OFweek smart home network news "consumption upgrade" wave after wave, "smart home", "smart appliances" also entered the concept from the concept.
Sweeping robots are the explosions in this new wave. Sweeping robots such as iRobot, Dyson, Xiaomi, and Cobos succeeded in “grazing the grass†in the hearts of young people in more and more first-tier cities.
Figure: The main sweeping robots on the market
Recently, Cobos, a leading domestic sweeping robot manufacturer, has submitted A-share prospectuses; Po Lok, a foundry, has also attracted middling shares to initiate merger and acquisition plans.
How much fire is the cleaning robot? Which companies are more flexible in their future development?
What is the difference between Kobos in OBM mode and Boolean robot in ODM mode?
Will the acquisition of new industries in the high premium of the new shares of the underlying stocks reflect the development concerns of the new sub-brands and the opportunities for new mergers and acquisitions?
Sweeping Robots: How Explosions Are Made?
1.1, successful mass production, ushered in the outbreak
According to the classification of the International Robot Federation (IFR), robots are generally classified into industrial robots and service robots. Industrial robots are generally used in production environments, and service robots are generally used in living environments.
The difference between service robots and industrial robots is that the working environment of industrial robots is known, and the vast majority of the working environment facing service robots is unknown. Therefore, in terms of technical performance, service robots are more focused on the perception of the environment and human-computer interaction capabilities than industrial robots' emphasis on operational accuracy.
Service robots can be further subdivided into dedicated service robots, home service robots (household robots), and commercial service robots. Sweeping robots belong to the category of home robots.
Figure: Class 3 robots and their application scenarios
We all know that "smart home" and "smart life" are the general trend, but from the air conditioning, range hoods, refrigerators to sweeping, mopping, washing dishes, and audio, the difficulty lies in the "service connection" and "large-scale mass production."
For example, “Unmanned Supermarket†is still in the concept store stage; however, sweeping robots have achieved mass production.
As early as 2001, Electrolux, the home appliances giant, launched the Trilobite Smart Sweeping Robot. Since 2002, iRobot has been researching, developing and producing sweeping robots, constantly looking for, saving energy, noise, and algorithms. In terms of other aspects, it has successfully completed and successfully used the Roomba series of products to become a global leader in the field of sweeping robots.
Figure: The sweeping machine leader iRobot performance, stock prices continue to grow
iRobot had sales of 487 million, 557 million and 617 million U.S. dollars in 2013-2015, with net profits of 28 million, 38 million, and 44 million U.S. dollars, respectively. Fifty-six percent of sales for the fiscal year came from overseas, and home robot sales accounted for 91% of its total revenue.
Nowadays, traditional household appliance manufacturers Philips, Haier, Midea, Panasonic, and Internet company Xiaomi have also entered the field of sweeping robots one after another.
1.2. Low permeability, huge room for growth
Sweeping robots and mopping robots are obviously substitutes for artificial sweeping and mopping.
According to IFR statistics, the global service robot market in 2014 was approximately US$5.97 billion, with a compound growth rate of 10.8% from 2010 to 2014; growth is accelerating: 2015 annual global service robot sales of US$6.8 billion, and is expected to be 2015- In 2018, the total size of the global service robot market was approximately US$39.4 billion, and the CAGR of 2 years was 21.07%.
Figure: Global Service Robot Sales
The service robot market in our country is characterized by "late start and large space." Taking sweeping robots as an example, according to the German GFK statistics, the overall penetration rate of sweeping robots in China is less than 1%. The sweeping robots in China's coastal areas have a penetration rate of 4%-5%, and in inland areas have only about 0.4%. According to Zhong Yikang’s calculations, sales of robotic vacuum cleaners in China in 2013 and 2014 were approximately RMB 800 million and RMB 1.5 billion, respectively, and as of 2015, the annual sales of robotic vacuum cleaners were RMB 2.8 billion, with a sales volume of 2.07 million units; It is expected that the retail sales of the robotic vacuum cleaner market in China will maintain a compound growth rate of 20% during 2017-2020.
Cobos PK Boolean Robot
2.1, Cobos: domestic sweeping robot industry leader
"Late start and large space" has attracted many manufacturers to compete in the field of sweeping robots. Since Cobos launched the series of sweeping robots for the Debao series in 2009, it has made rapid progress in the field of sweeping robots and has become a leading company in the subdivision industry.
Cobos has three types of products:
(1) Home robots: The main products are ground cleaning robots, robots, window cleaners, window robots, etc.
(2) Commercial service robot: commercial service robot Wangbao, solar panel cleaning robot Rui Bao, etc.;
(3) Cleaning and Small Appliances Foundry Business: To provide R&D, production and service of ODM service for domestic and foreign famous vacuum cleaner brand manufacturers 优Ropro and Trukko Industries, as well as the company’s own brand “TEK Taiyikai†series of clean household appliances. Sales.
Chart: Revenue data for various Cobos products
According to Zhong Yikang's statistics, in 2013-2015, the market share of sweeping robot products of Coworth was always ranked first in the domestic market share.
