\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
Performance review
On April 21, the company released its annual report for 2021, which realized a revenue of 4.038 billion yuan in 2021, a year-on-year increase of + 42.78%; The net profit attributable to the parent company was 483 million yuan, a year-on-year increase of + 79.87%; Corresponding to Q4, the revenue was 1.394 billion yuan, a year-on-year increase of + 44.97%; The net profit attributable to the parent company was 183 million yuan, a year-on-year increase of + 88.48%. Basically consistent with the previous express disclosure.
Business analysis
On the revenue side, the company's intelligent micro investment products achieved high growth, with a revenue of 3.501 billion yuan in 21 years, a year-on-year increase of + 52%, and the revenue accounted for 87%. Among them, the sales volume was 1.079 million units, with a year-on-year increase of + 34%, and the average price increased by 14%. In the past 21 years, the company's high-end new products such as h3s and rspro2 sold well, driving the average price upward. According to IDC data, the shipment volume of polar meter projection accounted for 21.2% in 2021, with a year-on-year increase of + 3.1pct. In addition, Jimi achieved excellent results 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%, which greatly boosted the revenue end in the fourth quarter.
On the profit side, the net profit margin attributable to the parent company in 2021 was 11.97%, with a year-on-year increase of + 2.5pct, corresponding to the Q4 net profit margin of 13.15%, with a year-on-year increase of + 3.0pct, which mainly benefited from the increase of gross profit margin. Excluding the changes in caliber caused by changes in accounting policies, the Q4 gross profit margin was 33.44%, with a year-on-year increase of + 4.5pct, of which the gross profit margin of intelligent micro investment products in 21 years was 35.50%, with a year-on-year increase of + 6.11pct, which mainly benefited from 1) the increase of the proportion of self-developed optical machines of the, Product structure optimization 3) the company considers the pressure on the supply side and reduces discount promotion. The Q4 sales expense rate was 13.3%, a year-on-year increase of + 2.3pct. In the past 21 years, the company has newly hired high-quality spokesmen, increased marketing investment on various platforms, continued to increase consumer education, and the sales expense rate has increased. The R & D expense rate of Q4 company was 6.3%, with a year-on-year increase of + 0.9pct, and the R & D investment continued to increase.
Profit forecast & investment suggestions
We estimate that the company's revenue from 2022 to 2024 will be 5.662 billion yuan, 7.810 billion yuan and 10.721 billion yuan respectively, with a year-on-year increase of 40.2%, 38.0% and 37.3% respectively. The company's net profit attributable to the parent company from 2022 to 2024 is expected to be 680 million yuan, 950 million yuan and 1.31 billion yuan respectively, with a year-on-year increase of 39.7%, 39.9% and 39.0% respectively, and EPS will be 13.5, 18.9 and 26.3 yuan / share respectively. The current share price corresponds to 26.7x, 19.1x and 13.7xpe from 2022 to 2024, maintaining 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.
