Key investment points
Event: on May 19, Jimi launched a new laser TV a3pro and Guangfeng launched a new LED micro launch v10. How to see the layout of Jimi's laser TV after the launch on the eve of 618? What is the importance of laser after the new LED on the light peak?
Jimi a3pro: panchromatic laser TV with brightness and cost performance. Pricing: 33000 yuan for 100 inches and 32000 yuan for 88 inches. Parameters: brightness 400nit, resolution 4K.
From the perspective of the product itself: ① positioning the middle end, the price band is higher than the previous Jimi A2 monochrome laser products, breaking through the price band of 30000 yuan; ② A3 series on the channel are mainly sold offline, and tmall is not on the shelf. From the perspective of enterprise competition strategy: ① we expect that in order to maintain the competitive position of Jimi's current laser TV products, the strategy still focuses more on the micro investment of the main industry. ② After the industry starts in the future, the competition point may fall into the offline layout. At present, Jimi is expanding its offline distribution efforts.
Fengmi V10: 4kled micro investment, positioning high-end.
Pricing: the initial price is 6799 yuan.
Parameters: brightness 2500ansi lumen, resolution 4K.
Production: light machine is light peak self-developed.
From the perspective of the product itself: the V10 performance can be directly compared with the standard meter rspro2 (8699 yuan, 2200ansi + 4K resolution), and compared with the competitive products, the core parameter brightness is ahead, the software performance layout is also comprehensive, and the cost performance has advantages. However, considering that V10 products are positioned as ultra-high-end led micro investment, the short-term contribution of sales volume under the high price positioning is expected to be limited; More are expected to complement the high-end product line.
From the perspective of enterprise competition strategy: ① we believe that fengmi brand strategy will still focus on laser in the future, but it is not limited. Combined with Xiaoming, the visible light peak is currently in the laser / LED; DLP / LCD and other paths are laid out to realize the overall and rapid growth of C-end share. ② The follow-up new products of laser are still worth looking forward to. We can pay attention to the new situation of the company in the first half of the second half of the year.
Investment advice
We estimate that Jimi's net profit attributable to the parent company in 2022 will be 650 million, yoy + 35%, corresponding to 30x PE in 22 years; Guangfeng's net profit attributable to the parent company in 2022 is 250 million, yoy + 7%, corresponding to the current PE of 32x. Follow up: the growth of Jimi is more certain under the boom and overseas volume, and we can pay attention to the demand compensation during the 618 promotion period after the logistics recovery; Guangfeng focuses on the subsequent growth of oversold reversal + C-end business and vehicle business after offline repair. Continuous recommendation.
Risk tip: the epidemic continues to suppress online and offline consumption, the development at sea is limited, the lack of core is limited, and the sales of new products are less than expected
