XGIMI(688696) 开源证券·2025-02-26 06:57Investment 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].