XGIMI(688696) 华安证券·2025-02-25 03:34Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The report indicates that the profitability recovery process of the company has exceeded expectations, with a confirmed turning point in Q4 2024 [7][9] - The company reported Q4 revenue of 1.132 billion yuan (down 0.22% year-on-year) and a net profit attributable to shareholders of 162 million yuan (up 372.40% year-on-year) [9] - The report highlights improvements in both domestic and international sales, with Q4 domestic sales experiencing a slight decline and international sales showing low double-digit growth [9] Financial Performance Summary - Q4 2024: Revenue of 1.132 billion yuan, net profit of 162 million yuan, and a net profit margin of 14.3%, marking a significant increase from previous quarters [9] - For the full year 2024, the company reported revenue of 3.414 billion yuan (down 4.02% year-on-year) and a net profit of 122 million yuan (up 1.14% year-on-year) [9] - The report projects revenue growth for 2025 and 2026, with expected revenues of 4.114 billion yuan and 4.813 billion yuan, respectively, indicating a recovery trajectory [11] Revenue and Profit Analysis - Q4 revenue growth improved compared to Q3, with domestic sales benefiting from promotional activities and a recovery in market share [9] - The gross margin for Q4 is expected to reach 35%, up from 28% in Q3, driven by cost reductions and an improved product mix [9] - The report emphasizes the potential for growth in the 2B segment, particularly in the automotive and commercial sectors [9] Earnings Forecast - The earnings forecast has been adjusted based on the positive Q4 performance, with projected net profits of 1.22 billion yuan for 2024, 4.01 billion yuan for 2025, and 5.56 billion yuan for 2026 [9][11] - The report maintains a price-to-earnings ratio (P/E) of 73 for 2024, 22 for 2025, and 16 for 2026, reflecting the anticipated recovery and growth [9]