XGIMI(688696) 方正证券·2025-03-04 11:40Investment Rating - The report maintains a "Recommend" rating for the company, indicating an expected increase of over 10% relative to the benchmark index in the next 12 months [2][12]. Core Views - The company has exceeded market expectations in Q4 2024, with a notable improvement in profitability and contributions from the automotive business [4][6]. - The company is positioned as a leader in the projection industry, with dual-brand strategies targeting different technology routes and actively pursuing overseas market expansion [7]. - The "old-for-new" policy is expected to enhance profitability, supported by improved product margins and reduced marketing expenses [5][7]. Financial Performance - For the year 2024, the company reported revenues of 3.414 billion yuan, a decrease of 4.02% year-on-year, while net profit attributable to shareholders was 122 million yuan, an increase of 1.14% [4][8]. - In Q4 2024, revenues were 1.132 billion yuan, with a net profit of 162 million yuan, reflecting a significant year-on-year increase of 372.4% [4][5]. - The net profit margin for Q4 2024 improved to 14.33%, up 11.30 percentage points year-on-year, driven by product upgrades and cost optimizations [5]. Business Expansion - The automotive business has shown substantial progress, with the company becoming a designated supplier for six projects with four automotive manufacturers and one parts supplier [6]. - The automotive segment is expected to contribute significantly to revenue, with at least six projects anticipated to enter mass production in 2025 [6]. Earnings Forecast - The company forecasts net profits of 379 million yuan and 506 million yuan for 2025 and 2026, respectively, with corresponding EPS of 5.41 yuan and 7.23 yuan [7][8]. - Revenue projections indicate a growth trajectory, with expected revenues of 4.044 billion yuan in 2025 and 4.844 billion yuan in 2026, reflecting year-on-year growth rates of 18.45% and 19.79% [8][9].