\u3000\u3000 Chengdu Xgimi Technology Co.Ltd(688696) (688696)
Profits rose in four seasons, and the growth rate increased
The company released the annual performance express for 2021. It is estimated that the revenue in 2021 will be + 43% to 4.05 billion yuan, the net profit attributable to the parent company will be + 82% to 490 million yuan, and the non profit deducted will be + 75% to 430 million yuan. Among them, the fourth quarter revenue is + 46% to 1.4 billion yuan, the net profit attributable to the parent company is + 94% to 190 million yuan, and the deduction of non profit is + 95% to 170 million yuan. The non recurring profit and loss is expected to be financial income and some government subsidies. The profit growth rate in the fourth quarter was greater than that of revenue, mainly due to the scale effect brought by the expansion of revenue scale, the slight decrease of marketing investment intensity such as endorsement, and the expense side impact such as the addition and deduction of R & D expenses.
Under the supply pressure, the domestic and export sales of the faucet are beautiful
Under the supply pressure such as chip shortage, the company still actively expanded, showing the leading product power and forward-looking action power. In terms of domestic sales, in addition to the doubling and high growth of the double 11 and double 12, the market share of each platform is still absolutely leading, with the market share of Taoxi + 7pct to 27%, and that of JD remains 40% +. In January, Amoy / Jingdong Gmv still maintained a growth rate of 36% / 55%, while the new panchromatic laser TV products in February further enriched the product matrix. In terms of export sales, the layout of overseas product matrix was accelerated and improved in 2021. According to the tracking of Amazon sampling data, the sales of Jimi on overseas Amazon in 2021 was + 174%, and the sales increased by 262% in January.
Chip short-term suppression of strong demand, supply is expected to ease the resonance growth outside China
In 2021h2, the growth rate of DLP projection dropped under the pressure of core shortage, but the sales volume of the whole projection industry still increased by 29% to 4.8 million units in the whole year. The substantial innovation of product form and performance in 2021 significantly boosted the growth of penetration rate. It can be noted that (1) the proportion of sales above 500 lumens increased by 4.6pct to 41%; (2) The continuous rise of industry average price and the reduction of discount in peak season did not affect the strong growth of industry sales; (3) After the high growth of projection in 2021, the sales penetration rate of TV is still at a low level of 11%, which may point to the characteristics that the current industry demand is still in the early stage of outbreak. The penetration rate of overseas projection is lower than that of China. Therefore, under the expectation of 2022q3 chip pressure, China’s foreign market is expected to achieve resonance and double growth, while Jimi, which takes the lead in product, channel, content and marketing layout, is expected to take the lead in enjoying the growth dividend of the industry.
Investment advice: maintain the “buy” rating
Taking into account non recurring gains and losses such as government subsidies and wealth management income, the company slightly adjusted its profit forecast from 2021 to 2023 to 490 million, 670 million and 950 million (the previous value was 480 million, 660 million and 940 million), and the corresponding PE was 45, 32 and 23 times respectively, maintaining the “buy” rating.
Risk tip: chip supply is less than expected; Industry competition intensifies; Overseas development is less than expected.
