丨证券研究报告丨 [Table_scodeMsg1] 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 营收韧性增长，研发投入维持高位 报告要点 [Table_Summary] 2025 年前三季度，公司实现营业收入 23.27 亿元，同比增长 1.99%；实现归母净利润 0.80 亿 元；扣非归母净利润为 0.61 亿元；单季度来看，公司 2025 年 Q3 实现营业收入 7.01 亿元，同 比增长 2.86%，归母净利润为-901 万元；扣非归母净利润为-1557 万元。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% 1、竞争加剧带来产品均价回落对公司营收和利润带来影响的风险； 2、技术研发被替代所带来的业绩回落风险。 research.95579.com 1 [Table_scodeMsg2] 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 营收韧性增长，研发投入维持高位 [Table_Summary2] 事件描述 公 ...

11月11日极米科技大宗交易一览 极米科技11月11日大宗交易平台出现一笔成交，成交量4.20万股，成交金额440.03万元，大宗交易成交 价为104.77元，相对今日收盘价折价8.00%。该笔交易的买方营业部为华泰证券股份有限公司上海浦东 新区滨江大道证券营业部，卖方营业部为中国中金财富证券有限公司成都滨江东路证券营业部。 进一步统计，近3个月内该股累计发生41笔大宗交易，合计成交金额为3.09亿元。 证券时报·数据宝统计显示，极米科技今日收盘价为113.88元，上涨0.78%，日换手率为1.58%，成交额 为1.26亿元，全天主力资金净流出743.47万元，近5日该股累计下跌0.28%，近5日资金合计净流入 2316.09万元。 两融数据显示，该股最新融资余额为2.81亿元，近5日增加3046.34万元，增幅为12.15%。 据天眼查APP显示，极米科技股份有限公司成立于2013年11月18日，注册资本7000万人民币。（数据 宝） | 成交量 | 成交金 | 成交价 | 相对当日收 | | | | --- | --- | --- | --- | --- | --- | | （万 | 额（万 | 格 | ...

Core Insights - A block trade of 40,000 shares of XGIMI Technology occurred on November 6, with a transaction value of 4.2572 million yuan, at a price of 106.43 yuan, representing an 8% discount to the closing price of the day [2] - Over the past three months, XGIMI Technology has seen a total of 40 block trades, amounting to 305 million yuan [3] - The stock closed at 115.68 yuan, down 0.86%, with a turnover rate of 2.01% and a total trading volume of 161 million yuan on the same day [3] Trading Activity - The latest financing balance for XGIMI Technology is 300 million yuan, with an increase of 48.55 million yuan over the past five days, reflecting a growth rate of 19.31% [4] - In the last five days, two institutions have rated the stock, with Huatai Securities providing the highest target price of 128.00 yuan as of October 31 [4] Company Background - XGIMI Technology Co., Ltd. was established on November 18, 2013, with a registered capital of 70 million yuan [4]

Core Insights - The recent block trading activity of XGIMI Technology on November 5 involved 58,000 shares with a total transaction value of 6.2257 million yuan, at a price of 107.34 yuan, reflecting an 8% discount compared to the closing price of the day [2][3] - Over the past three months, XGIMI Technology has recorded a total of 39 block trades amounting to 301 million yuan [2] - The stock closed at 116.68 yuan on the same day, marking a 2.17% increase, with a turnover rate of 3.61% and a total trading volume of 293 million yuan [2] Trading Data - The latest margin financing balance for XGIMI Technology stands at 277 million yuan, with an increase of 24.9944 million yuan over the past five days, representing a growth of 9.93% [3] - In the last five days, two institutions have rated the stock, with Huatai Securities providing the highest target price of 128.00 yuan as of October 31 [3] - The company was established on November 18, 2013, with a registered capital of 70 million yuan [3]

Group 1 - The core point of the news is that XGIMI Technology experienced significant trading activity on November 3, with a total of 1.22 million shares traded at a price of 82.09 yuan, reflecting a discount of 26.63% compared to the closing price [2][3] - In the last three months, XGIMI Technology has seen a total of 37 block trades, amounting to 295 million yuan [2] - The closing price of XGIMI Technology on the day of the report was 111.89 yuan, which represents an increase of 9.04%, with a turnover rate of 4.66% and a total trading volume of 352 million yuan [2] Group 2 - The latest margin financing balance for XGIMI Technology is 260 million yuan, which has increased by 13.25 million yuan over the past five days, marking a growth of 5.37% [3] - Two institutions provided ratings for XGIMI Technology in the last five days, with Huatai Securities setting the highest target price at 128.00 yuan as of October 31 [3] - XGIMI Technology was established on November 18, 2013, with a registered capital of 70 million yuan [3]

