Stone science and technology growth pain “sweeping the floor MAO” independence war, confidence war

2022-04-26 0 By

Independent scarcity through the pain and new interweaved!Author: He Leyi Editor: Li Jing Feng Product: Shen Heche a source: rhodium – rhodium finance research Institute “sweeping the floor MAO” foam, to squeeze when?By the end of March 16, Stone technology’s share price was 485 yuan, compared with 813 yuan at the beginning of the year, down 40%.Compared with the peak of 1492 yuan in June 2021, it has shrunk by more than 60%.In the early days of the ipo, though, Founder Chang Kyung made it clear: “We need to be pessimistic about the ipo and forget about the share price.”Just look at Lei Jun’s reduction “fill knife”, how much can the market calm?01 Net profit growth 5-year low “sweeping the floor” how LAOCAI of course, the stock price ups and downs were normal.All, fundamentals: 2021 performance express shows that stone technology annual revenue of 5.837 billion yuan, a year-on-year growth of 28.84%;Net income attributable to the owner of the parent company was 1.402 billion yuan, an increase of 2.4%;Non-deduction profit of 1.189 billion yuan, a year-on-year decrease of 1.52%.This is a lower than expected report card, which ubs Securities and other brokerages had forecast a net profit of 1.5 billion yuan in 2021.Stretching the dimension, from 2017 to 2020, the growth rate of stone technology’s net profit was 696.05%, 359.11%, 154.52%, 74.92%, and the growth rate continued to slide.In 2021, it fell to 2.4%, almost grinding to a five-year low.Buckle non – profit after more rare negative increase.Such a change of face, apparently overturned the “sweeping grass” set.Stone technology explained that due to external factors, the global shipping capacity is tight, container demurral, ship jumping port, transportation cycle is not smooth accidents occur frequently, which has a certain impact on the company’s revenue growth;At the same time, the company increased r&d and sales expenses in the second half of the year, launched high-end word-of-mouth brands in the domestic market and actively promoted them, obtained good market feedback and kept the company’s revenue growing.However, in 2020, the overseas revenue of Stone Technology increased 221.33% year on year, reaching 1.868 billion yuan, accounting for more than 40% of the total income.In the first half of 2021, overseas revenue reached 1.255 billion yuan, up 124.14% year-on-year.Competitive products comparison, in 2020, stone technology overseas income accounted for 41.24% of revenue;In the same period, the overseas revenue of Kovos was 3.379 billion yuan, accounting for 46.71% of the revenue ratio. In 2021, the net profit of kovos is expected to be about 2 billion yuan, with a year-on-year growth rate of more than 210%.Deduct non-net profit 1.85 billion to 1.9 billion, year-on-year growth of about 250%.The same business environment, a similar share of overseas revenue, why corvos still net profit increase?02 Growth bottleneck efficiency pondering LAOCAI or find their own internal reasons.In the first 11 months of 2021, Kovos ranked first in the online retail market of floor sweeping robots, accounting for 47.6 percent of the total, surpassing the second cloud Whale (17.13 percent) and Stone Technology (11.31 percent) combined, according to a new favorite of small household appliances, 90% of the sales of floor sweeping robots come from online sales.In 2020, Covos accounted for 41%, followed by Xiaomi, Stone Technology and Cloud Whale with 16%, 11% and 11% respectively.Offline channels due to the early layout of Covos, the market share is more than 80%.It is not difficult to find that Kovos advantage is still increasing, cloud whale has achieved reverse.In contrast, stone technology growth quite some bottleneck feeling.Stone Technology has been growing all the way, relying on the multiple support and rapid development of Xiaomi ecological chain in terms of traffic, users, channels and other aspects. Although independence is criticized, innovation is often praised.Then came the rise of the lumberjack whale.The first product came out in 2019. Unlike Stone Technology, which started as an OEM, its main brand is its own brand, aiming at the integrated market of intelligent sweeping and dragging, and it quickly became the leader of subdivided racetrack, with its sales and reputation rising double, and even surpassed Stone Technology in market share in 2021.Was there some carelessness in Jingzhou?Founder Chang-gyeong said, “What if after I build something, there are a lot of people waiting to copy it?”So how deep is the moat of corporate competition?But there are welcome changes.In the first three quarters of 2021, stone’s sales expenses and R&D expenses are 513 million yuan and 311 million yuan respectively, up 39.21% and 80.07% year-on-year respectively.The latter has a stronger growth rate and deserves positive praise.Accounted for 8.13% of the total revenue.Far higher than the national high-tech enterprise certification benchmark line 3%.Indeed, “do the world’s best word-of-mouth products” is not just talk.From 2013 to 2018, the annual compound growth rate of domestic floor robot sales was 58.66%, far outpacing other categories.In 2020, the epidemic catalyzed a resurgence.However, this