XGIMI(688696) Guotou Securities·2024-10-31 02:50Investment Rating - The report maintains a "Buy-A" investment rating for the company [4][5]. Core Views - The company is experiencing operational pressure but is expected to improve as domestic consumption gradually recovers and new products gain traction [65]. - The overseas business continues to grow, with stable revenue from international markets despite challenges in domestic sales [65][66]. - The company has diversified its product offerings in the projector industry, including LED, laser, LCD, and ultra-short throw projectors, positioning itself as a market leader [67]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 2.28 billion yuan, a year-over-year decrease of 5.8%, and a net profit attributable to shareholders of -40 million yuan, a decline of 146.8% year-over-year [65]. - In Q3 2024, the company achieved revenue of 680 million yuan, down 14.3% year-over-year, with a net profit of -40 million yuan, compared to a loss of 6.56 million yuan in the same period last year [65]. - The company's gross margin decreased by 1.4 percentage points in Q3, primarily due to inventory clearance of older products [66]. Future Outlook - The company is expected to stabilize and return to growth as projector consumption demand gradually rebounds and new products are launched [67]. - The projected earnings per share (EPS) for 2024 to 2026 are -0.74 yuan, 0.19 yuan, and 0.21 yuan, respectively, with a target price of 88.72 yuan based on a 2X price-to-book (PB) valuation for 2025 [67].