XGIMI(SH:688696) Shenwan Hongyuan Securities·2025-10-31 06:43Investment Rating - The investment rating for the company is "Outperform" (maintained) [1][6] Core Insights - The company reported a revenue of 2.327 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2%. The net profit attributable to the parent company was 80 million yuan, marking a return to profitability [3][6] - The company is experiencing improvements in 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 [6] - The company is focusing on expanding its overseas market presence and has made significant progress in its automotive business, with several models already equipped with its projection products [6] Financial Data and Profit Forecast - Total revenue projections for 2025E are 3.868 billion yuan, with a year-on-year growth rate of 13.6%. The net profit forecast for 2025E is 293 million yuan, representing a year-on-year increase of 144.2% [5][6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 293 million yuan, 386 million yuan, and 472 million yuan respectively, with corresponding P/E ratios of 25, 19, and 15 [6][5] - The company’s R&D expenses have increased, impacting short-term profitability but are expected to drive long-term growth in revenue and profits from its automotive and commercial projection businesses [6]