Relying on a solid technical base, Fengmi turns the growth flywheel

In the past period of time, smart projection equipment has maintained excellent growth momentum.

Home projectors have long been regarded as a rapidly growing market. According to relevant data, the consumer market for smart home projectors has a compound annual growth rate of 23.3% in sales from 2018 to 2022, and the consumer market has been showing a rapid upward trend.

However, such strong momentum has put on the “brake” in 2023. According to the latest data from IDC, the total shipment volume of China's projector market in 2023 is 4.736 million units, a year-on-year decrease of 6.2%. This sign also means that the smart projection track is facing an industry critical point from “blue ocean” to “red ocean”.

The intelligent projection track is “red sea-oriented”, and technology is the lever for growth

The fundamental reason why smart projection is in a growth dilemma is due to the rapid expansion of the market in the past few years, the rapid consumption of user stocks, and the high degree of homogeneity of new products launched by brands. It is caused by the superposition of various factors. In the early stages of the development of smart projection, both chip and resolution upgrades will drive market demand for replacement. However, in the past two years, products, both powerful chips and high-definition products, have become popular rapidly. Compared with previous products, new products are less reliable for users. Perceptual changes are weakening, which leads to the fact that although projectors are still being iterated continuously, the market size is not growing.

Products with highly homogeneous appearance, gradually converging functions, and not much difference in image quality and performance not only have difficulty in motivating existing users to upgrade, but also make manufacturers trapped in price involution, further increasing the intensity of competition in the industry.

When the industry enters a stage of deep adjustment, the leading players who remain on the market must adjust their product strategies and find ways to stabilize profits and share growth. Looking back on the home appliance industry in the past, when the popularity dividend dissipated, the iterative upgrades of most categories stayed on the basic principles and made some optimizations and added functions. However, this did not make the industry revitalized and upgraded. Instead, the growth of the home appliance industry has been at a ” Fatigue” state. Therefore, in Zhaimi’s view, core technology is the core lever that will drive the growth of smart projection products.

Looking at the many brands in the smart projection industry, there are not many brands with core technological innovation capabilities, and Fengmi, which is backed by Guangfeng Technology, is definitely one of them.

It is understood that Guangfeng Technology started its B-end device business. Its main business is led by ALPD laser display technology and architecture. It develops, produces and sells laser display core devices and complete machines. It applies laser display technology to different scenarios. Now Many brands of smart projection equipment and laser micro-projectors on the market come from Guangfeng Technology.

Therefore, most of the major mainstream brands rely on upstream manufacturers in the supply chain for the core components of optical machines, and Fengmi, backed by Guangfeng Technology, has the ability to innovate in underlying technical solutions. For example, when the industry entered the era of laser projection and there were endless debates about different light source combinations, Fengmi used ALPD laser display technology, which is the same as the high-end laser hall in cinemas, instead of three-color laser technology.

It is also the layout advantage of integrating research, production and sales that gives Fengmi the ability and energy to create intelligent projection products, and gives it an absolute advantage over mainstream products on the market. In addition to image quality performance, it directly affects In terms of the brightness of user experience, Fengmi products are also far ahead. It is reported that Fengmi X5 has a brightness of 2450 CVIA lumens, which is currently the first-tier product in terms of brightness.

Rely on “high and low” to balance the play stylePeak riceTurning the Growth Flywheel

In addition to having absolute technical advantages, Fengmi, as one of the leaders in the smart projection track, has adopted a “high and low” approach in the face of changes. That is, it will continue to enhance the brand image of its own technological advantages through flagship products, and at the same time apply some cutting-edge technologies to entry-level products, thereby forming a dimensionality reduction attack and further expanding market share.

Judging from the current situation of the industry, this is indeed in line with the development logic of the market. According to data from Aowei Cloud, in 2023, the retail volume structure of the laser projection market will be differentiated by price segment. The retail volume shares of the 3,000 yuan and below market and the 9-10K market both increased compared with last year.

If entry-level products form an experience differentiation from some products currently on the market in terms of picture quality, sound effects, intelligence, etc., then it will naturally attract a new wave of early adopters. At the same time, such products have a price advantage, which can Compared with “flagship” products that easily cost 10,000 yuan, it is easier to “get into” the hands of users.

Therefore, it seems that the main engine for category growth in the smart projection industry in the future must be the disruption brought about by entry-level consumption. Faced with this trend, Fengmi not only has the S and R series that use lasers, but also proposed a sub-brand Xiaoming projection, focusing more on cost-effective and entry-level products.

At the same time, looking at the products, although the products are positioned as cost-effective and entry-level, they still have advantages in terms of quality. For example, the Xiaoming projection series uses LCD projection technology. However, they are mostly used in products, and selling points such as fully enclosed optical machines, FHD true 1080P resolution, high contrast display, large sound cavity volume, and autofocus can be found in Xiaoming's projection series.

Based on this background, Fengmi has basically covered the entire intelligent projection consumer group with its more diversified business layout, and with the advantages of its industrial chain, it may continue to apply cutting-edge technology to products in the future, thereby promoting The industry moves forward.

Written at the end: Intelligent projection has been developed for many years, and the growth of the industry has bottomed out. When new incremental markets cannot be explored, in today's stock era, the key to competition will be a close-to-hand fight of “you have more and I have less.” Therefore, the competition between brands is not only centered on a single product, but the focus of manufacturers is increasingly shifting upstream. Using upstream technology to solve and improve the pain points of the downstream market is the right direction for “involution”. In this regard, Fengmi relies on Guangfeng Technology and has an absolute advantage from beginning to end. For the industry, the biggest turning point is still driven by research and development to create new demands for consumers, find new incremental markets, and allow the industry to grow as a whole. Among them, Fengmi relies on the integration of research, production and sales, “high and low” Taking into account the strategic approach, it slowly levered the growth flywheel of the smart projection industry.

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