Core Viewpoint - The State Administration for Market Regulation (SAMR) announced the enforcement of intellectual property rights in 2024, highlighting significant cases of trademark infringement involving major brands such as "XGIMI," "LEGO," and "Huawei" [1]. Group 1: Enforcement Actions - A two-year special enforcement action plan titled "Guarding Intellectual Property Rights" was launched, with significant cases reported across nine provinces [1]. - The XGIMI trademark infringement case involved over 30 enterprises across nine provinces, with a total illegal business amounting to 128 million yuan [1][2]. - The Anhui Provincial Market Regulation Bureau reported a case involving 200 million yuan related to counterfeit clothing [1]. - A major trademark infringement case in Chongqing involved an amount as high as 300 million yuan [1]. Group 2: Specific Cases - The case against Jiangxi Caiying Technology Co., Ltd. for infringing on the "XGIMI" trademark involved extensive collaboration among regulatory bodies from multiple provinces [2][3]. - The Beijing Market Regulation Bureau addressed a case involving Beijing Youyou Education Consulting Co., Ltd. for infringing on the "LEGO" trademark [4]. - The Hebei Province's Xingtai City Market Regulation Bureau dealt with a case of infringement on the "Huawei" trademark [5]. - The Shanghai Market Regulation Bureau investigated Shanghai Jixu Food Co., Ltd. and others for infringing on the "Liuhe" trademark [5]. - The Zhejiang Province's Wenzhou City Market Regulation Bureau handled a case involving Wenzhou Zunxiang Technology Co., Ltd. for selling goods infringing on trademark rights [5]. - The Hubei Province's Xiangyang City Market Regulation Bureau addressed a case involving a gang producing and selling trademark-infringing "special supply liquor" [7]. - The Guangdong Province's Jieyang City Market Regulation Bureau investigated Wang Mouyi for producing counterfeit watches bearing "ROLEX," "RADO," and "FOSSIL" trademarks [8]. - The Chongqing Province's Youyang Tujia and Miao Autonomous County Market Regulation Bureau, in collaboration with the police, dealt with a case involving sales of goods infringing on "LV" trademarks [9]. - The Sichuan Province's Luzhou City Market Regulation Bureau addressed a case involving Luzhou Brothers Decoration Engineering Co., Ltd. for infringing on the "Brothers Decoration" trademark [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.405 billion yuan for 2024, a year-on-year decline of 4.27%, with a net profit attributable to shareholders of 120 million yuan, down 0.30% year-on-year. However, the non-recurring net profit attributable to shareholders increased by 34.94% year-on-year to 92 million yuan [2][4] - In Q4 2024, the company achieved a revenue of 1.123 billion yuan, a slight decline of 1.02% year-on-year, but the net profit attributable to shareholders surged by 367.35% year-on-year to 160 million yuan, and the non-recurring net profit attributable to shareholders increased by 499.03% year-on-year to 156 million yuan [2][4] Summary by Sections Company Overview - The company maintains a strong market position, being the leader in the smart projection industry, with a focus on overseas expansion and active development in the automotive projection sector. The company has achieved the top position in domestic shipments and sales for five consecutive years [11] Financial Performance - The overall gross margin for 2024 was 31.19%, a slight decrease of 0.15 percentage points year-on-year. The gross margin for projection products decreased by 0.99 percentage points year-on-year. The company optimized its expense ratios, leading to an increase in net profit margin by 0.14 percentage points year-on-year [11] - In Q4, the company saw a significant improvement in profitability, with a gross profit margin increase of 10.47 percentage points year-on-year, attributed to government subsidies and a narrowing decline in industry average prices [11] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 360 million yuan, 578 million yuan, and 627 million yuan for 2025, 2026, and 2027 respectively, corresponding to price-earnings ratios of 24.3, 15.1, and 14.0 times [11]

