\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
The new three-color laser light source is 99986; 100 inch, and the price of the new laser light source is 99986; 100 inch, respectively. In terms of specific parameters, Jimi a3pro adopts 0.47dmd chip, with standard resolution of 3840 2160 (4K), brightness of 400nits, contrast of 3000:1, 132.3% dci-p3 ultra wide color gamut, color gamut range of 1.07 billion colors, CPU adopts mt9669 chip, supports 3D (glasses are required), display frame rate under Full HD image quality can reach 240Hz, HDMI input delay in game mode is as low as 7ms, hamankaton sound and Dolby panoramic sound are adopted, and it has 2.2 multichannel, The storage space is up to 1TB, and the product is equipped with WiFi 6, which can be connected to the smart home ecosystem. Jimi a3pro is an attempt for Jimi to expand to three-color laser TV in the high price segment. After Jimi A3 enters the three-color laser TV track, it further raises the upper limit of product customer unit price to more than 30000 yuan.
Jimi a3pro is a three-color laser light source with high-end positioning, and the size is set at the middle level of 88 / 100 inches.
The 100 inch products of Jimi a3pro have competitive advantages in price and parameters. Compared with Hisense’s 110 inch / 100 inch three-color laser TV, Jimi a3pro (100 inch) is a 100 inch product, but the price is as low as 32999 yuan; In terms of contrast, Jimi a3pro has higher contrast; Jimi a3pro adopts the upgraded mt9669 chip, which has better CPU performance; Meanwhile, Jimi a3pro supports 3D display with 1t storage space. The game display function of Jimi a3pro is also very excellent. The display frame rate can reach 240Hz in full HD image quality, and the HDMI input delay in game mode is as low as 7ms.
Due to the high price segment of laser TV products and the price of single products exceeding 10000, offline is a more important channel. According to the annual report of Chengdu Xgimi Technology Co.Ltd(688696) 2021, by the end of 2021, Chengdu Xgimi Technology Co.Ltd(688696) includes 172 stores including direct stores and franchise stores, which are widely distributed in first and second tier cities such as Beijing, Shanghai, Shenzhen, Hangzhou, Chengdu and Chongqing, and some franchise stores are gradually expanding to third and fourth tier cities; According to the annual report of Hisense Visual Technology Co.Ltd(600060) 2021, Hisense TV has more than 3300 scene experience stores in China. By the end of 2021, the company has participated in the construction of more than 300 bright home appliance experience stores and more than 800 offline high-end flagship experience stores.
A3pro is an attempt of Jimi to expand to three-color laser TV. The product expands the unit price of Chengdu Xgimi Technology Co.Ltd(688696) customers to more than 30000, which can attract customers with higher consumption ability. In terms of products, Jimi a3pro is positioned as medium and high-end in laser TV, which is more cost-effective than Hisense, and there is room for improvement compared with Hisense’s more high-end products. Offline channels are important for such products with high customer and unit price. According to online data, Jimi A2 tmall flagship store has sold 2 units since May 2022. In the future, Jimi needs to continue to lay offline channels.
Profit forecast and Valuation: in 2022, the laser TV category will accelerate to new, with strong product power, which is expected to bring new growth power to the company’s performance. We comprehensively expect the net profit of the company from 2022 to 2024 to be 687 million / 946 million / 1.204 billion yuan, corresponding to 29 / 21 / 16xpe, maintaining the “buy” rating.
Risk tip: overseas market expansion is less than expected, core shortage continues to be severe, and new product sales are less than expected.
