XGIMI(SH:688696)2024-05-03 09:02Investment Rating - The report maintains an "Outperform" investment rating for the company, indicating a positive outlook compared to the market [18]. Core Views - The company experienced a revenue decline of 15.8% in 2023, with total revenue of 35.57 billion yuan, and a significant drop in net profit by 76% to 1.21 billion yuan [8][18]. - The company is expected to recover with projected revenue growth of 18.7% in 2024, reaching 42.23 billion yuan, and a net profit increase of 92.8% to 2.32 billion yuan [8][18]. - The company is actively expanding its overseas market presence while launching new products to cater to diverse consumer needs [17]. Financial Summary - Total revenue for 2023 was 35.57 billion yuan, down from 42.22 billion yuan in 2022, with a projected increase to 42.23 billion yuan in 2024 [4][8]. - The net profit for 2023 was 1.21 billion yuan, a decrease from 5.01 billion yuan in 2022, with expectations of rising to 2.32 billion yuan in 2024 [4][8]. - Earnings per share (EPS) for 2023 was 1.72 yuan, with forecasts of 3.32 yuan in 2024 and 5.33 yuan in 2025 [4][8]. Market Performance - The domestic projection market faced challenges, with a 6.2% decline in total shipments and a 25.6% drop in sales revenue in 2023 [17]. - The company launched the RS 10 Ultra series and the entry-level Play 3 product, which gained significant market traction [17]. - The stock price closed at 97.71 yuan, with a market capitalization of 6.84 billion yuan [16].