丨证券研究报告丨 公司研究丨点评报告丨极米科技（688696.SH） [Table_Title] 公司经营提质增效，业绩实现大幅改善 报告要点 [Table_Summary] 2025 年上半年，公司实现营业收入 16.26 亿元，同比增长 1.63%；实现归母净利润 0.89 亿元， 同比大幅增长 2062.34%；扣非归母净利润 0.77 亿元，较去年同期增加 0.92 亿元，实现扭亏。 其中，2025 年第二季度，公司实现营业收入 8.16 亿元，同比增长 5.38%；实现归母净利润 0.26 亿元，较去年同期增加 0.36 亿元，实现扣非归母净利润 0.21 亿元，较去年同期增加 0.44 亿 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 %% %% %% %% research.95579.com 1 极米科技（688696.SH） cjzqdt11111 [Table_Title2] 公司经营提质增效，业绩实现大幅改善 [Table_Summary2] 事件描述 公司发布 2025 年中报：202 ...

Core Insights - The company reported a significant increase in net profit for the first half of 2025, achieving a net profit of 88.66 million yuan, a year-on-year growth of 2062.34% [2] - The company is focusing on innovation in technology and product development, expanding into new application scenarios such as in-vehicle displays, and accelerating overseas market expansion [2][3] Financial Performance - The company achieved operating revenue of 1.626 billion yuan in the first half of 2025, representing a year-on-year growth of 1.63% [2] - Research and development expenses amounted to 197 million yuan, with 18 new invention patents granted, bringing the total to 418 [2] Strategic Focus - The in-vehicle business has been identified as a strategic priority, with multiple contracts secured in the smart cockpit and intelligent lighting sectors [3] - The company has launched new products in overseas markets, including the MoGo4 series, which received the 2025 German iF Design Award [3] Market Expansion - The company has established distribution channels in major regions such as Europe, North America, Japan, and Australia, enhancing its global business footprint [3][4] - Plans are in place to build a factory in Vietnam to improve production capabilities and support overseas market expansion [3] Industry Trends - The projection industry is shifting from "large screen replacement" to "scene fragmentation," with new opportunities emerging in home 4K laser, camping, in-vehicle, esports, and education sectors [4][5] - The laser projection penetration rate is expected to accelerate, and the in-vehicle display market is entering a "explosion period," particularly in AR-HUD and smart cockpit projections [5]

Core Insights - The company reported a significant increase in net profit and revenue for the first half of 2025, driven by innovation and supply chain improvements [2][3]. Financial Performance - The company achieved operating revenue of 1.63 billion yuan, a year-on-year increase of 1.63% [2]. - The net profit attributable to shareholders reached 88.66 million yuan, marking a substantial year-on-year increase of 2,062.34% [2]. - The net profit after deducting non-recurring gains and losses was 76.70 million yuan, indicating a turnaround from a loss in the previous year [2]. - The net cash flow from operating activities was negative at -440.29 million yuan, a decline of 35,761% compared to the previous year [1]. - The net assets attributable to shareholders decreased by 1.54% to 2.90 billion yuan, while total assets increased by 2.78% to 5.47 billion yuan [1]. Product Innovation and Market Expansion - The company launched several new products, including the portable projector Play6 and the flagship home series RS20, enhancing its product matrix in both entry-level and high-end segments [3]. - The company is expanding into the automotive projection market, with products already delivered for models such as the Wenjie M8 and M9 [3]. - In overseas markets, the company has improved local operations and expanded retail channel coverage, with products available in major retailers like Best Buy and Walmart [4]. - The MoGo 4 series, featuring advanced technology and design, has received recognition, including the EISA Best Product award and the iF Design Award in Germany [4].

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 (688696.SH) expects a significant increase in net profit for the first half of 2025, projecting a net profit of 88.66 million yuan, which represents a year-on-year increase of 2062.33% compared to the previous year [1] - The substantial growth in net profit is attributed to the company's ongoing R&D innovation strategy and improvements in the supply chain, which have enhanced resource allocation and cost control [1] - The company has launched several new products, including the portable projector Play6 and the home flagship RS20 series, solidifying its market position in entry-level products while maintaining a leading position in mid-to-high-end laser projection products [1] Group 2 - The company continues to expand the application scenarios of its technology and products, including smart cockpits and intelligent headlights, with several models from clients like Seres, JAC, and BAIC featuring the company's rear seat projection products [2] - The company's vehicle-mounted projection business has begun mass production and delivery during the reporting period, focusing on efficient execution in product R&D, production, and delivery [2] - The company aims to innovate display solutions not only for home entertainment but also for vehicle-mounted and commercial applications, enhancing the potential of its projection technology [2]

智通财经APP讯，极米科技(688696.SH)发布2025年半年度业绩预增公告，经财务部门初步测算，公司 预计2025年半年度实现归属于母公司所有者的净利润8,866.22万元，与上年同期(法定披露数据)相比， 将增加8,456.19万元，同比增长2,062.33%。 2025年上半年，公司归属于母公司所有者的净利润实现较大幅度增长，主要系报告期内，公司继续实施 研发创新战略和供应链体系提质增效，推动资源高效配置和成本有效控制，采取提升关键零部件通用性 等措施，提高研发和生产效率、增强市场响应速度，整体推动公司成本管控、效率提升及核心盈利能力 稳步增强。 上半年，公司继续拓展技术与产品的应用场景，范围涵盖智能座舱、智能大灯领域，赛力斯、江淮、北 汽等客户的多款车型已搭载公司车内后排投影产品。报告期内，公司车载投影业务产品已陆续实现量产 交付。未来公司将专注于产品研发、生产和交付的高效执行，通过先进的投影技术，不仅为家庭娱乐场 景带来变革，也为车载、商用等场景注入更多可能性，持续推动显示解决方案的创新。 上半年，公司产品持续迭代升级，推出了便携投影Play6、家用旗舰RS20系列、轻薄投影Z6XPro三色激 ...