Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's profitability is continuously recovering, with expectations for the vehicle-mounted business to ramp up [1] - The company achieved a revenue of 3.405 billion yuan in 2024, a year-on-year decrease of 4.27%, and a net profit of 120.14 million yuan, a year-on-year decrease of 0.30% [7] - The company is actively expanding its overseas market while benefiting from domestic demand recovery due to national subsidies [7] - The company has made significant progress in cost control, leading to improved profitability [7] - The company is expected to see performance growth from its vehicle-mounted and commercial projection products [7] Financial Summary - Total revenue forecast for 2023A is 3.557 billion yuan, with a projected increase to 4.258 billion yuan in 2025E, representing a year-on-year growth of 25.06% [1] - The net profit forecast for 2023A is 120.50 million yuan, with a significant increase to 429.61 million yuan in 2025E, reflecting a year-on-year growth of 257.58% [1] - The latest diluted EPS is projected to be 6.14 yuan in 2025E, with a corresponding P/E ratio of 20.91 [1] - The company’s gross margin is expected to improve from 31.19% in 2024A to 34.24% in 2025E [8] - The return on equity (ROE) is projected to increase from 4.08% in 2024A to 13.96% in 2025E [8]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company reported a revenue of 3.405 billion yuan for 2024, a year-on-year decline of 4.27%, with a net profit attributable to shareholders of 120 million yuan, down 0.30% year-on-year. However, the non-recurring net profit attributable to shareholders increased by 34.94% year-on-year to 92 million yuan [2][4] - In Q4 2024, the company achieved a revenue of 1.123 billion yuan, a slight decline of 1.02% year-on-year, but the net profit attributable to shareholders surged by 367.35% year-on-year to 160 million yuan, and the non-recurring net profit attributable to shareholders increased by 499.03% year-on-year to 156 million yuan [2][4] Summary by Sections Company Overview - The company maintains a strong market position, being the leader in the smart projection industry, with a focus on overseas expansion and active development in the automotive projection sector. The company has achieved the top position in domestic shipments and sales for five consecutive years [11] Financial Performance - The overall gross margin for 2024 was 31.19%, a slight decrease of 0.15 percentage points year-on-year. The gross margin for projection products decreased by 0.99 percentage points year-on-year. The company optimized its expense ratios, leading to an increase in net profit margin by 0.14 percentage points year-on-year [11] - In Q4, the company saw a significant improvement in profitability, with a gross profit margin increase of 10.47 percentage points year-on-year, attributed to government subsidies and a narrowing decline in industry average prices [11] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 360 million yuan, 578 million yuan, and 627 million yuan for 2025, 2026, and 2027 respectively, corresponding to price-earnings ratios of 24.3, 15.1, and 14.0 times [11]

事件：2025 年4 月21 日，极米科技发布2024 年报。2024 年公司实现营收/归母净利润/扣非归母净利润 34.05/1.20/0.92 亿元，同比-4.27/-0.30/+34.94%。2024Q4 公司实现营收/归母净利润/扣非归母净利润 11.23/1.60/1.56 亿元，同比-1.02/+367.35/+499.03%。 分行业看，2024 年投影整机产品/配件产品/互联网增值服务收入29.99/1.70/1.46 亿元，同 比-6.63/+0.32/-1.20%。 分产品看，2024 年长焦投影/创新产品/超短焦投影收入27.68/1.22/1.08亿元，同比-3.67/-35.80/-26.75%。 分行业看，2024 年投影整机产品/配件产品/互联网增值服务毛利率26.59/52.15/95.52%，同 比-0.99/+2.16/+2.39pct。 分产品看，2024 年长焦投影/创新产品/超短焦投影毛利率26.12/31.36/33.11%，同 比-0.30/-13.57/+5.40pct。 分地区来看，2024 年境内/境外毛利率23.88/45.44%，同比-2.91/+0.8 ...