On the evening of January 30, Appotronics (6880007.SH) released the 2022 annual performance forecast. It is expected to achieve operating income of about 2.55 billion yuan, a slight increase of about 2% year-on-year; it is expected to realize net profit attributable to the parent of 105 million to 125 million yuan.
The report shows that the revenue growth is mainly due to the continuous improvement of household core devices and C-end private brand businesses, and the basic disk business such as professional display has a solid operating foundation. It is worth noting that during the reporting period, Appotronics’ automotive optics business accelerated, and has successively been designated by well-known domestic and foreign car companies.
At the same time, the report shows that the main reasons for the impact on net profit are as follows: 1. Impacted by the objective environment, the cinema, business and education businesses are under pressure. It is reported that in 2022, the box office of several golden periods such as Mid-Autumn Festival and National Day will hit a record low, and theaters will be closed and film releases will be postponed. Increase marketing and research and development efforts. Based on an active market expansion strategy, the company continued to invest in the construction of its own brand at the C-end, and at the same time increased investment in ALPD technology innovation and automotive optics research and development; 3. The non-recurring profit and loss dropped sharply by about 84.9278 million yuan compared with the same period last year. It is understood that in 2021, Appotronics will receive 37.9278 million yuan in performance compensation from its shareholding companies, while government subsidies will be reduced by about 47 million yuan. Such gains and losses are non-recurring or one-off, and have no sustainable impact on the company’s operating performance in future years.
Theater business recovers well
According to the data of Maoyan Professional Edition, the total box office of the Spring Festival in 2023 will reach 6.761 billion yuan, surpassing the total box office of the 2022 Spring Festival film of 6.039 billion yuan, ranking second in the box office of the Spring Festival in Chinese film history, with a total of 2.646 million screenings , with a total of 128 million movie viewers, an increase of about 10 million compared with the 2022 Spring Festival.
At the same time, the average length of the 7 films in the Spring Festival file exceeds 130 minutes, which is the longest in history since the concept of the Spring Festival file. It has increased by 27.64% year-on-year from the average 102.4 minutes in 2016. Appotronics’ cinema light source business charges a specific “light fee” based on the service model of laser light source pay-by-time. Revenue and playback time maintain a positive correlation. The superiority of the business model is outstanding, and the resilience of the rebound after the recovery of the epidemic has been fully verified.
According to the official data of Appotronics, more than 27,000 sets of ALPD® laser equipment have been launched nationwide, and the laser light source has the largest market share in the domestic cinema market. People in the industry generally believe that the performance of the Spring Festival in 2023 is stable, and it has already shown that Chinese movies The general trend of market recovery is positive.
Significant improvement in operations
According to the report, the epidemic has had a significant impact on the business of Appotronics, the supply chain of the industry is tense, and the macroeconomic situation is declining. Due to the above-mentioned multiple factors, the company’s business operating profit is under short-term pressure. However, the company faces the challenges of the operating environment and overcomes many difficulties. + core devices + application scenarios” strategy to carry out forward-looking business layout, achieved breakthroughs in automotive optics business, household core device business, etc., and the professional display business and other basic disk operations have a solid foundation.
Among them, the automotive optics business performed particularly well. In April 2022, Appotronics announced that it has passed the IATF international vehicle regulation certification and obtained an access pass to enter the domestic and foreign automotive industry supply chain. In less than half a year, another announcement was received from BYD The development of the car will be designated as the notice, and it will become the supplier of automotive optical components for BYD Auto. In the following months, successively won an international car company, Cyrus The fixed-point cooperation of automobiles was even unveiled at CES 2023, on BMW’s new i digital emotional interaction concept car (Dee), providing core components for its four-window fusion display.
For customers in the automotive market, Appotronics mainly covers three major application directions: vehicle display, HUD and laser headlights. Lighting, more efficient AR-HUD and other solutions, provide a compact vehicle-mounted display light machine that meets vehicle regulations, and can adapt to a variety of smart cockpit application scenarios.
C-end self-owned brands are growing rapidly. According to IDC’s 2022 Q3 “IDC China Quarterly Projector Market Tracking Report”, in the consumer projector market (that is, the home projector market), Fengmi Projection’s own brand (excluding ODM) Shipments rose to second place, with a market share of 8.1%, and shipments increased by 70.1% year-on-year.
In addition, in November 2022, Appotronics officially released the latest generation of ALPD® 5.0 laser display technology, which can achieve the largest color gamut visible to the human eye on the basis of no speckle, low cost, high efficiency and compactness, and launched two technologies, Pro and Lite. Platform, C-end application optical machine will be available in 2023 at the earliest.
Haitong Securities It is believed that based on optical core components, Appotronics has sufficient potential and advantages in developing new fields and creating new growth curves. In addition to the traditional display field, the company is actively exploring the extension of ALPD technology in different fields such as aviation, vehicle, and AR. Miniaturized equipment may become a new revenue growth curve for the company.
Editor in charge: Liu Wanli SF014
media reports
Sina Technology Tencent Technology
related events
- Appotronics’ 2022 performance forecast: expected revenue of 2.55 billion yuan will increase slightly year-on- year2023-01-31
- Guangfeng Technology: Service revenue in September has recovered 83% compared with the same period last year 2020-10-14
- 40 HUAWEI concept companies’ performance preview in the first half of the year2020-07-19
This article is transferred from: https://readhub.cn/topic/8n0a7jobawM
This site is only for collection, and the copyright belongs to the original author.