XGIMI(688696) 申万宏源·2025-02-26 07:07Investment 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]