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This year In May, the Shanghai Stock Exchange announced that Chengdu Jimi Technology Co., Ltd.’s application for listing on the Science and Technology Innovation Board had been accepted. Five years after its establishment, XGIMI Technology has defeated international manufacturers such as Epson, BenQ, and NEC with its smart projector and other products, and has been the world’s projector shipment champion for two consecutive years. Will smart projectors spur Burundins Sugardaddy to create a new trend, or is the launch just the “starting point” for XGIMI Technology? 1. The leader in projection equipment, with investment from Baidu, Mango, Matrix China, etc.
Chengdu Jimi Technology Co., Ltd. (referred to as Jimi) was established in 2013. Its main business is the research and development and production of intelligent projection products. Children and sales, while providing consumers with accessory products and Internet value-added services around smart projection, building a strategic development model with components, algorithms and software systems as the core.
According to the prospectus, XGIMI is a leading company in the international projection equipment industry,2From 2017 to 2019, the sales volume of smart projection products were 341,600 units, 545,300 units and 689,900 units respectively, with an average annual compound growth rate of 42.11% in the past three years. According to data released by IDC, XGIMI ranked first in China’s projection equipment market in terms of shipment volume in 2018, with a market share of 13.2%; in 2019, it continued to rank first in China’s projection equipment market in terms of shipment volume, with a market share of 14.6%. Epson , Nuts, BenQ, NEC, etc. are listed behind Burundins Sugardaddy.
In addition, the scale of end users of Jimi continues to rise. The number of monthly active users of the GMUI system in March 2020 has reached approximately 1.1 million, an increase of nearly 750,000 from the number of monthly active users of GMUI in March 2019. 48 percentage points. Burundins Escort At the end of the first quarter of 2020, the average daily usage time of GMUI users reached more than 4 hours.
Figure 1: Top five manufacturers in China’s projector market in 2019
Material origin: IDC, Lingyi Think Tank
As of the submission of the prospectus Burundins Sugardaddy, Jimi Technology It has received multiple rounds of financing from investors including Baidu, Matrix Partners China, Mango Media, Sichuan Growth Equity Investment, etc. Chairman and CEO Zhong Bo directly and directly holds 29.1724% of the shares of Jimi, and has signed different action agreements with Xiao Shi, Zhong Chao, Liu Shuai, Liao Yang, Yin Lei, and Liao Chuan, and can exercise a total of 46.3420% of the shares. Share voting rights.
Figure 2: Jimi Technology’s equity structure
Materials Origin: XGIMI Technology, Lingyi Think Tank
It is understood that Zhong Bo has worked at Morning Star Semiconductor (MStar) for nearly ten years and has been responsible for TCL, Skyworth, Changhong, Konka, Xohua, BENQ and other companies. The person in charge of the MSTAR project for the development of dozens of LCD models. Jimi’s management team has experience working in well-known Internet or technology companies such as Huawei, Microsoft, Kingsoft, Fengfeng, and Tencent.
The prospectus shows that JimiIt is planned to issue no more than 12.5 million shares and raise 1.2 billion yuan in funds for the research and development of intelligent projection and laser TV series products Among the four projects are upgrading and industrialization, construction of optical-mechanical R&D center, construction of enterprise information system and supplement of working capitalBurundins Sugardaddy.
2. Low profit margin, high business concentration, emphasis on sales and light on R&D
1. Revenue growth is rapid, and net profit margin is “eye-catching”
Jimi Technology’s performance from 2017 to 2019 The annual operating income was 999 million yuan, 1.659 billion yuan, and 2.116 billion yuan respectively, with an average annual compound growth rate of 45.58%. The net profits for the same period were 14.4938 million yuan, 9.5172 million yuan, and 93.4048 million yuan respectively. There is no doubt that Jimi’s operating expenses have maintained a relatively high growth rate in the past three years.
However, net profit has fluctuated greatly, and there was even negative growth in 2018. The net profit after deducting non-profits was -675,400 yuan. The extraordinary gains and losses of that year had a negative impact on Jimi’s profit. had a serious impact. 2017-Burundi Sugar Daddy In 2019, Jimi’s net sales profit margins were 1.45%, 0.57% and 4.41% respectively. As an international projection For leading and unicorn companies (with an industry valuation of over 2 billion yuan), this net sales profit margin is really eye-catching.