Group 1 - The core point of the article is that XGIMI Technology conducted a block trade on October 31, with a transaction volume of 600,000 shares and a transaction amount of 50.076 million yuan, at a price of 83.46 yuan, which represents an 18.66% discount compared to the closing price of the day [1][2] - The buyer and seller of the block trade were both from China International Capital Corporation Chengdu Binjiang East Road Securities Branch [1] - In the last three months, XGIMI Technology has had a total of 36 block trades, with a cumulative transaction amount of 200 million yuan [1] Group 2 - The latest margin financing balance for XGIMI Technology is 254 million yuan, with an increase of 7.8698 million yuan over the past five days, representing a growth of 3.19% [2] - Three institutions have rated the stock in the past five days, with Huatai Securities providing the highest target price of 128.00 yuan as of October 31 [2] - XGIMI Technology was established on November 18, 2013, with a registered capital of 70 million yuan [2]

Group 1 - XGIMI Technology (688696.SH) reported its Q3 2025 results on October 31, 2025, with 14 institutional investors holding a total of 11.1714 million shares, representing 15.96% of the total share capital [1] - The top ten institutional investors collectively hold 15.60% of XGIMI's shares, with a notable decrease of 8.16 percentage points compared to the previous quarter [1] Group 2 - In the public fund sector, six funds increased their holdings, including E Fund Yuxin Bond A and several others, with an increase rate of 1.52% [2] - One public fund, Baoying Core Advantage Mixed A, reported a slight decrease in holdings compared to the previous quarter [2] - Three new public funds were disclosed this period, including Dachen Jingheng Mixed A and others, while 223 funds were not disclosed again, including several notable funds [2]

Core Points - XGIMI Technology announced the convening of its third board meeting and the first extraordinary shareholders' meeting of 2025, where several proposals were approved [2] - The company has completed the opening of the securities account for its stockholding plan but has not yet purchased any company shares [2] - XGIMI will continue to monitor the implementation progress of the stockholding plan and will fulfill its information disclosure obligations in accordance with legal and regulatory requirements [2]

Core Insights - The core issue with XGIMI Technology is its heavy reliance on government subsidies, which significantly inflate its reported profits, raising concerns about its true profitability and sustainability [1][3][4] Group 1: Subsidy Dependency - XGIMI Technology's dependence on government subsidies is alarming, with 93% of its net profit in 2023 coming from subsidies, and projections for 2024 indicating 73% reliance [3] - Over the past two and a half years, more than 75% of XGIMI's net profit has been derived from government subsidies, highlighting a troubling trend [1][3] Group 2: Financial Anomalies - The financial situation of XGIMI's subsidiary, Yibin XGIMI, is perplexing, as it reported revenue of 19.19 billion, exceeding the parent company's revenue of 16.26 billion, yet its cumulative net profit from 2020 to mid-2025 was only about 4 million [5] - This discrepancy may stem from internal low-price sales and cost-sharing practices between the parent and subsidiary, raising red flags about financial transparency [5] Group 3: Industry Challenges - The smart projector industry is facing significant challenges, with a 6.2% decline in shipment volume and a 25.6% drop in sales revenue in 2023, leading to intense competition and price wars [7] - XGIMI is also grappling with high inventory levels, with stock reaching 1.098 billion, accounting for nearly 20% of total assets, and an inventory turnover period exceeding 160 days, which is notably high for the industry [7] Group 4: Shareholder Sentiment - Major shareholders, including Baidu, have been reducing their stakes in XGIMI, with Baidu's ownership dropping from 11.61% to 5.04% since 2022, reflecting a lack of confidence in the company's future prospects [8]

Investment Rating - The investment rating for the company is "Buy" and it is maintained [7]. Core Views - The company has significantly improved its performance, with a 1.63% year-on-year increase in revenue to 1.626 billion yuan in the first half of 2025, and a remarkable 2062.34% increase in net profit attributable to shareholders, reaching 89 million yuan [4][9]. - The second quarter of 2025 saw a revenue of 816 million yuan, up 5.38% year-on-year, and a net profit of 26 million yuan, an increase of 360% compared to the same period last year [4][9]. Summary by Sections Financial Performance - In the first half of 2025, the company achieved total revenue of 1.626 billion yuan, a 1.63% increase year-on-year, and a net profit of 89 million yuan, which is a significant increase of 2062.34% [4][9]. - The second quarter results showed revenue of 816 million yuan, a 5.38% increase year-on-year, and a net profit of 26 million yuan, which is an increase of 360 million yuan compared to the same period last year [4][9]. Business Development - The company continues to optimize its product matrix in the smart projection business, launching new products such as the portable projector Play6 and the home flagship RS20 series, while also expanding its vehicle-mounted projection business [9]. - The company has made progress in overseas markets, focusing on brand expansion and local operations in Europe, North America, and Japan [9]. Profitability and Cost Control - The gross profit margin for the first half of 2025 was 33.28%, an increase of 4.20 percentage points year-on-year, attributed to improved R&D and supply chain efficiency [9]. - The company effectively controlled its expenses, with a notable decrease in sales expenses due to changes in sales channel proportions and improved marketing efficiency [9].