Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected increase of over 10% relative to the benchmark index in the next 12 months [2][12]. Core Views - The company has exceeded market expectations in Q4 2024, with a notable improvement in profitability and contributions from the automotive business [4][6]. - The company is positioned as a leader in the projection industry, with dual-brand strategies targeting different technology routes and actively pursuing overseas market expansion [7]. - The "old-for-new" policy is expected to enhance profitability, supported by improved product margins and reduced marketing expenses [5][7]. Financial Performance - For the year 2024, the company reported revenues of 3.414 billion yuan, a decrease of 4.02% year-on-year, while net profit attributable to shareholders was 122 million yuan, an increase of 1.14% [4][8]. - In Q4 2024, revenues were 1.132 billion yuan, with a net profit of 162 million yuan, reflecting a significant year-on-year increase of 372.4% [4][5]. - The net profit margin for Q4 2024 improved to 14.33%, up 11.30 percentage points year-on-year, driven by product upgrades and cost optimizations [5]. Business Expansion - The automotive business has shown substantial progress, with the company becoming a designated supplier for six projects with four automotive manufacturers and one parts supplier [6]. - The automotive segment is expected to contribute significantly to revenue, with at least six projects anticipated to enter mass production in 2025 [6]. Earnings Forecast - The company forecasts net profits of 379 million yuan and 506 million yuan for 2025 and 2026, respectively, with corresponding EPS of 5.41 yuan and 7.23 yuan [7][8]. - Revenue projections indicate a growth trajectory, with expected revenues of 4.044 billion yuan in 2025 and 4.844 billion yuan in 2026, reflecting year-on-year growth rates of 18.45% and 19.79% [8][9].

证券代码：688696 证券简称：极米科技 公告编号：2025-015 极米科技股份有限公司监事会 关于公司2024年股票期权激励计划预留授予激励对象 名单审核及公示情况的说明 本公司监事会及全体监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。 极米科技股份有限公司（以下简称"公司"）于2025年2月20日召开第二届董事 会第二十三次会议、第二届监事会第十五次会议审议通过了《关于向激励对象预留 授予股票期权的议案》，根据《上市公司股权激励管理办法》（以下简称"《管理 办法》"）等相关规定，公司对2024年股票期权激励计划预留授予激励对象名单在 公司内部进行了公示。公司监事会结合公示情况对拟预留授予激励对象进行了核查， 相关公示及核查情况如下： 一、公示情况及核查方式 1、公司对激励对象的公示情况 1、公司监事会根据《管理办法》的规定，对本次拟激励对象进行了核查，并 发表核查意见如下： 拟激励对象均为公司公告《关于向激励对象预留授予股票期权激励计划权益的 公告》时在公司任职的、符合条件的核心技术人员和核心骨干人员。 2、拟激励对象均不存在下述任 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-013 极米科技股份有限公司 关于一致行动协议到期及部分股东签署《一致行动 协议之补充协议（二）》暨持股 5%以上股东 权益变动跨越 5%的提示性公告 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。 重要内容提示： 本次权益变动系极米科技股份有限公司（以下简称"公司"或"极米科技"） 控股股东、实际控制人及其一致行动人之间的《一致行动协议之补充协议》到期 及部分股东签署《一致行动协议之补充协议（二）》所致； 本次权益变动不会导致公司控股股东、实际控制人发生变化；不会影响 公司的治理结构和持续经营。公司控股股东、实际控制人仍为钟波先生。 为了确保控制权的稳定性，刘帅先生、尹蕾先生、廖传均先生出具不谋 求上市公司实际控制人地位的承诺函；刘帅先生、尹蕾先生、廖传均先生分别出 具承诺函，承诺自一致行动协议到期之日起 12 个月内，不主动减持其直接持有 的极米科技股份。 公司于近日收到公司控股股东、实际控制人钟波先生及其一致行动人肖适先 生、刘帅先生、尹蕾先生、廖传均先 ...

极米科技股份有限公司 简式权益变动报告书 上市公司名称：极米科技股份有限公司 股票简称：极米科技 股票上市地点：上海证券交易所 信息披露义务人1：钟波 住所及通讯地址：四川省成都市 信息披露义务人2：成都极米企业管理咨询合伙企业（有限合伙） 住所及通讯地址：中国（四川）自由贸易试验区成都高新区世纪城路1129号4栋 1单元4层4号 信息披露义务人3：成都开心米花企业管理咨询合伙企业（有限合伙） 住所及通讯地址：中国（四川）自由贸易试验区成都高新区世纪城路1129号4栋 1单元4层4号 信息披露义务人4：肖适 住所及通讯地址：四川省成都市 股份变动性质：一致行动协议到期后部分原一致行动人不再续签 股票代码：688696 二、信息披露义务人签署本报告书已获得必要的授权和批准，其履行亦不违 反信息披露义务人所任职或持有权益公司的章程或者内部规则中的任何条款，或 与之相冲突。 三、依据《中华人民共和国证券法》《上市公司收购管理办法》的规定，本 报告书已全面披露信息披露义务人在极米科技股份有限公司中拥有权益的股份 变动情况。 四、截至本报告书签署之日，除本报告书披露的持股信息外，信息披露义务 人没有通过任何其他方式增加 ...

