XGIMI(SH:688696) Tianfeng Securities·2025-11-11 06:13Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a revenue of 2.33 billion yuan for the first three quarters of 2025, reflecting a year-on-year growth of 2.0%, with a net profit attributable to the parent company of 80 million yuan, up 297.5% [1] - The domestic sales landscape is improving, with the company leading the market through product innovation and cost advantages, achieving a market share of 28.9% in sales and 16.0% in volume for its main product line [2] - The overseas business is showing significant improvement, particularly in online channels, with revenue from Amazon Spain increasing by 111% year-on-year in Q3 2025 [2] - The company is expected to launch commercial projection products, targeting a market dominated by Japanese brands, leveraging its technology and cost advantages from the home appliance sector [2] Financial Performance - In Q3 2025, the company's gross margin was 30.6%, an increase of 2.5 percentage points year-on-year, while the net profit margin was -1.3%, improving by 5.2 percentage points [3] - The company has adjusted its profit forecast for 2025-2027, expecting net profits of 260 million, 510 million, and 650 million yuan respectively [3] - The current price-to-earnings ratio (P/E) is projected to be 30.55, 15.60, and 12.20 for the years 2025, 2026, and 2027 respectively [3] Market Dynamics - The smart projection industry in Q3 2025 faced temporary pressure due to national subsidies, with a year-on-year decline in retail sales of 10.6% [2] - The competitive landscape in the domestic projection industry is improving, with the market share of leading brands recovering to 60.7% in sales and 35.9% in volume [2] - The company is expected to benefit from the gradual recovery of overall business growth due to improvements in its overseas team and market strategies [2]