XGIMI(SH:688696) GUOTAI HAITONG SECURITIES·2026-03-04 15:29Investment Rating - The investment rating for the company is "Accumulate" with a target price of 136.80 CNY, while the current price is 92.98 CNY [6]. Core Insights - The company has solidified its leading position in the domestic market, successfully adjusted its overseas operations, and is steadily expanding into new business areas such as commercial display products and smart cockpit solutions [2][12]. - For 2025, the company expects to achieve a revenue of 3.467 billion CNY, reflecting a year-on-year increase of 1.85%, and a net profit attributable to the parent company of 143 million CNY, up 19.25% year-on-year [12]. - The company is focusing on enhancing its research and development capabilities and improving its supply chain efficiency, which has led to an increase in gross profit margins [12]. Financial Summary - Total revenue for 2023 was 3,557 million CNY, with a projected decrease to 3,405 million CNY in 2024, followed by a slight increase to 3,467 million CNY in 2025 [5]. - The net profit attributable to the parent company is expected to rise from 121 million CNY in 2023 to 143 million CNY in 2025, indicating a growth trajectory [5]. - The earnings per share (EPS) is projected to increase from 1.72 CNY in 2023 to 2.05 CNY in 2025 [5]. Market Position and Business Development - In the domestic market, the company increased its market share from 14.5% to 17.6% in 2025, despite a 7.3% decline in overall retail sales volume [12]. - The company has launched new products in overseas markets, including the MoGo 4 and Horizon 20 series, which have seen strong demand during promotional periods [12]. - New business initiatives, such as the commercial display product "Taishan" series and AI glasses MemoMind, are expected to contribute positively to the company's revenue streams [12].