XGIMI(688696) 国盛证券·2024-09-04 00:11Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a total revenue of 1.6 billion yuan in H1 2024, a year-on-year decrease of 1.66%, with a net profit attributable to shareholders of 4 million yuan, down 95.58% year-on-year [1] - The projector business is under pressure, with revenue of 1.493 billion yuan in H1 2024, a decline of 4.54% year-on-year, while the gross margin stands at 25.16% [1] - Internet value-added services showed significant growth, achieving revenue of 87.48 million yuan in H1 2024, a year-on-year increase of 78.82%, with a gross margin of 96.21% [1] - The company is experiencing growth in overseas sales, with revenue of 448 million yuan in H1 2024, an increase of 27.95% year-on-year, and a gross margin of 46.55% [1] - The company expects a recovery in profitability in the future, with projected net profits of 64 million yuan, 98 million yuan, and 102 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year changes of -47.3%, 53.8%, and 4.4% [1] Financial Summary - In H1 2024, the company's total revenue was 1.6 billion yuan, with a net profit of 4 million yuan [1] - The company's revenue from domestic sales was 1.133 billion yuan, down 10.31% year-on-year, while gross margin was 22.2% [1] - The company forecasts revenues of 3.628 billion yuan, 3.882 billion yuan, and 4.154 billion yuan for 2024, 2025, and 2026 respectively, with growth rates of 2.0%, 7.0%, and 7.0% [3][10] - The projected net profit for 2024 is 64 million yuan, with an EPS of 0.91 yuan [10]