推进科技创新，要在各领域积极培育高精尖特企业，打造更多"隐形冠军"，形成科技创新体集群。 ——2022年6月8日，习近平总书记在四川考察时来到极米光电有限公司时指出 初冬，四川宜宾三江新区，晨雾还未散尽，一座展厅里已悄然亮起一道流动的光。轿车座舱里，工作人 员指尖轻点触控台，幕布被瞬间唤醒，如银绸般垂直舒展开来，并在1/4处精准悬停，导航信息与歌词 字幕清晰显现其上，分毫不差。 "这就是我们的'车载光影魔法'。"极米科技股份有限公司（以下简称"极米科技"）副总裁、车载事业部 负责人田峰的语气中带着笃定，也透着四川人特有的精干。 2022年初夏，习近平总书记在四川考察时来到宜宾市极米光电有限公司（以下简称"极米光电"，为极米 科技全资子公司），强调"推进科技创新，要在各领域积极培育高精尖特企业，打造更多'隐形冠军'， 形成科技创新体集群"。 总书记的嘱托，一群年轻人至今字字记于心间。 江风穿城而过，时光在生产线的轰鸣声中悄然沉淀。当记者踏入极米光电这座280亩的产业基地时，机 械臂正以0.01毫米的精度装配着光机镜片——一场"车规级"的硬核蜕变正在这里悄然上演。"从家用智 能投影全球领跑，到拿下8个车载业务定点 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-082 极米科技股份有限公司关于自愿披露全资子公司收到客户的开发定点通知公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容 的真实性、准确性和完整性依法承担法律责任。 一、收到车企的开发定点通知概况 极米科技股份有限公司（以下简称"公司"）的全资子公司宜宾市极米光电有限公司（以下简称"宜宾极 米"）于近日收到某国内知名汽车主机厂（以下简称"客户"）的开发定点通知，宜宾极米将成为该客户 某车型的车载投影供应商。宜宾极米将严格按照客户的订单需求，在规定时间内完成指定产品的开发、 试验验证、生产准备与交付工作。 二、对公司的影响 公司自进军车载领域以来，已获得多家新能源汽车客户的定点，项目涵盖智能座舱、智能大灯零部件产 品，公司车载产品已受到了国内外知名汽车产业链客户的认可，公司将继续深耕技术积累、创新解决方 案以及卓越生产质量管理，与客户保持紧密合作，积极响应其战略规划和需求。公司将专注于产品研 发、生产和交付的高效执行，同时持续推动车载显示解决方案的创新，拓展更多项目并实现量产交付。 通过先进的投影技术 ...

Group 1: Regulatory Developments - Shanghai Arbitration Commission is set to release the "Shanghai Arbitration Committee Securities and Futures Arbitration Rules" on December 26, 2024, marking a significant step in the establishment of a local arbitration framework for securities and futures [1] - The Ministry of Industry and Information Technology has granted conditional access for the first L3-level autonomous driving vehicles in China, allowing two models to conduct road trials in designated areas of Beijing and Chongqing [1] Group 2: Market Trends - Counterpoint Research reports a 10% year-on-year increase in global cellular IoT module shipments in Q3 2025, driven by strong demand in smart meters, asset tracking, routers/CPE, and automotive applications, with India showing a remarkable 40% growth [2] - McDonald's has raised prices on various menu items by 0.5 to 1 yuan, including popular items like the Big Mac and McNuggets, indicating a trend of price adjustments in the fast-food sector [3] Group 3: Corporate Actions - HashKey Holdings Ltd. has set its IPO price close to the upper limit of the range, aiming to raise 1.6 billion HKD (approximately 206 million USD) [7] - Gold Ham announced the resignation of its president, Guo Bo, who will continue to serve as vice chairman and a member of the board's strategic committee [8] - KWH Holdings plans to repurchase shares worth 20 to 40 million yuan, with a maximum price of 95 yuan per share, aimed at employee stock ownership plans or equity incentives [14] Group 4: Financial Performance - Air China reported a 10.1% year-on-year increase in passenger turnover for November 2025, with a 4.9% rise in passenger capacity and an average seat occupancy rate of 83.3%, up by 4 percentage points [15]

格隆汇12月15日丨极米科技(688696.SH)公布，公司的全资子公司宜宾市极米光电有限公司（简称"宜宾 极米"）于近日收到某国内知名汽车主机厂（以下简称"客户"）的开发定点通知，宜宾极米将成为该客 户某车型的车载投影供应商。宜宾极米将严格按照客户的订单需求，在规定时间内完成指定产品的开 发、试验验证、生产准备与交付工作。 ...

