The sales proportion of C-end private brand products increased, and the performance of Appotronics Corporation Limited(688007) (688007), which continued to launch a variety of new products, increased rapidly last year.
According to the performance forecast released on the evening of January 28, the net profit attributable to the owners of the parent company is expected to be about 190 million to 245 million yuan in 2021, with a year-on-year increase of 66.89% to 115.2%; The non net profit deducted is expected to be 95 million to 135 million yuan, with a year-on-year increase of 135.79% to 235.07%.
further optimize the business structure
Appotronics Corporation Limited(688007) is the first share in the laser display industry. It is a global leading laser display technology enterprise with original technology, core patents and R & D and manufacturing capacity of core devices. In 2007, Appotronics Corporation Limited(688007) initiated the commercialized fluorescent laser display technology ALPD based on blue laser, which solved the problem of laser display industrialization.
At present, Appotronics Corporation Limited(688007) is mainly engaged in the research, development, production and sales of laser display core devices and complete machines, and the application of laser display technology to different scenes, led by ALPD laser display technology and architecture. Appotronics Corporation Limited(688007) business covers the b-end and C-end markets, expands four application scenarios: cinema projection, business education, engineering and home display, and is expanding to potential fields such as aviation, on-board display and ar.
After the epidemic eased, Appotronics Corporation Limited(688007) last year’s performance recovered its growth momentum. According to the announcement of Appotronics Corporation Limited(688007) , the net profit attributable to the owners of the parent company is expected to be about 190 million to 245 million yuan in 2021, with a year-on-year increase of 66.89% to 115.2%.
The reason for the change of employment performance, Appotronics Corporation Limited(688007) said that in terms of main business, the income scale of household and engineering business has further expanded; The proportion of sales of C-end private brand products increased, high gross profit businesses such as engineering and cinemas promoted the overall gross profit margin of the company, and the business structure of the company was further optimized.
In terms of period expenses, last year Appotronics Corporation Limited(688007) launched two restricted stock incentive plans, and the share based payment expenses increased significantly compared with the same period last year; The company continues to increase R & D investment in innovative fields such as laser micro projection and on-board display; At the same time, the company implemented the market competition strategy, launched a variety of new products, increased C-end market investment and private brand construction, resulting in an increase in sales expenses.
Appotronics Corporation Limited(688007) it is estimated that the non net profit deducted in 2021 will be 95 million to 135 million yuan, an increase of 135.79% to 235.07% year-on-year. Appotronics Corporation Limited(688007) said that the year-on-year increase in non recurring profits and losses was mainly due to the increase in government subsidies included in the current profits and losses and the recognition of performance compensation of joint-stock companies.
rapid growth of C-end business
Appotronics Corporation Limited(688007) has formed a “B + C end” dual service drive. Among them, the b-end business provides stable cash flow, and the C-end business includes intelligent micro investment and laser TV to build the second growth curve.
Especially in the C-end business, Appotronics Corporation Limited(688007) focuses on the intelligent projection track. Citic Securities Company Limited(600030) pointed out that the demand of China’s household projection market has entered a growth stage, and the shipment volume will reach 3 million units in 2020; Subject to the impact of cost, the penetration rate of laser projection is 8%, and the growth space is broad.
Guosen Securities Co.Ltd(002736) pointed out that projection is one of the areas with the lowest penetration rate of new consumption at present. The penetration rate of only 9% relative to TV sales is superimposed with the impact of core shortage in 2021. Under the expectation of marginal improvement of chips, superimposed head brands have high-quality product layout at home and abroad, and the growth expectation in 2022 is strong. Under the background of increasingly mature products and influence, if the improvement of the supply chain is expected to be realized, the sales volume in China and overseas is expected to achieve resonant high growth.
As a Appotronics Corporation Limited(688007) C-end carrier company, fengmi technology covers two business areas: Laser TV and intelligent micro investment. In the early stage, fengmi technology relied on the channel capacity of Xiaomi to OEM and sell micro investment and laser TV. From 2018 to 2019, private brand micro investment and laser TV products will be launched successively to reduce Xiaomi’s dependence. In 2020, fengmi completed the 1 billion round a financing led by Chongqing government fund. According to the agreement, fengmi technology is expected to complete the Qualified IPO application in the future.
Citic Securities Company Limited(600030) pointed out that fengmi’s “double 11” performance was brilliant in 2021, and the overall revenue increased by 22% year-on-year. Specifically, fengmi’s own intelligent micro investment revenue increased by 398%, and the market feedback was good after the launch of new products. Affected by chip supply, the revenue of laser TV is basically the same as that of the same period, and it is expected to grow at a high speed next year. With the improvement of micro investment product matrix and the increase of marketing expenses, the second growth curve of Appotronics Corporation Limited(688007) C end is highly deterministic.
