layout, early use of Haikang channel advantages, the current self-built channel system, strong dealer strength, to promote the market share.

Cloud platform: the business layout of fluorite cloud platform is perfect. With the opening of more value-added services and the improvement of consumers' willingness to pay, the profit contribution of cloud platform is expected to continue to grow.

Investment suggestion: the dual-main business model and incentive mechanism promote development and innovation, enjoy the elastic release of demand at the C-end of Baker, and improve the layout of channels dominated by distributors. Cloud platform business is expected to continue to contribute revenue and profits. We predict that in 2022-2024, the company will achieve a net profit of 3.41 million yuan, which corresponds to an EPS of 0.61, 0.90 and 1.26 yuan, and a current stock price of 63.23, which is 30.38 times that of PE, and a "buy" rating for the first time.

Risk hint: the demand is not as expected, the channel expansion is not as expected, and the cloud platform business development is not as expected.