\u3000\u3000 Chengdu Xgimi Technology Co.Ltd(688696) (688696)
Q4 performance exceeded expectations and is expected to continue high growth under the mitigation of core shortage, maintaining the “buy” rating
The company issued a performance express and realized a revenue of 4.05 billion (+ 43.1%) in 2021; The net profit attributable to the parent company was 490 million (+ 81.8%); Deduct 430 million (+ 75.5%) of net profit not attributable to parent company. In 2021q4 alone, the revenue was 1.4 billion (+ 45.8%); Net profit attributable to parent company: 190 million (+ 93.8%); The net interest rate is 13.4% (+ 3.3pcts). The performance increased more than expected, mainly due to the high growth of sales revenue, combined with the improvement of product structure and the proportion of self-developed optical machines, resulting in the increase of net interest rate. 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 489 / 699 / 1010 million (the original value in 2021 is RMB 484 million), corresponding to EPS of RMB 9.8 / 14.0 / 20.2 (the original value in 2021 is RMB 9.7). The current stock price corresponds to PE of 47.8 / 33.4 / 23.1 times, maintaining the “buy” rating.
Since 2022, domestic sales have continued to grow rapidly, and it is optimistic that new products will continue to iterate and the market share will be further improved
In terms of domestic sales, the company launched high-end RSPRO2 and H3S, signed Yiyang Qianxi as spokesmen in 2021, and achieved an expected growth in domestic sales. According to the business consultant, in 2021, the Gmv of Alibaba channel projector reached 1.79 billion (+ 47.8%), and the brand market accounted for 21.7% (+ 2.1pcts). Since 2022, it is expected that the core shortage will be alleviated, the domestic sales will continue to increase, and the market share will further increase. As of February 20, since 2022, the cumulative Gmv of Alibaba channel projector has reached 250 million (+ 27.2%), and the brand market share has reached 23.4% (+ 2.5pcts). According to magic mirror data, in January 2022, the Gmv of the projector of JD channel company reached 220 million (+ 42.3%), accounting for 38.0% (+ 0.3pct). In terms of new products, a new 4K three-color laser TV A3 was launched in February with Harman Caton speakers. In 2022, it is expected to launch new intelligent micro investment iteration products at the price of 3000 yuan to further increase the share.
After the export private brand business complements the product line in 2022, it is expected to accelerate channel breakthrough and high growth
In terms of overseas sales of new products of auriz pro and Horizon Series, it is expected to double the sales revenue of auriz pro and Horizon Series in 2021. In terms of overseas private brands in 2022, it is expected that the company will increase the development of overseas channels and further refine the operation on the basis of product supplement and under the condition of alleviating chip supply, and the revenue of private brands is expected to maintain a rapid growth. Shanghai Aladdin Biochemical Technology Co.Ltd(688179) in terms of business, it is expected that the company will carry out product iterative upgrading and introduce more markets, which is expected to return to rapid growth.
Risk warning: risk of shortage of core parts; Risk of disclosure of core technology; Overseas business operation risk.
