Previously, the “sweeping grass”, which has been favored by the outside world, handed over its new report card, which made the market more disappointed in it.
On February 24, Beijing Roborock Technology Co.Ltd(688169) released the performance express for 2021, which showed that the revenue of 5.8 billion yuan increased by 28.8% year-on-year, but the net profit of 1.4 billion yuan increased by only 2.4% year-on-year. On the same day, it also announced the reduction plan of 8 shareholders, including Tianjin Jinmi, Gaorong, Qiming and Beijing Roborock Technology Co.Ltd(688169) executives of Xiaomi’s indirect wholly-owned holding company.
On February 25, the share price of Beijing Roborock Technology Co.Ltd(688169) fell to nearly 13% at the opening, and the share price of 583 yuan was the lowest price in 52 weeks. As of the close of the day, Beijing Roborock Technology Co.Ltd(688169) shares fell 3.39% to 649 yuan, down nearly 60% from the highest point of 1493 yuan last year. What happened to this A-share star enterprise behind the pressure of performance and the downturn of stock price?
who is reducing
According to the announcement, a total of 8 shareholders and directors, supervisors and senior executives plan to reduce Beijing Roborock Technology Co.Ltd(688169) no more than 7.186 million shares, or about 10.75% of the shares, through centralized bidding or block trading. According to the rough calculation of the latest share price on February 25, the reduction scale exceeded 4.6 billion yuan. According to the reporter, the reasons for the reduction of the above shareholders are their own capital needs, and the reduction period is 6 months.
“The reduction plan is the reduction of the company’s shareholders and directors, supervisors and senior managers according to their own needs, and will not have a significant impact on the company’s governance structure and sustainable operation.” Beijing Roborock Technology Co.Ltd(688169) said in the announcement.
Among them, the stone age, which ranked as the fifth largest shareholder of Beijing Roborock Technology Co.Ltd(688169) in the first half of 2021, is the employee stock ownership platform of Beijing Roborock Technology Co.Ltd(688169) . It is also the shareholder with the largest number of shares to be reduced in the reduction plan. The announcement shows that Stone Age plans to reduce its holdings of Beijing Roborock Technology Co.Ltd(688169) no more than 1.7 million shares, accounting for no more than 2.55% of the total share capital of the company.
The Beijing Roborock Technology Co.Ltd(688169) third largest shareholder, Tianjin Jinmi, which is indirectly wholly owned by Xiaomi technology, plans to reduce its holdings of no more than 1336000 shares and no more than 2%.
In addition, Ding Di, Gao Rong and Qiming, the fourth, sixth and seventh largest shareholders of the company, reduced their shares by no more than 1.5%, 2.5% and 2% respectively. As the directors and supervisors of Beijing Roborock Technology Co.Ltd(688169) , Wan Yunpeng, Wang Xuan and Sun Jia plan to reduce their holdings of Beijing Roborock Technology Co.Ltd(688169) no more than 137000 shares, of which the latter two plan to reduce all their holdings of Beijing Roborock Technology Co.Ltd(688169) .
It should be mentioned that in the past 12 months, the above six shareholders, except Wang Xuan and Sun Jia, have jointly reduced their shares of Beijing Roborock Technology Co.Ltd(688169) 7.38%.
However, this is not the high level of Beijing Roborock Technology Co.Ltd(688169) stock price. Liang Zhenpeng, an analyst in the home appliance industry, analyzed the reporter of Huaxia times and believed that although the share price of Beijing Roborock Technology Co.Ltd(688169) has fallen a lot compared with its height, the share price of other home appliance enterprises is still very high. He believes that the price earnings ratio of Beijing Roborock Technology Co.Ltd(688169) nearly 30 times is an overestimation of it by the market, and there is still much room for the stock price of Beijing Roborock Technology Co.Ltd(688169) to fall in the future.
