证券代码：688696 证券简称：极米科技 公告编号：2024-048 股东减持股份结果公告 极米科技股份有限公司 本公司董事会、全体董事及相关股东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。 告知函》，2024 年 5 月 27 日至 2024 年 8 月 25 日期间，公司股东百度毕威通过 竞价交易、大宗交易方式减持 240,741 股股份，占总股本的 0.34%；公司股东百 度网讯通过竞价交易、大宗交易方式减持 980,253 股股份，占总股本的 1.40%。 截至 2024 年 8 月 25 日，本次减持计划期限已经届满，现将相关减持计划结果具 体公告如下： 重要内容提示： 大股东持股的基本情况 本次减持计划实施前，极米科技股份有限公司（以下简称"公司"或"极米科 技"）股东北京百度网讯科技有限公司（以下简称"百度网讯"）持有公司 4,507,353 股股份，占总股本的 6.44%；北京百度毕威企业管理中心（有限合伙）（以下简称 "百度毕威"）持有公司 583,623 股股份，占总股本的 0.83%。百度网讯和百度毕 威为受同一实际 ...

股 票 研 究 ——极米科技 2024H1 业绩预告点评 股票研究 /[Table_Date] 2024.08.03 | --- | --- | --- | |--------------------------------|------------|--------| | | | | | | | | | [Table_Target] 目标价格： | | 72.49 | | | 上次预测 : | 104.08 | | [ 当前价格： Table_CurPrice] | | 64.20 | [Table_Market] 交易数据 | --- | --- | |---------------------------------|--------------| | | | | | | | 52 周内股价区间（元） | 62.20-145.18 | | 总市值（百万元） | 4,494 | | 总股本 / 流通 A 股（百万股） | 70/70 | | 流通 B 股 /H 股（百万股） | 0/0 | | --- | --- | |---------------------------------------|--- ...

证券研究报告 | 2024年07月30日 2024 年半年度业绩预告点评： 外销拉动收入转正，下半年盈利有望改善 收入企稳，盈利承压。公司发布 2024 年半年度业绩预告，预计 2024H1 实现 实现归母净利润 367 万元，同比下降 96%；扣非归母净利润-1527 万元，同 比下降 126%。经折算，Q2 实现归母净利润-1065 万元，同比下降 126%；扣 非归母净利润-2338 万元，同比下降 239%。公司预计在海外收入的带动下， 2024H1 收入规模同比基本持平，预计 Q2 收入实现小幅增长，增速企稳回正。 智能投影量增价减，DLP 占比降幅趋缓。根据洛图科技的数据，2024H1 我国 智能投影（不含激光电视）的全渠道销量为 288.9 万台，同比增长 3.5%；销 额达到 47.6 亿元，同比下降 10.2%。行业量增主要来自于低价格段产品，线 上市场 2000 元以上价格段销量占比已接近 80%，占比提升 12.1pct。消费环 境承压下，叠加低端的 LCD 技术崛起，智能投影持续量增价减。分投影技术 看，1LCD 成为唯一量额双增的技术方案，H1 线上销量占比上升 5.0pct 至 6 ...

证券代码：688696 证券简称：极米科技 公告编号：2024-047 截至 2024 年 7 月 30 日，公司 2024 年员工持股计划的银行账户及证券账户 已开立完毕，已通过二级市场以集中竞价交易方式累计买入公司股份 381,031 股， 占公司总股本的 0.54%，成交金额为人民币 25,255,567.67 元（不含佣金、过户 费等交易费用）。 公司将持续关注本持股计划实施的进展情况，根据法律、法规、规范性文件 及业务规则的要求，及时履行信息披露义务。敬请广大投资者关注相关公告，注 意投资风险。 特此公告。 极米科技股份有限公司董事会 2024 年 7 月 31 日 极米科技股份有限公司 关于 2024 年员工持股计划实施进展的公告 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、准确性和完整性依法承担法律责任。 极米科技股份有限公司（以下简称"公司"）于 2024 年 5 月 16 日召开了第二 届董事会第十七次会议、第二届监事会第十一次会议，并于 2024 年 6 月 7 日召 开了 2023 年年度股东大会，审议通过了《关于公司<2024 ...

