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].

Summary of Conference Call Industry Overview - The discussion focused on changes within the industry and the company’s position in the current market landscape, as well as future trends and directions [1] Key Points and Arguments - The company highlighted significant shifts in market dynamics that could impact future performance [1] - Emphasis was placed on the need for adaptation to evolving consumer preferences and technological advancements [1] Additional Important Content - Future strategies were briefly mentioned, indicating a proactive approach to capitalize on emerging opportunities [1]

| --- | --- | --- | --- | --- | --- | --- | |-------|-------------|-----------------|-----------------------|-----------------|-------------|--------------| | | | 极米 | 坚果 | Vidda | 当贝 | EPSON | | | 产品型号 | RS 10 | N1S Pro 4k 至臻版 | C2 至臻版 | X5S | TW5750 | | | 价格（元） | 4999 | 5999 | 5699 | 4999 | 4299 | | | 光源 | 护眼三色激光 | 三色激光 | 三色激光 | ALPD 激光 | 灯泡 | | | 显示技术 | DLP | DLP | DLP | DLP | 3LCD | | | 显示芯片 | 0.47'' 4K DMD | 0.47'' 4K DMD | 0.47'' 4K DMD | 0.47''DMD | 0.61" 3LCD | | | 长焦 / 短焦 | 中长焦 | 长焦 | 长焦 | 长焦 | 长焦 ...

中国国际金融股份有限公司 关于极米科技股份有限公司 差异化分红事项的核查意见 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为 极米科技股份有限公司（以下简称"极米科技"或"公司"）首次公开发行股票 并在科创板上市的保荐机构，根据《中华人民共和国公司法》《中华人民共和国 证券法》《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律监 管指引第 7 号——回购股份》等法律法规，对公司 2023 年度利润分配所涉及的 差异化分红进行了核查，核查情况如下： 一、本次差异化分红的原因 根据《上市公司股份回购规则》等有关规定，上市公司回购专用证券账户中 的股份，不享有利润分配的权利。因此，公司回购专用证券账户中的股份将不参 与公司本次利润分配，故 2023 年年度利润分配实施差异化分红。 二、本次差异化分红方案 根据公司 2023 年年度股东大会审议通过的 2023 年年度利润分配方案，公司 拟以实施权益分派股权登记日登记的总股本扣减公司回购专用证券账户中股份 为基数，拟向股权登记日登记在册的全体股东每 10 股派发现金红利人民币 3.00 元（含税），不进行资本公积金转增股本。 三、本次差异 ...

证券代码：688696 证券简称：极米科技 公告编号：2024-044 极米科技股份有限公司 2023 年年度权益分派实施公告 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： | 股权登记日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | | 2024/7/3 | 2024/7/4 | 2024/7/4 | 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经极米科技股份有限公司（以下简称"公司"）2024 年 6 月 7 日的 2023 年年度股东大会审议通过。 二、 分配方案 1. 发放年度：2023 年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东（公 司回购专用证券账户除外）。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，公司回购专用证券账户中的股份不享有股东大会表决权、利润分配、公积金 是否涉及差异化分红送转： ...