The performance of listed companies mainly engaged in laser display soared last year. The revenue and net profit attributable to the parent company of Appotronics Corporation Limited(688007) (688007. SH) and Chengdu Xgimi Technology Co.Ltd(688696) (688696. SH) in 2021 increased by double digits year-on-year. Smart micro investment and other household products are new growth points, and overseas markets are the focus of breakthrough. The industry expects that Chinese mainland laser projection shipments will exceed 1 million units this year.
Appotronics Corporation Limited(688007) in 2021, the total operating revenue was about 2.5 billion yuan, a year-on-year increase of 28.57%; The net profit attributable to the parent company was 220 million yuan, a year-on-year increase of 94.96%; The non net profit attributable to the parent company was about 110 million yuan, with a year-on-year increase of 181.97%; The gross profit margin was 33.92%, an increase of 5 percentage points year-on-year. Last year, a number of new laser micro projection products were launched to strengthen the household laser projection business.
Last year, Chengdu Xgimi Technology Co.Ltd(688696) achieved a total 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%; The non net profit attributable to the parent company was RMB 434 million, with a year-on-year increase of 75.48%. The main reason is that the sales volume will maintain growth in 2021, driving the growth of total operating revenue; Changes in the company’s pricing strategy and product structure, coupled with the continuous introduction of self-developed polishing machines, have driven the increase of gross profit margin. Some securities companies predict that Chengdu Xgimi Technology Co.Ltd(688696) will launch a new laser micro investment product of 3000 yuan this year.
According to the report of the technology of Luo, Chinese mainland laser projection (including laser TV) market shipped 597 thousand units in 2021, an increase of 41.8% over the same period last year. Among them, the domestic laser projection market shipped 343000 units, a year-on-year increase of 50.8%; The shipment volume of Engineering laser projection market was 121000 units, with a year-on-year increase of 179.2%; The shipment volume of educational laser projection market was 89000 units, a year-on-year decrease of 25.6%; The shipment volume of commercial laser projection market was 44000 units, with a year-on-year increase of 43.9%. According to the technology forecast, Chinese mainland laser projection shipments will exceed 1 million units in 2022, up by more than 75% over the same period.
Appotronics Corporation Limited(688007) last year was also the “flying together” of household and commercial businesses. In terms of business, Guangfeng’s cinema screening service achieved a revenue of 360 million yuan last year, a year-on-year increase of 100%, and nearly 5000 sets of laser film light sources were installed online in the country; The revenue of laser engineering projectors doubled year-on-year; The private brand of business education business continued to develop, the market share and gross profit margin increased, and breakthroughs were made in overseas business expansion.
In terms of household use, the laser projection of Appotronics Corporation Limited(688007) is accelerating in the field of household use. Fengmi technology, its holding subsidiary, released a number of new laser micro investment products during the double 11 in 2021; In 2021, fengmi technology’s private brand business increased by nearly 60% year-on-year, accounting for more than 50% of fengmi technology’s total operating revenue for the first time; Fengmi technology actively expanded its offline channels. The first offline experience store opened in Chongqing in May 2021, and many experience stores were opened during the year.
In terms of devices, Appotronics Corporation Limited(688007) home core device business has achieved results. Among them, Appotronics Corporation Limited(688007) provides laser micro projector for dangbei, Anke and other partners; It provides laser TV optical machines for Jimi, HP and other partners. At the same time, Appotronics Corporation Limited(688007) has expanded a number of new partners in the upstream and downstream, approved a number of laser products, reserved high-quality products and focused on the overseas market.
Last year, the sales expenses of Appotronics Corporation Limited(688007) increased by about 90% year-on-year to 250 million yuan, mainly due to increasing the investment in the C-end market and the construction of its own brand; R & D expenses increased by 15.79% year-on-year to 230 million yuan, mainly due to increasing R & D investment in C-end products, on-board display and other fields; In addition, we launched a restricted stock incentive plan for core personnel and increased the share payment fee of 66.48 million.
Recently Appotronics Corporation Limited(688007) made high-level adjustment. According to the announcement on February 24, the legal representative of Appotronics Corporation Limited(688007) was changed to Li Yi. Li Yi is the founder, actual controller, chairman and general manager of Appotronics Corporation Limited(688007) . Last December, Appotronics Corporation Limited(688007) former general manager Bo Lianming resigned due to personal health reasons; Li Yi took over as general manager; The company also employs Zhang Wei and Liang guanning as deputy general managers.
In the emerging track of laser display, technical patents and intellectual property rights are the key to competition. Appotronics Corporation Limited(688007) and Delta have been involved in intellectual property litigation disputes. Zhang Wei, the newly appointed Deputy General Manager of Appotronics Corporation Limited(688007) , once served as the legal person in charge of Lenovo and Vanke.
According to the Research Report of open source securities, it is expected that Chengdu Xgimi Technology Co.Ltd(688696) will launch new intelligent micro investment iteration products at the price of 3000 yuan in 2022 to further increase its share. After the export private brand business complements the product line in 2022, it is expected to accelerate the channel breakthrough and achieve high growth. The potential risks are the shortage of core parts, the disclosure of core technology and the risk of overseas business operation.
