\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
Event:
In 2021, the income is 4 billion yuan (+ 43%), the net profit attributable to the parent is 483 million yuan (+ 80%), and the net profit not attributable to the parent is 429 million yuan (+ 73%); In 2022q1, the income is 1 billion yuan (+ 24%), the net profit attributable to the parent is 121 million yuan (+ 36%), and the net profit not attributable to the parent is 103 million yuan (+ 18%). The growth rate of net profit attributable to the parent company in Q1 was higher than that of non deduction, which was due to the company’s use of idle cash management to bring more non operating profits.
Comments:
Revenue side: the prosperity of the micro investment track is rising, and the company continues to promote innovation and expand markets at home and abroad. 1) From the perspective of the Chinese market, 202122q1 Jimi launched two high-end and upgraded one mid-range micro projection and laser TV, improved the product price band in an all-round way, and its performance continued to exceed the industry level. The company’s revenue in China was + 38%. 2) From the perspective of overseas market, 21h2 company released four micro investment and laser TVs in overseas market, realizing the coverage of products from portable to full range. At the same time, the company actively promoted and expanded channels, with 21 years of overseas revenue (including Shanghai Aladdin Biochemical Technology Co.Ltd(688179) ) + 62%. 3) The company plans to acquire the ” Shanghai Aladdin Biochemical Technology Co.Ltd(688179) ” assets held by Japan popln. We believe that this is conducive to thickening Japan’s Shanghai Aladdin Biochemical Technology Co.Ltd(688179) profit margin, introducing it into China and other markets and opening up incremental space.
Profit side: lack of core, further optimize product structure, improve gross profit margin, increase R & D and management fees, and help the long-term development of the enterprise. Thanks to the introduction of medium and high-end products and the increase in the proportion of optical and mechanical self research, the gross profit margin of Jimi in 2021 is 36% (+ 4pct). The core shortage of 22q1 continues. According to the data on Lotu online, the proportion of DLP sales in intelligent projection decreased from 56% in 2021 to 38% in 22q1. The shortage of chip supply led to the short-term removal of the company’s low-end products from the shelves, driving the increase of the overall average price and gross profit margin. The gross profit margin of 22q1 was 2pct higher than that in 2021. In terms of expenses, the company continues to increase the research and development to create differentiated products. The R & D rate in 2021 is + 1.6pct, and 22q1 is higher than 2021 + 2.75pct. Due to the realization of equity incentive, the management expenses of 22q1 have also increased. Due to the increase of expenses, the growth rate of short-term profits is lower than that of income, but paying attention to R & D and forming a good talent incentive system is conducive to the long-term development of the company.
Earnings forecast, valuation and rating: it still has an impact, and the company is strong
R & D and management, and reduce the revenue and profit in 2022. It is estimated that the company’s revenue in 202224 will be 5.25 billion yuan, 7.309 billion yuan and 9.191 billion yuan respectively, with corresponding growth rates of 30%, 39% and 26%, net profit of 589 million yuan, 906 million yuan and 1.239 billion yuan respectively, with corresponding growth rates of 22%, 54% and 37%, and EPS of 11.78, 18.13 and 24.77 yuan / share respectively. With reference to absolute and relative valuation, 40-45 times PE will be given for 22 years, and the target price is 471530 yuan / share. Maintain the “buy” rating.
Risk tip: the expansion of overseas market is less than expected, the core shortage continues to be severe, and the promotion of innovation is less than expected.
