Changjiang Commercial Daily News Reporter Wang Jing of Changjiang Commercial Daily
Baidu is accelerating the "escape" of XGIMI Technology (688696.SH).
XGIMI Technology recently issued an announcement stating that the company’s shareholders Baidu Netcom and Baidu Biwei planned to reduce their holdings by no more than 2.1 million shares, that is, no more than 3% of the company’s total share capital.
The announcement stated that Baidu Netcom plans to reduce the number of shares held by bidding transactions and block transactions by no more than 1.7879 million shares, accounting for 2.55% of the total share capital. 10,000 shares, accounting for 0.45% of the total share capital.
In fact, this is the second time this year that Baidu has thrown out a plan to reduce its shareholding in XGIMI. In March this year, Baidu has thrown out a large-scale reduction plan, accounting for 4.28% of the company's total share capital.
According to a rough calculation by a reporter from the Changjiang Commercial Daily, through two reductions, Baidu’s total cash out may reach 1.156 billion yuan to 1.239 billion yuan.
The secondary market had high hopes for XGIMI.After listing in 2021, in just three months, the company's stock price surged to 626.52 yuan per share in early July, a 3.68-fold increase from its initial price of 133.73 yuan per share.But then, investors suddenly lost confidence in XGIMI Technology, and the company's stock price began to fall.
What’s interesting is that, unlike the sluggish performance of the secondary market, XGIMI’s own performance is very bright. As a leading projector company, the company’s performance has continued to increase. From 2017 to 2021, the company’s net profit compound growth rate is as high as 138.95% .
Baidu's shareholding may drop to 5.61%
Baidu may completely clear XGIMI.
As a strategic investor introduced by XGIMI, Baidu holds shares in XGIMI through Baidu Netcom and Baidu Biwei.As of June 24, Baidu Netcom held 5,130,400 shares of XGIMI Technology, with a shareholding ratio of 7.33%; Baidu Biwei held 895,700 shares, with a shareholding ratio of 1.28%. The total shareholding ratio of the two was 8.61%, which is extremely high. The second largest shareholder of Mi Technology.
According to the prospectus, in December 2017, XGIMI Technology implemented capital increase and share expansion, with a new registered capital of 1.091272 million yuan. Baidu Biwei and Baidu Wangxun subscribed for 711.699 million yuan and 237.233 million yuan respectively, with a shareholding ratio of 7.0423 yuan respectively. %, 2.3474%.The price of this capital increase is 210.76 yuan per capital contribution. Baidu Netcom and Baidu Biwei contributed 150 million yuan and 50 million yuan respectively.
In 2021, after the listing of XGIMI Technology, Baidu Netcom and Baidu Biwei will hold 9.88% and 1.73% of XGIMI Technology respectively, with a total of 11.61%.
On the evening of June 24, Baidu threw out a plan to reduce its holdings.XGIMI Technology shareholder Baidu Netcom plans to reduce the number of shares held by bidding transactions and block transactions by no more than 1.7879 million shares, accounting for 2.55% of the total share capital. Baidu Biwei intends to reduce the number of shares held by bidding transactions and block transactions by no more than 312,100 shares, accounting for 0.45% of the total share capital. Baidu Netcom and Baidu Biwei will reduce their holdings by no more than 2.1 million shares, that is, no more than 3% of the company's total share capital.
According to the announcement, during this reduction, Baidu Netcom and Baidu Biwei will reduce their holdings through centralized bidding from July 18, 2022 to September 30, 2022. If they reduce their holdings through block transactions, they will be disclosed in the announcement. within 3 months from the date of 3 trading days.
Based on the closing price of 309.8 yuan per share on June 24, Baidu’s cash reduction may reach 651 million yuan.In addition, if this reduction is successful, Baidu's shareholding ratio will be reduced to 5.61%.
In fact, 2022 is less than halfway through. This is the second share reduction plan thrown by Baidu, and its determination to clear XGIMI is clear.
On March 3 this year, it was the first anniversary of the listing of XGIMI Technology. On that day, XGIMI Technology ushered in the lifting of 21.37 million shares. However, on the evening of the same day, the company's shareholders, Baidu Biwei and Baidu Wangxun, two Baidu affiliates. The company can't wait to throw out the plan to reduce its holdings immediately.
