XGIMI(SH:688696) Shenwan Hongyuan Securities·2026-04-01 09:33Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Insights - The company reported a revenue of 3.467 billion yuan for 2025, a year-on-year increase of 2%. The net profit attributable to shareholders was 143 million yuan, up 19% year-on-year, while the net profit excluding non-recurring items was 114 million yuan, reflecting a 24% increase year-on-year [5][8] - The company has maintained its leading position in the domestic projection market, with a market share of 66.5% in the online smart projection segment, an increase of 11.3 percentage points from the previous year. The high-end projection market has seen a doubling in sales [8] - The company is expanding its product offerings in both domestic and international markets, with new product launches and a focus on high-end laser projection products. The overseas market has shown rapid growth, particularly in Amazon's European region, where the company's products ranked first in GMV for the category [8] - The company's profitability improved sequentially in Q4 2025, with a gross margin of 31.65%, although it decreased year-on-year. The net profit margin for Q4 was 5.50%, showing a sequential improvement [8] - The profit forecast for 2026 and 2027 has been adjusted downwards, with expected net profits of 348 million yuan and 434 million yuan, respectively. The company is expected to experience significant growth in its vehicle-mounted projection and commercial projection businesses [8] Financial Data and Profit Forecast - The total revenue forecast for 2026 is 3.701 billion yuan, with a year-on-year growth rate of 6.7%. The net profit attributable to shareholders is projected to be 348 million yuan, representing a 142.5% increase compared to 2025 [7][9] - The gross margin is expected to improve gradually, reaching 33.1% by 2028. The return on equity (ROE) is projected to increase to 12.5% by 2028 [7]