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]

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]