信息披露义务人1：刘帅 住所及通讯地址：四川省成都市 信息披露义务人2：尹蕾 住所及通讯地址：四川省成都市 信息披露义务人3：廖传均 住所及通讯地址：四川省成都市 股份变动性质：一致行动协议到期后不再续签，所持有极米科技的股份不再与极 米科技控股股东及其一致行动人合并计算 签署日期：2025年2月28日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》及相关的法律、法规和规范性文件编写本报告书。 极米科技股份有限公司 简式权益变动报告书 上市公司名称：极米科技股份有限公司 股票简称：极米科技 股票代码：688696 股票上市地点：上海证券交易所 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务人 外，没有委托或者授权任何其他人提供未在本报告中列载的信息和对本报告做出 任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 2 | 第一节 | 释义 4 | | -- ...

Investment Rating - The report assigns a "Strong Buy" rating for the stock, expecting a price increase of over 20% within the next six months compared to the market benchmark index [33]. Core Insights - The report highlights that the company is currently undergoing a strategic transition from "scale expansion" to "quality optimization," with a focus on improving profitability and resource efficiency despite a slight decline in revenue [21][22]. - The financial performance for the first three quarters of 2024 shows a revenue decline of 5.8% year-on-year, with a significant net loss of 0.4 billion yuan, reflecting both internal and external pressures [4][5]. - The fourth quarter of 2024 indicates a revenue of 11.3 billion yuan, a minor decrease of 0.2% year-on-year, but a substantial net profit increase of 372.4% to 1.6 billion yuan, showcasing improved operational efficiency [15][20]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 22.8 billion yuan, down 5.8% year-on-year, with Q3 revenue at 6.8 billion yuan, a 14.3% decline [4][5]. - The net profit for Q3 was a loss of 0.44 billion yuan, worsening from a loss of 6.56 million yuan in the previous year [4][5]. - The overall revenue for 2024 is projected to decline by 4.0%, while profit is expected to grow by 1.1%, indicating a shift towards quality over quantity [21]. Market Dynamics - The report notes a structural adjustment in the projection industry, with a projected growth in sales volume of 3%-5% but a decline in sales revenue due to falling average prices [24]. - The low-end market is experiencing explosive growth, with 1LCD technology capturing a significant market share, while DLP technology remains stable in the mid-to-high-end segments [24][25]. Strategic Initiatives - The company is focusing on enhancing its product mix and operational efficiency, with initiatives such as the "old-for-new" policy and expansion into overseas markets [20][22]. - The report emphasizes the importance of maintaining a balance between low-end and high-end products to stabilize market share while increasing the proportion of high-margin products [22][18]. Future Outlook - The company is expected to benefit from a recovery in domestic consumption and the expansion of overseas channels, particularly in North America and Europe [15][18]. - The report suggests that the company is well-positioned to enter a new cycle of simultaneous revenue and profit improvement by 2025, driven by strategic adjustments and market opportunities [23][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see a turning point in performance in Q4 2024, with accelerated expansion in the automotive business. The revenue for 2024 is projected to be 34.14 billion yuan, a decrease of 4.02%, while the net profit attributable to the parent company is expected to be 1.22 billion yuan, an increase of 1.14% [5][6]. - The company has adjusted its profit forecast for 2024-2026, estimating net profits of 1.22 billion yuan, 3.47 billion yuan, and 4.93 billion yuan respectively, with corresponding EPS of 1.74, 4.96, and 7.04 yuan [5][6]. Summary by Sections Financial Performance - For Q4 2024, the company anticipates revenue of 11.32 billion yuan (down 0.22%) and a net profit of 1.62 billion yuan (up 372.4%), with a non-recurring net profit of 1.58 billion yuan (up 504.3%) [5]. - The financial summary indicates a revenue decline from 4,222 million yuan in 2022 to an estimated 3,414 million yuan in 2024, with a projected recovery to 4,120 million yuan in 2025 [8][12]. Market Trends - The domestic market is benefiting from government subsidy policies, leading to an improvement in sales. The retail volume of smart projectors in China is expected to increase by 13% in Q4 2024, despite a decline in average price [6][7]. - The company has expanded its overseas sales channels, entering mainstream retail in regions such as the United States and Japan, contributing to revenue growth [6]. Automotive Business Expansion - The company has secured seven automotive business contracts, including partnerships with major automotive manufacturers for in-car projection systems and smart lighting components. These projects are expected to contribute to revenue starting in 2025 [7][8]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 56.2 for 2024, decreasing to 19.7 in 2025 and further to 13.9 in 2026, indicating a potential for improved valuation as earnings grow [8][12]. - The estimated return on equity (ROE) is expected to rise from 3.8% in 2023 to 12.2% by 2026, reflecting improved profitability [8][12].