Investment Rating - The report maintains a "Cautious Accumulate" rating for the company, with a target price of 98.50 yuan, down from the previous "Accumulate" rating due to reduced target space [3][48]. Core Views - The company's performance in 2023 is under pressure, with domestic sales relatively weak while overseas sales continue to grow. Future profitability is expected to improve marginally as the company expands its overseas presence and enters the automotive display sector [3][30]. Summary by Sections 1. Performance Overview - In 2023, the company achieved operating revenue of 35.57 billion yuan, a year-on-year decrease of 15.77%, and a net profit attributable to shareholders of 1.21 billion yuan, down 75.97% year-on-year. The fourth quarter saw revenue of 11.35 billion yuan, down 15.31% year-on-year, and a net profit of 0.34 billion yuan, down 80.02% year-on-year [23][30]. 2. Revenue Analysis - Domestic sales faced challenges, with domestic revenue of 26.17 billion yuan, down 23.07% year-on-year, while overseas revenue reached 9.13 billion yuan, up 15.60% year-on-year. The company plans to enhance its growth trajectory by collaborating with domestic and international automotive manufacturers to develop automotive projection products [25][24]. 3. Profitability Insights - The company's gross margin for 2023 was 31.25%, a decrease of 4.73 percentage points year-on-year, while the net margin was 3.37%, down 8.5 percentage points year-on-year. The decline in margins is attributed to lower-priced products affecting overall profitability, but improvements are anticipated with the launch of new products [26][30]. 4. Cash Flow and Assets - The company reported a net cash flow from operating activities of 3.78 billion yuan in 2023, an increase of 4.37 billion yuan year-on-year. The cash and cash equivalents at the end of 2023 amounted to 26.16 billion yuan, up 18.19% year-on-year, while inventory decreased by 7.29% to 10.98 billion yuan [37][45]. 5. Financial Forecast - The company forecasts earnings per share (EPS) of 3.28, 4.59, and 5.93 yuan for 2024, 2025, and 2026, respectively, with growth rates of +91%, +40%, and +29% [48].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is experiencing short-term pressure on domestic sales while rapidly expanding overseas [44] - The company reported a revenue decline of 15.8% in 2023, with a net profit drop of 76.0% [44] - Despite the challenges, the company is expected to recover with projected net profit growth of 80%, 42%, and 31% for 2024, 2025, and 2026 respectively [44] Financial Forecasts and Key Metrics - Revenue (in million CNY): - 2022: 4,222 - 2023: 3,557 - 2024E: 4,004 - 2025E: 4,558 - 2026E: 5,128 - Revenue growth rates: -15.8% in 2023, 12.6% in 2024E, 13.8% in 2025E, 12.5% in 2026E [2][44] - Net Profit (in million CNY): - 2022: 501 - 2023: 121 - 2024E: 217 - 2025E: 309 - 2026E: 406 - Net profit growth rates: -76.0% in 2023, 80.5% in 2024E, 42.1% in 2025E, 31.4% in 2026E [2][44] - Earnings Per Share (EPS): - 2022: 7.16 - 2023: 1.72 - 2024E: 3.11 - 2025E: 4.41 - 2026E: 5.80 [2][44] - Key Ratios: - EBIT Margin: 2023: -2.6%, 2024E: 1.8%, 2025E: 4.0%, 2026E: 5.6% [2] - Return on Equity (ROE): 2023: 3.9%, 2024E: 6.7%, 2025E: 9.0%, 2026E: 11.0% [2] Market and Product Insights - The company is facing a decline in long-focus projection revenue while internet value-added service revenue has increased by over 50% [44] - The company has expanded its domestic and overseas channels, with overseas revenue growing by 15.6% to 9.1 billion CNY [44] - The company is focusing on product innovation and has launched several new products across different price segments [44]

[Important Disclosures](index=1&type=section&id=Important%20Disclosures) This section provides essential declarations regarding the report's accuracy and audit status [Report Declaration](index=1&type=section&id=Report%20Declaration) The board, supervisors, and senior management guarantee the report's truthfulness, accuracy, and completeness, with financial statements unaudited - The company's Board of Directors, Board of Supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report, assuming individual and joint legal responsibility for any false statements, misleading representations, or material omissions[2](index=2&type=chunk) - The company's principal officer, head of accounting, and head of the accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[3](index=3&type=chunk) - The first quarter financial statements are unaudited[4](index=4&type=chunk) [Key Financial Data](index=1&type=section&id=I.