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]

经济观察报 记者 郑晨烨 尽管极米科技（688696.SH）已连续六年在中国智能投影市场占据头把交椅，但行业的整体增速放缓已 是不争的事实。 当家用市场的存量竞争日益激烈，寻找"第二增长曲线"成为摆在所有玩家面前的共同课题。与此同时， 研发投入的持续加码与短期利润的波动，也考验着这家科创板上市公司的战略定力。 从早年以"无屏电视"概念切入市场，到如今面临AI、空间计算等新技术对产品形态的重塑可能，智能投 影的核心竞争力应如何定义？在LED、混光、三色激光等多元光源路线中，未来将走向何方？面对全球 化浪潮中的文化差异与地缘政治风险，出海之路又该如何布局？另外，极米在车载投影领域已斩获8个 定点项目，这是否预示着一个足以"再造一个极米"的新赛道正在开启？ 带着这些问题，近日，经济观察报记者与极米科技创始人兼董事长钟波展开了深度对话，探讨智能投影 行业的未来机遇、极米的战略抉择以及硬科技企业的生存法则。 |对话| 车载业务能否"再造一个极米"？ 经济观察报：极米连续6年蝉联中国市场第一，但我们看到投影行业整体增速似乎正在放缓。你认为智 能投影行业的"第二增长曲线"将来自哪些场景或技术突破？ 钟波：这里要澄清一个概念 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 极米科技（688696.SH） 海外业务持续增长，Q4 盈利显著提升 事件：公司发布 2024 年年报。公司 2024 年实现营业总收入 34.05 亿元， 同比减少 4.27%；实现归母净利润 1.2 亿元，同比减少 0.30%。其中， 2024Q4 单季营业总收入为 11.23 亿元，同比减少 1.02%；归母净利润为 1.6 亿元，同比增长 367.35%。 行业销售回暖，投影产品销量增长。收入端，2024 年公司公司长焦投影/ 创新产品/超短焦分别-3.67%/-35.8%/-26.75%至 27.7/1.2/1.1 亿元。销 售端，据洛图数据，2024Q4 国补以来市场需求修复，2024Q4 行业销量/ 销额同比+12.8%/+8%（对比 2024Q1-Q3 行业销量/销额分别-0.9%/- 8.3%），公司销量稳居中高端市场第一，2024 年市占率达 35%，长焦投 影销量同比+10.33%至 104 万台。产品端，公司爆品打造能力强劲，2024 年公司 Play5 系列及 Z6X 产品进入 IDC 国内销 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 04 22 年 月 日 极米科技（688696.SH） 风险提示：原材料价格波动、竞争加剧、市场需求不及预期。 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 3,557 | 3,405 | 3,745 | 4,045 | 4,368 | | 增长率 yoy（%） | -15.8 | -4.3 | 10.0 | 8.0 | 8.0 | | 归母净利润（百万元） | 121 | 120 | 345 | 403 | 458 | | 增长率 yoy（%） | -76.0 | -0.3 | 187.3 | 16.7 | 13.7 | | EPS 最新摊薄（元/股） | 1.72 | 1.72 | 4.93 | 5.76 | 6.54 | | 净资产收益率（%） | 3.9 | 4.1 | 13.2 | 13.4 | 13.2 | | P/E（倍） | 703.6 | 705.8 | 245.7 | ...

公司报告 | 年报点评报告 极米科技（688696） 证券研究报告 外销取得持续增长，公司入局车载业务 事件：公司 2024 年实现营业收入 34.05 亿元，同比-4.27%，归母净利润 1.2 亿元，同比-0.3%；其中 2024Q4 实现营业收入 11.23 亿元，同比-1.02%， 归母净利润 1.6 亿元，同比+367.35%。 外销取得持续增长，公司入局车载业务打开第二成长曲线 分产品看， 24A 长 焦 投 影 / 创 新 产 品 / 超 短 焦 投 影 收 入 同 比 -3.67%/-35.8%/-26.75%，其中销量同比分别为+10.33%/-17.69%/-20.37%， 长焦投影销量同比显著提升。分区域看， 24A 内外销收入同比 -14.8%/+18.94%，其中 24H2 收入同比-19%/+13.3%，海外市场方面，公司 坚定实施品牌出海与全球化业务布局，扩大海外销售区域与渠道覆盖范围， 产品已进入欧洲、日本等区域主要线下渠道，海外收入取得持续增长；此 外，公司不断拓展技术与产品的应用场景，布局车载投影新业务，2024 年 公司实现车载业务从 0 到 1 的突破，目前累计已获得了 ...