Investment Rating - The report assigns an "Accumulate" rating to the company, with a target price of 65.41 CNY per share based on a 25x PE ratio for 2024 [7][2]. Core Views - The company is expected to recover quickly from its current operational downturn, with projected net profits of 183 million CNY, 384 million CNY, and 489 million CNY for 2024, 2025, and 2026 respectively, reflecting growth rates of 52.0%, 109.7%, and 27.3% [2][5]. - The sales gross margin has declined due to inventory issues, but improvements are anticipated as old products are phased out and new products gain market share [2][19]. Financial Summary - Revenue for 2024 is estimated at 3.662 billion CNY, with a growth rate of 3.0% compared to 2023 [5]. - The company's EBITDA is projected to be 251 million CNY in 2024, with a significant recovery expected in subsequent years [5]. - The net profit margin is under pressure, but product structure optimization is expected to enhance profitability in the future [19][2]. - The company’s earnings per share (EPS) is forecasted to be 2.62 CNY in 2024, increasing to 5.49 CNY in 2025 and 6.99 CNY in 2026 [5][2]. Market Performance - The overall smart projection industry is facing challenges, with the market for products priced below 2000 CNY showing growth, indicating a shift in consumer preference towards more affordable options [19]. - The company has launched several new products priced under 2000 CNY, including the RS 10 series and the PLAY5, which are expected to drive sales [19][2]. - The company is expanding its overseas presence, with a growing share of revenue coming from international markets [19][2].

敬请参阅末页重要声明及评级说明 证券研究报告 免责声明 敬请参阅末页重要声明及评级说明 3 / 4 证券研究报告 收入转正控费强化，H2 有望轻装上阵 | --- | --- | --- | --- | --- | --- | |-------|-------------------------------|--------|-------------------------|-----------------------|------------------| | ⚫ | 重要财务指标 \n主要财务指标 | 2023 | 2024E | 单位 \n2025E | : 百万元 \n2026E | | | 营业收入 | | 3557 3742 4115 4568 | | | | | 收入同比（ % ） | -15.8% | 5.2% | 10.0% | 11.0% | | | 归属母公司净利润 | | 121 99 228 316 | | | | | 净利润同比（ % ） | -76.0% | -18.0% | 130.8% | 38.7% | | | 毛利率（ % ） | 31.2% | 31.3% | 33 ...

收入转正控费强化，H2 有望轻装上阵 敬请参阅末页重要声明及评级说明 证券研究报告 | --- | --- | --- | --- | --- | --- | |-------|-------------------------------|--------|-------------------------|-----------------------|------------------| | ⚫ | 重要财务指标 \n主要财务指标 | 2023 | 2024E | 单位 \n2025E | : 百万元 \n2026E | | | 营业收入 | | 3557 3742 4115 4568 | | | | | 收入同比（ % ） | -15.8% | 5.2% | 10.0% | 11.0% | | | 归属母公司净利润 | | 121 99 228 316 | | | | | 净利润同比（ % ） | -76.0% | -18.0% | 130.8% | 38.7% | | | 毛利率（ % ） | 31.2% | 31.3% | 33.7% | 35.4% | | | ROE （ % ） | 3.9% ...

