Investment Rating - The investment rating for the company is "Buy" and it is maintained [8] Core Views - The company has announced a significant improvement in its performance, with a projected revenue of 1.626 billion yuan for the first half of 2025, representing a year-on-year growth of 1.63%. The net profit attributable to the parent company is expected to reach 88.6622 million yuan, a substantial increase of 2062.33% [2][5] - In the second quarter, the company achieved a revenue of 816 million yuan, reflecting a year-on-year growth of 5.40%, and a net profit of 26.0231 million yuan, marking a significant turnaround from losses [2][5] - The domestic smart projection market has seen a slight decline, but the company has maintained its market share and is actively pursuing product upgrades, overseas market expansion, and broadening application scenarios [11] Summary by Sections Company Performance - The company reported a net profit margin increase, with the first quarter showing a year-on-year increase of 337.45% and the second quarter showing a significant turnaround [11] - The company continues to implement a strategy focused on research and development innovation and supply chain efficiency, which has led to improved resource allocation and cost control [11] Product and Market Strategy - The company has launched several new products, including the portable projector Play6 and the home flagship RS 20 series, reinforcing its competitive position in both entry-level and mid-to-high-end markets [11] - The company is expanding its overseas market presence, with products entering major offline channels in Europe, North America, Japan, and Australia [11] - The company is also diversifying its application scenarios, including smart cockpit and smart lighting, with products already in production for various automotive clients [11] Financial Projections - The company expects net profits for 2025, 2026, and 2027 to be 318 million yuan, 488 million yuan, and 506 million yuan respectively, with corresponding price-to-earnings ratios of 24.52, 16.02, and 15.45 [11]

Group 1 - The company, XGIMI Technology, is planning to issue overseas listed shares (H-shares) to enhance its international brand recognition and competitiveness [1] - The company is currently in discussions with relevant intermediaries regarding the issuance and listing of H-shares on the Hong Kong Stock Exchange [1] - Details regarding the issuance and listing of H-shares have not yet been finalized [1]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.00 RMB [6][4]. Core Views - The company is expected to achieve revenue of 1.626 billion RMB in H1 2025, a year-on-year increase of 1.63%, and a significant increase in net profit attributable to shareholders of 88.66 million RMB, up 84.56 million RMB year-on-year [1][4]. - The company is focusing on vertical integration of "hardware + algorithms + optics" to optimize cost control and enhance the universality of key components, leading to a recovery in profitability [1]. - The company is accelerating its penetration into overseas markets through smart and localized strategies, aiming to capture a larger share of the global mid-to-high-end market [1]. - The automotive optical products have been successfully implemented in various models from clients such as Seres, JAC, and BAIC, indicating potential for growth beyond the retail market [1][3]. Summary by Sections Financial Performance - The company forecasts net profits of 350 million RMB, 404 million RMB, and 447 million RMB for 2025, 2026, and 2027 respectively, representing year-on-year growth of 191%, 15.4%, and 10.8% [4][10]. - The expected EPS for the same years is 5.00 RMB, 5.77 RMB, and 6.39 RMB [4][10]. Market Conditions - The domestic market for smart projectors is under pressure, with a 3.9% decline in sales volume to 2.778 million units and a 2.9% decrease in sales revenue to 4.68 billion RMB in H1 2025 [2]. - Despite the challenges, the company has managed to increase its average selling price by 22.7% year-on-year across major e-commerce platforms [2]. Product Development - The automotive optical products are expected to contribute to revenue starting from H1 2025, although initial depreciation and amortization costs may impact profitability [3]. - The company’s long-standing expertise in projection technology is anticipated to create differentiated advantages in various application scenarios, including automotive and commercial uses [3].

