Chengdu Xgimi Technology Co.Ltd(688696) boom micro investment continued to increase, and Jimi's performance significantly exceeded expectations

\u3000\u3000 Chengdu Xgimi Technology Co.Ltd(688696) (688696)

Performance review

On February 24, Jimi released the announcement of 2021 annual performance express. In 2021, the company realized a revenue of 4.046 billion yuan, a year-on-year increase of + 43%, and a net profit attributable to the parent company of 489 million yuan, a year-on-year increase of + 82%. Corresponding to Q4, the revenue was 1.402 billion yuan, a year-on-year increase of + 46%, and the net profit attributable to the parent company was 188 million yuan, a year-on-year increase of + 94%.

Business analysis

On the revenue side, in 2021, the company achieved revenue of 4.046 billion yuan, a year-on-year increase of + 43%, corresponding to Q4 achieved revenue of 1.402 billion yuan, a year-on-year increase of + 46%. Smart micro investment is booming. Jimi has made outstanding achievements during the double 11 and double 12. The total sales of the double 11 network exceeded 800 million yuan, with a year-on-year increase of more than 90%, and the total sales of the double 12 network exceeded 100 million, with a year-on-year increase of more than 160%. It is expected to have a great pull on the revenue end in the fourth quarter.

On the profit side, the net profit attributable to the parent company in 2021 was 489 million yuan, a year-on-year increase of + 82%, corresponding to the net profit attributable to the parent company in Q4 was 188 million yuan, a year-on-year increase of + 94%. The net interest rate of 21 years is 12%, and the corresponding net interest rate of Q4 is 13%. The large volume of high-end new products has driven the gross profit margin to rise steadily. During the double 11, the sales of high-end models h3s and rspro2 have broken through 250 million yuan and 80 million yuan respectively, accounting for 31% and 10% of the sales. After superposition, the self-development rate of optical machinery at the end of the 20th year is only 70%, which has reached 90% at present. Therefore, it is expected that the gross profit margin of 21q4 will increase significantly. In terms of cost rate, the three quarter official propaganda Yiyang Qianxi spokesman and a number of supporting publicity, such as airport advertising, satellite TV, promotional videos, micro-blog open screen, etc., successfully double eleven preheating, and most of the cost was confirmed in the three quarter. Therefore, the sales cost ratio is obviously decreased, and stabilized year by year.

Profit forecast & investment suggestions

Intelligent projection is in line with the changing characteristics of the times such as the third consumer society paying more attention to individuals and spiritual needs. It is upgraded from information acquisition to information enjoyment, and has great potential for penetration and improvement. It is suggested to focus on the high-quality leader of high growth track for a long time. We estimate that the company's revenue from 2021 to 2023 will be 4.046 billion yuan, 5.672 billion yuan and 7.830 billion yuan respectively, with year-on-year growth of 43.1%, 40.2% and 38.1% respectively. The company's net profit attributable to the parent company from 2021 to 2023 is expected to be 490 million yuan, 690 million yuan and 950 million yuan respectively, with year-on-year growth of 81.8%, 40.1% and 38.3% respectively, and EPS will be 9.8, 13.7 and 18.9 yuan / share respectively. The current stock prices correspond to 44.7x, 31.9x and 23.1xpe from 2021 to 2023 respectively, Maintain the "buy" rating.

Risk tips

The penetration rate of the projector is lower than the expected risk, the risk of relying on outsourcing of core parts, the risk of intensified industry competition and the risk of price fluctuation of raw materials.

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