Investment Rating - The investment rating for the company is "Accumulate" [3] Core Views - The company has shown significant profit recovery, with a net profit of 0.63 billion yuan in Q1 2025, representing a year-on-year increase of 337.45%. However, the revenue slightly decreased by 1.89% year-on-year to 8.1 billion yuan, primarily due to weak domestic sales performance [1][2] - The company is expanding its technology and product applications, particularly in the automotive projection business, having achieved a breakthrough from 0 to 1 in 2024 with 8 designated projects in smart cockpits and intelligent headlights. This new business is expected to contribute to revenue growth in 2025 [1][2] - The gross margin for Q1 2025 was 34.01%, an increase of 5.96 percentage points year-on-year, while the net margin was 7.7%, up by 5.98 percentage points year-on-year. This improvement is attributed to enhanced operational efficiency and cost management [1] Financial Summary - In Q1 2025, the company reported a negative net cash flow from operating activities of -1.5 billion yuan, a decline of 202.78% year-on-year, mainly due to changes in the settlement cycle and increased payments for inventory [2] - The company maintains a forecast for net profits of 3.5 billion yuan, 5.1 billion yuan, and 6.4 billion yuan for the years 2025 to 2027, with corresponding dynamic P/E ratios of 25.8x, 17.5x, and 14.1x [2] - The total market capitalization of the company is approximately 8,982.40 million yuan, with a total share capital of 70 million shares [4]

事件：2025 年4 月21 日，极米科技发布2024 年报。2024 年公司实现营收/归母净利润/扣非归母净利润 34.05/1.20/0.92 亿元，同比-4.27/-0.30/+34.94%。2024Q4 公司实现营收/归母净利润/扣非归母净利润 11.23/1.60/1.56 亿元，同比-1.02/+367.35/+499.03%。 分行业看，2024 年投影整机产品/配件产品/互联网增值服务收入29.99/1.70/1.46 亿元，同 比-6.63/+0.32/-1.20%。 分产品看，2024 年长焦投影/创新产品/超短焦投影收入27.68/1.22/1.08亿元，同比-3.67/-35.80/-26.75%。 分行业看，2024 年投影整机产品/配件产品/互联网增值服务毛利率26.59/52.15/95.52%，同 比-0.99/+2.16/+2.39pct。 分产品看，2024 年长焦投影/创新产品/超短焦投影毛利率26.12/31.36/33.11%，同 比-0.30/-13.57/+5.40pct。 分地区来看，2024 年境内/境外毛利率23.88/45.44%，同比-2.91/+0.8 ...