Core Viewpoint - The implementation of the "Private Economy Promotion Law" aims to provide a clear direction for the development of the private economy in China, with Chengdu focusing on quality-driven growth through collaborative efforts between government and enterprises [1] Group 1: Industry Support and Development - Chengdu's market regulatory bureau has prioritized quality enhancement as a core driver for industrial development, implementing tailored quality improvement plans for 723 enterprises across key industries, addressing over 2020 quality issues [3] - The establishment of a "one-stop" service platform integrates various quality infrastructure resources, significantly reducing time and communication costs for enterprises [5] - Chengdu has built 8 service stations and 40 offline service platforms, providing services to over 109,000 enterprises and resolving more than 10,000 quality issues [6] Group 2: Case Studies of Successful Enterprises - Sichuan Teweining Engineering Technology Co., Ltd. faced challenges in market recognition but improved its technology and market position through government support and collaboration with research institutions, leading to industry-leading technology recognition by the end of 2024 [2] - Sichuan Jianshan Technology Co., Ltd. transformed from a small startup to a leading enterprise with over 400 employees, achieving significant revenue growth to 160 million yuan through tailored support from the "one-stop" service platform [4] Group 3: Brand Development and Recognition - Chengdu's market regulatory bureau has successfully nurtured brands like XGIMI Technology, which has become a benchmark in the smart projection industry, receiving multiple awards for quality excellence [7][8] - The city has recognized 8 organizations and 2 individuals with the China Quality Award and has established 125 geographical indication products, showcasing the effectiveness of its brand cultivation efforts [8] Group 4: Vision for Future Development - Chengdu is on a path to becoming a "world quality highland," reflecting its commitment to enhancing the private economy and quality standards in the region [9]

Core Points - The "Private Economy Promotion Law" was officially passed and implemented on April 30, marking the first foundational law specifically for the development of the private economy in China [1] - The law emphasizes fair competition, investment promotion, technological innovation, and protection of rights, requiring relevant departments to fulfill their legal responsibilities and enhance regulatory frameworks [4][5] Group 1: Implementation and Impact - Sichuan Province has initiated a series of measures to promote the development of the private economy, achieving a private economy value-added of 842.56 billion yuan with a growth rate of 5.6% in the first quarter [4] - The law aims to create a fair, just, and transparent market environment, which is expected to stimulate innovation and development among private enterprises [1][8] - The law includes provisions for supporting private enterprises in strategic emerging industries and major technological breakthroughs, allowing them to participate in national technological initiatives [8] Group 2: Future Directions - Sichuan plans to enhance the investment environment through five special governance initiatives, focusing on addressing operational challenges faced by private enterprises [4][5] - The provincial government aims to establish a rapid response mechanism for protecting the rights of private enterprises and to combat discriminatory practices in public procurement and project services [5][6] - Future measures will include the introduction of a "Fair Competition Review Method" to ensure that private enterprises can compete on equal footing in various sectors [6][7]

Core Viewpoint - Vidda has emerged as the fastest-growing brand in the domestic home audio-visual sector, despite being relatively unknown compared to competitors like Xiaomi and TCL [1][2]. Market Performance - As of early May 2025, Vidda's cumulative online sales market share reached 13%, placing it among the top two in the industry [2][9]. - Vidda's television sales have consistently ranked in the top five in the online market from 2022 to 2024, with a significant reduction in the gap with Xiaomi and TCL [9]. Brand Positioning - Vidda targets young consumers with a focus on stylish technology, leveraging Hisense's production and supply chain capabilities to enhance product quality [2][8]. - The brand emphasizes "quality-price ratio" over mere low pricing, catering to the evolving demands of young consumers who seek higher quality and diverse functionalities [8][10]. Product Development - Vidda has successfully diversified its product line from traditional televisions to include gaming TVs and laser projectors, addressing various market needs [4][5]. - The introduction of the Vidda gaming TV X series in 2022 featured advanced specifications such as 120Hz refresh rate and support for 4K/120fps transmission, appealing to both casual viewers and gaming enthusiasts [4]. Customer Service and Innovation - Vidda's unique "high-altitude mode" for projectors demonstrates its commitment to customer service, adapting products to specific user environments [6]. - The brand has established itself as a trustworthy player in the market by advocating for transparency in product specifications, such as not exaggerating brightness in projectors [5][9]. Recent Developments - In March 2025, Vidda launched the new X series of televisions, maintaining its competitive edge with unique features like the only ink crystal screen in its price range [10]. - The introduction of "wallpaper TVs" reflects Vidda's adaptation to market trends, emphasizing aesthetics alongside functionality [10].