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 34.14 billion yuan for 2024, a year-on-year decrease of 4%, and a net profit attributable to shareholders of 1.22 billion yuan, a year-on-year increase of 1% [4][7] - The fourth quarter of 2024 saw revenue of 11.32 billion yuan, remaining stable year-on-year, with a net profit of 1.62 billion yuan, a significant year-on-year increase of 375% [7] - The company has improved its cost control and efficiency through innovation and supply chain optimization, enhancing its core profitability [7] - The domestic projection industry is showing signs of recovery, with a 3% year-on-year increase in sales volume for smart projectors in China [7] - The company is expanding its overseas market presence, particularly in Europe, North America, and Japan, leading to continuous growth in overseas revenue [7] - The company is actively advancing its automotive business, having secured seven contracts in this sector, which is expected to contribute to revenue growth in 2025 [7] - The profit forecast for 2024-2026 has been raised, with net profit estimates of 1.22 billion, 2.88 billion, and 3.95 billion yuan respectively, reflecting year-on-year growth rates of 1.6%, 135.5%, and 37.2% [7] Financial Data and Profit Forecast - Total revenue for 2023 was 35.57 billion yuan, with a projected increase to 40.71 billion yuan in 2025 and 44.21 billion yuan in 2026 [6][9] - The net profit for 2023 was 121 million yuan, with projections of 288 million yuan in 2025 and 395 million yuan in 2026 [6][9] - The gross margin is expected to improve from 32.6% in 2024 to 35.5% in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][16]. Core Views - The company is expected to experience a turning point in performance in Q4 2024, with accelerated expansion in the automotive business. The revenue forecast for 2024 is projected at 3.414 billion yuan, a decrease of 4.02%, while the net profit attributable to the parent company is expected to be 122 million yuan, an increase of 1.14%. The non-recurring net profit is projected to be 93 million yuan, an increase of 36.96% [5][6]. - The company has received multiple designations for its automotive business, which is anticipated to become a new growth driver, with several projects expected to enter mass production in 2025 [7]. Summary by Sections Financial Performance - For 2024, the company is expected to achieve a revenue of 3.414 billion yuan, with a net profit of 122 million yuan and a non-recurring net profit of 93 million yuan. In Q4 2024, the expected revenue is 1.132 billion yuan, with a net profit of 162 million yuan, reflecting a significant increase of 372.4% [5][8]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.74 yuan, 4.96 yuan, and 7.04 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 56.2, 19.7, and 13.9 [5][8]. Market Trends - The domestic market is benefiting from government subsidy policies, leading to an improvement in sales. The retail volume of smart projectors in China is expected to increase by 3% in 2024, with a notable 13% year-on-year growth in Q4 2024 [6][7]. - The company has expanded its overseas sales channels, entering mainstream retail channels in the US and Japan, contributing to continuous revenue growth [6]. Automotive Business Development - The company has secured seven designations in the automotive sector, including partnerships with major automotive manufacturers for smart cockpit and smart lighting products. These projects are expected to contribute to revenue starting in 2025 [7].

Investment Rating - The report assigns a "Buy" rating for the company, indicating a positive outlook for its stock performance [7]. Core Insights - The report highlights that the domestic smart projection market has faced challenges, with a decline in sales and revenue in 2023. However, the company is adapting its strategy to stabilize existing sales while expanding into new markets, expecting a turnaround in performance by Q4 2024 [7][10]. - The company is well-positioned with a comprehensive product range across all price segments, which is expected to enhance its market share as competition stabilizes and consumer demand is supported by government subsidies [7][11]. - The report anticipates significant growth in overseas markets, driven by the company's strategic expansion and the increasing demand for high-quality, cost-effective smart projection products [7][49]. Summary by Sections 1. Introduction - The smart projection industry in China experienced explosive growth from 2018 to 2022, but faced a downturn in 2023 due to various market pressures. The company is responding by launching new products and focusing on international expansion [10]. 2. Existing Market - The domestic market is expected to stabilize, with government subsidies likely to boost consumer demand. The report notes a projected market size of 10.01 billion yuan for 2024, despite a 4% year-on-year decline [11][12]. - The company has launched products across all price ranges, enhancing its competitive position in the market [25]. 3. Growth Opportunities - The report identifies significant growth potential in international markets, with the company actively expanding its presence in over 100 regions, including Europe and the US. The overseas revenue reached 448 million yuan in H1 2024, marking a 27.95% increase year-on-year [7][49]. - The company is also venturing into the automotive projection market, which is expected to contribute to revenue growth starting in 2025 [7][49]. 4. Financial Forecast and Investment Rating - The company is projected to achieve net profits of 1.22 billion yuan in 2024, 4.30 billion yuan in 2025, and 5.63 billion yuan in 2026, with corresponding year-on-year growth rates of 1.14%, 252.49%, and 31.06% respectively [7][8]. - The report suggests that the company's performance merits a valuation premium, given its expected high growth and strategic initiatives [7].