Chengdu Xgimi Technology Co.Ltd(688696) (688696)
event
On December 28, Lotu technology released the online sales data of intelligent projection in November. In November, the online sales volume of China’s intelligent projection market was 533000 units, with a simultaneous increase of 17% and a ring increase of 182%; The sales volume was 1.54 billion yuan, with an increase of 30% and a ring increase of 286%. The double Eleventh National Congress promoted the sales of Chinese projectors to a record high in a single month.
Business analysis
In 2021, China’s intelligent projection market will grow rapidly, the market share of Jimi will be further increased, and the double 11 will achieve another success. 1) In the first three quarters of 2021, the sales volume of China’s intelligent projection market reached 947000 units, an increase of 20% at the same time, and the sales volume was RMB 2.1 billion, an increase of 35.8% at the same time. It is estimated that the sales volume of China’s intelligent projection market will reach 4.79 million units in 2021, with a simultaneous increase of 29%, and the sales volume will exceed 10 billion yuan. 2) In November, the sales volume of Jimi line exceeded 150000, accounting for more than 40% of the DLP projector market. During the double 11, the Gmv of Jimi network exceeded 800 million yuan, with a simultaneous increase of more than 90%. The Gmv of h3s and z6x single product exceeded 250 million, and the Gmv of 4K projection flagship rspro2 single product exceeded 80 million.
For the first time, equity incentive binds the interests of core personnel and highlights long-term growth information. 1) In September, the company granted equity incentive for the first time, Among them, the incentive objects of the company’s stock options are 8 senior executives and 58 backbone personnel (including the chairman and general manager), the exercise price is 557 yuan, and the exercise condition is that the revenue in 2023 and 2024 will increase by no less than 70% and 100% compared with that in 2021; the company’s restricted stock incentive objects are 96 middle-level and backbone personnel, and the grant price is 180 yuan, and the exercise condition is that the revenue from 2022 to 2024 will increase by no less than 20%, 30% and 40% compared with that in 2021. 2) it is estimated that the equity incentive from 2021 to 2025 The annual accrued expenses are RMB 20 million, RMB 80 million, RMB 76 million, RMB 56 million and RMB 22 million.
Looking forward to the future, the industry growth + share improvement will build the company’s main growth line, and the overseas business will accumulate growth momentum. 1) Intelligent micro investment has the advantages of portability and large screen. At present, the penetration rate of rental scene and large screen TV is less than 10%, and the industry is still growing rapidly. 2) The company is an absolute leader in the consumer projector industry, with a market share of 27% in 2020, far exceeding the industry. The comprehensive performance of the company’s products in ease of use and picture quality is leading the industry, and the share is expected to continue to increase in the future. 3) The overseas smart micro investment market is still a blue ocean, and DLP smart micro investment is expected to penetrate rapidly. The company takes the lead in laying out the growth momentum accumulated in the overseas market.
Investment suggestion: we expect the company’s performance from 2021 to 2023 to be RMB 440 million, RMB 660 million and RMB 980 million, increasing by 65%, 48% and 48% at the same time. We give the company a target price of RMB 789 (60 * 2022eps) and maintain the “buy” rating.
Risk warning: there is a risk of intensified market competition, less than expected market, shortage of core parts or price increase.
