Investment Rating - The investment rating for the company is maintained at Buy-A, with a 6-month target price of 159.85 CNY [5]. Core Insights - The company reported Q1 2025 revenue of 0.81 billion CNY, a year-over-year decrease of 1.9%, while the net profit attributable to shareholders reached 0.06 billion CNY, reflecting a significant year-over-year increase of 337.5% [2][3]. - The domestic market is expected to improve due to the gradual recovery of consumer spending and the introduction of new products, while the overseas market is anticipated to contribute additional revenue through products featuring Google TV [2][3]. - The company's gross profit margin increased by 6.0 percentage points year-over-year, driven by a reduction in the cost of upstream DMD chips and ongoing supply chain improvements [2][3]. Financial Performance Summary - Q1 2025 revenue decreased by 1.9% year-over-year, while the net profit margin increased by 6.0 percentage points [2][3]. - The company’s gross margin improved by 6.0 percentage points year-over-year, with a gross profit increase of 8.7% [2][3]. - The forecasted EPS for 2025, 2026, and 2027 is 4.70 CNY, 5.20 CNY, and 5.77 CNY respectively, indicating a positive growth trajectory [3][4]. Financial Projections - The projected revenue for 2025 is 3.76 billion CNY, with a net profit of 0.33 billion CNY, reflecting a net profit margin of 8.7% [4][11]. - The company is expected to achieve a PE ratio of 27.3 in 2025, decreasing to 22.2 by 2027 [4][11]. - The net profit is projected to grow significantly, with a year-over-year increase of 173.9% in 2025 [11]. Market Position - The company is positioned as a leader in the domestic projection industry, having completed a comprehensive product lineup including LED, laser, LCD, and ultra-short throw projectors [3]. - The company’s market strategy includes leveraging the domestic replacement policy to boost sales and expanding its international presence with new product offerings [2][3].

Investment Rating - Investment Rating: Buy (Maintain) [3] Core Views - The company reported Q1 2025 results: Revenue of 810 million (YoY -1.89%), net profit attributable to shareholders of 63 million (YoY +337.5%), and net profit excluding non-recurring items of 55 million (YoY +583.3%) [6] - Revenue and profit align with expectations [6] - The company has entered a steady recovery phase, with improved profitability in domestic market share and growth in overseas and vehicle-mounted segments [9] Revenue Analysis - Domestic sales are expected to stabilize despite a slight decline, with the Chinese projection market showing a revenue/sales increase of 0.3%/-0.8% YoY in Q1 2025 [11] - The company is expected to launch new products in the 3k+ price range to further enhance gross margin recovery [11] - International sales are projected to continue double-digit growth, with expansion into Europe, the US, Japan, and Southeast Asia [11] Profit Analysis - Q1 net profit margin improved by 6 percentage points YoY, while it decreased by 6.6% QoQ, primarily due to gross margin improvements [8] - Q1 gross margin was 34% (YoY +6 percentage points, QoQ -2 percentage points), benefiting from structural changes and cost reductions [8] Financial Forecast - Revenue projections for 2025-2027 are 4.16 billion, 4.92 billion, and 5.82 billion respectively, with YoY growth rates of +22.2%, +18.1%, and +18.4% [9] - Net profit attributable to shareholders is forecasted at 400 million, 530 million, and 650 million for the same period, with YoY growth rates of +230%, +35%, and +22% [9] - Corresponding P/E ratios are projected to be 23, 17, and 14 [9] Key Financial Metrics - Major financial indicators for 2025E include revenue of 4.16 billion, net profit of 397 million, and gross margin of 34.3% [12] - Return on equity (ROE) is expected to rise to 12.1% by 2025 [16]

证券代码：688696 证券简称：极米科技 公告编号：2025-037 极米科技股份有限公司 关于调整回购股份价格上限暨以集中竞价交易方式 回购股份进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： | 回购方案首次披露日 | 2024/10/1 | | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | 预计回购金额 | 15,000万元~30,000万元 | | 回购用途 | □减少注册资本 √用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 262.9153万股 | | 累计已回购股数占总股本比例 | 3.76% | | 累计已回购金额 | 22,812.92万元 | | 实际回购价格区间 | 66.50元/股~116.98元/股 | 一、 回购股份的基本情况 2024 年 9 月 30 日，极米科技股份有限公司（以下简称"公司"）召开第二届 董事会第二十次会议，审议通过了《关于 ...

