新品不断推出，内外渠道持续拓展优化，营收实现稳健增长。公司2024 年春季新品发布会上发布带屏视频通话摄像机S10、搭载云端大模型的AI 三摄全自动人脸视频锁DL60FVX Pro 等多款新品，以创新、前沿的算法和技术革新提升用户体验，AI 深度融合细分场景,打造以人为中心的个性化智能家居产品和服务。对应分业务来看，2024H1 公司智能家居产品、物联网云平台营收分别同比+9.42%/+29.97%。智能家居产品中，智能家居摄像头、智能入户、智能服务机器人营收分别同比-4.42%/+68.97%/+273.34%，智能家居摄像头业务占主营业务比重达56.25%，第二增长曲线智能入户板块占比达12.78%，孵化业务智能服务机器人实现小规模上市的初步突破，占比达2.14%。同时，公司持续加强国内外渠道建设，国内线上加大综合电商平台销售力度、精细化运营内容兴趣电商，线下拓展五金渠道成为新增长点；境外依据不同区域和国家特点开展业务，不断提升公司品牌影响力。对应分地区来看，2024H1 公司境内、境外分别实现营收17.35/8.49 亿元，同比增长6.35%/ 29.86%；智能家居产品分渠道来看，经销商、专业客户、线上B2C、电商自营平台及直营店营收占比分别达70.30%/8.46%/15.60%/5.42%/0.22%,营收分别同比变动+15.70%/-35.91%/+40.16%/-13.12%/+264.80%。Description of the event
The company announced its 2024 semi-annual report: in 2024H1, the company achieved operating income of 2.583 billion yuan, up 13.05% year on year; net profit to mother 0.282 billion yuan, up 8.88% year on year; net profit after deducting non-return to mother 0.277 billion yuan, up 9.89% year on year. Among them, 2024Q2 achieved revenue of 1.347 billion yuan, a year-on-year increase of 11.64%; net profit to mother of 0.156 billion yuan, a year-on-year decrease of 6.64% from the higher base; net profit without a higher base of 0.155 billion yuan, a year-on-year decrease of 4.09% from the higher base.
Incident comments
New products continued to be launched, internal and external channels continued to be expanded and optimized, and revenue achieved steady growth. The company unveiled various new products at the 2024 spring product launch conference, such as the S10 video call camera with a screen and the DL60FVX Pro, an AI three-camera fully automatic face video lock equipped with a large cloud model. It enhances the user experience through innovation, cutting-edge algorithms and technological innovation. AI deeply integrates segmented scenarios to create personalized smart home products and services centered on people. In terms of corresponding business segments, 2024H1's revenue for smart home products and IoT cloud platforms was +9.42%/+29.97%, respectively. Among smart home products, the revenue of smart home cameras, smart home entry, and intelligent service robots was -4.42%/+68.97%/+273.34%, respectively. The smart home camera business accounted for 56.25% of the main business, and the smart home entry segment in the second growth curve accounted for 12.78%. Intelligent service robots in the incubation business achieved an initial breakthrough in small-scale listing, accounting for 2.14%. At the same time, the company continues to strengthen domestic and foreign channel construction, increase sales on comprehensive e-commerce platforms domestically, operate e-commerce with refined content, and expand offline hardware channels as a new growth point; overseas business is carried out according to the characteristics of different regions and countries, continuously enhancing the company's brand influence. In terms of corresponding regions, 2024H1 achieved revenue of 1.735/0.849 billion yuan in domestic and overseas respectively, up 6.35%/29.86% year-on-year; in terms of smart home product channels, dealers, professional customers, online B2C, e-commerce self-operated platforms and direct stores accounted for 70.30%/8.46%/15.60%/5.42%/0.22%, respectively, with revenue changes of +15.70%/-35.91%/+40.16%/-13.12%/+264.80 %.
Costs and expenses are well controlled, R&D rates have reached a high point, and barriers continue to be consolidated. The overall gross margin of the 2024H1 company reached 43.34%, an increase of 0.38 pct over the previous year. By business, the gross margins of smart home products/IoT cloud platforms reached 35.71%/76.13%, respectively, with year-on-year changes of -0.96/+0.97pct. Among smart home products, the gross margins of smart home cameras, smart home entry, and intelligent service robots reached 39.41%/41.46%/22.64%, year-on-year change -0.15/+8.21/+6.17pct. The gross margin of the new growth pole business improved significantly; the gross margins of sub-channels, dealers, professional customers, online B2C, e-commerce proprietary platforms and direct stores were different It reached 33.65%/28.15%/47.38%/39.42%/65.17%, with year-on-year changes of -2.89/+3.27/-0.41/ -3.47/+19.08pct, respectively. On the 2024H1 rate side, the company's sales, management, R&D and finance rates reached 14.61%/3.30%/16.35%/-2.45%, respectively, +0.70/ -0.01/+0.26/-0.49pct, respectively. During the reporting period, the company added 56 new authorized invention patents and 8 software copyrights. As of June 30, 2024, the company has a total of 275 authorized invention patents and 91 software copyrights, continuing to strengthen barriers.
Investment proposal: The company completed a comprehensive upgrade of the ecosystem from “1+4+N” to “2+5+N” in the first half of 2024, actively promoted product innovation and channel optimization, and continued improvement in profitability. The company's net profit for 2024-2026 was 6.91, 8.36, and 989 million yuan, respectively. The corresponding PE valuation was 30.47, 25.20 and 21.29 times, maintaining a “buy” rating.
Risk warning
1. The risk of falling market demand due to macroeconomic changes;
2. The risk of increased industry competition and increased market concentration.