According to the announcement, Baidu Netcom plans to reduce the number of shares held by bidding transactions and block transactions by no more than 1.2771 million shares, accounting for 2.55% of the total share capital. shares, accounting for 1.73% of the total share capital, and the total number of shares reduced by the two does not exceed 4.28% of the company's total share capital.
According to this announcement, Baidu Netcom successfully reduced its holdings of 1,277,100 shares at a price of 336 yuan/share to 397.9 yuan/share from March 17th to May 20th. Within days, 222,900 shares were successfully reduced at a price of 341 yuan per share - 359.89 yuan per share.
According to a rough calculation by a reporter from the Changjiang Commercial Daily, the two cashed out a total of 505 million yuan to 588 million yuan.Based on this calculation, through the two reductions, Baidu’s total cash out reached 1.156 billion yuan to 1.239 billion yuan.
R&D rate exceeds 9%
In the past 618 carnival, the "projector brother" XGIMI technology still performed exceptionally well.
According to the official data of XGIMI, during the full cycle of 618, the total network turnover (GMV) of XGIMI exceeded 700 million, ranking first in sales and sales in the projector category of JD.com & Tmall for nine consecutive years.
In fact, XGIMI Technology has always performed well.According to public information, XGIMI Technology was established in 2013. Over the past ten years, the company has been focusing on the research and development, production and sales of smart projection and laser TVs.In 2018, it broke the monopoly of foreign brands, and the product shipments in the domestic market ranked first in the Chinese projection equipment market for the first time and have been ranked so far.
Due to its leading position in the industry, XGIMI has achieved rapid growth in performance and stable profitability.From 2017 to 2021, XGIMI's revenue was 999 million yuan, 1.659 billion yuan, 2.116 billion yuan, 2.828 billion yuan, and 4.038 billion yuan, with a compound growth rate of 41.79%; net profit was 14.71 million yuan and 9.517 million yuan respectively. , 93.4 million yuan, 269 million yuan, 484 million yuan, with a compound growth rate of 138.95%.
In the first quarter of 2022, the company's revenue and net profit were 1.013 billion yuan and 122 million yuan, up 24.32% and 35.77% year-on-year, respectively.At the same time, according to the Beijing Capital Securities Research Report, the company's profitability is also far higher than its peers. In the first quarter of 2022, the gross profit margin is as high as 37.79%.
In recent years, XGIMI has also tapped overseas markets.
In 2018, XGIMI released its overseas product Aladdin, which became one of the most popular products in the Japanese market. Since then, the company has accelerated its development in overseas markets.In 2020, the revenue of XGIMI's overseas self-owned brands was 177 million yuan, a year-on-year increase of 330%, but the proportion was only 6.25%; in 2021, the revenue was 434 million yuan, a year-on-year increase of 145%, and the proportion also reached 10.74%.
It seems that the fundamentals of XGIMI are good, but why does the stock price keep falling?
According to the 2021 annual report of XGIMI Technology, at present, DLP projection technology is used in mainstream consumer-grade projection equipment, and the core patents of DLP projection technology are all in the hands of Texas Instruments (TI).The core imaging device of projection equipment products using DLP projection technology is DMD devices. At present, the company adopts all DMD devices produced by TI, and has established a long-term cooperative relationship with TI.In 2021, the production and supply of the semiconductor industry and some electronic components will continue to be tight. In the future, if the overall supply of the semiconductor industry is further tight and electronic components are further in short supply, the company's core component suppliers will not be able to provide timely supplies, or commercial terms such as purchase prices will occur. Unfavorable adjustments will adversely affect the production and operation of the company.
In the investor research report on June 2, XGIMI once again stated that due to multiple factors such as production capacity and the epidemic, the supply of some chips used in the company's products is still relatively tight.However, the company also stated that it will actively communicate with suppliers to fully cope with the current supply shortage.
Industry insiders believe that the biggest problem of XGIMI Technology is still the shortage of chips and the inability to establish technical barriers. If leading companies with strong financial and technical strength such as Lenovo, Hisense, and Xiaomi enter the projector industry, their leading position may not be guaranteed. .
However, XGIMI is now strengthening its research and development efforts.From 2018 to 2021, the research and development expenses of XGIMI will be 63.0017 million yuan, 81.0609 million yuan, 139 million yuan, and 263 million yuan, accounting for 3.8%, 3.83%, 4.9%, and 6.5% of operating income respectively.By the first quarter of this year, the company's research and development expenses were 93.77 million yuan, and the research and development rate had reached 9.28%.