事件：公司发布 24H1 业绩预告，2024 年半年度实现归属于母公司所有者 的净利润为 367.31 万元，同比-96.04%；实现归属于母公司所有者的扣除 非经常性损益的净利润为-1,526.83 万元，同比-126.09%。其中 24Q2 实现 归母净利润-1064.6 万元，同比-126.3%；实现扣非归母净利润-2338 万元， 同比-238.5%。 投资建议：公司坚持底层技术创新与产品创新双轮驱动，积极推出多项创 新性技术及多款新品，力争满足消费者不同场景与价格段的多样化需求； 同时公司坚定实施品牌出海战略，持续推进海外本土化团队建设，扩大海 外渠道覆盖范围。根据公司 24H1 的预告，我们略下调了收入增速和毛利 率，预计 24-26 年归母净利润为 1.2/1.7/2.3 亿元（前值 1.6/2.1/2.6 亿元）， 对应动态 PE 为 36.2x/25.7x/19.7x。 请务必阅读正文之后的信息披露和免责申明 1 作者 | --- | --- | |------------------------|----------| | | | | 股价走势 | | | 极米科技 | 沪深 300 | ...

Investment Rating - The investment rating for the company is "Buy" (首次) [2] Core Views - The company has a strong R&D capability and innovative technology that leads the market, with new products and overseas expansion driving growth [4] - The company is a leader in the home smart projection industry, with a significant market share and continuous product innovation [20] - The company has faced temporary performance pressure, but profitability is expected to recover with new product launches in 2024 [40] Summary by Sections Company Overview - The company is a leading player in the home smart projection industry, having broken the foreign brand monopoly since 2018 and maintaining the top shipment volume for six consecutive years [20][29] - The founder holds an 18.79% stake, and the company has strategic investment from Baidu [12][14] Market Position and Product Strategy - The company covers a wide range of price segments, with products ranging from 2,000 to 30,000 yuan, and has expanded its product layout continuously [32][29] - The company has launched the Play series to compete in the low-end market, which has shown strong sales performance [21] Financial Performance and Forecast - The company is expected to achieve net profits of 201 million, 297 million, and 390 million yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 23.26, 15.78, and 12.00 [4][5] - Revenue for 2024 is projected at 4.1 billion yuan, with a growth rate of 15.27% [5] Innovation and Growth Drivers - The company is focusing on innovative technologies, with breakthroughs in three-color laser technology enhancing its high-end market position [3][20] - The overseas business has grown significantly, with the revenue contribution from international markets increasing from 2% in 2019 to 26% in 2023 [20][35] Challenges and Market Dynamics - The company has faced challenges due to price competition and market conditions, but it is actively adjusting its product structure to maintain its market position [40][52] - The domestic market for home projectors has shown resilience, with a shipment volume of 4.036 million units in 2023, despite a slight decline [43]

Financial Performance - The company expects a net profit attributable to shareholders of the parent company for the first half of 2024 to be 3.6731 million yuan, a decrease of 89.0543 million yuan or 96.04% compared to the same period last year[2]. - The net profit attributable to shareholders of the parent company for the same period last year was 92.7273 million yuan[3]. - The net profit attributable to shareholders of the parent company, after deducting non-recurring gains and losses, is projected to be -15.2683 million yuan, a decrease of 73.7865 million yuan or 126.09% year-on-year[13]. - The company's gross profit margin has decreased due to inventory clearance of older products, impacting net profit[7]. - The performance forecast is based on preliminary calculations by the company's finance department and has not been audited by registered accountants[5]. - Investors are advised to pay attention to investment risks as the forecast data is preliminary and the accurate financial data will be disclosed in the official half-year report[17]. Product Development and Strategy - The company launched new products including the portable projector Play 5 priced under 2,000 yuan and the RS 10 series of eye-protecting three-color laser projectors to enhance product competitiveness[6]. - The company plans to optimize resource allocation and improve revenue structure and gross margin by launching more differentiated and competitive products in both domestic and overseas markets[7]. Sales and Market Expansion - The company is expanding its sales channels and implementing a global branding strategy, resulting in increased overseas revenue during the reporting period[6]. - The overall revenue scale for the first half of 2024 is expected to be roughly flat year-on-year, despite weak domestic demand[15].