Investment Rating - The investment rating for the company is "Outperform" (maintained) [4] Core Insights - The company's Q1 2025 performance exceeded expectations, with revenue of 810 million yuan, a year-on-year decrease of 2%, and a net profit attributable to shareholders of 63 million yuan, a year-on-year increase of 337% [4][8] - The domestic projection industry is showing signs of recovery, and the company is actively expanding its overseas market presence while advancing its automotive business [8] - The company's profitability has significantly improved, with a gross margin of 34.01% in Q1 2025, an increase of 5.96 percentage points year-on-year [8] Financial Data and Profit Forecast - For Q1 2025, the company achieved total revenue of 810 million yuan, with a projected total revenue of 4,065 million yuan for 2025, reflecting a year-on-year growth rate of 19.4% [6] - The net profit attributable to shareholders is forecasted to be 338 million yuan for 2025, with a year-on-year growth rate of 181.1% [6] - The earnings per share for 2025 is estimated at 4.82 yuan, with a projected price-to-earnings ratio of 27 times [6]

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company's profitability continues to improve, with a significant increase in net profit of 337.5% year-on-year in Q1 2025, reaching 0.6 billion yuan despite a slight decline in revenue [1][2] - The industry is experiencing a sales recovery, driven by strong performance of new products and government subsidy policies, particularly in the DLP and 3LCD product segments [1] - The launch of the new Play6 series projectors in March 2025, with competitive pricing and superior specifications, is expected to enhance the company's market position [1] Financial Performance - In Q1 2025, the company achieved a gross margin of 34%, up by 6 percentage points year-on-year, attributed to the increasing proportion of high-margin overseas business [2] - The net profit margin for Q1 2025 was 7.7%, reflecting a year-on-year increase of 6 percentage points [2] - The company forecasts net profits of 3.62 billion, 4.24 billion, and 4.91 billion yuan for 2025, 2026, and 2027 respectively, indicating year-on-year growth rates of 201.6%, 17.0%, and 15.7% [2][8] Market and Product Insights - The domestic online sales of M1-M2 projectors in 2025 reached 636,000 units with a sales revenue of 0.98 billion yuan, showing a slight decline compared to the previous year [1] - The new Play6 series projectors are priced competitively at 1,799 yuan and 1,599 yuan after subsidies, with features such as 600 CVIA lumens brightness and a built-in battery for 2.5 hours of continuous video playback [1]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is continuously recovering, with expectations for the vehicle-mounted business to ramp up [1] - The company achieved a revenue of 3.405 billion yuan in 2024, a year-on-year decrease of 4.27%, and a net profit of 120.14 million yuan, a year-on-year decrease of 0.30% [7] - The company is actively expanding its overseas market while benefiting from domestic demand recovery due to national subsidies [7] - The company has made significant progress in cost control, leading to improved profitability [7] - The company is expected to see performance growth from its vehicle-mounted and commercial projection products [7] Financial Summary - Total revenue forecast for 2023A is 3.557 billion yuan, with a projected increase to 4.258 billion yuan in 2025E, representing a year-on-year growth of 25.06% [1] - The net profit forecast for 2023A is 120.50 million yuan, with a significant increase to 429.61 million yuan in 2025E, reflecting a year-on-year growth of 257.58% [1] - The latest diluted EPS is projected to be 6.14 yuan in 2025E, with a corresponding P/E ratio of 20.91 [1] - The company’s gross margin is expected to improve from 31.19% in 2024A to 34.24% in 2025E [8] - The return on equity (ROE) is projected to increase from 4.08% in 2024A to 13.96% in 2025E [8]

Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company has shown significant profit recovery, with a net profit of 0.63 billion yuan in Q1 2025, representing a year-on-year increase of 337.45%. However, the revenue slightly decreased by 1.89% year-on-year to 8.1 billion yuan, primarily due to weak domestic sales performance [1][2] - The company is expanding its technology and product applications, particularly in the automotive projection business, having achieved a breakthrough from 0 to 1 in 2024 with 8 designated projects in smart cockpits and intelligent headlights. This new business is expected to contribute to revenue growth in 2025 [1][2] - The gross margin for Q1 2025 was 34.01%, an increase of 5.96 percentage points year-on-year, while the net margin was 7.7%, up by 5.98 percentage points year-on-year. This improvement is attributed to enhanced operational efficiency and cost management [1] Financial Summary - In Q1 2025, the company reported a negative net cash flow from operating activities of -1.5 billion yuan, a decline of 202.78% year-on-year, mainly due to changes in the settlement cycle and increased payments for inventory [2] - The company maintains a forecast for net profits of 3.5 billion yuan, 5.1 billion yuan, and 6.4 billion yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 25.8x, 17.5x, and 14.1x [2] - The total market capitalization of the company is approximately 8,982.40 million yuan, with a total share capital of 70 million shares [4]

