\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
Event:
On March 29, 2022, Chengdu Xgimi Technology Co.Ltd(688696) released the new smart projection z6xpro, which will be officially put on sale on April 13.
Key investment points:
While retaining the lightweight and compact appearance of the newz6x, the new Jimi z6xpro provides a better audio-visual experience through multi-dimensional capability upgrading. Compared with the previous generation of newz6x, the main upgrade points include: 1) brightness improvement: the brightness of Jimi z6xpro is increased from 800ansi lumen of newz6x to 1000ansi lumen. 2) Sound upgrade: the sound configuration is upgraded to Harman Caton r-ring patented sound, with more low frequency. 3) More accurate picture correction: the equipped Mavi system upgrades binocular vision technology, and the picture adaptive function is more convenient and accurate; 4) CPU & storage space upgrade: equipped with 10000 yuan TV cpumt9669, the operating memory is increased from 2G to 4G, and the operation is more smooth. 5) Add real-time anti shooting eye protection to protect users' eyes.
The initial price of z6xpro of Jimi is 3699 yuan, which is still in the middle price range of 3 Xj Electric Co.Ltd(000400) 0 yuan. It has high cost performance and is expected to become an important growth point of the company in 2022q2. From the upgrade point of view, the company retains the lightweight appearance characteristics of newz6x. In addition to optimizing the audio-visual experience, the company enhances the image correction ability of the product, making the image adaptation more accurate and easy to use when switching between different rooms. It fits the positioning that z6x series products are portable, easy to move and can be used in multiple rooms, showing a high cost performance. In 2021, the sales volume of the last generation z-series popular single product newz6x exceeded 80000 units in the whole network, and the Gmv exceeded 250 million. The sales performance was excellent, while the performance of the new z6xpro was improved on the basis of newz6x, and it has strong competitiveness in the intelligent projection products at the middle price.
Investment suggestion: the leading position of the company's intelligent projection is stable, the power of new products is strong, and the "buy" rating is maintained. According to IDC data, in 2021, the company's market share of manufacturers' shipments in China's projector market was 21.2%, and its sales market share in the home projection market reached 27%, ranking first. We expect the net profit attributable to the parent company from 2021 to 2023 to be RMB 488 / 688 / 939 million, corresponding to EPS of RMB 13.03 / 18.34 / 25.04, and the current share price corresponding to PE of 27.33/19.41/14.22 times, maintaining the "buy" rating.
Risk tips: shortage of chip supply, intensified competition in the intelligent projection market, less than expected industrial technology development, rising raw material prices, uncertainty of the company's overseas business development, etc.