Core Viewpoint - The article highlights the significant advancements and strategic focus of XGIMI Technology in the automotive projection market, emphasizing its competitive advantages and growth potential in this emerging sector [2][3][5]. Group 1: Company Overview - XGIMI Technology has established itself as a leading player in the global projection equipment industry, maintaining the top position in China's projector market for seven consecutive years and achieving the highest shipment volume in the global home projection market for two years [3][5]. - The company launched its automotive division in 2024, focusing on in-car projection and smart lighting solutions, and has secured eight contracts with well-known automotive industry players [3][4]. Group 2: Competitive Advantages - XGIMI's four key advantages in the automotive sector include market perception capability, hardware expertise, software innovation, and a complete closed-loop production capacity [3][4]. - The company is the only domestic firm capable of delivering a full range of optical solutions from lenses to complete systems, which provides a significant edge in the industry [4]. Group 3: Market Potential - The automotive projection market is expected to grow significantly, driven by the trends of electrification and intelligence in the automotive industry, with projections indicating it could become the largest independent segment for projection optical products [5][6]. - The market for automotive HUDs, smart lights, and in-car projection is projected to reach substantial sizes by 2025, with estimates of 192 billion yuan, 108 billion yuan, and 240 billion yuan respectively [6]. - The automotive projection market is anticipated to evolve into a core interactive terminal for smart cockpits, with potential market size exceeding 100 billion yuan in the coming years [5][6][7].

Industry Overview - The projector industry has seen rapid development since 2016, driven by consumer-level penetration, new light source applications, and the expansion of online channels [1][17] - The COVID-19 pandemic significantly impacted the industry in 2020, causing fluctuations in shipment volumes [1][17] - As of 2023, the projector shipment volume in China is expected to grow annually, with an estimated total shipment of approximately 5.5 million units in 2024 and a projected 9.26 million units by 2028 [1][17] Market Structure - The projector market is primarily divided into home and commercial segments, with home projectors accounting for over 80% of the market share in 2024 [18] - The consumer base is becoming younger, leading to increased demand for smart home entertainment solutions [18] Industry Development History - The projector industry in China can be divided into three stages: the embryonic phase (1990-2000), the initial phase (2000-2010), and the rapid development phase (2010-present) [5] - The market for home projectors has grown significantly, with nearly 70% market share in 2022 [5] Industry Chain - The projector industry chain consists of three main segments: upstream (core components like chips and lenses), midstream (manufacturers), and downstream (end-user applications) [7][9] - Upstream suppliers include companies like Rockchip, Allwinner Technology, and Sony, while midstream manufacturers include companies like XGIMI and Fengmi [9] Key Companies - XGIMI Technology has established itself as a leading domestic brand, achieving full-chain self-research capabilities and strong sales performance [21][23] - Other notable companies in the industry include BenQ, Epson, Sony, and Panasonic, which dominate the commercial projector market [21] Market Trends - Online channels are becoming a significant sales avenue for projectors, shifting the consumer structure from B2B to B2C [27] - The consumer market is expected to continue growing, driven by the demand for high-quality home entertainment experiences [28] - New application scenarios, including automotive and AR/VR technologies, are emerging as growth points for the industry [30]

Core Viewpoint - The article highlights the emergence of XGIMI Technology in the automotive display market as a response to declining profits in the home projector sector, showcasing its innovative solutions at the 2025 Shanghai International Auto Show [1] Group 1: Company Performance - XGIMI reported a 146.81% year-on-year decline in net profit for the first three quarters of 2024, but achieved a turnaround in Q4 with a 375% increase in net profit to 162 million yuan [1] - The company aims to create a second growth curve by entering the automotive display market, having received development notifications from BAIC New Energy [1][10] Group 2: Product Offerings - XGIMI showcased three key in-car solutions: multi-projection cockpit, sky projection, and side window projection, all designed to enhance in-car entertainment experiences [2] - The outdoor solutions include DLP smart headlights, pixel light modules, and dynamic ground projection, addressing traditional DLP headlight color mixing issues and enhancing user experience [5] Group 3: Market Strategy - The automotive display market is seen as a new frontier for XGIMI, with the company establishing a dedicated team of over 300 people and committing to not share resources with its home projector division [9][11] - XGIMI's entry into the automotive sector is driven by the saturation and price wars in the home projector market, with a focus on product differentiation rather than price competition [12] Group 4: Industry Context - The automotive industry in China reached a total output value of 11 trillion yuan in 2023, surpassing real estate for the first time, indicating a significant market opportunity for XGIMI [10] - The global projector market is projected to see a 7.5% increase in shipment volume in 2024, but a 6.2% decline in sales revenue, highlighting the challenges faced in the home segment [11]