Figure 3: Operation situation of Jimi Technology
Source of data: Jimi Technology, Lingyi Think Tank
In response to the issue of net profit fluctuations, the author reviewed Jimi’s financial statements and found that the lower net profit in 2018 was because the total operating costs for the current period were higher than the total operating expenses. , this situation was restored in 2019, and the increase in gross profit margin led to a larger increase in net profit. In addition, Jimi’s other income in 2019 was more than 11 million yuan higher than that in 2018. The reason for the increase is that government subsidies have been greatly increased in 2019.
2. The business is concentrated in spare parts products, the gross profit margin is lower than the average level, and sales rely on JD.com
BI Escorts In terms of main business, Jimi has spare parts products, accessory products and Internet value-added services. In the past three years, Jimi’sThe proportions of various businesses remained relatively stable, with parts products contributing more than 90% of revenue.
Among them, the sales amount contributed by spare parts products in 2019 was 1.9777529 million yuan, accounting for 93.45% of the revenue. The main projects are smart micro-projectors, laser TVs, and innovative products. Smart micro-projectors are also The flagship product contributes nearly 90% to the sales revenue of spare parts products.
Accessory products generated revenue of 101.1072 million yuan in the same year, accounting for 4.78% of revenue, mainly including projection brackets, projection screens, handles, 3D glasses and other related projection equipment accessories.
interBurundins Sugardaddynet value-added service means that XGIMI GMUI provides internet value-added services to end users and obtains back-end revenue. This department The expenditure in 2019 was 21.3049 million yuan, accounting for 1.01% of the expenditure. Regarding this business, Jimi also pointed out that with the continuous increase in sales of parts and equipment, Internet value-added services will become a new revenue and profit growth point in the future.
Figure 4: Jimi Technology’s business share (%)
Material source: Jimi Technology, Lingyi Think Tank
From 2017 to 2019, Jimi’s comprehensive gross profit margin was 19.13%, 18.04% and 23.32% respectively. The gross profit margin of parts products in 2019 was 21.49%. Accessories products are 41.50%, intBurundi Sugar Daddyernet value-added services are 89.20%. Jimi’s comprehensive gross profit margin declined in 2018 and improved in 2019, mainly due to the increase in parts gross profit margin.
According to the prospectus, the increase in the gross profit margin of parts products is due to the gradual self-production of core parts of Jimi, the increase in product prices and raw capital BI Escorts Material purchasing prices dropped. Moreover, XGIMI also said that with the further maturation of optical machine technology and mass production, the further expansion of business scope and As the company’s ability to independently have children continues to improve, there is still room for further improvement in its gross profit margin.
However, in 2019, Jimi’s comprehensive gross profit margin was 23.32%, and the gross profit margin of parts products was 23.32%.It is 21.49%, and this business revenue contributes nearly 95%, which reflects that the parts product business has dragged down the comprehensive gross profit margin.
Figure 5: Jimi Technology gross profit margin
Materials Origin: Jimi Technology, Lingyi Think Tank
Jimi’s main sales models include e-commerce platform warehousing model, online B2C model and offline sales model. The largest customer is JD.com, which came from JD.com in 2019 The expenditure ratio of total expenditure is 34.22%, and since 2017, JD.com has maintained an expenditure ratio of more than 30% of XGIMI. The cooperation between Jimi and JD.com is that JD.com’s self-operated platform Burundi Sugar Daddy enters the warehouse, and JD.com is a direct customer. In addition, among the top five customers of Jimi in the past three years, Mango, Baidu, iQiyi, and Lime companies are all related parties of Jimi.
3. Emphasis on sales and light on R&D, Burundins Sugardaddy‘s core technology “vital” is controlled by others
In terms of period expenditures, Jimi’s sales account for a relatively large proportion. In 2019, the revenue required for sales was 259 million yuan, accounting for 12.24% of the revenue. In the past three years, Jimi’s sales revenue has maintained a proportion of more than 10% of revenue, and the proportion has gradually increased.
