萤石网络：收入端稳健增长，投入影响短期利润

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [1][2]. Core Insights - The company reported a revenue of 3.963 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 12.93%. However, the net profit attributable to shareholders decreased by 6.69% to 375 million yuan [1]. - In Q3 alone, the company achieved a revenue of 1.379 billion yuan, a 12.70% increase year-on-year, but the net profit fell by 34.87% to 93 million yuan [1]. - The gross margin for the first three quarters was 42.88%, down 0.55 percentage points year-on-year, with Q3 gross margin at 42.01%, down 2.29 percentage points year-on-year. This decline is attributed to product mix adjustments, rising raw material costs, competition, and exchange rate fluctuations [1]. - Increased expenditures in R&D, sales, management, and financial costs have impacted profit performance, with respective expense ratios of 15.61%, 15.46%, 3.56%, and -1.68% for the first three quarters, reflecting increases in R&D and sales expenses [1]. - The company is focusing on long-term growth by investing in new product launches and expanding its market presence in smart locks and cleaning robots, while also enhancing its e-commerce and new retail channels [1]. Financial Forecasts - Revenue projections for 2024-2026 have been adjusted to 5.48 billion, 6.50 billion, and 7.78 billion yuan, with year-on-year growth rates of 13.3%, 18.6%, and 19.7% respectively. The forecasted net profit for the same period is 571 million, 673 million, and 883 million yuan, with growth rates of 1.4%, 17.9%, and 31.2% respectively [2]. - The corresponding price-to-earnings ratios are projected at 45X, 38X, and 29X for the years 2024, 2025, and 2026 [2].