极米科技：行业需求承压，营收规模改善

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company reported a revenue of 1.6 billion yuan in the first half of 2024, a year-on-year decline of 1.66%. The net profit attributable to the parent company was 4.1 million yuan, down 95.58%, and the non-recurring net profit attributable to the parent company was -14.84 million yuan, a decline of 125.36%. In Q2 2024, the revenue was 774 million yuan, an increase of 4.20% year-on-year, while the net profit attributable to the parent company was -10.22 million yuan, down 125.21%, and the non-recurring net profit was -22.95 million yuan, a decline of 236% [4][5]. Summary by Sections Industry Demand and Revenue Performance - The company faced a decline in domestic demand due to macroeconomic factors, but overseas sales showed strong performance. The overall revenue remained stable year-on-year, with Q2 2024 showing a positive revenue growth of 4.20% [4][5]. Product Development and Market Strategy - The company launched new products, including the portable projector Play5 priced below 2000 yuan and the RS 10 series of eye-protecting three-color laser projectors, to enhance its competitive edge. The company has maintained its leading position in the Chinese projection equipment market for six consecutive years [4][5]. Financial Performance and Cost Management - The gross margin for the first half of 2024 was 29.08%, a decrease of 5.38 percentage points year-on-year. The company has optimized its operational efficiency by reducing sales, management, and R&D expense ratios. However, asset impairment losses increased significantly by 350.10% year-on-year, primarily due to inventory write-downs [5][6]. Future Outlook - The company is expected to benefit from a gradual stabilization in terminal demand, with projected net profits attributable to the parent company for 2024, 2025, and 2026 estimated at 53 million yuan, 296 million yuan, and 382 million yuan, respectively [5].