\u3000\u3000 Chengdu Xgimi Technology Co.Ltd(688696) (688696)
The company released the performance forecast and realized the net profit attributable to the parent company of 484 million yuan in 2021, with a year-on-year increase of 80.07%; Net profit deducted from non parent company was 430 million yuan, with a year-on-year increase of 73.62%. Among them, the net profit attributable to the parent company in 21q4 is expected to be 184 million yuan, with a year-on-year increase of 89.04%; Deduct the net profit not attributable to the parent company of 167 million yuan, a year-on-year increase of 119.92%. In 2021, the company’s product market performed well, and the sales volume maintained growth, driving the growth of revenue; The change of the company’s pricing strategy and product structure, as well as the continuous introduction of the company’s self-developed polishing machine, led to the increase of gross profit margin. In addition, in 2021, the company used some idle funds for cash management to obtain income, resulting in an increase in non recurring profit and loss compared with the same period of the previous year.
From the perspective of channel dimension: the Gmv of domestic online companies in the whole network of double 11 broke 800 million, with a year-on-year increase of more than 90%; The Gmv of the whole shuang12 network exceeded 100 million yuan, with a year-on-year increase of more than 160%.
From the perspective of single product dimension: newz6x, h3s and rspro2 are large single products that contribute most of the revenue. In addition, in 2021, the company laid a full range of products in overseas markets, including elfin (benchmarking newz6x), horizon (benchmarking h3s) and horizon pro (benchmarking rspro2).
On the profit side, the company’s profitability increased year-on-year in 2021, mainly due to the release of h3s and rspro2, the improvement of product structure, and the basic completion of optical and mechanical iteration, resulting in the increase of gross profit margin. In 2021, the company increased product publicity, enabled spokesmen and launched materials, resulting in an increase in cost rate, but the increase in gross profit margin was greater and the overall net profit margin increased.
In the short term, projector products are still in short supply in 2022 due to the tight supply of chips. Once the chip supply is more sufficient, the scale of the company may accelerate its growth. On the one hand, the products or discounts of China Shopping Festival companies are more obvious; On the other hand, once there are enough chips, the company can liberalize the overseas market.
In the long run, smart micro investment meets the needs of consumers for large screen, immersive and portable viewing experience. The upgrading of the chip and the improvement of the definition of the film source will improve the resolution (viewing definition); The progress of light source will bring the improvement of lumen (viewing brightness); The progress of software algorithms will enhance the intelligence of human-computer interaction; The innovation of product definition may better integrate the projector into life, further bring product iteration, improve the viewing experience and drive the growth of industry scale. The company is a leading brand in the category of intelligent micro investment, leading in brand, product, R & D and channel, with significant brand position advantages.
Maintain buy rating. It is comprehensively estimated that the company’s performance in 2021 / 2022 / 2023 will be 480 million / 710 million / 950 million yuan, compared with 57 / 39 / 29xpe. It is recommended for a long time!
Risk warning: the number of target user groups does not meet expectations, category iteration, technology R & D risk, and the risk of relying on outsourcing of some core parts. The performance forecast is the preliminary calculation result, and the specific financial data shall be subject to the official annual report of the company.
