Event: On February 19, 2025, Apple will hold a new product launch conference and give a teaser - get ready to meet the latest member of the Apple family, which is expected to catalyze the second growth curve of the global smart home.

The multi-dimensional terminal product matrix layout of EZVIZ network forms a force for performance growth.

With the support of the EZVIZ Blue Ocean model, the RK3 home service robot has built-in digital human interaction based on the multi-modal model, integrating a variety of skills and services, as a family doctor, it can provide the elderly with special functions such as medicine reminders, visual fall detection, and online video consultation; As a tutor, you can help children sit correctly through sitting posture detection algorithms, and provide services such as picture book reading and homework correction.

The video call camera S10 is a new form of smart camera product launched by EZVIZ in 2024, which introduces the function of two-way visualization to meet the two-way care needs of users.

Based on EZVIZ's self-developed motion balance system and intelligent stability system, TAMO mobile care camera has agile and powerful movement ability, integrated pet recognition ability and following ability, plus specially set built-in laser and cat teasing stick interface, so that pet owners can also remotely control TAMO to interact with pets when they go out.

EZVIZ Cloud Vision Commercial Cleaning Robot BS1 is the first to use a multi-camera vision system for positioning and navigation, and has developed a self-developed "multi-eye visual computing system ezMultiVCS++", which has super cleaning ability and super energy base station, deep cleaning and high automation; The advanced EZVIZ multi-eye visual computing system can accurately navigate and locate in complex environments, and avoid obstacles in real time, which is suitable for small and medium-sized scenarios such as office buildings, exhibition halls, and shopping malls.

In terms of smart home entry, in 2023, the company will release a number of series of face video smart locks, taking the lead in leading the smart lock industry into the era of dual camera + face.

Under the medium and long-term AI + cloud strategy, the core competitiveness of EZVIZ network is clarified.

A global IoT cloud service platform service provider. EZVIZ IoT cloud platform serves global customers by building multiple data centers + nearby service points. By the end of 2023, more than 250 million devices will be connected to the cloud platform, including more than 200 million video devices. For consumer users, the EZVIZ IoT cloud platform provides intelligent services around the living and working scene space through the "EZVIZ cloud video" application; For B-end customers, EZVIZ Cloud gradually opens up its accumulated technical capabilities and operational experience to form a full-stack open PaaS platform service and output platform open capabilities.

Investment suggestion: Under the premise that the technology giants led by Apple have made it clear that AI terminals may become the next main line of development, EZVIZ Network has laid out and released a number of market-recognized AI terminals in advance, and we expect that the company's revenue in 2024-2026 will be 54.79, 64.12, and 7.868 billion yuan respectively, and EPS will be 0.73, 0.91, and 1.22 yuan respectively, on February 19, 2025 The corresponding P/E ratios of the daily closing price are 55X, 44X, and 33X, respectively, maintaining the "Recommended" rating.

Risk warning: technology development is uncertain, and industry competition is intensifying.