XGIMI(SH:688696) Shenwan Hongyuan Securities·2025-10-31 06:19Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Insights - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 2%. The net profit attributable to the parent company was 80 million yuan, marking a return to profitability [4][7] - The company is experiencing improved profitability, with a gross margin of 30.59% in Q3 2025, an increase of 2.54 percentage points year-on-year. The net profit margin for Q3 2025 was -1.33%, which is an improvement of 5.19 percentage points year-on-year [7] - The company is actively expanding its overseas market presence and advancing its automotive business, with products already delivered to various car models [7] Financial Data and Profit Forecast - For 2025, the company is projected to achieve total revenue of 3.868 billion yuan, with a year-on-year growth rate of 13.6%. The net profit attributable to the parent company is expected to be 293 million yuan, reflecting a significant year-on-year increase of 144.2% [6][9] - The earnings per share (EPS) for 2025 is estimated at 4.19 yuan, with a projected price-to-earnings (P/E) ratio of 25 [6][9] - The company has revised its profit forecasts downward for 2025-2027, now expecting net profits of 293 million yuan, 386 million yuan, and 472 million yuan respectively [7]