” Beijing Roborock Technology Co.Ltd(688169) share price did not perform well in the second half of last year. The overall macro situation was bad, and shareholders could not predict Beijing Roborock Technology Co.Ltd(688169) share price performance in the future. In addition, the original investors needed some financial returns, which was the main reason for shareholders’ reduction.” Major general Ding, an analyst in the home appliance industry, analyzed the reporter of Huaxia times.
On February 26, the reporter of Huaxia times contacted Beijing Roborock Technology Co.Ltd(688169) about the reduction of shareholders and the performance of overseas markets. As of the press time, no reply has been received yet.
overseas market under pressure
In addition to the change of share price, the timing of the reduction of the above shareholders is also considered to be related to the lower than expected performance of Beijing Roborock Technology Co.Ltd(688169) .
In this performance express, Beijing Roborock Technology Co.Ltd(688169) attributed the main reasons affecting the performance to the shortage of shipping capacity caused by factors such as the epidemic and the company’s increased investment in R & D and sales expenses in order to promote high-end products in China.
It should be mentioned that in the third quarter of last year, the net profit of Beijing Roborock Technology Co.Ltd(688169) 360 million yuan decreased by 17% year-on-year. This is the first negative growth of net profit in a single quarter since Beijing Roborock Technology Co.Ltd(688169) was listed. In 2020, Beijing Roborock Technology Co.Ltd(688169) revenue and net profit increased by 7.7% and 75% respectively over the same period of last year; In 2019 before the impact of the epidemic, its revenue and net profit increased by 37% and 154% respectively.
However, also facing the pressure of transportation costs and raw material costs, the “boss” of the sweeper Ecovacs Robotics Co.Ltd(603486) expects its net profit to grow more than twice last year.
“Unlike Ecovacs Robotics Co.Ltd(603486) , Beijing Roborock Technology Co.Ltd(688169) accounts for half of its overseas business. Although this makes its business growth more obvious, the cost of logistics and transportation has also increased a lot.” Liang Zhenpeng told the reporter of Huaxia times.
The overseas market is the focus of Beijing Roborock Technology Co.Ltd(688169) in recent years. According to the reporter, previously, in order to enter the overseas market, it has set up overseas companies in the United States, Japan, Germany and other places. The proportion of overseas revenue of Beijing Roborock Technology Co.Ltd(688169) increased from 0.17% in 2017 to 40% in 2020. In the first half of last year, its overseas market revenue of 1.26 billion exceeded that of China for the first time, accounting for 54% of the total revenue.
However, this market, which accounts for more than half, has dragged down Beijing Roborock Technology Co.Ltd(688169) ‘s performance. Northeast Securities Co.Ltd(000686) in the Research Report on February 26, it was believed that last year Beijing Roborock Technology Co.Ltd(688169) had a single product structure in the overseas market, and was greatly impacted by factors such as shipping. Due to the strength of competitors such as iRobot and shark in the North American market, its overseas revenue growth slowed down.
Major general Ding analyzed the reporter of Huaxia times and believed that the sluggish performance of Beijing Roborock Technology Co.Ltd(688169) last year and the performance of the capital market were related to its business structure transformation and no breakthrough in overseas markets in recent years. ” Beijing Roborock Technology Co.Ltd(688169) from a Xiaomi OEM enterprise to an enterprise focusing on its own brand, there will be more room for imagination in the long run, but the switching of business model will inevitably be uncomfortable. Beijing Roborock Technology Co.Ltd(688169) last year, in order to promote its own brand, the channel cost and marketing cost will increase significantly, which are the problems brought about by its business structure transformation.”
He further said that it is the business performance of the enterprise that ultimately determines the stock price and Beijing Roborock Technology Co.Ltd(688169) needs to make more imaginative and competitive products. ” Beijing Roborock Technology Co.Ltd(688169) we haven’t seen much competitiveness in the high-end, and we still need to continue to invest in product technology, channels, marketing and so on.”
