XGIMI(688696) Tianfeng Securities·2025-02-25 10:23Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 126.68 CNY [5]. Core Views - The company achieved a revenue of 3.41 billion CNY in 2024, a year-on-year decrease of 4.02%, while the net profit attributable to the parent company was 120 million CNY, an increase of 1.14% year-on-year [1]. - The company is focusing on expanding its second growth curve in the automotive sector, having secured 7 designated projects, including 6 for smart cockpit products and 1 for smart headlight components [2]. - The company is actively pursuing brand globalization and expanding its overseas sales channels, which has led to continuous growth in overseas revenue [2][3]. Financial Summary - The company's revenue for 2024 is projected to be 3.41 billion CNY, with an expected growth rate of -4.02% [4]. - The net profit attributable to the parent company is forecasted to be 121.78 million CNY in 2024, with a growth rate of 1.06% [4]. - The company’s gross margin is expected to remain stable, with a projected net profit margin of 3.57% in 2024 [9]. - The company’s dynamic P/E ratios for 2024, 2025, and 2026 are estimated to be 73x, 25.5x, and 17.5x respectively [3]. Market Performance - The Chinese smart projection market is expected to see a volume of 6.042 million units in 2024, a year-on-year increase of 3.0%, while the sales value is projected to decline by 3.5% [2]. - The global projector market is anticipated to grow by 5.4% year-on-year in 2024, with the overseas market growing at a rate of 8.3% [2].