智通财经APP讯，极米科技(688696.SH)发布公告，公司的全资子公司宜宾市极米光电有限公司(简称"宜 宾极米")于近日收到某国内知名汽车主机厂的开发定点通知，宜宾极米将成为该客户某车型的车载投影 供应商。 此次客户定点通知有利于公司智能座舱显示业务的拓展和持续发展，符合公司和股东的利益。开发定点 通知不构成订单或销售合同，预计该项目对本年度经营业绩不会产生重大影响，此次开发定点涉及的产 品量产后，公司将根据该客户实际订单交付情况进行产品收入确认，预计项目生命周期内对公司经营业 绩产生积极影响。 ...

此次客户定点通知有利于公司智能座舱显示业务的拓展和持续发展，符合公司和股东的利益。开发定点 通知不构成订单或销售合同，预计该项目对本年度经营业绩不会产生重大影响，此次开发定点涉及的产 品量产后，公司将根据该客户实际订单交付情况进行产品收入确认，预计项目生命周期内对公司经营业 绩产生积极影响。 极米科技(688696.SH)发布公告，公司的全资子公司宜宾市极米光电有限公司(简称"宜宾极米")于近日收 到某国内知名汽车主机厂的开发定点通知，宜宾极米将成为该客户某车型的车载投影供应商。 ...

人民财讯12月15日电，极米科技(688696)12月15日公告，公司的全资子公司宜宾市极米光电有限公司 （简称"宜宾极米"）于近日收到某国内知名汽车主机厂（简称"客户"）的开发定点通知，宜宾极米将成 为该客户某车型的车载投影供应商。宜宾极米将严格按照客户的订单需求，在规定时间内完成指定产品 的开发、试验验证、生产准备与交付工作。 ...

Investment Opportunities in the Power and Environmental Sector - The report highlights that OpenAI plans to deploy over 250GW of computing centers by 2033, which could significantly increase electricity demand in the US. This new load from OpenAI alone exceeds 25% of the current highest national load of approximately 820GW [2][6][7] - The US currently has about 1000GW of stable power supply with a reserve margin of only 20%, indicating a tight electricity supply situation. The report emphasizes that the construction of new power sources is lagging behind demand, necessitating increased investment in both power generation and grid infrastructure [2][6][7] Company Analysis: XGIMI Technology (688696.SH) - XGIMI reported Q3 2025 revenue of 700 million yuan, a year-on-year increase of 2.9%, with a net profit of -10 million yuan, improving from -40 million yuan in the same period last year. The gross margin was 30.6%, up 2.5 percentage points year-on-year [12][14] - The company is expected to see a turning point in Q4, with improvements in both domestic and international sales. The domestic market is stabilizing, and international sales are anticipated to recover as the new overseas team adjusts [12][14] Company Analysis: Shaanxi Coal and Chemical Industry (601225.SH) - For the first three quarters of 2025, the company achieved revenue of 118.08 billion yuan, down 12.8% year-on-year, and a net profit of 12.71 billion yuan, down 27.2%. In Q3 alone, revenue was 40.1 billion yuan, a decrease of 10.0% year-on-year but an increase of 6.0% quarter-on-quarter [15][16] - The report notes a recovery in coal prices during Q3, which positively impacted the company's performance. The company is focusing on its coal-electricity integration strategy to enhance stability and profitability [15][18] Company Analysis: China Life Insurance (601628.SH) - China Life reported Q3 2025 revenue of 298.7 billion yuan, a year-on-year increase of 54.8%, and a net profit of 126.9 billion yuan, up 91.5%. This strong performance contributed to a year-to-date revenue growth of 25.9% and net profit growth of 60.5% [21][23] - The company has seen a significant improvement in new policy sales, with a year-on-year growth of 52.5% in Q3. The net asset value increased by 22.8% year-to-date, reflecting strong operational performance [21][24] Company Analysis: Yuanhang Precision (920914.BJ) - Yuanhang Precision achieved revenue of 769 million yuan for the first three quarters of 2025, a year-on-year increase of 27%. In Q3, revenue was 283 million yuan, up 29% year-on-year and 5% quarter-on-quarter [27][28] - The company is focusing on the development of ultra-thin nickel-based materials to meet the demands of high-precision applications in the new energy sector, indicating a strong growth potential in this area [27][30]

