Sales performance ranks among the best, Jimi can be called a well-deserved brother in the field of home intelligent projection, but this year, in the face of more and more restless little brothers, even if Jimi has been firmly occupying the leading position in the industry, the heart is also full of sorrow and bitterness.
A brother is hard to be
The rise of the home economy, coupled with the consumption labels such as happiness and immersion, intelligent projectors have gradually gained the favor of young people, the main consumer group. According to RUNTO data, China's smart projection market sales reached 4.803 million units in 2021, an increase of 29.0% year-on-year. From 2016 to 2021, the sales volume of the domestic intelligent projection market increased by 6.3 times, and the compound annual growth rate of the industry reached 36.2% in five years.
The momentum of rapid market growth is also boosting the sales of Jimi intelligent projection products. Data show that from 2017 to 2021, the sales volume of Jimi Technology's intelligent projection products were 341,600 units, 545,300 units, 689,900 units, 895,900 units and 1,077,700 units, respectively.
Although from the perspective of sales figures alone, Jimi has been in the upward channel, which is also gratifying, but the reality is that the brand, founded in 2013, has only exceeded one million units for the first time after years of exploration in the intelligent projection industry, which obviously does not make Jimi "sit back and relax".
In addition, according to the Jimi prospectus, from 2018 to 2020, the market share of Jimi intelligent projection equipment is 13.2%, 14.6% and 22.2% respectively, it can be seen that Jimi has not been able to obtain too much market share, as the industry's leading enterprise, although it is difficult for friends to form a fatal threat to Jimi in the short term, but the market share does not exceed 30% of the reality, making the intelligent projection industry full of gunpowder.
Behind Ji Mi's advance, there are the little brothers who are staring at the tiger, and the second echelon of the battle in the field is even more fierce, and if you are not careful, you may be replaced.
According to the January 2022 domestic projector market report released by RUNTO, Dangbei's sales successfully surpassed nuts by a slight margin, ranking only behind the pole meter. It is understood that When Bei and Ji mi were also founded in 2013, but unlike Ji Mi from the beginning to take root in the intelligent projection industry, when Bei entered the smart projection industry or in 2019, that is to say, in just three years, Dang Bei successfully pulled nuts off the horse among the top two brands in the projection market, which is a terrible growth rate.
In general, as the big brother of the intelligent projection industry, Jimi failed to swallow the whole cake in one bite, and the latecomers can also get a piece of the pie, and with the strong rise of the latecomers, the sense of crisis of Jimi has become increasingly prominent.
The core technology is stuck in the neck
In addition to the fact that the little brother grew too fast and unexpectedly, the intelligent projection industry of Jimi is difficult to be a brother, and it should also include the problem of the core technology being stuck in the neck.
Although in the financial report, Jimi Technology said that the company is based on technological innovation, product development as the core, has a comprehensive projection equipment development capabilities, and has accumulated certain core technologies in projection equipment optical machine development, machine development, algorithm development and software systems, but the fact that core components rely on external procurement is still criticized by the industry.
It is conceivable that once the core component suppliers cannot supply in time, or the purchase price and other commercial terms are adversely adjusted, it will adversely affect the production and operation of Jimi.
It is worth mentioning that along the way, its science and technology attributes have been frequently questioned, in the process of its IPO, Shenzhen Guangfeng Technology Co., Ltd. on the 16 invention patents of Jimi Technology put forward a request for invalidation, delineated the focus, these 16 invention patents are all the invention patents disclosed by jimi technology in the IPO
In the face of the accurate attack of peer opponents, Jimi finally chose to "spend money to eliminate disasters", which probably confirmed that Jimi Technology admitted that there were problems with the relevant patents involved in the previous lawsuit.
In addition, it should be pointed out that shortly after the listing of Jimi Technology, the CSRC issued the "Decision on Modification" to improve the evaluation of the science and technology innovation attributes of the science and technology innovation board, highlight qualitative and quantitative comprehensive research and judgment, and strictly prevent the investment in research and development and the sudden purchase of patents.
Although there is no evidence to prove that there is a direct relationship between the two, the CSRC's evaluation of the science and technology innovation attributes of the science and technology innovation board did occur after the listing of the Jimi science and technology innovation board, which is thought-provoking.
Product quality issues
In the industry's view, the most obvious manifestation of the discrepancy between the R&D attributes of Jimi and the attributes of science and technology is the low proportion of R&D investment. The data shows that from 2017 to 2020, the proportion of R&D investment in Jimi to total revenue was 3.31%, 3.8%, 3.83% and 4.92% respectively.
What needs to be emphasized here is that the standards formulated by the science and technology innovation board for listed enterprises require that the proportion of research and development of the science and technology innovation board is not less than 5% of the main business income, and from this point of view, the innovation attribute of jimi is still slightly insufficient.
However, what is more worrying is that the problem of unqualified rice products in the process of quality sampling has occurred. In December 2019, the State Administration for Market Supervision and Administration notified the state supervision and random inspection of 60 kinds of product quality, and the Jimi XK03E projector produced by Chengdu Jimi Technology Co., Ltd. was detected to be a batch of substandard, involving a production date of 2019.8, and the unqualified project was the projection light effect. It is understood that the projection light effect is unqualified, which means that the polar meter projector may have problems such as insufficient brightness and insignificant energy saving effect.
In addition, on the black cat complaint platform, we found as many as 316 complaints about the jimi projector, and the product quality problem was the hardest hit area of consumer complaints. Some users have reported that the use of the Jimi projector for more than a year, first the product appeared in the case of the occasional machine, and then the projection screen appeared small white dots and dense small black dots, and there was an increasing trend.
This is not an isolated case, there are many similar complaints, and there are many complaints for users about the problem of after-sales service of jimi, and the maintenance cost is high. Some users complained that the projector could not turn on the machine, the drive board was broken, not counting the freight, the maintenance fee was 544 yuan, and the same problem maintenance fee was two or three hundred more expensive than last year.
summary
At present, the intelligent projection industry has become the fastest growing segment in the field of large-screen display, the industry will continue to show a high-speed growth trend of development, but the market penetration rate of intelligent projection is still not high, and the shipment volume in 2021 is only about 12% of the color TV, and the industry growth space is very large. As the leading brand in the field of intelligent projection, Jimi is also thinking about the future of the industry. We also see that Jimi is tapping more possibilities in the intelligent projection industry, such as Jimi last year and Xiaopeng electric vehicles, lime micro shadow and Chenxun technology and other brands to achieve the "car theater", "cinema-style hotel", "cinema-style foot bath", "private shadow coffee" and other new consumption scenarios to explore, is to continue to lead the development of the intelligent projection market with the help of the expansion of application scenarios, but also with the heart. With Dangbei's strong disruption of the intelligent projection secondary echelon, industry competition has also entered the second half, and Jimi wants to continue to maintain its advantage, and obviously needs to make more efforts.