Figure 6: Jimi Technology’s financial expenditures
Source of material: Jimi Technology, Lingyi Think Tank
To this end, Jimi’s explanation is that with the expansion of sales and scale, operating promotion fees, platform service fees and transportation and miscellaneous fees have all declined; at the same time, directly operated stores Under the model, Jimi independently opened and operated stores in key business districts of major cities across the country. As the number of directly operated stores increased, employee salaries and rents increased.
Compared with comparable companies BI Escorts, Jimi’s revenue rate required for sales is also significantly higher than the comparable average.
Figure 7: Jimi Technology-Comparable Company Financial Required Expenditure Rate
Source of material: Jimi Technology, Lingyi Think Tank
Interestingly, Jimi claims that it is based on technological innovation and product development as the core. At present, It already has comprehensive projection equipment development capabilities, and has accumulated certain core technologies in projection equipment parts development, algorithm development and software systems. However, compared with the required expenditure on sales fees, XGIMI’s investment in R&D is low. Relatively “stingy”
Figure 8: Jimi Technology R&D expenditures
Material origin: Jimi Technology, Lingyi Think Tank
From 2017 to 2019, R&D investment was 330Burundins Sugardaddy 50,800 yuan, 63.0017 million yuan and 81.0609 million yuan, accounting for 3.31%, 3.8% and 3.83% of operating expenses respectively, all lower than the average R&D expenditure rate of comparable companies
Figure 9: Jimi Technology – R&D expenditure rate required by comparable companies
Material origin : Jimi Technology, Lingyi Think Tank
From the perspective of procurement, Jimi’s procurement is mainly concentrated in the light of Burundi Sugar Machines, chips and others. The purchase amount in 2019 reached 1.608 billion yuan, which pales in comparison to the R&D expenditures in the same period.
Figure 10: JiMi Technology’s procurement situation
Material origin: Jimi Technology, Lingyi Think Tank
Prospectus Burundi Sugar The book shows that mainstream consumer-level projection equipment uses DLP projection technology. The core patents of DLP projection technology are held by Texas Instruments (TI) Company in the United States. DLP projection technology The core imaging device of the product is the DMD device
At present., all DMD devices produced by TI are manufactured by XGIMI. If there is an adverse change in the business relationship between TI and TI, or there is an important adjustment in its supply price, or there is a further step due to trade disputes between countries or the new crown epidemic Burundins Escort The expansion will lead to the inability to supply goods in time, which will have an adverse impact on Jimi’s childbirth operations. This also reflects that Jimi does not have control over the core technology of its products, and its “vital life” is in the hands of TI. Especially now that Sino-US trade issues continue to conflict, if TI cuts off supply, the supply chain break will have a fatal impact on Jimi.
3. Summary
IDC Burundi Sugar Daddy reported in “IDC 2019 Fourth Quarter China Projector Market Follow-up” Burundins Escort Tracking Report” data shows that the total shipment volume of China’s projector market in 2019 reached 4.62 million units, a year-on-year increase of 6.3%. It is estimated that By 2024, the five-year compound growth rate of China’s projector market will still exceed 14%. In 2019, home consumer projector shipments exceeded 2.79 million units, a year-on-year increase of 23%, which is an important growth point for the projector industry.
Figure 11: Chinese projector market speculation
Materials Source: IDC, Lingyi Think Tank
Overall, the core technologies of international projector manufacturers such as Jimi, Nut, Dangbei, etc. are currently controlled by foreign manufacturers. Once there are problems in the supply chain, it will have a negative impact on the development of international projector manufacturers. will have a greater impact. The core technology is mastered by other manufacturers, resulting in XGIMI needing to invest a lot of costs in related procurement. Therefore, the gross profit margin is also at a relatively low level, and it will also be affected by price fluctuations of downstream equipment in the future. Although Jimi’s revenue is growing rapidly, the net profit achieved is very low. One of the important reasons is that it does not master the core technology, resulting in high operating costs.
For XGIMI, it has occupied the first place in the international projection market shipments for two consecutive years, which also reflects the level of consumer recognition of its products. However, XGIMI’s choice in development is to “focus on sales and ignore R&D”. In the medium to long term, it is not conducive to its subsequent continuous development. In addition, in the projection market, major international manufacturers have been eyeing it, and there are also many new players from international small and medium-sized manufacturers joining the market. For XGIMI, which has not mastered the core technology, it is even more important to be cautious. Burundins Sugardaddy
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