萤石网络：IPO以来实控人首次增持计划，彰显长期发展信心

Investment Rating - The report does not explicitly state the investment rating for the company [1][2][3] Core Views - The company's controlling shareholder, CETC Group, plans to increase its stake by RMB 2-4 billion, demonstrating confidence in the company's future prospects [1] - Management has repeatedly increased its stake since the IPO, with a cumulative increase of approximately RMB 442.94 million, reflecting long-term development confidence [1] - The company launched a new generation of sweeping robots in September 2024, with smart service robot revenue growing 273.3% YoY in 1H24, achieving a breakthrough in the cleaning robot product line [1] - The company showcased its full range of smart home products at the GITEX GLOBAL exhibition in Dubai, with overseas revenue reaching RMB 849 million in 1H24, a 29.9% YoY increase, indicating potential for accelerated new product introduction in overseas markets [1] - The company maintains a leading position in the global consumer-grade camera market, with a 39.41% gross margin for smart home cameras in 1H24, up 0.82 pct from 23FY, reflecting a stable market positioning for mid-to-high price segment products [1] Financial Projections - Revenue forecasts for 2024-2026 are adjusted to RMB 5.54 billion, RMB 6.57 billion, and RMB 7.85 billion, respectively [1] - Net profit attributable to the parent company is projected to be RMB 640 million, RMB 780 million, and RMB 1.03 billion for 2024-2026, respectively [1] Market Position - The company ranks first in global consumer-grade camera shipments in 1H24, with key competitors including Xiaomi, Lechange, TP-Link, and Amazon [1] Product Development - The company introduced the RS20 Pro Ultra sweeping robot in September 2024, priced at RMB 3,499 (water tank version) and RMB 3,999 (automatic water version), marking a significant milestone in the cleaning robot segment [1] Overseas Expansion - The company's participation in the GITEX GLOBAL exhibition is expected to accelerate the introduction of new product categories in overseas markets and enhance the global brand recognition of "Ezviz" [1]