%20Key%20Financial%20Data) This section presents the company's primary financial performance and position indicators for the reporting period [Key Accounting Data and Financial Indicators](index=1&type=section&id=(I)%20Key%20Accounting%20Data%20and%20Financial%20Indicators) XGIMI Technology's Q1 2024 revenue decreased by 6.59%, net profit attributable to shareholders fell by 72.57%, and net cash flow from operating activities increased by 78.64% Key Accounting Data and Financial Indicators for Q1 2024 | Item | Current Period (CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | | Operating Revenue | 825,497,244.54 | -6.59 | | Net Profit Attributable to Shareholders of the Listed Company | 14,319,148.32 | -72.57 | | Net Profit Attributable to Shareholders of the Listed Company, Excluding Non-recurring Gains and Losses | 8,111,503.63 | -80.52 | | Net Cash Flow from Operating Activities | 146,037,988.73 | 78.64 | | Basic Earnings Per Share (CNY/share) | 0.20 | -73.33 | | Diluted Earnings Per Share (CNY/share) | 0.20 | -73.33 | | Weighted Average Return on Net Assets (%) | 0.46 | Decreased by 1.19 percentage points | | Total R&D Investment | 86,613,658.49 | -12.89 | | R&D Investment as % of Operating Revenue (%) | 10.49 | Decreased by 0.76 percentage points | Balance Sheet Indicators (As of March 31, 2024) | Item | As of Current Period End (CNY) | As of Previous Year End (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 5,415,007,028.56 | 5,582,216,470.01 | -3.00 | | Shareholders' Equity Attributable to Shareholders of the Listed Company | 3,027,011,897.29 | 3,116,559,453.98 | -2.87 | [Non-recurring Gains and Losses Items and Amounts](index=2&type=section&id=(II)%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the period amounted to **6.21 million CNY**, primarily from government grants and fair value changes of financial assets Non-recurring Gains and Losses Items for Q1 2024 | Non-recurring Gains and Losses Item | Current Period Amount (CNY) | | :--- | :--- | | Gains or Losses from Disposal of Non-current Assets | -81,402.81 | | Government Grants Included in Current Profit and Loss | 5,521,800.00 | | Gains or Losses from Changes in Fair Value of Financial Assets and Liabilities Held by Non-financial Enterprises, and from Disposal of Financial Assets and Liabilities | 2,430,805.88 | | Other Non-operating Income and Expenses Apart from the Above | -529,566.90 | | Less: Income Tax Impact | 1,133,991.48 | | Total | 6,207,644.69 | [Changes and Reasons for Key Accounting Data and Financial Indicators](index=3&type=section&id=(III)%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Net profit attributable to shareholders significantly declined due to product price adjustments and changes in product mix, while net cash flow from operating activities increased due to reduced procurement payments - Net profit attributable to shareholders and net profit excluding non-recurring gains and losses decreased by **72.57%** and **80.52%** respectively, primarily due to product price adjustments and changes in product structure, leading to a year-over-year decline in gross and net profit margins, resulting in a greater profit decline than revenue decline[9](index=9&type=chunk) - Net cash flow from operating activities increased by **78.64%** year-over-year, mainly due to reduced procurement payments in the current period[9](index=9&type=chunk) - Both basic and diluted earnings per share decreased by **73.33%**, primarily due to the company's decline in net profit[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Shareholder%20Information) This section details the total number of shareholders and the shareholding structure of the top ten shareholders [Total Number of Common Shareholders and Top Ten Shareholders' Holdings](index=4&type=section&id=(I)%20Total%20Number%20of%20Common%20Shareholders%20and%20Top%20Ten%20Shareholders'%20Holdings) As of the reporting period end, the company had **8,009** common shareholders, with Zhong Bo as the largest shareholder at **18.79%** and Baidu as the second largest at **6.44%** - The total number of common shareholders at the end of the reporting period was **8,009** households[11](index=11&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | | :--- | :--- | :--- | :--- | | Zhong Bo | Domestic Natural Person | 13,153,554 | 18.79 | | Beijing Baidu Netcom Science and Technology Co., Ltd. | Domestic Non-state-owned Legal Person | 4,507,353 | 6.44 | | Xiao Shi | Domestic Natural Person | 3,058,523 | 4.37 | | Zhong Chao | Domestic Natural Person | 2,378,803 | 3.40 | | Sichuan Cultural Industry Equity Investment Fund Partnership (Limited Partnership) | Other | 1,790,483 | 2.56 | | Chengdu XGIMI Enterprise Management Consulting Partnership (Limited Partnership) | Other | 1,741,499 | 2.49 | | Zhongnan Red Culture Group Co., Ltd. | Domestic Non-state-owned Legal Person | 1,574,804 | 2.25 | | Liu Shuai | Domestic Natural Person | 1,465,923 | 2.09 | | Mango Media Co., Ltd. | State-owned Legal Person | 1,100,000 | 1.57 | | National Social Security Fund 601 Portfolio | Other | 1,041,361 | 1.49 | - Zhong Bo, Xiao Shi, and Liu Shuai are parties acting in concert; the concerted action agreement between Zhong Bo and Zhong Chao expired on March 2, 2024. Chengdu XGIMI Enterprise Management Consulting Partnership (Limited Partnership) is an enterprise where Zhong Bo serves as the executive partner[12](index=12&type=chunk) - As of March 29, 2024, XGIMI Technology Co., Ltd.'s special share repurchase account held **1,437,423 shares**, accounting for **2.05%** of the company's total share capital[12](index=12&type=chunk) [Other Reminders](index=5&type=section&id=III.%20Other%20Reminders) This section addresses any other significant operational information requiring investor attention during the reporting period [Other Important Information Regarding the Company's Operations During the Reporting Period Requiring Investor Attention](index=5&type=section&id=Other%20Important%20Information%20Regarding%20the%20Company's%20Operations%20During%20the%20Reporting%20Period%20Requiring%20Investor%20Attention) There is no other significant operational information requiring special investor attention during the reporting period - No other important information regarding the company's operations during the reporting period requires investor attention[13](index=13&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=IV.%20Quarterly%20Financial%20Statements) This section presents the company's unaudited consolidated financial statements for the first quarter [Type of Audit Opinion](index=6&type=section&id=(I)%20Type%20of%20Audit%20Opinion) The financial statements for this quarter have not been audited - The financial statements for this quarter are unaudited[14](index=14&type=chunk) [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2024, total assets were **5.42 billion CNY**, a **3.00%** decrease from the previous year-end, with total liabilities at **2.38 billion CNY** Consolidated Balance Sheet Key Data (As of March 31, 2024) | Item | March 31, 2024 (CNY) | December 31, 2023 (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 5,415,007,028.56 | 5,582,216,470.01 | -3.00 | | Total Current Assets | 4,011,790,084.10 | 4,162,918,686.05 | -3.63 | | Total Non-current Assets | 1,403,216,944.46 | 1,419,297,783.96 | -1.13 | | Total Liabilities | 2,384,682,211.45 | 2,462,209,298.59 | -3.15 | | Total Shareholders' Equity | 3,030,324,817.11 | 3,120,007,171.42 | -2.87 | - Cash and cash equivalents were **2.17 billion CNY**, financial assets held for trading were **464 million CNY**, accounts receivable were **142 million CNY**, and inventories were **1.02 billion CNY**[14](index=14&type=chunk) - Short-term borrowings were **270 million CNY**, accounts payable were **611 million CNY**, and long-term borrowings were **300 million CNY**[15](index=15&type=chunk)[16](index=16&type=chunk) [Consolidated Income Statement](index=8&type=section&id=Consolidated%20Income%20Statement) In Q1 2024, total operating revenue was **825.50 million CNY**, a **6.59%** decrease, with net profit attributable to parent company shareholders significantly down by **72.57%** Consolidated Income Statement Key Data (Q1 2024) | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 825,497,244.54 | 883,693,767.84 | -6.59 | | Operating Cost | 593,923,700.12 | 575,664,381.18 | 3.17 | | Selling Expenses | 142,537,563.43 | 134,523,534.87 | 5.96 | | Administrative Expenses | 29,368,575.63 | 38,712,940.54 | -24.14 | | R&D Expenses | 86,613,658.49 | 99,431,592.36 | -12.89 | | Financial Expenses | -12,422,387.25 | -1,375,031.15 | -803.43 | | Operating Profit | 16,877,143.13 | 62,339,299.58 | -72.95 | | Total Profit | 16,266,186.49 | 62,169,068.57 | -73.84 | | Net Profit | 14,184,350.70 | 51,993,167.23 | -72.72 | | Net Profit Attributable to Parent Company Shareholders | 14,319,148.32 | 52,193,828.12 | -72.57 | | Basic Earnings Per Share (CNY/share) | 0.20 | 0.75 | -73.33 | - Financial expenses significantly decreased (negative value increased), primarily due to higher interest income (**16.96 million CNY** in Q1 2024 vs. **10.97 million CNY** in Q1 2023)[20](index=20&type=chunk) - Other income increased by **41.18%** year-over-year to **35.67 million CNY**[20](index=20&type=chunk) [Consolidated Cash Flow Statement](index=11&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities in Q1 2024 significantly increased by **78.64%** to **146.04 million CNY**, while investing and financing cash flows turned negative Consolidated Cash Flow Statement Key Data (Q1 2024) | Item | Q1 2024 (CNY) | Q1 2023 (CNY) | Year-over-Year Change (%) | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 146,037,988.73 | 81,747,819.31 | 78.64 | | Net Cash Flow from Investing Activities | -33,775,370.29 | 17,409,844.14 | -294.02 | | Net Cash Flow from Financing Activities | -134,227,016.79 | 250,962,828.36 | -153.48 | | Net Increase in Cash and Cash Equivalents | -23,173,720.22 | 349,022,568.95 | -106.64 | - Total cash inflows from operating activities decreased by **12.96%** year-over-year, and total cash outflows decreased by **19.43%**, primarily due to reduced cash payments for goods and services[23](index=23&type=chunk) - Net cash flow from investing activities turned negative, mainly due to a decrease in cash received from investment recoveries (**400 million CNY** vs. **720 million CNY**), while cash paid for investments slightly decreased[24](index=24&type=chunk) - Net cash flow from financing activities shifted from positive to negative, primarily due to significant increases in cash paid for debt repayment (**293 million CNY**) and other financing-related payments (**111 million CNY**)[24](index=24&type=chunk) [Adjustments to Beginning-of-Year Financial Statements Due to First-Time Adoption of New Accounting Standards or Interpretations in 2024](index=13&type=section&id=Adjustments%20to%20Beginning-of-Year%20Financial%20Statements%20Due%20to%20First-Time%20Adoption%20of%20New%20Accounting%20Standards%20or%20Interpretations%20in%202024) The company's first-time adoption of new accounting standards or interpretations in 2024 did not require adjustments to the beginning-of-year financial statements - The first-time adoption of new accounting standards or interpretations starting in 2024 did not involve adjustments to the beginning-of-year financial statements[25](index=25&type=chunk)

证券代码：688696 证券简称：极米科技 公告编号：2024-025 极米科技股份有限公司 关于召开 2023 年度暨 2024 年第一季度业绩说明会的 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、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2024 年 05 月 21 日(星期二)下午 13:00-14:30 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：上证路演中心视频录播和网络互动 投资者可于 2024 年 05 月 14 日(星期二)至 05 月 20 日(星期一)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 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。 （一）会议召开时间：2024 年 05 月 21 日(星期二)下午 13:00-14:30 （二）会议召开地点：上证路演中心 （三）会议召开方式：上证路演中心视频录播和 ...

[Table_Contacts] [Table_Title] 极米科技（688696.SH） 23 年业绩承压，期待内销恢复与出海加速 [Table_Summary] 核心观点： ⚫ 极 米 科技 发布 2023 年报 。 2023 年 公司实现收 入 35.6 亿 元 （YoY-15.8%），归母净利 1.2 亿元（YoY-76.0%），毛利率 31.2% （YoY-4.7pct），净利率 3.4%（YoY-8.5pct）。2023Q4 公司收入 11.3 亿元（YoY-15.3%），归母净利 0.3 亿元（YoY-80.0%）。 ⚫ 国内弱需求下产品促销折扣增加，导致 23Q4 利润率承压。2023Q4 毛利率 27.9%（YoY-5.9pct），净利率 3.0%（YoY-9.8pct），销售/管理 /财务/研发费用率分别同比+4.0pct/-0.1pct/+2.4pct/+0.3pct。受弱需求 与竞争加剧影响，23Q4 中端主力产品 New Z6X 价格已降至 2000 元 以内，新品 PLYA3 同样定价 2000 元以内，拖累了整体利润率。 ⚫ 盈利预测与投资建议：预计 2024-2026 年公司 ...

极米科技（688696.SH） | --- | --- | --- | --- | --- | --- | |----------------------------|-------|-------|-------|-------|-------| | 财务指标 | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业收入（百万元） | 4,222 | 3,557 | 3,628 | 4,067 | 4,547 | | 增长率 yoy （ % ） | 4.6 | -15.8 | 2.0 | 12.1 | 11.8 | | 归母净利润（百万元） | 501 | 121 | 127 | 156 | 182 | | 增长率 yoy （ % ） | 3.7 | -76.0 | 5.4 | 22.8 | 16.5 | | EPS 最新摊薄 ( 元 / 股 ) | 7.16 | 1.72 | 1.81 | 2.23 | 2.59 | | 净资产收益率（ % ） | 16.0 | 3.8 | 3.9 | 4.8 | 5.5 | | P/E （倍） | 13.0 | 54.2 | 51.4 ...