new trend of small home appliances also catches the eye. Many products are not as “smart” as the public imagine, and are often mocked for “insulting table legs” and “scratching the floor” and other mentally retarded behaviors.According to the China State Grid survey, only 32.2 percent of people said they had used a sweeping robot and would continue to do so.Another 18.7 per cent said they had used it but no longer did for various reasons.According to the White Paper on the market development of Sweeping robots in 2021, the sales volume of the domestic sweeping robot market in 2020 is less than 6 million, and the retail sales volume of vacuum cleaners is 21,185,500 (according to zhiyan consulting data). According to The data from Zhongyikang, the penetration rate of sweeping robots in urban households is less than 8%.Obviously, the industry quality experience, innovation experience also need to work harder, stone technology to accelerate research and investment have a long-term vision.However, we need to observe the effect and efficiency of increasing r&d and sales investment.The 28.8% revenue growth in 2021 looks good, and it also has to do with the low comparable base in 2020: just 7.74% year-over-year.From 2017 to 2019, the growth rate of revenue was 511%, 172.7% and 37.8% respectively, showing a continuous decline.How to fight the War of Independence and Confidence?LAOCAI growth ace lost, natural adverse market confidence.On the same day, stone technology announced that, including Tianjin Jinmi investment partnership, shareholders and Dong Jiangao plan to reduce their holdings of not more than 10.75% of the company’s shares.Estimated by the stock price on that day, the proposed reduction of market value of nearly 5 billion yuan.Specifically, Tianjin Golden Rice Investment, Stone Times, Wan Yunpeng, Wang Xuan, Sun Jia and other plans to reduce their holdings.According to the enterprise chacha, the real controller behind jinmi investment is Lei Jun, stone Times is stone technology’s employee shareholding platform, Wan Yunpeng, Wang Xuan, Sun Jia is the company’s Dong Jiangao.Reduce the reasons for their own capital needs.See reduce hold main body, investor how can not make some murmur, whether share price is inflated?Lack of confidence in development?Limited room for growth?Once upon a time, the relationship between stone technology and millet can be described as “mixing oil in honey”.It can be said that stone technology has been listed in just 6 years, thanks to the multi-dimensional support of Xiaomi brand, channel, flow and supply chain.On the day of stone’s landing on the science and Technology Innovation Board, Lei Jun, founder of Xiaomi, lamented on the social platform: “Stone’s listing once again confirms the success of Xiaomi’s ecological chain model”.So, what does the above reduction mean to stone technology and Millet?It’s not too much to ask.In February 2021, Stone Technology ushered in a huge lifting of 30 billion yuan, including Shunwei Capital and stone several dong Jiangao shareholders reduced their holdings by 11.1%, involving a market value of more than 7 billion yuan.In the second quarter of 2021, there were 640 holding funds, which fell to 38 at the end of the third quarter of 2021.Does the sweeper smell bad?In the second quarter of 2021, Kingmi Investment reduced its holdings by 1.3333 million shares and realized 1.65 billion yuan.In other words, Lei Jun has been reduced twice.In detail, the gap always exists.Yu Shengmei, an industry analyst, said that the “Xiaomi model” takes cost performance as the core. Xiaomi once promised that “the gross profit rate of hardware is not higher than 5%”, which is a pair of gross profit “shackles” for eco-chain enterprises, especially technology enterprises.In the long run, as an independent brand, a listed company, stone Technology, if it has been dependent on Xiaomi, independence is criticized, is not conducive to follow-up development, is doomed to take an independent new road, undoubtedly new.That’s true.In the first half of 2019, the comprehensive gross margin of Stone Technology is 32.5%, which is basically lagging behind in the industry, among which the gross margin of Xiaomi products is only 14%.Since 2017, Stone Technology has launched its own brand “Stone” and “small tile” sweeping robot, and began to compete head-on with Mi Home sweeping robot, which is regarded by many public opinion as an important action of “de-millet”.In July 2020, an equity incentive plan of Stone Technology showed that the performance evaluation criteria included increasing the sales of its own brands.According to the prospectus, from 2016 to 2019, the proportion of related transactions between Stone technology and Xiaomi Group dropped from 100% to 43.01%.From 2017 to 2020, the sales of stone’s own brands accounted for 9.63%, 51.08%, 66.41% and 90.72% respectively.The most obvious benefit is higher gross margins.Gross margin increased to 51.32% in 2020 from 19.21% in 2016.Of course, lost the flow of millet thigh, also let stone technology sales cost gradually increased.In 2020, the company’s sales expense reached 620 million yuan, a year-on-year increase of 75.2%, and the sales expense ratio increased by 5.3 percentage points to 13.7% compared with 2019.In the first three quarters of 