在问答环节，机构关注的问题集中在海外市场、关税应对、盈利增长驱动等方面： 1.海外演艺活动及美 国市场展望：公司与美国客户充分沟通，认为若关税恢复到相对合理水平，有望通过调整价格等方式降 低关税影响，维持市场需求信心。 2.关税政策应对措施：2024年公司收购丹麦SGM公司资产，在丹麦 和美国成立子公司，整合利用其技术及产能支援美国市场，并考察在境外其他地区扩充产能的可能性。 3.未来盈利增长驱动因素：公司将加强自主核心技术研发创新，优化生产提高效能，开拓企业客户资 源，通过新技术研发与应用带动不同场景演艺灯光设备增长，提升整体竞争力。 4.各区域需求展望： 2025年至今，欧洲需求积极，亚洲演艺活动带动设备需求稳步增长，中东地区保持回暖趋势，除美国受 关税影响外，其他区域需求呈上升趋势。 5.在研新产品情况：公司有多个创新产品项目在研，将在定期 报告披露相关信息，提醒投资者注意新产品研发推进的不确定性风险。 6.研发投入规划：公司重视自主 创新研发，未来将持续加大研发投入，预计未来几年研发费用整体增长，但增长率较2024年趋缓，期望 通过推出新产品保持或提高毛利率与经营质量。 声明：市场有风险，投资需谨慎。 ...

Investment Rating - The report maintains a "Buy" investment rating for the company [3][6]. Core Viewpoints - The company is a well-known domestic lighting enterprise with advantages in brand and distribution channels, focusing on green energy-saving smart lighting solutions [1][2]. - The company's revenue performance for the first three quarters of 2024 shows a decline, with total revenue of 5.068 billion yuan, a year-on-year decrease of 8.09%, and a net profit of 621 million yuan, down 5.68% year-on-year [1]. - The gross margin improved by 1.05 percentage points to 40.19% in the first three quarters of 2024, while the net profit margin increased by 0.25 percentage points to 12.29% [2]. - The smart lighting industry is experiencing significant growth, with a retail market size of 42.5 billion yuan in 2023, particularly in the smart home segment [3]. Financial Performance Summary - For 2024, the company is expected to achieve a net profit of 871 million yuan, reflecting a year-on-year decrease of 5.7%, with projections of 945 million yuan and 1.016 billion yuan for 2025 and 2026, respectively [3][5]. - The company's revenue for 2024 is projected to be 7.093 billion yuan, a decrease of 9% compared to 2023 [5]. - The earnings per share (EPS) for 2024 is estimated at 1.17 yuan, with a gradual increase to 1.36 yuan by 2026 [5].

Group 1 - The company achieved a revenue of 1.212 billion yuan in 2024, a year-on-year decrease of 7.12%, and a net profit attributable to shareholders of 302 million yuan, down 17.61% year-on-year [1] - In Q4 2024, the company reported a revenue of 266 million yuan, a year-on-year decline of 9.64%, and a net profit of 43 million yuan, down 22.15% year-on-year [1] - The gross profit margin for 2024 was 50.37%, an increase of 0.41 percentage points year-on-year, while the net profit margin was 25.20%, a decrease of 3.10 percentage points year-on-year, primarily due to increased expenses during the SGM investment phase [1] Group 2 - The company is actively expanding overseas opportunities by acquiring the assets of Danish SGM, enhancing its international sales channels to achieve efficient service in key markets [2] - Danish SGM is a globally recognized company in architectural and stage lighting, with products used in notable projects such as the LV headquarters in Paris and Universal Studios in Orlando [2] - The company expects net profits attributable to shareholders to reach 332 million yuan, 391 million yuan, and 451 million yuan in 2025, 2026, and 2027 respectively, with corresponding price-to-earnings ratios of 13, 11, and 9 times [2]

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