证券代码：688696 证券简称：极米科技 公告编号：2025-014 极米科技股份有限公司 关于以集中竞价交易方式回购股份进展公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/10/1 | | | --- | --- | --- | | 回购方案实施期限 | 待董事会审议通过后 12 个月 | | | 预计回购金额 | 15,000 万元 | 万元~30,000 | | 回购用途 | √用于员工持股计划或股权激励 | □减少注册资本 | | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | | 累计已回购股数 | 217.7243 | 万股 | | 累计已回购股数占总股本比 | 3.11% | | | 例 | | | | 累计已回购金额 | 17,630.05 | 万元 | | 实际回购价格区间 | 66.50 元/股 | 元/股~114.48 | 公司于 2024 年 12 月 3 日召开第二届董事会第二十二次会议，审议通过了《关 于 ...

信息披露义务人1：刘帅 住所及通讯地址：四川省成都市 信息披露义务人2：尹蕾 住所及通讯地址：四川省成都市 信息披露义务人3：廖传均 住所及通讯地址：四川省成都市 股份变动性质：一致行动协议到期后不再续签，所持有极米科技的股份不再与极 米科技控股股东及其一致行动人合并计算 签署日期：2025年2月28日 1 信息披露义务人声明 一、信息披露义务人依据《中华人民共和国公司法》《中华人民共和国证券 法》《上市公司收购管理办法》《公开发行证券的公司信息披露内容与格式准则 第15号——权益变动报告书》及相关的法律、法规和规范性文件编写本报告书。 极米科技股份有限公司 简式权益变动报告书 上市公司名称：极米科技股份有限公司 股票简称：极米科技 股票代码：688696 股票上市地点：上海证券交易所 五、本次权益变动是根据本报告书所载明的资料进行的。除信息披露义务人 外，没有委托或者授权任何其他人提供未在本报告中列载的信息和对本报告做出 任何解释或者说明。 六、信息披露义务人承诺本报告书不存在虚假记载、误导性陈述或重大遗 漏，并对其真实性、准确性、完整性承担个别和连带的法律责任。 2 | 第一节 | 释义 4 | | -- ...

Investment Rating - The report assigns a "Strong Buy" rating for the stock, expecting a price increase of over 20% within the next six months compared to the market benchmark index [33]. Core Insights - The report highlights that the company is currently undergoing a strategic transition from "scale expansion" to "quality optimization," with a focus on improving profitability and resource efficiency despite a slight decline in revenue [21][22]. - The financial performance for the first three quarters of 2024 shows a revenue decline of 5.8% year-on-year, with a significant net loss of 0.4 billion yuan, reflecting both internal and external pressures [4][5]. - The fourth quarter of 2024 indicates a revenue of 11.3 billion yuan, a minor decrease of 0.2% year-on-year, but a substantial net profit increase of 372.4% to 1.6 billion yuan, showcasing improved operational efficiency [15][20]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a revenue of 22.8 billion yuan, down 5.8% year-on-year, with Q3 revenue at 6.8 billion yuan, a 14.3% decline [4][5]. - The net profit for Q3 was a loss of 0.44 billion yuan, worsening from a loss of 6.56 million yuan in the previous year [4][5]. - The overall revenue for 2024 is projected to decline by 4.0%, while profit is expected to grow by 1.1%, indicating a shift towards quality over quantity [21]. Market Dynamics - The report notes a structural adjustment in the projection industry, with a projected growth in sales volume of 3%-5% but a decline in sales revenue due to falling average prices [24]. - The low-end market is experiencing explosive growth, with 1LCD technology capturing a significant market share, while DLP technology remains stable in the mid-to-high-end segments [24][25]. Strategic Initiatives - The company is focusing on enhancing its product mix and operational efficiency, with initiatives such as the "old-for-new" policy and expansion into overseas markets [20][22]. - The report emphasizes the importance of maintaining a balance between low-end and high-end products to stabilize market share while increasing the proportion of high-margin products [22][18]. Future Outlook - The company is expected to benefit from a recovery in domestic consumption and the expansion of overseas channels, particularly in North America and Europe [15][18]. - The report suggests that the company is well-positioned to enter a new cycle of simultaneous revenue and profit improvement by 2025, driven by strategic adjustments and market opportunities [23][28].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is expected to see a turning point in performance in Q4 2024, with accelerated expansion in the automotive business. The revenue for 2024 is projected to be 34.14 billion yuan, a decrease of 4.02%, while the net profit attributable to the parent company is expected to be 1.22 billion yuan, an increase of 1.14% [5][6]. - The company has adjusted its profit forecast for 2024-2026, estimating net profits of 1.22 billion yuan, 3.47 billion yuan, and 4.93 billion yuan respectively, with corresponding EPS of 1.74, 4.96, and 7.04 yuan [5][6]. Summary by Sections Financial Performance - For Q4 2024, the company anticipates revenue of 11.32 billion yuan (down 0.22%) and a net profit of 1.62 billion yuan (up 372.4%), with a non-recurring net profit of 1.58 billion yuan (up 504.3%) [5]. - The financial summary indicates a revenue decline from 4,222 million yuan in 2022 to an estimated 3,414 million yuan in 2024, with a projected recovery to 4,120 million yuan in 2025 [8][12]. Market Trends - The domestic market is benefiting from government subsidy policies, leading to an improvement in sales. The retail volume of smart projectors in China is expected to increase by 13% in Q4 2024, despite a decline in average price [6][7]. - The company has expanded its overseas sales channels, entering mainstream retail in regions such as the United States and Japan, contributing to revenue growth [6]. Automotive Business Expansion - The company has secured seven automotive business contracts, including partnerships with major automotive manufacturers for in-car projection systems and smart lighting components. These projects are expected to contribute to revenue starting in 2025 [7][8]. Valuation Metrics - The current price-to-earnings (P/E) ratio is projected to be 56.2 for 2024, decreasing to 19.7 in 2025 and further to 13.9 in 2026, indicating a potential for improved valuation as earnings grow [8][12]. - The estimated return on equity (ROE) is expected to rise from 3.8% in 2023 to 12.2% by 2026, reflecting improved profitability [8][12].