极米科技(688696) 2023 年年报点评： 事件： 极米科技披露 2023 年报：公司全年实现营收 35.57 亿，同比-15.8%，归母 净利润 1.21 亿，同比-76.0%，扣非净利润 0.68 亿，同比-84.6%；四季度 实现营收 11.35 亿，同比-15.3%，归母净利润 0.34 亿，同比-80.0%，扣非 净利润 0.26 亿，同比-84.4%；23 年度拟分红 0.20 亿（含税），分红率 16.9%。 由于行业景气承压，公司 23 年长焦投影销量同比-14%，但性价比较高的 Play3 表现超预期，凭单季度销量便跻身全年国内投影机销量 TOP10，结构 变化导致长焦投影均价同比-9%；阿拉丁投影灯销售模式由 toB 转 toC 背景 下，23 年创新产品量/价同比+12%/+6%；23 年公司短焦投影矩阵进一步完 善，在原先激光电视基础上，超短焦投影量/价同比+166%/-52%。此外，23 年公司互联网增值服务收入受益于《西瓜游戏》应用放量，实现较快增长。 公司全年长焦投影毛利率同比-8pct，主要由于下半年性价比产品占比提 升，且其本身毛利率也有所下滑，境内/境外毛利率分别同比 ...

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 4 月 25 日召开第二届 董事会第十五次会议、第二届监事会第九次会议审议通过《关于调整 2021 年股 票期权及限制性股票激励计划授予/行权价格的议案》《关于调整 2023 年股票期 权及限制性股票激励计划授予/行权价格的议案》。根据公司《2021 年股票期权 及限制性股票激励计划（草案）》（以下简称"《2021 年激励计划》"）、《2023 年股票期权及限制性股票激励计划（草案）》（以下简称"《2023 年激励计划》"） 的相关规定及公司 2021 年第二次临时股东大会、2023 年第一次临时股东大会的 授权，董事会对公司 2021 年和 2023 年股票期权及限制性股票激励计划授予/行 权价格进行了调整。现将有关事项说明如下： 一、2021 年激励计划已履行的决策程序和信息披露情况 1. 2021 年 8 月 25 日，公司召开第一届董事会第二十五次会议，审议通过 了《成都极米科技股份有限公司 2021 年股票期 ...

rg zhong lun 中倫律師事務所 结珠的普通合伙 Limited Liability Partnership 北京中伦(成都)律师事务所 关于 极米科技股份有限公司 调整股票期权及限制性股票激励计划授予及行权价格 的 法律意见书 二〇二四年四月 重庆 · 青岛 · 杭州,南京 · 海口· 东京 · 香港 · 伦敦 · 纽约 · 成都 · 洛杉矶 | 武汉 · Hangzhou · Naniing · Haikou · Tokvo IIIN 蛋 四川省成都市高新区天府大道北段 966 号天府国际金融中心南塔 25 层-26 层 邮编 · 610041 25-26/F, South Tower of Tianfu International Finance Center, 966 North Tianfu Avenu High-tech Zone, Chengdu, Sichuan 610041, China 电话/Tel : +86 28 6208 8001 传真/Fax : +86 28 6208 8111 www.zhonglun.com 北京中伦(成都)律师事务所 关于极米科技股份有限公司 调整股 ...

2023 年度非经营性资金占用及其他关联资金往来的 专项说明 极米科技股份有限公司 联系电话: α会计师事务所 北京市东城区朝阳门北大街 telephone: 8 号官华大厦 A 座 9 层 | 索引 | 页码 | | --- | --- | | 专项说明 | 1-2 | | 非经营性资金占用及其他关联资金往来情况汇总表 | 1 | +86 (010) 6554 2288 No 8 Chanvangmen Beir ngchena District Belii 关于极米科技股份有限公司 2023 年度非经营性资金占用及其他关联资金往来的专项说明 XYZH/2024CDAA9B0031 极米科技股份有限公司 极米科技股份有限公司全体股东: 我们按照中国注册会计师审计准则审计了极米科技股份有限公司(以下简称极米科 技公司)2023年度财务报表,包括 2023年12月 31 目的合并及母公司资产负债表、2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公司股东权益变动表 以及财务报表附注,并于 2024年 4 月 25 日出具了 XYZH/2024CDAA9B0034 号无保留 意见的审计报告。 ...