证券代码：688696 证券简称：极米科技 公告编号：2025-035 极米科技股份有限公司 关于高级管理人员辞职的公告 极米科技股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 董事会 极米科技股份有限公司（以下简称"公司"）董事会于近日收到品牌公关总监 郭雪晴女士的书面辞职报告，因个人原因，郭雪晴女士申请辞去公司品牌公关总监 职务，原定任期到期日为2025年7月13日。辞职后，郭雪晴女士不再担任公司及控 股子公司任何职务，也不存在未履行完成的公告承诺。 根据《中华人民共和国公司法》《极米科技股份有限公司章程》等相关规定， 郭雪晴女士的辞职报告自送达公司董事会之日起生效。郭雪晴女士所负责的相关业 务运转正常，其离职不会对公司的生产经营产生不利影响。 截至公告日，郭雪晴女士未直接持有公司股份。郭雪晴女士在担任公司高级管 理人员期间恪尽职守、勤勉尽责。公司董事会对郭雪晴女士任职期间为公司所做 的贡献表示衷心的感谢。 特此公告。 2025年4月30日 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-036 极米科技股份有限公司 关于召开2024年年度股东大会的通知 本公司董事会及全体董事保证公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 一、 召开会议的基本情况 （一） 股东大会类型和届次 2024年年度股东大会 召开日期时间：2025 年 5 月 22 日 14 点 00 分 召开地点：公司会议室（成都市高新区天府软件园 A 区 4 栋） （五） 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自2025 年 5 月 22 日 至2025 年 5 月 22 日 股东大会召开日期：2025年5月22日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 （二） 股东大会召集人：董事会 （三） 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 （四） 现场会议召开的日期、时间和地点 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 东大会召开当日的交易 ...

Revenue and Profitability - Total revenue for Q1 2025 was ¥809,855,500.01, a decrease of 1.89% compared to the same period last year[4] - Net profit attributable to shareholders increased by 337.45% to ¥62,639,120.35, driven by improved gross margin[4] - Basic earnings per share rose by 360.00% to ¥0.92, reflecting the significant increase in net profit[5] - The company reported a net profit margin of approximately 4.8% for Q1 2025, compared to 3.5% in Q1 2024[20] - The net profit for Q1 2025 was CNY 62,374,698.26, a significant increase from CNY 14,184,350.70 in Q1 2024, representing a growth of approximately 339%[21] - The company reported a total comprehensive income of CNY 61,622,044.14 for Q1 2025, compared to CNY 12,368,945.48 in Q1 2024, marking an increase of approximately 398%[22] Operating Performance - The total revenue from operating activities in Q1 2025 was CNY 873,198,606.04, down from CNY 970,143,144.92 in Q1 2024, indicating a decrease of about 10%[25] - The operating cash flow for Q1 2025 was negative at CNY -150,095,141.48, compared to a positive cash flow of CNY 146,037,988.73 in Q1 2024[25] - Total operating costs for Q1 2025 were RMB 770,003,559.87, down 9.0% from RMB 846,717,039.02 in Q1 2024[20] - Operating costs included RMB 534,439,350.37 in operating expenses, which decreased by 10.0% from RMB 593,923,700.12 in the previous year[20] Cash Flow and Assets - The net cash flow from operating activities was -¥150,095,141.48, a decline of 202.78% due to reduced cash receipts from sales and increased payments[4] - Cash and cash equivalents decreased to RMB 1,916,797,318.14 from RMB 2,049,173,639.19, reflecting a decline of 6.4%[16] - The cash and cash equivalents at the end of Q1 2025 were CNY 846,375,945.45, a decrease from CNY 2,112,993,431.34 at the end of Q1 2024[27] - Current assets totaled RMB 3,954,146,861.56 as of March 31, 2025, slightly up from RMB 3,912,453,215.00 at the end of 2024[16] Research and Development - Research and development expenses totaled ¥89,579,557.27, accounting for 11.06% of total revenue, an increase from 10.49% year-on-year[5] - The company incurred research and development expenses of CNY 89,579,557.27 in Q1 2025, slightly up from CNY 86,613,658.49 in Q1 2024[21] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 5,895[10] - The largest shareholder, Zhong Bo, holds 18.79% of the shares, totaling 13,153,554 shares[11] Equity and Liabilities - Total assets at the end of the reporting period were ¥5,353,954,418.61, a slight increase of 0.66% from the previous year[5] - Total liabilities decreased to RMB 2,357,321,823.42 from RMB 2,372,994,145.47, a reduction of 0.7%[18] - Total equity increased to RMB 2,996,632,595.19 from RMB 2,945,799,348.13, reflecting a growth of 1.7%[18] Tax and Investment - The total tax expenses for Q1 2025 were CNY 12,703,399.75, compared to CNY 2,081,835.79 in Q1 2024, showing an increase of approximately 510%[21] - The total investment cash outflow for Q1 2025 was CNY 1,116,116,414.68, compared to CNY 439,711,192.82 in Q1 2024, indicating a significant increase in investment activities[26] Strategic Focus - The company is focusing on expanding its market presence and developing new technologies to enhance product offerings[19] Return on Equity - The weighted average return on equity increased by 1.65 percentage points to 2.11%[5]