XGIMI(SH:688696) Changjiang Securities·2025-09-03 15:26Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company has significantly improved its performance, with a 1.63% year-on-year increase in revenue to 1.626 billion yuan in the first half of 2025, and a remarkable 2062.34% increase in net profit attributable to shareholders, reaching 89 million yuan [4][9]. - The second quarter of 2025 saw a revenue of 816 million yuan, up 5.38% year-on-year, and a net profit of 26 million yuan, an increase of 360% compared to the same period last year [4][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 1.626 billion yuan, a 1.63% increase year-on-year, and a net profit of 89 million yuan, which is a significant increase of 2062.34% [4][9]. - The second quarter results showed revenue of 816 million yuan, a 5.38% increase year-on-year, and a net profit of 26 million yuan, which is an increase of 360 million yuan compared to the same period last year [4][9]. Business Development - The company continues to optimize its product matrix in the smart projection business, launching new products such as the portable projector Play6 and the home flagship RS20 series, while also expanding its vehicle-mounted projection business [9]. - The company has made progress in overseas markets, focusing on brand expansion and local operations in Europe, North America, and Japan [9]. Profitability and Cost Control - The gross profit margin for the first half of 2025 was 33.28%, an increase of 4.20 percentage points year-on-year, attributed to improved R&D and supply chain efficiency [9]. - The company effectively controlled its expenses, with a notable decrease in sales expenses due to changes in sales channel proportions and improved marketing efficiency [9].