表观数据平淡背后的边际改善 ——极米科技 24H1 点评 极米科技（688696）/家电 证券研究报告/公司点评 2024 年 8 月 31 日 | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------|---------|--------------------------------------------------------------------------|---------------------------------------------------------------------------|--------------------------------------------|----------------------------------------|-------------------------------|--------- ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 70 yuan, compared to the current price of 56.70 yuan [1]. Core Insights - The company achieved a revenue of 1.6 billion yuan in H1 2024, a year-on-year decrease of 1.66%, with a net profit attributable to shareholders of 0.04 million yuan, down 95.58% year-on-year. In Q2 2024, revenue was 774 million yuan, showing a year-on-year increase of 4.2%, while the net profit was a loss of 0.1 million yuan, down 125.2% year-on-year [1]. - Q2 revenue growth turned positive for the first time in seven quarters, driven by strong overseas sales performance. Domestic demand for smart micro-projectors remains weak, but the company's overseas market expansion is showing results, with foreign sales accounting for 28% of total revenue [1]. - The decline in product pricing and the increase in low-margin products have negatively impacted profits. The company reported a gross margin of 30.2% in Q2 2024, down 3.8 percentage points year-on-year. The company is actively controlling expenses, resulting in a decrease in the expense ratio [1]. - The company is gradually improving its overseas layout, maintaining its leadership position in the domestic projection industry. As of 2023, the company has been the top shipper in the Chinese projection equipment market for six consecutive years and has entered major retail channels in Europe, the US, and Japan [1]. - Due to intense industry competition and a decline in product structure, the company has adjusted its net profit forecasts for 2024-2026 to 107 million, 143 million, and 205 million yuan, respectively, with corresponding PE ratios of 37, 28, and 19 times [1]. Financial Summary - In H1 2024, the company's total revenue was 1.6 billion yuan, with a breakdown of 1.49 billion yuan from projectors and accessories (down 4.5% year-on-year) and 90 million yuan from internet value-added services (up 78.8% year-on-year) [1]. - The company's domestic and overseas revenues for H1 2024 were 1.13 billion yuan (down 10.3% year-on-year) and 450 million yuan (up 28.0% year-on-year), respectively [1]. - The company reported a total asset value of 5.582 billion yuan and a debt-to-asset ratio of 45.07% [3].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a total revenue of 1.6 billion yuan in H1 2024, a year-on-year decrease of 1.66%, with a net profit attributable to shareholders of 4 million yuan, down 95.58% year-on-year [1] - The projector business is under pressure, with revenue of 1.493 billion yuan in H1 2024, a decline of 4.54% year-on-year, while the gross margin stands at 25.16% [1] - Internet value-added services showed significant growth, achieving revenue of 87.48 million yuan in H1 2024, a year-on-year increase of 78.82%, with a gross margin of 96.21% [1] - The company is experiencing growth in overseas sales, with revenue of 448 million yuan in H1 2024, an increase of 27.95% year-on-year, and a gross margin of 46.55% [1] - The company expects a recovery in profitability in the future, with projected net profits of 64 million yuan, 98 million yuan, and 102 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -47.3%, 53.8%, and 4.4% [1] Financial Summary - In H1 2024, the company's total revenue was 1.6 billion yuan, with a net profit of 4 million yuan [1] - The company's revenue from domestic sales was 1.133 billion yuan, down 10.31% year-on-year, while gross margin was 22.2% [1] - The company forecasts revenues of 3.628 billion yuan, 3.882 billion yuan, and 4.154 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 2.0%, 7.0%, and 7.0% [3][10] - The projected net profit for 2024 is 64 million yuan, with an EPS of 0.91 yuan [10]

