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研報掘金丨國泰君安:維持螢石網絡“增持”評級,上調目標價至48.02元
格隆匯 02-26 16:50

國泰君安研報指出,螢石網絡(688475.SH)2024Q4收入符合預期,利潤率環比修復。AI賦能產品智能交互能力進一步提升,期待後續新品催化。上調目標價至48.02元,維持“增持”評級。公司24年歸母淨利潤5.04億元,同比-10.52%,Q4歸母淨利潤1.29億元,同比-19.9%,Q4收入符合預期,利潤率環比修復。根據奧維線上數據,公司掃地機Q2~Q4線上市佔率分別爲0.20%/0.29%/0.27%,H2相較於H1份額提升;新品陪護機器人RK3即將問世,RK3作爲AI代理的載體,交互能力預計將在RK2 的基礎上進一步提升。B端商清產品BS1已建立部分標杆案例,預計25年拓展至海康之外的其他客戶。積極關注AI 對公司產品的賦能。1月字節豆包推出了實時語音大模型,賦予AI對話“真人感”,該模型應用在螢石陪伴機器人上能夠增加交互體驗;此外,公司官宣接入DeepSeek大模型,S10、RK3和智能中控屏等產品語音交互能力有望升級。

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