Core Viewpoint - In 2024, the company reported a revenue of 3.405 billion yuan, a net profit attributable to shareholders of 120 million yuan, and a net profit excluding non-recurring items of 92 million yuan, showing a year-on-year decline in revenue and net profit but an increase in net profit excluding non-recurring items [1] Revenue Summary - In Q4 2024, the company achieved revenue of 1.123 billion yuan, with a year-on-year decline of 1.02% [1] - Revenue from projection machine products, accessory products, and internet value-added services in 2024 was 2.999 billion yuan, 170 million yuan, and 146 million yuan respectively, with year-on-year changes of -6.63%, +0.32%, and -1.20% [1] Product Performance - Revenue from long-focus projection, innovative products, and ultra-short-focus projection in 2024 was 2.768 billion yuan, 122 million yuan, and 108 million yuan respectively, with year-on-year changes of -3.67%, -35.80%, and -26.75% [2] Geographic Performance - Domestic revenue in 2024 was 2.229 billion yuan, while overseas revenue was 1.086 billion yuan, showing year-on-year changes of -14.80% and +18.94% respectively [3] Sales Model Performance - Online and offline sales revenue in 2024 was 2.170 billion yuan and 1.145 billion yuan respectively, with year-on-year changes of -13.51% and +12.24% [4] Gross Margin Analysis - The company's gross margin in 2024 was 31.19%, a decrease of 0.06 percentage points year-on-year [4] - In Q4 2024, the gross margin was 36.11%, an increase of 8.2 percentage points year-on-year [4] - Gross margins for projection machine products, accessory products, and internet value-added services were 26.59%, 52.15%, and 95.52% respectively, with year-on-year changes of -0.99, +2.16, and +2.39 percentage points [4] Sales Volume - Sales volume for long-focus projection, ultra-short-focus projection, and innovative products in 2024 were 104.14 thousand units, 1.62 thousand units, and 3.16 thousand units respectively [7] Expense Ratio - The expense ratios for sales, management, R&D, and financial expenses in 2024 were 17.56%, 3.42%, 10.80%, and -1.46% respectively, with year-on-year changes of -0.57%, -0.80%, +0.08%, and -0.57 percentage points [8] Profitability - The company's net profit margin for 2024 was 3.52%, and for Q4 2024, it was 14.28%, with year-on-year increases of 0.15 and 11.27 percentage points respectively [9] Investment Outlook - The company is a leader in the projection industry, with dual brands "XGIMI" and "Happy Planet" focusing on DLP and LCD technology routes, which may enhance market share. The launch of the vehicle-mounted projection business marks a new growth curve [9] - Projected net profits for 2025-2027 are 391 million yuan, 542 million yuan, and 680 million yuan respectively, with corresponding PE ratios of 22.40, 16.16, and 12.89 times [9]

证券代码：688696 证券简称：极米科技 公告编号：2025-034 极米科技股份有限公司 关于参加 2024 年度科创板消费电子行业 集体业绩说明会的公告 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、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2025 年 05 月 07 日 （星期三） 15:00-17:00 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： https://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长：钟波 总经理：肖适 投资者可于 2025 年 04 月 26 日 （星期六） 至 05 月 06 日 （星期二）16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 ir@xgimi.com（邮件标题：2024 年度科创板消费电子行业集体业绩说明会提问） 进行提问。公司将在说明会上对投资者普遍关注的问题进行回答。 极米科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 22 日 ...

