Chengdu Xgimi Technology Co.Ltd(688696) company information update report: Q1 revenue continued to grow rapidly, and the adjusted non net profit margin was increased

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Q1 revenue continued to grow rapidly, and the non net interest rate was increased after adding back the equity payment fee

Q1 company's revenue is 1.01 billion yuan (+ 24.3%), the net profit attributable to the parent company is 120 million yuan (+ 35.8%), and the non net profit is 100 million yuan (+ 17.5%). Q1 revenue continues to grow rapidly. If the equity payment fee of about 20 million is added back, the non net interest rate deducted in Q1 is about 12%, with a year-on-year increase of about 1PCT, and the main business continues to be in a good trend. New products for domestic sales continue to iterate, and the market share is stable. The acquisition of Shanghai Aladdin Biochemical Technology Co.Ltd(688179) for export is expected to accelerate the development of innovative business. We maintain the profit forecast. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be RMB 652 / 889 / 1164 million, corresponding to EPS of RMB 13.0 / 17.8 / 23.3 respectively. The current share price corresponds to PE of 28.7 / 21.0 / 16.1 times, maintaining the "buy" rating.

Z6x Pro is expected to drive the rapid growth of domestic sales in Q2, and the acquisition of Shanghai Aladdin Biochemical Technology Co.Ltd(688179) is optimistic about further acceleration of market expansion

Q1 company's smart micro investment Alibaba channel sales accounted for 21.9% (+ 1.6pcts) of Gmv market, and the domestic market share continued to increase. In March 2022, the iterative new z6x Pro was launched, focusing on new upgrades + strong performance. The product reserve was expanded in the 3000 + price band with high consumer acceptance, which is expected to further consolidate the share. Under the hot sales of new products, the sales volume of Jimi projection in 2022w16 Ali channel is Gmv + 120%. Superimposed on the favorable low base in April and driven by new laser TV products such as A3 pro, we expect Q2 domestic sales to continue to grow rapidly. In 2021, the company's overseas private brand business will supplement the product line. It is expected that with the ease of core shortage, the expansion of overseas Wuxi Online Offline Communication Information Technology Co.Ltd(300959) channels in 2022 is expected to speed up, and it is optimistic that the overseas private brand business will continue to grow rapidly. In addition, the board of directors of the company passed a proposal to purchase Shanghai Aladdin Biochemical Technology Co.Ltd(688179) the design, R & D, procurement and sales business related to brand intelligent hardware and software held by popin Inc. we expect this will help the company's innovative business further accelerate product iteration and market expansion.

Under the continuous pull of gross profit margin, the net profit margin is expected to rise steadily, and the main business of Q1 company continues to improve,

The gross profit margin of 2022q1 company is 37.8% (+ 2.6 PCTs), which is mainly driven by the improvement of product structure and the continuous increase of the proportion of self-developed polishing machines. 2022q1 company's sales / management / R & D / financial expense rates were + 0.1 / + 0.6 / + 3.3 / - 0.2pcts respectively, and the R & D expense rate increased greatly, mainly due to the expansion of R & D team personnel and the deepening of long-term competitive advantage. In 2022q1, the net profit margin of the company is 12.0% (+ 1.0pct), and the profitability is improved simultaneously. It is expected that the net profit margin will rise steadily. We estimate that the equity payment fee of 2022q1 is about 20 million yuan. If the equity payment fee is added back, the adjusted non net interest rate of 2022q1 will be deducted by about 12%, with a year-on-year increase of about 1PCT, and the main business operation will remain in a good trend.

Risk tips: changes in tariff policies; Price fluctuation of raw materials; Overseas business development was less than expected.

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