\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
Key investment points
With the rapid growth of business performance, the cost advantage of self-developed optical machine gradually appears
In 2021, the company achieved a revenue of 4.038 billion yuan, a year-on-year increase of 42.78%, and a net profit attributable to the parent company of 483 million yuan, a year-on-year increase of 79.87%; 21q4 achieved a revenue of 1.394 billion yuan, a year-on-year increase of + 44.97%, and a net profit attributable to the parent company of 183 million yuan, a year-on-year increase of + 88.48%.
By business: (1) smart micro investment realized an operating revenue of 3.501 billion yuan in 2021, an increase of 51.97% over the same period of the previous year, accounting for 86.71% of the company’s main business revenue and 35.50% of the gross profit margin, with a year-on-year increase of 6.11 PCT, mainly due to the continuous increase in the proportion of self-developed light machines and the further decline of unit costs. Meanwhile, h3s and newz6x rank first and second in the list of single product sales. (2) In 2021, the operating revenue of laser TV was 64 million yuan, which was – 46.74% compared with the same period of the previous year, accounting for 1.58% of the company’s main business revenue. The poor performance of laser TV was mainly due to the fact that offline Direct stores were an important channel for the company’s laser TV sales, and the sales volume fell year-on-year due to the impact of the epidemic.
R & D investment has been continuously increased, and the transformation of achievements has been highlighted
In 2021, the company invested 263 million yuan in R & D, with a year-on-year increase of 89.03%. The R & D expense rate increased from 4.92% in 2020 to 6.51%. The number of R & D personnel increased from 452 at the end of 2020 to 668. During the reporting period, 69 authorized invention patents were newly obtained, and a total of 112 invention patents have been obtained. Guided by market demand and industry trend, the company has continuously increased R & D investment and significantly increased the number of authorized invention patents.
Profit forecast and valuation
It is estimated that the company’s operating revenue in 22-24 years will be 5.589 billion yuan / 7.543 billion yuan / 9.042 billion yuan respectively, with the corresponding growth rate of 38.41% / 34.96% / 19.86% respectively; The net profit attributable to the parent company was 715 million yuan / 1118 million yuan / 1324 million yuan respectively, with the corresponding growth rate of 48.03% / 56.36% / 18.43% respectively. The current market value is 18.049 billion yuan, and the corresponding PE in 22-24 years is 25X / 16x / 13X respectively.
Risk tips
The expansion of new products is less than expected, the supply of chips is less than expected, and the industry competition is intensified.
