萤石网络：营收稳步增长，单季度销售费率达历史高点

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a steady revenue growth with a total revenue of 3.963 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 12.93%. However, the net profit attributable to the parent company was 375 million yuan, down 6.69% year-on-year, and the net profit after deducting non-recurring gains and losses was 368 million yuan, down 5.45% year-on-year [5][6]. - In Q3 2024, the company achieved a revenue of 1.379 billion yuan, a year-on-year increase of 12.70%, but the net profit attributable to the parent company fell by 34.87% year-on-year [5][6]. - The company's gross margin declined by 2.29 percentage points year-on-year in Q3 2024, and the sales expense ratio reached a historical high of 17.05%, reflecting increased investment in new product promotions [5][6]. Summary by Sections Revenue and Profitability - For the first three quarters of 2024, the company achieved a revenue of 3.963 billion yuan, up 12.93% year-on-year, while the net profit attributable to the parent company was 375 million yuan, down 6.69% year-on-year [5]. - In Q3 2024, the company reported a revenue of 1.379 billion yuan, a 12.70% increase year-on-year, but the net profit attributable to the parent company decreased by 34.87% [5][6]. Cost and Expense Analysis - The gross margin in Q3 2024 decreased by 2.29 percentage points year-on-year, and the sales expense ratio increased significantly to 17.05%, marking the highest level since the company went public [5][6]. - The sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio for Q3 2024 were 17.05%, 4.05%, 14.24%, and -0.24% respectively, with notable increases in sales expenses [5][6]. Market Position and Growth Strategy - The company maintains a strong position in the smart home camera market, ranking first globally in shipment volume for consumer cameras in H1 2024 [6]. - The company is expanding its product matrix in the smart home sector and has launched new products, including the RS20 Pro Ultra cleaning robot, which is expected to drive further growth [6]. - The company is actively expanding into overseas markets, showcasing its products at international exhibitions to enhance brand recognition [6]. Future Outlook - The company is expected to continue its growth trajectory with projected net profits of 622 million yuan, 767 million yuan, and 945 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 44.7, 36.2, and 29.4 times [7].