极米科技：点评：新品发布改善持续-20250324

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - On March 20, the company launched new portable projectors Play6e and Play6, which are expected to enhance domestic market share and profitability [5] - The Play6 series has been upgraded with better performance and pricing, which is anticipated to drive sales and improve margins [15] Summary by Relevant Sections - Product Launch: The new Play6e is priced at ¥1,799 (¥1,529 after national subsidy) and offers significant upgrades over its predecessor, including higher brightness and improved portability features [11] - Competitive Advantage: Compared to competitors, the Play6e has superior product capabilities and price performance, making it a strong contender in the entry-level portable projector market [7] - Sales Growth: The company’s online sales in February increased by 46% year-on-year, indicating a recovery in market share [15] - Financial Forecast: Projected revenues for 2024-2026 are ¥34.1 billion, ¥41.1 billion, and ¥48.1 billion respectively, with net profits expected to rise significantly in 2025 and 2026 [15][17] - Market Position: The company is expected to capture a larger share of the domestic market, with the Play6 series contributing significantly to sales and margin improvements [15]