\u3000\u3 Guocheng Mining Co.Ltd(000688) 696 Chengdu Xgimi Technology Co.Ltd(688696) )
Event:
In May 2022, Chengdu Xgimi Technology Co.Ltd(688696) released the new A3 pro of laser TV.
Key investment points:
The new A3 Pro is fully upgraded in terms of brightness, sound, memory and other performance. Following the launch of the new laser TV product A3 in February 2022, the company recently launched the flagship laser TV product a3pro, with strong product strength. 1) Picture color: Jimi a series is equipped with full-color laser light source for the first time, realizing 132.3% dci-p3 ultra wide color gamut, 1.07 billion color display ultra-high definition picture, 3000:1 ultra-high contrast and 400nit highlight picture, and the picture effect exceeds OLED. 2) The built-in sound effect unit covers the sky like sound quality of the whole theater through the built-in sound channel. 3) Built in storage: lossless 4K film library + 1TB large storage space, enough to accommodate 40 films, and support app remote cache. Compared with Jimi A3, A3 Pro has higher picture brightness. Two sky sound full frequency speaker units are added, and the storage space is increased by 7 times.
The new A3 Pro is positioned in the high-end market and brings a unique family viewing experience of music and painting. The initial price of the new a3pro is 32999 yuan (100 inch hard screen suit) / 31999 yuan (88 inch hard screen suit), positioning itself in the high-end market. Compared with Youshang products, A3 Pro has a wider color gamut, supports 120Hz motion supplementary frame, 2.2.2 multi-channel realizes surround sound effect, has larger built-in storage space, and has a low delay game mode, which is more suitable for young game users and brings the ultimate viewing and game experience.
Investment suggestion: the company’s leading position in the intelligent projection industry is stable, and its profitability continues to increase. 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 expect that the net profit attributable to the parent company from 2022 to 2024 will be RMB 666 / 912 / 1215 million, corresponding to EPS of RMB 13.33 / 18.24 / 24.30, and the current share price corresponding to PE of 29.39/21.47/16.12 times, maintaining the “buy” rating.
Risk tips: shortage of chip supply, repeated covid-19 epidemic, intensified industry competition, rising raw material prices, uncertainty of the company’s overseas business development, etc.