Core Viewpoint - The Shanghai International Auto Show showcased XGIMI Technology's innovative in-car optical solutions, highlighting its leadership in the projection display industry and its commitment to enhancing the smart cockpit experience [1][2]. In-Car Optical Innovations - XGIMI's in-car optical solutions focus on creating an ultimate smart cockpit experience, featuring three core products: multi-projection cockpit, sky projection, and side window projection [2]. - The multi-projection cockpit solution offers a unique design and performance, supporting both front and rear projection modes, enhancing in-car entertainment and usability [4]. - The sky projection integrates glass roof and projection visuals, creating an immersive experience, while the side window projection allows touch control for easy operation of entertainment and projection systems [7]. Out-of-Car Optical Innovations - XGIMI's external optical solutions include DLP smart headlights, pixel light modules, and dynamic ground projection, showcasing its innovations in the external optical field [7]. - The industry-first DLP dual-mode headlight projection features white and color light modes, addressing traditional DLP headlight color mixing issues and enhancing driving safety with practical information [9]. - The 20W pixel-level dynamic ground light offers personalized content customization, enriching the external optical experience for users [10]. Market Development and Technical Accumulation - XGIMI's rapid rise in the automotive optical market is supported by over ten years of technical accumulation in projection display, having entered the automotive optical market in 2024 and securing six projects, which increased to eight by March 2025 [11]. - The company has shipped over 7 million projectors in the past decade, establishing itself as an industry benchmark through deep exploration and continuous investment in optical, structural, thermal materials, and electronic technologies [11]. - XGIMI has pioneered intelligent algorithms in the projection industry, introducing features like automatic calibration and obstacle avoidance, setting new industry standards [11]. Vertical Integration and Quality Assurance - XGIMI is the only domestic company capable of full-chain delivery from lens to machine, enhancing production efficiency and ensuring high product quality and consistency [12]. - This vertical integration has garnered high recognition from major manufacturers, with industry experts noting XGIMI's rapid progress compared to competitors [12]. - The company drives innovation and development in the automotive optical industry, showcasing its ambition and strength at the Shanghai Auto Show [12].

Core Viewpoint - The article highlights the impressive showcase of XGIMI Technology's comprehensive in-car optical solutions at the 2025 Shanghai International Auto Show, emphasizing its technological innovation and market leadership in the projection display industry [1][2]. In-Car Optical Solutions - XGIMI's in-car solutions feature three standout products: multi-projection cockpit, sky projection, and side window projection, with the multi-projection cockpit being the focal point of the exhibition [3]. - The multi-projection cockpit allows for a large-screen entertainment experience and can project images onto a rear screen for outdoor activities like camping and movie watching [3][6]. - The sky projection integrates glass roof visuals, creating immersive themes, while side window projection enhances user convenience through touch control [7]. Out-of-Car Optical Innovations - XGIMI introduced three key products for external applications: DLP smart headlights, pixel light modules, and dynamic ground projection (DGP), showcasing its innovation in external optics [9]. - The DLP dual-mode headlights are particularly noteworthy, featuring white and color light modes to enhance driving safety and provide a high-quality viewing experience [9][11]. - The color dynamic ground light module supports Bluetooth/Wi-Fi for personalized content, enhancing user interaction [14]. Market Position and Growth - XGIMI has established itself as a leader in the projection display industry, having successfully entered the automotive optical market in 2024 and secured eight designated projects with major automotive manufacturers [16]. - The company has invested nearly 1.4 billion yuan in R&D since its inception, developing a comprehensive self-research and production capability across the entire supply chain [16]. - XGIMI aims to leverage its technological innovations and vertical integration to become a leading provider of in-car optical solutions globally [17].

Core Insights - The company has eight designated cooperation projects currently in progress, with several of them expected to enter mass production in the first half of the year [1] - The production base has been busy with deliveries since March, indicating strong operational activity [1] - Revenue from the automotive business is anticipated to be generated in the first half of the year due to the upcoming mass production [1]