公司报告 | 半年报点评 核心整机业务增速承压，外销表现相对亮眼 事件：公司 2024 年 H1 实现营业收入 16 亿元，同比-1.66%，归母净利润 0.04 亿元，同比-95.58%；其中 2024Q2 实现营业收入 7.74 亿元，同比+4.2%， 归母净利润-0.1 亿元，同比-125.21%。 内销行业需求较弱，自有品牌出海增速较好。分业务看，24H1 投影整机及 配件/互联网运营收入同比分别为-4.5%/+78.8%，核心整机业务增速承压。 分地区看，24H1 内外销收入同比为-10.3%/+28%，受宏观经济环境等因素 影响，消费者消费偏好谨慎，国内投影市场需求侧仍然承压；公司努力拓 宽销售渠道，加快品牌出海与全球化战略步伐，24H1 公司海外收入取得增 长，抵消了国内需求疲软对整体收入的影响。 去库影响毛利率水平。2024 年 H1 公司毛利率为 29.08%，同比-5.38pct， 净利率为0.24%，同比-5.44pct；其中2024Q2 毛利率为30.17%，同比-3.81pct， 净利率为-1.33%，同比-6.77pct。分业务看，24H1 投影整机及配件/互联网 运营毛利率环比 ...

Financial Performance - XGIMI reported a significant increase in revenue for the first half of 2024, achieving a total revenue of CNY 1.2 billion, representing a year-on-year growth of 25%[1]. - The company’s net profit for the same period reached CNY 150 million, up 30% compared to the previous year[1]. - The company's operating revenue for the first half of 2024 was ¥1,599,799,536.40, a decrease of 1.66% compared to ¥1,626,771,591.56 in the same period last year[12]. - The net profit attributable to shareholders was ¥4,100,297.41, down 95.58% from ¥92,727,349.32 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was -¥14,841,102.49, a decline of 125.36% compared to ¥58,518,169.94 in the previous year[12]. - The basic earnings per share decreased by 95.45% to ¥0.06 from ¥1.32 year-on-year[13]. - The total comprehensive income for the first half of 2024 was CNY 4,439,519.56, down from CNY 98,243,243.89 in the same period of 2023[131]. - The company reported a net profit of CNY 1,008,886,134.68 for the first half of 2024, compared to CNY 890,564,525.92 in the same period of 2023[128]. - The total comprehensive income for the first half of 2024 is approximately RMB 4,690 million, compared to RMB 98,582 million in the same period last year, indicating a significant decline[141]. Market Expansion and Product Development - XGIMI plans to launch three new projector models in the second half of 2024, aiming to capture a larger market share in the premium segment[1]. - The company is focusing on expanding its market presence in Europe and North America, with a target of increasing international sales by 40% in 2024[1]. - The company is actively expanding its overseas market presence, with products now available in Europe, Japan, and the United States, and has established partnerships with major retail channels[45]. - The company is conducting product research for overseas smart projectors, with a focus on developing tailored products for different markets and demographics over the next five years[39]. - The company launched the Play 5 portable projector and the RS 10 series, enhancing its product matrix and catering to diverse consumer needs[50]. Research and Development - XGIMI has invested CNY 200 million in R&D for new technologies, including advancements in laser projection and smart connectivity features[1]. - The company has developed the Dual Light 2.0 technology, enhancing brightness, contrast, color gamut, and color accuracy, significantly improving projection quality[21]. - The company has implemented an intelligent separation cooling technology that ensures high cooling efficiency while maintaining low noise levels during operation[23]. - The company has developed a comprehensive optical design capability, including long-focus, zoom, and ultra-short-focus lens designs, ensuring a full-process lens development capability[21]. - The company has established capabilities for automated production of certain lenses and components, improving production yield and consistency[22]. - The company has a strong focus on quality control, having established its own laboratory and invested in advanced testing equipment to enhance product quality[48]. - The number of R&D personnel increased to 749, accounting for 29.25% of the total workforce, up from 26.29% in the same period last year[41]. Financial Guidance and Risks - The management has provided a revenue guidance of CNY 2.5 billion for the full year 2024, indicating a growth target of 20%[1]. - The company has identified potential risks related to supply chain disruptions and market competition, which may impact future performance[1]. - The company faces risks from intensified market competition, potential price reductions, and reliance on core components from suppliers like Texas Instruments[56]. Environmental and Social Responsibility - The company actively promotes energy conservation and emission reduction, implementing measures to reduce energy consumption and enhance energy management[84]. - All hazardous waste is handled by qualified units, and emissions meet national standards after professional treatment[83]. - The company is not classified as a key pollutant discharge unit and does not face administrative penalties related to environmental issues[82]. - The company has committed to measures to stabilize its stock price for three years from the date of listing[88]. Corporate Governance and Shareholder Information - The company has not proposed any profit distribution or capital reserve transfer plan for the reporting period[78]. - The company has made commitments to avoid competition among major shareholders, which may enhance market positioning[93]. - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[95]. - The company has not reported any overdue guarantees during the reporting period[99]. - The total amount of guarantees provided by the company, excluding guarantees for subsidiaries, is RMB 782,245,600, which accounts for 26.84% of the company's net assets[100]. Financial Position and Assets - The total assets at the end of the reporting period were CNY 5.312 billion, a decrease of 4.84% from the beginning of the period[67]. - The company's inventory accounted for 18.06% of total assets, with a book value of CNY 959.24 million[66]. - The total liabilities decreased from ¥1,316,060,230.13 to ¥1,264,465,285.82, reflecting a decrease of approximately 3.9%[124]. - The total equity attributable to shareholders decreased to CNY 2,980,045,736.41 from CNY 3,049,999,950.80[128]. Cash Flow and Financial Management - The net cash flow from operating activities increased by 201.78% to CNY 170.91 million, mainly due to a reduction in procurement payments[68]. - The ending balance of cash and cash equivalents was CNY 2,148,094,763.91, up from CNY 1,512,924,921.36 at the end of the first half of 2023, marking an increase of approximately 42%[136]. - The company reported a significant increase in cash received from investments, totaling CNY 867,650,000.00, compared to CNY 1,197,000,000.00 in the first half of 2023, indicating a decrease of about 27.5%[137]. Accounting Policies and Financial Reporting - The company adheres to the accounting standards and principles, ensuring the financial statements reflect a true and complete picture of its financial status[153]. - The group recognizes financial assets or financial liabilities when it becomes a party to a financial instrument contract[162]. - Revenue is recognized when the company fulfills its performance obligations, allocating transaction prices to distinct goods or services[186]. - The group has not made significant changes to accounting policies or estimates in the current reporting period[191].