Investment Rating - The investment rating for the company is "Outperform" (maintained) [1] Core Views - The company reported a revenue of 34.14 billion yuan for 2024, a year-on-year decrease of 4%, and a net profit attributable to shareholders of 1.22 billion yuan, a year-on-year increase of 1% [4][7] - The fourth quarter of 2024 saw revenue of 11.32 billion yuan, remaining stable year-on-year, with a net profit of 1.62 billion yuan, a significant year-on-year increase of 375% [7] - The company has improved its cost control and efficiency through innovation and supply chain optimization, enhancing its core profitability [7] - The domestic projection industry is showing signs of recovery, with a 3% year-on-year increase in sales volume for smart projectors in China [7] - The company is expanding its overseas market presence, particularly in Europe, North America, and Japan, leading to continuous growth in overseas revenue [7] - The company is actively advancing its automotive business, having secured seven contracts in this sector, which is expected to contribute to revenue growth in 2025 [7] - The profit forecast for 2024-2026 has been raised, with net profit estimates of 1.22 billion, 2.88 billion, and 3.95 billion yuan respectively, reflecting year-on-year growth rates of 1.6%, 135.5%, and 37.2% [7] Financial Data and Profit Forecast - Total revenue for 2023 was 35.57 billion yuan, with a projected increase to 40.71 billion yuan in 2025 and 44.21 billion yuan in 2026 [6][9] - The net profit for 2023 was 121 million yuan, with projections of 288 million yuan in 2025 and 395 million yuan in 2026 [6][9] - The gross margin is expected to improve from 32.6% in 2024 to 35.5% in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5][16]. Core Views - The company is expected to experience a turning point in performance in Q4 2024, with accelerated expansion in the automotive business. The revenue forecast for 2024 is projected at 3.414 billion yuan, a decrease of 4.02%, while the net profit attributable to the parent company is expected to be 122 million yuan, an increase of 1.14%. The non-recurring net profit is projected to be 93 million yuan, an increase of 36.96% [5][6]. - The company has received multiple designations for its automotive business, which is anticipated to become a new growth driver, with several projects expected to enter mass production in 2025 [7]. Summary by Sections Financial Performance - For 2024, the company is expected to achieve a revenue of 3.414 billion yuan, with a net profit of 122 million yuan and a non-recurring net profit of 93 million yuan. In Q4 2024, the expected revenue is 1.132 billion yuan, with a net profit of 162 million yuan, reflecting a significant increase of 372.4% [5][8]. - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.74 yuan, 4.96 yuan, and 7.04 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 56.2, 19.7, and 13.9 [5][8]. Market Trends - The domestic market is benefiting from government subsidy policies, leading to an improvement in sales. The retail volume of smart projectors in China is expected to increase by 3% in 2024, with a notable 13% year-on-year growth in Q4 2024 [6][7]. - The company has expanded its overseas sales channels, entering mainstream retail channels in the US and Japan, contributing to continuous revenue growth [6]. Automotive Business Development - The company has secured seven designations in the automotive sector, including partnerships with major automotive manufacturers for smart cockpit and smart lighting products. These projects are expected to contribute to revenue starting in 2025 [7].