\u3000\u3000 Chengdu Xgimi Technology Co.Ltd(688696) (688696)
Events
On February 24, 2022, Chengdu Xgimi Technology Co.Ltd(688696) issued the announcement of 2021 annual performance express. In 2021, the company achieved an operating revenue of 4.046 billion yuan, a year-on-year increase of 43.06%; The net profit attributable to the parent company was 489 million yuan, a year-on-year increase of 81.79%; Net profit deducted from non parent company was RMB 434 million, with a year-on-year increase of 75.48%.
Brief comment
In 2021q4, the revenue performance increased rapidly and maintained the “buy” rating. In 2021q4, the company’s revenue and performance increased rapidly, mainly due to: 1) the early marketing investment helped further improve the brand awareness and maintain the growth of sales; 2) Optimize pricing strategy and product structure to enhance profitability. It is estimated that from 2021 to 2023, the company will realize a net profit attributable to the parent company of RMB 489 / 715 / 1005 million, corresponding to EPS of RMB 9.77 / 14.30 / 20.09, and the current share price corresponding to PE of 44.7 / 30.5 / 21.7 times, maintaining the “buy” rating.
Online channels maintained a high growth rate, superimposed on the large volume of overseas markets, and the profit increased brightly in 2021q4. 1) Quarter by quarter: the operating revenue of 2021q4 was 1.402 billion yuan, with a year-on-year increase of 45.80% and a month on month increase of 13.37pct; The net profit attributable to the parent company was 188 million yuan, with a year-on-year increase of 93.79% and a month on month increase of 49.03 PCT; The net profit deducted from non parent company was 172 million yuan, with a year-on-year increase of 94.75% and a month on month increase of 71.44 PCT. Tiktok: 2) in different regions: China’s 2021Q4 online growth rate reached 60%+, of which the growth of new channels such as jitter, electricity and electricity business increased faster, leading to overall sales growth, and in 2021, China’s income accounted for nearly 80%. During the 2021q4 black five and Christmas period, the growth rate of private brands abroad reached 160% +. The high-end product horizon pro4k version is gmvtop1 in the same price range, and the offline volume is obvious. The proportion of overseas revenue reached about 20% in 2021. Rich product types + high-end, competitive advantage and market position are expected to be further consolidated. In 2021, three household intelligent projection products and laser TV aura were launched in the overseas market. In February 2022, 4K panchromatic laser TV A3 was launched in the Chinese market. Household projection + laser TV work together to seize more market share. Under the certainty of continuous iteration and large-scale volume of overseas single products and laser TV, the sales scale and gross profit margin are expected to be further improved.
Risk tips: chip shortage risk, intensified market competition, projection growth rate is lower than expected, etc.