Figure: Coworth Market Share
From January to September of 2013 - 2016, Cobos revenue was 1.945 billion yuan, 2.314 billion yuan, 2.695 billion yuan, 2.197 billion yuan, which was attributed to the mother after deducting non-recurring gains and losses. The net profits of the company's owners were 169 million yuan, 153 million yuan, 167 million yuan, and 150 million yuan respectively. Because Cobos pays more attention to the sales of e-commerce, the income from revenue shows a certain seasonality. During the "Double Eleventh" and "Double Twelve" period, Cobos had a higher sales.
Figure: Coworth's revenue has a certain seasonality
During the “Double 11†period in 2013, 2014, 2015 and 2016, Coworth’s single-day transaction volume on the Tmall platform was the sales champion of life electrical products.
2.2. Baole Robot: Can it be counterattacked by being merged with potential stocks?
Compared with Cobos, which is directly facing consumers, although Baole is also engaged in the production and sales of clean robots, it mainly adopts ODM OEM mode. Sales mainly face brand operators or distributors, and ODM sales account for approximately More than 95% of Baole’s total operating income. At present, Baole's main customers are Midea, Pusensi, Dibei and overseas customers.
Figure: Domestic Sweeping Robot Market Pattern
From 2014 to January-September 2016, Baole's operating income was 275,200 yuan, 5,890.97 million yuan and 129,720,100 yuan, respectively, and net profit was -62.90 million yuan, respectively. 35,500 yuan and 21,561,100 yuan; according to unaudited financial statements, Baole robots achieved operating revenue of 217.75 million yuan and 73 million yuan in 2016 and January and March 2017 respectively. , an increase of 266.25% and 276.50% respectively over the same period of the previous year, and operating income increased rapidly.
Figure: Bao Le revenue, profit
Figure: Cobos robot gross margin
Figure: Baole robot gross margin
The difference between self-owned brands and OEMs is also reflected in the gross profit margin. The gross profit margins of Cobos's independent R&D, production and sales of Dibao and Window Bao products are all around 50%; while the gross profit margin of Baole is only around 30%.
In January 2017, the newly-listed shares in the new stocks that were recently listed were announced with an acquisition plan of RMB 1.02 billion. The purchase of 100% shares of Baole Robots through the issuance of shares constituted a major reorganization of assets.
The company is located in Guangdong and is a provider of domestic diving equipment products and services. It is mainly engaged in research, development, production and sales of protective equipment for various types of wading activities. It has actively expanded in recent years and has been involved in spa spa services and aquatic amusement parks. In 2014, 2015, and 2016, net profit attributable to mothers was respectively 0.32 billion yuan, 0.42 billion yuan, and 0.37 billion yuan.
In this acquisition, for medium-subscribing stocks, the research and development platform, core technologies and R&D experience of intelligent cleaning service robots can be used to develop R&D for surface and underwater robots. Baole made a performance pledge of 246 million yuan for three years.
Reviews
3.1, technology + appliances: Who will win the home robot market?
As mentioned above, at present, the domestic robot market is still a very niche market in China, and the market penetration rate is only 1%. More conceptual “smart home†hardware devices seem to be within reach, but no explosive funds have yet appeared. But even in this situation, sweeping robots have become explosive products, attracting more and more competitors to enter this market.
Technology companies and Internet companies cut into the home appliance market, entered into smart manufacturing business with home appliance companies, and competed with iRobot, Cobos and other forerunners.
In terms of product features, compared with smart phones, service robots are expected to become more effective information exchange hubs as smart devices that are mobile, perceivable, recognizable, and determinable in complex and variable environments. Home service robots are likely to serve as a control platform for smart homes connecting households with various types of home appliances, and will change from a "tool-type" to a "housekeeper-type".
In this case, "technology companies cut into the appliance business" vs "household appliance companies transform intelligent manufacturing", like two or three years ago, "Oriental Fortune Flushing into the brokerage business" VS "CITIC Securities Goldman Securities to increase Internet business" in the business and In terms of profitability elasticity, technology companies and Internet companies that gather more data from more users, have a longer industrial chain, and have closed loops in business will have greater advantages than traditional home appliance companies such as Midea and Haier.
3.2. The new shares accelerate the merger and acquisition transformation?
After the acceleration of IPO, the number of “Small and Medium-sized Enterprises†increased continuously, the previous “high valuation advantage†ceased, and the issuance of share mergers and acquisitions and supporting financing received more and more stringent restrictions. How did these newly listed small-cap companies improve? What about competitiveness?
The recent acquisition of Baole Robots by Zhongbai Trading Co., Ltd. and Xuan Asia International's acquisition of Yingke. All of them are sub-new shares that have acquired a company that does not meet the IPO standards. However, companies with “highly promising†companies in “outbreak†segments may be a good choice. This type of target itself is in an emerging industry and has high growth potential because it does not meet the IPO standards and is equivalent to a curve listing. For small-cap listed companies, the acquisition of such emerging industries has led the way in the performance of the industry, and has shown more performance, “sharing†the high-growth industry segments.
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