新京报讯(记者陈琳)4月29日，市场监管总局召开专题新闻发布会，通报2024年知识产权执法情况。会 上发布了2024年知识产权执法十大典型案件，涉及侵犯"极米""乐高""华为"注册商标专用权等一批大案 要案。 市场监管总局市场稽查专员嵇小灵介绍，去年4月，总局印发《"守护知识产权"专项执法行动实施方案 (2024-2025年)》，在全国范围内部署开展为期两年的专项行动。总局充分发挥统筹协调作用，组织江 西、广东等9省(区、市)查办"极米坚果"商标侵权案件，成功查获违法经营额1.28亿元；组织查办了压片 糖果企业利用商标宣称医疗保健功效欺骗消费者系列案件，截至目前，已经立案查处违法生产企业23 家，并追踪溯源到上游违法企业和个人主体共计36个。 各地市场监管部门也查办了一批具有重要影响的大案要案。比如，安徽省阜阳市市场监管局查处谷某涉 嫌生产销售侵权服装案，涉案金额达2亿元；重庆市酉阳土家族苗族自治县市场监管局联合公安机关破 获特大商标侵权案，涉案金额高达3亿元。 四川省市场监管局副局长赵辉介绍，成都极米科技股份有限公司是一家专注于智能投影和激光电视领域 的高科技企业，并迅速成长为行业龙头。四川省市场监管局接到 ...

证券研究报告 | 2025年04月28日 | 晨会纪要 | | --- | | 数据日期:2025-04-25 | 上证综指 | 深证成指沪深 | 300 指数 | 中小板综指 | 创业板综指 | 科创 50 | | --- | --- | --- | --- | --- | --- | --- | | 收盘指数（点） | 3295.06 | 9917.05 | 3786.99 | 11007.02 | 2675.23 | 1004.57 | | 涨跌幅度（%） | -0.06 | 0.39 | 0.06 | 0.45 | 0.24 | 0.12 | | 成交金额（亿元） | 4454.17 | 6681.49 | 2205.35 | 2466.36 | 2916.34 | 202.73 | $$\overline{{{\mathbb{M}}}}\cong\pm\overline{{{\mathbb{M}}}}$$ ( $\frac{\pi}{10}$) 宏观与策略 宏观周报:高技术制造业宏观周报-国信周频高技术制造业扩散指数走平 宏观周报:宏观经济宏观周报-高频指标环比改善，房地产景气上升 固定收益周报:超 ...

经济观察报 记者 郑晨烨 尽管极米科技（688696.SH）已连续六年在中国智能投影市场占据头把交椅，但行业的整体增速放缓已 是不争的事实。 当家用市场的存量竞争日益激烈，寻找"第二增长曲线"成为摆在所有玩家面前的共同课题。与此同时， 研发投入的持续加码与短期利润的波动，也考验着这家科创板上市公司的战略定力。 从早年以"无屏电视"概念切入市场，到如今面临AI、空间计算等新技术对产品形态的重塑可能，智能投 影的核心竞争力应如何定义？在LED、混光、三色激光等多元光源路线中，未来将走向何方？面对全球 化浪潮中的文化差异与地缘政治风险，出海之路又该如何布局？另外，极米在车载投影领域已斩获8个 定点项目，这是否预示着一个足以"再造一个极米"的新赛道正在开启？ 带着这些问题，近日，经济观察报记者与极米科技创始人兼董事长钟波展开了深度对话，探讨智能投影 行业的未来机遇、极米的战略抉择以及硬科技企业的生存法则。 |对话| 车载业务能否"再造一个极米"？ 经济观察报：极米连续6年蝉联中国市场第一，但我们看到投影行业整体增速似乎正在放缓。你认为智 能投影行业的"第二增长曲线"将来自哪些场景或技术突破？ 钟波：这里要澄清一个概念 ...

Group 1 - The shareholder inquiry transfer price is set at 111.06 yuan per share [1] - A total of 1.75 million shares will be transferred [1] - After the transfer, Beijing Baidu Wangxin Technology Co., Ltd. and its concerted parties will hold 3.17 million shares, reducing their stake in the company to 4.53% of the total share capital [1] Group 2 - Institutional investors such as Morgan Stanley International and UBS AG are participating in the share acquisition [1]