Gemini Technology: Domestic home projection TV leader, huge growth potential worth looking forward to

Independent and objective third-party research, for you to screen the quality of listed companies

1, the main business Rating: 80

1, business analysis: The company is a design and manufacture of intelligent projection products as the main The company is a company that designs and manufactures intelligent projection products, as well as provides consumers with projector accessory products and Internet value-added services. The company also provides consumers with projector accessories and Internet value-added services. The product users are mainly families, but also a small amount of commercial use. The working principle of the projector is to transform the received image or video digital signals into light signals and projected to the curtain, can replace the function of the TV, because the application of the principle of light reflection, compared with the traditional TV, more friendly to the eyes, but in the daytime by the influence of the external natural light, the display effect is weaker, the effect is excellent at night; and because of the body of the small application scene is more flexible, by the young consumers' favor. The company has sold millions of TVs nationwide. The company's national sales have reached millions of units, with the number of hardware terminals greatly increased in the future, value-added services such as content (and content media cooperation model) will certainly become a new growth point for the company's profits; at present, the company's domestic market is the main, e-commerce platforms and offline stores are the main sales channels, but also in the active layout of the overseas market. With the macro-economic recovery, as well as the improvement of the chip supply shortage, the company's performance is expected to maintain rapid growth;

2, the industry competition pattern: Currently, domestic manufacturers have completed the foreign brands beyond the 2020 market shipments of the top five for the Polaris (18.1%), Nut (10.1%), Epson (7.9%) , BenQ (3.7%), and Xiaomi (3.3%), with a combined share of more than 43%. Because of the serious homogenization of products, the market competition is also quite fierce. In addition, Internet giants such as Tencent and Ali have also joined the ranks of competition, which on the one hand indicates that the industry has a good prospect, but on the other hand, it also intensifies the competition. The company has a strong advantage in software R & D and sales, but the proportion of R & D expenses is still at a low level compared with the industry. At present, the market is faster product iteration, the company still need to increase R & D efforts to consolidate the market position;

3, the industry's development prospects: According to the IDC is expected to 2020 to 2024 China's CAGR of the projection equipment market will reach 14%. With the improvement of people's living standards, projection equipment has the advantages of portability, relatively friendly to eyesight, better display, larger screen, etc., the future penetration rate there is still very much room for improvement. At the same time, as a content-carrying platform, the future will partially replace the traditional TV, becoming the center of the living room entertainment;

4, the company's performance growth logic: (1) consumer upgrades; (2) industry concentration; (3) product penetration; (4) value-added services to bring the contents of the profit of the new point of growth;

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Second, corporate governance Rating: 80

1, major shareholders shareholding and equity pledges, executive incentives: Chairman of the Board of Directors, Mr. Zhong Bo, and General Manager, Mr. Xiao Shi, are both from technical backgrounds, with a wealth of experience in the industry, and Mr. Zhong Bo is the real controller. The company's chairman, Mr. Zhong Bo, and general manager, Mr. Xiao Shi, are both from technical backgrounds and have rich experience in the industry. The age of the executives is centered between 35-50, and they are very rich and strong. The salary of the executives is concentrated between 1-1.6 million, and the shareholding ratio of executives and employees is about 16%, which is a very sufficient incentive;

2, the composition of the staff: R & D and sales are the main focus of the typical technology- and sales-intensive enterprises, the per capita revenue of 1.43 million yuan in 2020, and the per capita net profit of 136,000 yuan, which is a high-level industry.

3, institutional holdings: The company's top ten outstanding shareholders include seven public funds, one social security fund, one pension fund, highly recognized by mainstream funds;

4, shareholder responsibility (financing and dividends): Less than a year after the listing, the dividend data does not have a

Third, financial analysis Rating: 80

1, balance sheet (key subjects): The company's cash on hand is more than 2.2 billion, which is very sufficient, accounts receivable and inventory accounted for a reasonable proportion of operating income, fixed assets of 541 million, construction in progress 361 million, still in the midst of rapid expansion. billion, is still in the rapid expansion; interest-bearing liabilities of about 385 million, less pressure on debt servicing; contract liabilities of 0.64 billion, the debt ratio of about 45.45%, the overall asset structure Healthy;

2, the income statement (focus on the subject): 2020 revenues and net profit year-on-year growth of 33.62%, 187.79%, respectively, was mainly due to the epidemic can not go out. Mainly by the epidemic can not go out to stimulate sales against the trend; 2021 first-half revenue growth of 47.48% year-on-year, net profit increased by 98.06% year-on-year, and the company launched the new H3S and RSPro 2 market response is good, while the introduction of self-research optical machine to expand the scope of the product sales to enhance the scale effect is further prominent, so the gross margin of sales increased, net profit increased significantly;