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 126.68 CNY [5]. Core Views - The company achieved a revenue of 3.41 billion CNY in 2024, a year-on-year decrease of 4.02%, while the net profit attributable to the parent company was 120 million CNY, an increase of 1.14% year-on-year [1]. - The company is focusing on expanding its second growth curve in the automotive sector, having secured 7 designated projects, including 6 for smart cockpit products and 1 for smart headlight components [2]. - The company is actively pursuing brand globalization and expanding its overseas sales channels, which has led to continuous growth in overseas revenue [2][3]. Financial Summary - The company's revenue for 2024 is projected to be 3.41 billion CNY, with an expected growth rate of -4.02% [4]. - The net profit attributable to the parent company is forecasted to be 121.78 million CNY in 2024, with a growth rate of 1.06% [4]. - The company’s gross margin is expected to remain stable, with a projected net profit margin of 3.57% in 2024 [9]. - The company’s dynamic P/E ratios for 2024, 2025, and 2026 are estimated to be 73x, 25.5x, and 17.5x respectively [3]. Market Performance - The Chinese smart projection market is expected to see a volume of 6.042 million units in 2024, a year-on-year increase of 3.0%, while the sales value is projected to decline by 3.5% [2]. - The global projector market is anticipated to grow by 5.4% year-on-year in 2024, with the overseas market growing at a rate of 8.3% [2].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 126.68 CNY [5]. Core Views - The company achieved a revenue of 3.41 billion CNY in 2024, a year-on-year decrease of 4.02%, while the net profit attributable to the parent company was 120 million CNY, an increase of 1.14% year-on-year [1]. - The company is focusing on expanding its second growth curve in the automotive sector, having secured 7 designated projects, including 6 for smart cockpit products and 1 for smart headlight components [2][3]. - The company is actively pursuing brand globalization and expanding its overseas sales channels, which has led to continuous growth in overseas revenue [2][3]. Financial Summary - The company's revenue for 2024 is projected to be 3.41 billion CNY, with an expected growth rate of -4.02% [4]. - The net profit attributable to the parent company is forecasted to be 121.78 million CNY in 2024, with a growth rate of 1.06% [4]. - The company’s gross margin is expected to remain stable, with a projected net profit margin of 3.57% in 2024 [4][9]. - The projected earnings per share (EPS) for 2024 is 1.74 CNY, with a dynamic P/E ratio of 73.00 [4][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report indicates that the profitability recovery process of the company has exceeded expectations, with a confirmed turning point in Q4 2024 [7][9] - The company reported Q4 revenue of 1.132 billion yuan (down 0.22% year-on-year) and a net profit attributable to shareholders of 162 million yuan (up 372.40% year-on-year) [9] - The report highlights improvements in both domestic and international sales, with Q4 domestic sales experiencing a slight decline and international sales showing low double-digit growth [9] Financial Performance Summary - Q4 2024: Revenue of 1.132 billion yuan, net profit of 162 million yuan, and a net profit margin of 14.3%, marking a significant increase from previous quarters [9] - For the full year 2024, the company reported revenue of 3.414 billion yuan (down 4.02% year-on-year) and a net profit of 122 million yuan (up 1.14% year-on-year) [9] - The report projects revenue growth for 2025 and 2026, with expected revenues of 4.114 billion yuan and 4.813 billion yuan, respectively, indicating a recovery trajectory [11] Revenue and Profit Analysis - Q4 revenue growth improved compared to Q3, with domestic sales benefiting from promotional activities and a recovery in market share [9] - The gross margin for Q4 is expected to reach 35%, up from 28% in Q3, driven by cost reductions and an improved product mix [9] - The report emphasizes the potential for growth in the 2B segment, particularly in the automotive and commercial sectors [9] Earnings Forecast - The earnings forecast has been adjusted based on the positive Q4 performance, with projected net profits of 1.22 billion yuan for 2024, 4.01 billion yuan for 2025, and 5.56 billion yuan for 2026 [9][11] - The report maintains a price-to-earnings ratio (P/E) of 73 for 2024, 22 for 2025, and 16 for 2026, reflecting the anticipated recovery and growth [9]

Financial Performance - In 2024, the company achieved total operating revenue of RMB 341,370.34 million, a decrease of 4.02% compared to the previous year[4] - The net profit attributable to the parent company was RMB 12,187.96 million, showing a slight increase of 1.14% year-on-year[4] - The net profit attributable to the parent company after deducting non-recurring gains and losses increased by 36.96% to RMB 9,343.42 million[4] - The company reported a significant increase in operating profit and total profit, with growth rates of 164.43% and 188.15% respectively[9] - The total assets at the end of the reporting period were RMB 531,315.32 million, down 4.82% from the beginning of the period[8] - The equity attributable to the parent company decreased by 5.52% to RMB 294,450.75 million[8] Research and Development - The company invested over RMB 1 billion in R&D from 2021 to 2023, continuing to enhance its innovation strategy[7] - New product launches included the Dual Light 2.0 eye-protecting laser and the Play 5 portable projector, among others[7] Market Expansion - The company expanded its overseas sales channels, resulting in continuous growth in international revenue[7] Shareholder Returns - The company executed two share repurchase plans during the reporting period, totaling approximately RMB 323 million[8]