Core Viewpoints - XGIMI is a leading player in the smart micro-projection market, with its business covering smart micro-projectors, office projectors, and automotive projectors [2] - The smart micro-projection market is a cyclical consumer product with strong optionality. The company's performance surged during China's consumption upgrade but faced significant challenges from low-cost single LCD projectors since 2022, leading to a substantial decline in performance [2] - The company is deepening its projection technology advantages and plans to establish an automotive division in 2024, with automotive projection expected to be a significant new business [2] Financial Performance - The company is expected to show signs of improvement, with a projected net profit of 160 million yuan in Q4 2024, a year-on-year increase of 367%. For the first half of 2025, the net profit is expected to reach 90 million yuan, a year-on-year increase of 2062% [2] - The gross margin is projected to be 33.3%, an increase of 4.2 percentage points year-on-year [2] Market Trends - The demand for home display is diversifying, with an increasing share of projection products. XGIMI has maintained its position as the top supplier of projection equipment in China for seven consecutive years since 2018 [3] - The projection industry in China has faced pressure, with a projected market size of 14.2 billion yuan and sales of 5.23 million units in 2024, reflecting a year-on-year decline of 6.6% in market size but an 18.2% increase in sales volume [3] - The market for single LCD projectors has negatively impacted DLP projectors, leading to a compound annual growth rate (CAGR) of -13.8% for the projection industry from 2021 to 2024 [3] Global Market Position - Chinese brands, including XGIMI, have a significant advantage in the global smart micro-projection market, which is primarily dominated by foreign brands in commercial and educational sectors [4] - The global projection market is projected to reach 53.2 billion yuan in 2024, with consumer, engineering, and cockpit projections accounting for 60.2%, 38.7%, and 1.1% respectively [4] - XGIMI's overseas sales are expected to reach 1.09 billion yuan in 2024, a year-on-year increase of 18.9%, with the main business revenue proportion reaching 33% [5] Product Development - The company has established an automotive division in 2024, focusing on smart cockpit solutions and optical components for automotive headlights, with several products already delivered to various car models [5] - XGIMI has expanded its product offerings to include Google-certified products for the European and American markets, successfully entering high-end offline channels such as Best Buy and Sam's Club [5]

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is positioned as a leader in the smart projection industry, with a focus on home use and expanding into automotive and commercial sectors. The report highlights a recovery in profitability and market share, driven by cost advantages and a stable domestic market [7][11]. - The company is expected to see significant growth in net profit from 2025 to 2027, with projections of 300 million, 600 million, and 800 million RMB respectively, reflecting year-on-year growth rates of 151.3%, 99.8%, and 33.4% [6][8]. Summary by Sections Market Performance - The closing price of the company's stock is 127.00 RMB, with a total market capitalization of 8,890 million RMB and a debt-to-asset ratio of 46.95% [3]. Financial Forecast and Valuation - Revenue projections for the company are as follows: 3,557 million RMB in 2023, 3,405 million RMB in 2024, and expected growth to 3,872 million RMB in 2025, with a year-on-year growth rate of 13.74% [6]. - The expected earnings per share (EPS) are projected to rise from 1.72 RMB in 2023 to 4.31 RMB in 2025, with a corresponding price-to-earnings (P/E) ratio of 29.45 for 2025 [6]. Business Overview - The company has established itself as a leader in the domestic smart projection market, maintaining the highest shipment volume for seven consecutive years. It is now expanding into automotive and commercial sectors, aiming to become a global leader in projection devices [16][21]. - The company’s revenue from projection equipment and accessories reached 1,490 million RMB in the first half of 2025, accounting for 96.2% of total revenue, while internet value-added services contributed 60 million RMB [27]. Growth Drivers - The domestic market is stabilizing, with the company expected to regain pricing power and improve profit margins. The report notes that the industry is entering a consolidation phase, which may benefit the company as it enhances its market share [7][30]. - The company is also focusing on expanding its overseas market presence, with significant growth potential in regions like North America and Western Europe, where the acceptance of smart projection products is gradually increasing [55][67]. New Business Development - The automotive business is rapidly developing, with the company already securing eight contracts for vehicle-mounted projection products. This segment is expected to contribute significantly to revenue in the coming years [72][80]. - The commercial business is anticipated to start generating revenue in the second half of 2025, leveraging the company’s established technology and brand strength [10][27].