国内投影行业表现低迷，公司海外市场持续拓展。国内市场方面，根据IDC 数据，2023年中国投影机市场总出货量473.6 万台，同比下降6.2%，销售额147.7 亿元人民币，同比下降25.6%。行业景气度低迷背景下，公司积极应对市场变化，一方面推出高端新品RS10 Ultra 系列，在画质、护眼、亮度及智能化等多方面打造了国内智能投影行业新标杆，另一方面推出定价不到2 千的入门级产品Play 3，在23Q4 一经发布即广受市场好评，凭借单季度销量便跻身IDC 2023 年全年国内投影机销量TOP 10。公司通过不同场景与价格段产品的布局，满足消费者多样化的需求。海外市场方面，公司持续推进海外本土化团队建设，目前已在美国、日本、德国、新加坡等地设立了海外公司，海外渠道覆盖不断扩大，全球化营销网络布局不断深入，除亚马逊、日本乐天等主流线上渠道外，公司产品已经进入欧洲、美国及日本等区域市场的主要线下零售渠道，同时公司积极布局探索东南亚以及中东等新兴地区，2023 年已在部分新兴地区实现出货。Key points of investment:
24Q1 revenue was largely in line with expectations. Jimi Technology achieved revenue of 3.557 billion yuan in 2023, a year-on-year decrease of 16%; realized net profit of 121 million yuan, a year-on-year decrease of 76%; and realized net profit without deduction of 68 million yuan, a year-on-year decrease of 85%.
Among them, Q4 achieved revenue of 1,135 billion yuan in a single quarter, a year-on-year decrease of 15%; realized net profit of 34 million yuan, a year-on-year decrease of 80%; and realized net profit without deduction of 0.26 million yuan, a year-on-year decrease of 84%. The main reasons for the decline in performance: 1) the company's domestic sales of projection products declined; 2) the company lowered sales prices for some products. The 24Q1 company achieved revenue of 825 million yuan, a year-on-year decrease of 7%; realized net profit of 143.191 million yuan, a year-on-year decrease of 73%, and realized net profit without deduction of 8.1115 million yuan, a year-on-year decrease of 81%. The company's 24Q1 revenue was in line with expectations, and performance was slightly lower than expected.
The performance of the domestic projection industry is sluggish, and the company's overseas markets continue to expand. In terms of the domestic market, according to IDC data, China's projector market shipped a total of 4.736 million units in 2023, a year-on-year decrease of 6.2%, with sales of 14.77 billion yuan, a year-on-year decrease of 25.6%. Against the backdrop of sluggish industry sentiment, the company actively responded to market changes. On the one hand, it launched the new high-end RS10 Ultra series, which set a new benchmark in the domestic smart projection industry in terms of image quality, eye protection, brightness and intelligence. On the other hand, it launched Play 3, an entry-level product priced at less than 2,000. Once released in 23Q4, it was well received by the market, and ranked among IDC's top 10 domestic projector sales in 2023. The company meets the diverse needs of consumers through the layout of products in different scenarios and price segments. In terms of overseas markets, the company continues to promote overseas localization team building. Currently, it has set up overseas companies in the US, Japan, Germany, Singapore, etc., and the overseas channel coverage continues to expand, and the global marketing network layout continues to deepen. In addition to mainstream online channels such as Amazon and Rakuten, the company's products have entered the main offline retail channels in regional markets such as Europe, the US and Japan. At the same time, the company is actively exploring emerging regions such as Southeast Asia and the Middle East. Shipment was achieved in some emerging regions in 2023.
Profitability is under pressure. 2023Q4 achieved a gross profit margin of 27.91%, a year-on-year decrease of 5.86 pcts. It is expected to be mainly due to changes in product structure brought about by rapid sales growth in the entry-level product Play 3 and the impact of price adjustments for some products. In terms of period expenses, the 23Q4 sales expense ratio was 17.91%, an increase of 3.98 pcts over the previous year. The main reason was that sales expenses were relatively rigid. Management/finance expense ratios were 2.45% and -0.35%, respectively, -0.09 and +2.43 pcts year-on-year, respectively. In the end, 23Q4 recorded a net profit margin of 3.01%, -9.82 pcts year-on-year. 24Q1 achieved a gross profit margin of 28.05%, a year-on-year decrease of 6.81 pcts, recorded a net profit margin of 1.72%, and a year-on-year decrease of 4.16 pcts.
Maintain profit forecasts and “gain” investment ratings. We maintained the company's 2024-2025 profit forecast of RMB 232 million and added a profit forecast of $511 million for 2025, +92.8%, +60.6%, and +37.0% year-on-year, respectively, corresponding to current price-earnings ratios of 29 times, 18 times, and 13 times, respectively. The company's high-end products continue to lead, brand influence continues to increase, and overseas markets expand rapidly. We maintain an investment rating of “increase in holdings”.
Risk warning: Industry competition increases risk; overseas market expansion falls short of expectations; terminal market demand falls short of expectations risk.
