\u3000\u3000 Chengdu Xgimi Technology Co.Ltd(688696) (688696)
2021q4 performance exceeded expectations, continued to lead the industry and maintained the “buy” rating
The company released the performance forecast on January 26. In 2021, it is expected to realize the net profit attributable to the parent company of 484 million, a year-on-year increase of 80.07%, deducting the net profit not attributable to the parent company of 430 million, a year-on-year increase of 73.62%. In 2021q4 alone, the net profit attributable to the parent company is expected to be 184 million, with a year-on-year increase of 89.04%. The main reason is the higher than expected growth of revenue, which is driven by the increase of gross profit margin brought by the improvement of product structure and the proportion of self-developed optical machines. The performance slightly exceeded our expectations and far exceeded the market expectations. Raise the profit forecast for 2021 and keep the profit forecast for 2022-2023 unchanged. It is estimated that the net profit attributable to the parent company in 2021-2023 will be RMB 484 / 699 / 1010 million (the original value in 2021 will be RMB 460 million), the corresponding EPS will be RMB 9.7 / 14.0 / 20.2 (the original value in 2021 will be RMB 9.2), and the corresponding PE of the current stock price will be 49.5 / 34.3 / 23.7 times, maintaining the “buy” rating.
Driven by new products, the domestic sales of Q4 in 2021 exceeded the expected growth, and it is optimistic that the replenishment of overseas product lines will usher in the rise of both volume and price
Brand improvement and superimposed new products have a bright power, driving the continuous high growth of domestic sales in 2021. In 2021, the company launched high-end RSPRO2 and H3S, signed the top Yiyang Qianxi as spokesmen, increased brand promotion, and achieved super expected growth in domestic sales. According to the business consultant, the company’s Alibaba channel projector: in 2021, the Gmv reached 1.788 billion, a year-on-year increase of 47.76%, and the brand market accounted for 22.38%. Among them, the Gmv of 2021q4 reached 717 million, with a year-on-year increase of 62.54%, the brand market share was 29.31%, with a year-on-year increase of 9.04pcts, the market share was the first and the leading advantage was significantly improved. In 2021, the overseas product lines will be supplemented, and the expansion of private brands will be accelerated. In 2021, the company launched H-series new products horizon, horizon pro, z-series new products elfin and laser TV product aura, which supplemented the product matrix based on portable products in the past, so as to lay a product foundation for overseas expansion.
Since 2022, domestic sales have continued the hot sales trend, and the industry continues to lead when the brand side occupies the mind of consumers
Since 2022, the marketing of the annual goods Festival has been overweight, the core shortage is expected to be alleviated, and the domestic sales have continued to grow at a high rate. As of January 16, in January 2022, the cumulative Gmv of the projector of Alibaba channel company reached 151 million, with a year-on-year increase of 52.0%, and the brand market share reached 26.74%. Compared with the market share of 17.37% in January 2021, the share increased significantly. The penetration rate of intelligent micro investment is low and the space is broad. The company adheres to the balanced product performance and good experience under the algorithm + optical and mechanical self-development, and superimposes the brand building under the mature marketing system. The company may have occupied the minds of consumers and formed a first mover barrier. It is expected that the shortage of chips will improve in 2022. It is optimistic that the company’s domestic sales will continue to grow rapidly and the export market space will be opened.
Risk warning: risk of shortage of core parts; Risk of disclosure of core technology; Overseas business operation risk.
