The company's revenue in 2023 was 3,557 billion yuan, a year-on-year decrease of 15.77%. Affected by macroeconomic factors, sales volume in the domestic projection market declined slightly, and the average product price dropped significantly. 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%. The company's 23Q1/Q2/Q3/Q4 revenue was 8.84/7.43/7.95/11.35 billion yuan respectively, a year-on-year decrease of 12.75/27.38/6.08/ 15.31%.
By industry, revenue from projector products/accessory products/Internet value-added services in 2023 was 32.12/1.70/148 million yuan respectively, a year-on-year change of 18.45/+ 8.61/+ 53.10%.
By product, revenue from long-focus projection/ innovative product/ ultra-short throw projection in 2023 was 28.74/1.91/147 billion yuan respectively, a year-on-year change of -21.54/+18.31/ +28.82%. Sales of telephoto projection/innovative product/ultra-short throw projection in 2023 changed year-on-year, respectively - 13.64/+11.78/ +166.32%. The average sales price of the company's long focus projection and ultra-short throw projection products has declined.
By region, domestic/overseas revenue in 2023 was 2,617/913 million yuan respectively, a year-on-year change of -23.07/+15.60%.
According to the sales model situation, online/offline sales were 25.10/1,020 billion yuan in 2023, a year-on-year decrease of 17.84/10.28%, respectively.
The company's gross profit margin in 2023 was 31.25%, a year-on-year decrease of 4.73 pct. The decline in the company's gross margin was mainly due to a decline in the average sales price of products, but the cost of a single product did not decrease. The company's main revenue sources for telephoto projection products in 2023 decreased by 21.54%, sales decreased by 13.64%, and operating costs decreased by 11.88%.
The company's gross margin for 23Q1/Q2/Q3/Q4 was 34.86/33.97/29.46/ 27.91%, respectively, down 2.93/3.28/6.29/5.86pcts year-on-year, respectively.
The company's sales/management/R&D expenses rate in 2023 was 18.13/4.22/ 10.72% respectively, up 3.97/0.87/1.79pct year-on-year respectively. The increase in the sales cost ratio is mainly an increase in operating promotion expenses and employee remuneration; the increase in the management expense ratio is mainly an increase in depreciation and amortization expenses; and the increase in the R&D cost rate is mainly an increase in material costs.
The company's net profit deducted from mother in 2023 was 68.22,200 yuan, a year-on-year decrease of 84.57%. The company's net interest rate after deduction in 2023 was 1.92%, a year-on-year decrease of 8.55pct. The decline in the company's net interest rate deducted from the mother was mainly due to a decline in profitability and a decrease in revenue.
Despite pressure on the domestic projection market, Jimi's leading position in the industry has not changed. The top five brands shipped in the Chinese projection equipment market in 2023 are Jimi, Nuts, Epson, Fengmi, and Dangbei.
In the domestic high-end projector market (excluding single-chip LCD projectors), Jimi had the largest shipment volume in 2023, with a market share of 33%. In terms of the global market, according to data from Lotu Technology, in the global projector market in 2023, Jimi ranked second; in the global home projection market, Jimi had a market share of 6.5%, ranking first.
Investment advice: The company lays out DLP and LCD technology routes for the two leading brands in the projection industry, Jimi and Happy Planet, respectively, which is expected to further increase the company's market share. We estimate that in 2024-2026, the company's net profit to mother will be 226/3.00/416 million yuan, respectively, and the corresponding EPS will be 3.23/4.28/5.94 yuan, respectively. The PE corresponding to the current stock price will be 28.82/21.78/15.69 times, respectively. Maintain a “Recommended” rating.
Risk warning: macroeconomic downturn, increased market competition, new product performance falling short of expectations, etc.