证券代码：688696 证券简称：极米科技 公告编号：2024-051 极米科技股份有限公司 关于公司2024年半年度募集资金存放与使用情况的 专项报告 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。 根据证监会发布的《上市公司监管指引第 2 号——上市公司募集资金管理和 使用的监管要求》（证监会公告[2022]15 号）和《上海证券交易所科创板上市公 司自律监管指引第 1 号——规范运作》等有关规定，极米科技股份有限公司（以 下简称"公司"、"极米科技"）编制了截至 2024 年 6 月 30 日的《关于公司 2024 年 半年度募集资金存放与使用情况的专项报告》。 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意成都极米科技股份有限公司首次公开 发行股票注册的批复》（证监许可[2021]200 号），公司获准向社会公众公开发 行人民币普通股（A 股）股票 1,250 万股，发行价为每股人民币 133.73 元，本次 发行募集资金总额为 167,162.50 万元；扣除发行费 ...

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 ...

Investment Rating - The investment rating for the company is "Cautious Accumulate" [9] Core Views - The company's performance is under short-term pressure, with expectations for profit improvement in the future. The forecast for EPS from 2024 to 2026 has been adjusted to 1.67, 2.90, and 4.02 yuan, respectively, reflecting a growth rate of -3%, +73%, and +38% [8][9] - The company is expected to achieve a net profit attributable to shareholders of 3.673 million yuan in H1 2024, a year-on-year decrease of 96%, with a significant loss projected for Q2 2024 [8][9] - External sales are performing better than internal sales, with Q2 revenue growth expected to be around 8% to 12% [8][9] Financial Summary - Revenue for 2022 was 4,222 million yuan, with a forecast of 3,557 million yuan for 2023, and expected to rise to 3,629 million yuan in 2024 [6][11] - Net profit attributable to shareholders was 501 million yuan in 2022, dropping to 121 million yuan in 2023, with a forecast of 117 million yuan for 2024 [6][11] - The company’s net asset return rate is projected to be 3.8% in 2024, increasing to 8.0% by 2026 [11] Market Data - The target price has been adjusted to 72.49 yuan, down from the previous forecast of 104.08 yuan [1][8] - The current stock price is 64.20 yuan, with a market capitalization of 4,494 million yuan [2][1] - The stock has experienced a 52-week price range of 62.20 to 145.18 yuan [2]

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 ...