2021, sales expense is 513 million yuan, up 39.21% year-on-year;It reached 222 million yuan in the third quarter, up 68.34 percent year on year.The growth rate is much higher than revenue growth.Hao Rui, an industry analyst, said “de-mioization” means Stone will take the path xiaomi helped it through and start all over again.This situation is undoubtedly more difficult to recreate, or even harder than starting a business.In early 2021, Chang Jing, CEO of Stone Technology, publicly responded to rumors of “de-mi”, saying that Stone technology did not say such a thing.He said the so-called “de-mioization” is just a facade, which is essentially to survive through Xiaomi and then seek independent development.Similar ji Mi, Huami are this kind of development ideas.Regardless of the rights and wrongs of “demillet”, independent development is always good.However, the manufacturing process is still dependent on contract manufacturer Xinwanda, which has a close relationship with Xiaomi.Prospectus and financial reports show that Stone technology did not build its own production base, all its products are commissioned processing production.Xinwang da stone technology is one of the core commissioned processing manufacturers, once accounted for 100% of the total commissioned processing procurement.How much independence?What about quality control, risk control and core control?Browsing black cat complaints, 60 complaints is really not much, but the corresponding quality problems, maintenance disputes, etc., is still worth their careful and thoughtful.04 Moat and new story LAOCAI “sweeping the floor” no lack of pain, do not blame the market vote with their feet.The good news is that there are still plenty of bullish voices.Since 2022, Guojin Securities, Everbright Securities, Shenwan Hongyuan and other brokerages respectively on Stone Technology to give buy, overweight ratings.Objectively speaking, besides hindrance hidden worries, stone technology is also worthy of this expectation.Can stand out from a crowd of rivals, timely industry top three, must have the skill base.Before stone, most of the sweeping robots on the market could not plan the path and walked around the whole house in the navigation way of random collision. Repeated sweeping, long cleaning time and huge noise seriously affected the consumption experience.Based on the above pain points, Stone Technology applied “LDS lidar +SLAM algorithm” to sweeping robots on a large scale for the first time, “making sweeping robots learn to know the way”, effectively improving consumer reputation, and then detonating the market.Innovation underlies achievements. Taking 2020 as an example, Stone Technology has added 115 domestic and foreign patents and 284 cumulative patents, and the core technology has consolidated product reliability.Industry analysts said Lin Richard stone product Angle technology does have originality, not blind pursuit of short-term detonation product innovation, always focus on technology depth research and development, based on the requirement of the quality of the user, so as to bring the product stream power, is it can rapidly from millet, is to break the bottlenecks, out of the new growth path way.Look at the overseas transcript, or have a deeper understanding.According to Jungle Scout, Stone Technology GMV accounted for 13% of the sweeper category on Amazon’s U.S. stations in 2020, second only to iRobot (38%).In January 2022, overseas flagship new products were unveiled at THE CES show in the United States. The price of the new machine is expected to exceed $1000 under the upgrade of the host and base station, and it is expected to become a benchmark product in the LDS replacement wave in the United States.In the case of product homogeneity and market volume, stone technology innovation, call new undoubtedly open a new window of growth.Chang-gyeong once said, Innovation companies need to have some Buddha nature, and it is difficult to succeed if they are too utilitarian.Yes, building a moat of core innovation takes time and urgency.Expansion of the new story is also outlined.When Xiaomi’s ALL IN was being built, Stone Technology joined IN. Its “Luo Ke Auto” completed a $100 million financing led by Tencent IN 2021 at a valuation of $2 billion.The project is operated by stone technology founder Chang Jing personally, but also pulled to the former WEima car CTO Yan Feng joined.Enterprise check shows, recently, Anhui Luo ke automobile manufacturing Co., Ltd. was established, legal representative Yan Feng.Business scope includes auto parts and accessories manufacturing;Intelligent vehicle equipment manufacturing;New energy vehicle sales;Electric vehicle charging infrastructure operation, etc. is wholly owned by Shanghai Luo Ke Intelligent Technology Co., LTD., an affiliated company of Stone Technology.Compared with small household appliances, the threshold of the automobile industry is higher and professional, so the new story of Stone Technology is uncertain.But change itself is a kind of vitality, confidence and tension.Pain and freshmen intertwined, the most value of the background, “sweeping the floor” is back to the highlight or continue to fall?Plant a seed and wait for spring to bloom.This article is rhodium property original if you need to reprint please leave a message