XGIMI(688696) 长江证券·2024-11-11 05:54Investment Rating - The report maintains a "Buy" rating for XGIMI Technology (688696 SH) [2] Core Views - XGIMI Technology faces short-term performance pressure but is actively seeking improvements [1][2] - The company reported a 5 80% YoY decline in revenue to 2 281 billion yuan for the first three quarters of 2024 [2] - Net profit attributable to the parent company was -403 31 million yuan, a 146 81% YoY decrease [2] - In Q3 2024, revenue dropped 14 26% YoY to 682 million yuan, with net profit falling to -444 31 million yuan [2] Financial Performance - XGIMI Technology's Q3 2024 gross margin was 28 05%, down 1 40 percentage points YoY [6] - Operating profit margin in Q3 2024 decreased by 5 90 percentage points YoY to -695 21 million yuan [6] - Operating cash flow for the first three quarters of 2024 increased by 83 20% YoY, though Q3 saw a decrease of 90 60 million yuan [6] Market Position - XGIMI Technology remains the leader in China's projector market, maintaining the top position in shipment volume for six consecutive years [5] - The company holds a 22 3% market share in the DLP technology segment, a slight increase of 0 3 percentage points YoY [5] Industry Trends - China's smart projector market (excluding laser TV) saw a 9 7% YoY decline in Q3 2024 sales volume to 1 27 million units [5] - Sales value in the smart projector market decreased by 5 9% YoY to 1 89 billion yuan in Q3 2024 [5] Future Outlook - The report forecasts XGIMI Technology's net profit to reach 146 million yuan in 2025 and 202 million yuan in 2026 [4] - The company is expanding its overseas market presence, particularly in Europe, the US, and Southeast Asia [4] - Domestic demand is expected to recover, with potential improvement in China's smart projector market in Q4 2024 [5]