萤石网络：积极布局新赛道，费用投入有所增加

Investment Rating - The investment rating for the company is "Accumulate" [5] Core Views - The company is actively expanding into new business areas, particularly in smart home products, which is expected to drive revenue growth. The revenue for the first three quarters of 2024 reached 3.96 billion yuan, a year-on-year increase of 12.93%, while the net profit attributable to the parent company was 375 million yuan, a year-on-year decrease of 6.69% [1][2] - The company is focusing on the smart home sector, with strong growth anticipated in smart entry and service robots. The introduction of new products in the household and commercial cleaning robot markets, along with the expansion into e-commerce and new retail channels, is expected to contribute to revenue growth [2] - The company has adjusted its profit forecasts for 2024-2026, projecting net profits of 570 million, 690 million, and 790 million yuan respectively, with corresponding dynamic P/E ratios of 46.5x, 38.7x, and 33.6x [2] Financial Performance Summary - For the first three quarters of 2024, the company's gross margin was 42.88%, a decrease of 0.56 percentage points year-on-year, while the net margin was 9.46%, down 1.99 percentage points year-on-year. In Q3 2024, the gross margin was 42.01%, a decline of 2.29 percentage points year-on-year, and the net margin was 6.75%, down 4.93 percentage points year-on-year [3] - The company has increased its expenditure in sales, management, R&D, and financial costs, with the expense ratios for these categories in Q3 2024 being 17.05%, 4.05%, 14.24%, and -0.24% respectively, reflecting a year-on-year increase [4] - The company’s total revenue for 2024 is projected to be 5.43 billion yuan, with a growth rate of 12.28%, and is expected to reach 6.37 billion yuan in 2025, with a growth rate of 17.25% [9]