XGIMI(688696) 国盛证券·2024-11-01 01:47Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company reported a total revenue of 2.281 billion yuan for the first three quarters of 2024, a year-on-year decrease of 5.8%, and a net profit attributable to shareholders of -40 million yuan, a year-on-year decline of 146.81% [1] - In Q3 2024, the company achieved a single-quarter revenue of 682 million yuan, down 14.26% year-on-year, with a net profit of -44 million yuan, a decline of 577.18% year-on-year [1] - The overall industry is experiencing a downturn, with the DLP market share remaining stable at 22.3%, an increase of 0.3 percentage points year-on-year, while the competitive landscape shows the company leading in both revenue and sales in the DLP market [1][2] Financial Performance Summary - Gross margin for Q1-Q3 2024 and Q3 2024 decreased by 4.04 percentage points and 1.4 percentage points to 28.77% and 28.05%, respectively, primarily due to inventory clearance of older products [2] - The net profit margin for Q1-Q3 2024 and Q3 2024 decreased by 5.32 percentage points and 5.67 percentage points to -1.78% and -6.52%, respectively [2] - The company is expected to achieve net profits of 4 million yuan, 86 million yuan, and 117 million yuan for 2024, 2025, and 2026, respectively, with year-on-year growth rates of -96.3%, +1845.4%, and +36.9% [2][3] Market and Competitive Landscape - The overall market for smart projectors in China saw a year-on-year decline in sales and revenue of 9.7% and 5.9%, respectively, in Q3 2024, although there are signs of recovery with an increase in average market prices [1] - The concentration in the DLP market has increased, with the top four companies holding a revenue market share of 92.1%, up 4.7 percentage points year-on-year [1]