\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
Chengdu Xgimi Technology Co.Ltd(688696) issue the 2021 annual report. In 2021, the company achieved a revenue of 4.038 billion yuan, a year-on-year increase of 42.78%. Quarterly, 2021q1-q4 achieved revenue of 815 million yuan / 872 million yuan / 957 million yuan / 1.394 billion yuan respectively, with a year-on-year increase of 62.32% / 35.87% / 32.42% / 44.97%.
In terms of products, the sales revenue of the complete projector was 3.785 billion yuan, a year-on-year increase of 42.75%; The revenue of accessories was 159 million yuan, a year-on-year increase of 43.36%; The income from Internet value-added services was 64.02 million yuan, a year-on-year increase of 55.15%.
Online channels maintained high growth. In 2021, the company's online channel revenue was 2.933 billion yuan, a year-on-year increase of 51.44%, and the offline channel revenue was 1.074 billion yuan, a year-on-year increase of 23.99%. Through deep cultivation of online platforms such as jd.com and tmall.com, the company's brand and products have a good reputation in China's mainstream e-commerce platforms, and the sales volume of products continues to grow.
In terms of overseas market construction, the company's overseas market revenue was 434 million yuan, with a year-on-year growth rate of 145.22%. In 2021, the company's products have entered regional markets such as Japan, Europe and the United States.
In 2021, the annual gross profit margin was 35.88%, with a year-on-year increase of 4.25 PCTs. Since the freight and miscellaneous expenses were transferred from sales expenses to operating costs in 2021, under the same caliber, the company's gross profit margin increased by 5.63 PCTs year-on-year. Among them, the gross profit margin of 21q1-q4 was 35.23% / 38.29% / 37.81% / 33.44% respectively, with a year-on-year increase of 5.04pcts/7.07pcts/6.67pcts/0.41pcts. The change of the company's pricing strategy and product structure, as well as the continuous introduction of the company's self-developed polishing machine, led to the increase of gross profit margin.
The company's sales / management / R & D / financial expense ratio in 2021 was 15.42% / 2.62% / 6.51% / - 0.10% respectively, with a year-on-year change of + 1.52pcts / + 0.20pcts / + 1.59pcts / - 0.17pcts. As the freight and miscellaneous expenses in the sales expenses were transferred to the operating costs in 2021, the sales expense ratio increased by 2.90pcts under the same caliber.
In 2021, the net profit attributable to the parent company was 483 million yuan, with a year-on-year increase of 79.87%, and the net interest rate attributable to the parent company was 11.97%, with a year-on-year increase of 2.47 PCTs; The net profit deducted from non parent company was 429 million yuan, with a year-on-year increase of 73.37%, and the net interest rate deducted from non parent company was 10.63%, with a year-on-year increase of 1.88 PCTs. The cash flow from operating activities in 2021 was 536 million yuan and 185 million yuan in the same period in 2020; The cash flow from investment activities was - 1.527 billion yuan, and - 318 million yuan in the same period in 2020.
Profit forecast and Valuation: give buy rating. It is comprehensively estimated that the operating revenue from 2022 to 2024 will be 5.312 billion yuan / 7.045 billion yuan / 9.138 billion yuan. Due to the impact of the epidemic in the first half of 2022, we adjusted the Chengdu Xgimi Technology Co.Ltd(688696) profit expectation from 710 million / 950 million yuan in the previous value of 20222023 to 687 million / 946 million / 1.204 billion yuan in 20222024, corresponding to 27 / 20 / 16xpe.
Risk tip: raw material price rise risk, new product sales are less than expected, regional expansion is less than expected, online expansion is less than expected, and industry competition intensifies the risk
