AI+萤石云双核驱动，软硬件收入齐增。分业务看，公司24H1 年智能家居产品收入共20.7 亿元，同比+9.4%。具体到各产品，智能家居摄像机、智能入户、智能服务机器人收入分别为14.4、3.3、0.5 亿元，同比增速分别为-4.4%、+69.0%、+273.3%。公司第二三梯队产品高增亮眼，智能入户及智能机器人贡献主要增量，传统主业智能摄像机下滑主要为专业客户（如运营商等）渠道收入下滑较多，同比-35.9%，该部分占比逐步收缩。此外，云平台服务实现收入为4.9 亿元，同比+30.0%，占主营业务收入的比例进一步提升至19%，相较硬件产品保持更快增速，云服务受益于续订模式以及To B 客户引流，未来有望保持高速增长。Matters:
The company released its 2024 semi-annual report. 24H1 achieved total operating income of 2.58 billion yuan, +13.1% year over year; net profit to mother of 0.28 billion yuan, +8.9% year over year. Looking at a single quarter, 24Q2 achieved total revenue of 1.35 billion yuan, +11.6% year over year; net profit to mother was 0.16 billion yuan, or -6.6% year over year.
Commentary:
AI+ Fluorite Cloud dual-core drivers have increased software and hardware revenue. By business, the company's total revenue from smart home products in 24H1 was 2.07 billion yuan, +9.4% over the same period last year. Specifically, the revenue from smart home cameras, smart home entry, and intelligent service robots was 1.44, 0.33, and 0.05 billion yuan respectively, with year-on-year growth rates of -4.4%, +69.0%, and +273.3%, respectively. The company's second and third-tier products have increased significantly, with smart home entry and intelligent robots contributing the main increase. The decline in traditional smart cameras is mainly due to a sharp decline in channel revenue for professional customers (such as operators, etc.), which is -35.9% over the same period last year. This share gradually shrinks. In addition, cloud platform services achieved revenue of 0.49 billion yuan, +30.0% over the same period, further increasing to 19% of main business revenue. Compared with hardware products maintaining a faster growth rate, cloud services benefit from renewal models and the influx of ToB customers, and are expected to maintain rapid growth in the future.
The gross margin of the new business increased, and foreign exchange dragged down net profit. The company's 24H1 gross sales margin was 43.3%, up 0.4 pct year on year. Among them, the gross margin of the smart home camera, smart home entry, and intelligent service robot business was 39.4%, 41.5%, and 22.6%, respectively, -0.2 pct, +8.2 pct year on year, and the gross margin of the cloud platform service business was 76.1%, +1.0 pct year on year. The gross margin of the new business and cloud services increased significantly. The company's gross margin in Q2 was 43.9%, -0.7 pct year on year. Overall, it is stable, and is expected to increase as the share of exports increases and structural improvements. In terms of expenses, the 24Q2 company's expense ratio was 32.2%, -0.5pct year on year. Among them, sales, management, and R&D expenses all declined slightly, and the financial expense ratio increased 1.3 pct year over year, mainly due to the increase in the company's interest income but a decrease in exchange differences. Under the combined influence, Q2 Company's net interest rate to mother was 11.6%, down 2.3 pct from the previous year.
Product upgrade+acceleration of export sales, long-term development can be expected. The company fully upgraded its ecosystem during the year, using AI and fluorite cloud as dual-core drivers. The product side integrates AI technology with various smart devices, service robots, and IoT cloud services. The core business smart camera share is at the top. According to Lotu Technology data, the 24H1 fluorite camera ranked second in online channel sales share, and fluorite ranked first in the high-end market of 300 yuan or more. In addition, the company attaches importance to overseas layout. Export revenue was 0.85 billion yuan, a year-on-year increase of 29.9% higher than the domestic sales growth rate, accounting for 33%. In the long-term outlook, smart homes are currently developing rapidly with the support of AI technology. Fluorite grasps the entrance to visual technology, and it is expected that it will continue to enjoy the dividends of the rapid development of the AIoT industry.
Investment advice: Considering the lackluster domestic demand, we adjusted the company's 24-26 EPS forecast to 0.85/1.02/1.25 yuan (the original value was 1.39/1.80/2.25 yuan). The corresponding PE is 32/26/22 times, respectively. Maintain a “Recommended” rating.
Risk warning: Market competition has intensified dramatically, demand for terminals falls short of expectations, and the scale of related transactions is risky.
