Two sets of data pulled the clean electric circuit and its faucet Beijing Roborock Technology Co.Ltd(688169) ( Beijing Roborock Technology Co.Ltd(688169) . SH) to the top of the wave.
Beijing Roborock Technology Co.Ltd(688169) since 2019, the growth rate of net profit has halved year by year. According to the financial report, from 2018 to 2021, the growth rates of the company’s net profit were 359.11%, 154.52%, 74.92% and 2.40% respectively.
Last year, the price of China’s sweeping Siasun Robot&Automation Co.Ltd(300024) industry rose and fell. According to Ovi data, in 2021, the online sales of China’s floor sweeper industry increased by 28% year-on-year, the sales decreased by 11% year-on-year, and the average price increased by 44% year-on-year.
What investors care about is, Beijing Roborock Technology Co.Ltd(688169) what’s the matter? Is the investment logic of increasing penetration still feasible?
overseas revenue accounts for a high proportion, dragging down the performance growth in 2021
Beijing Roborock Technology Co.Ltd(688169) the latest performance express shows that the company achieved an operating revenue of 5.837 billion yuan in 2021, with a year-on-year increase of 28.84%; The net profit was 1.402 billion yuan, a year-on-year increase of 2.40%; Deduct non net profit of RMB 1.190 billion, a year-on-year decrease of 1.52%.
Beijing Roborock Technology Co.Ltd(688169) said that due to the shortage of global transportation capacity caused by the epidemic and other factors, there were more container detention, ship jumping and poor transportation cycle, which had a certain negative impact on the revenue growth of the company in 2021.
According to datayes Beijing Roborock Technology Co.Ltd(688169) e in 2018, 2019 and 2020, the revenue was 3.05 billion yuan, 4.2 billion yuan and 4.53 billion yuan respectively, of which the overseas revenue was 30 million yuan, 580 million yuan and 1.868 billion yuan respectively, accounting for 1%, 13.8% and 41.2% of the total revenue respectively.
If considering the export of Chinese dealers, according to Sinolink Securities Co.Ltd(600109) calculation, the income from overseas accounted for more than 70% in Beijing Roborock Technology Co.Ltd(688169) 2020. It can be seen that the overseas market is the key development direction of Beijing Roborock Technology Co.Ltd(688169) in recent years.
In the early stage, stone quickly entered the European market with the help of overseas channels such as Xiaomi and Muchen. According to Sinolink Securities Co.Ltd(600109) Research Report, Beijing Roborock Technology Co.Ltd(688169) has significantly increased its market share in EMEA in recent years, from less than 1% in 2018 to 9% in 2019 and 14% in 2020.
Although the company’s overseas business in 2021 was mainly affected by the shortage of shipping capacity, Xie Liyuan, chief analyst of Sinolink Securities Co.Ltd(600109) household appliances, pointed out in an interview that in the long run, the main challenge of Beijing Roborock Technology Co.Ltd(688169) overseas lies in channel construction. Taking the North American market as an example, offline channels are also important sales channels, but Ka channels such as overseas offline Wal Mart have strict requirements on brand influence, supply stability and price control system. At present, stone is mainly sold through Amazon online channels in the North American market.
the new speed is slow, affecting the performance of the domestic market
In the Chinese market, Beijing Roborock Technology Co.Ltd(688169) ‘s R & D capability is at a high level in the industry, but the speed of new product development is not leading.
Yunjing released self-cleaning mopping Siasun Robot&Automation Co.Ltd(300024) Yunjing J1 in 2020, and the market entered the era of self-cleaning product competition. However, compared with competing products, stone did not launch the sweeping and towing integrated machine G10 with self-cleaning function until September 2021. The absence of self-cleaning in the early stage led to the decline of the company’s market share in the first three quarters of 2021.
In this regard, a home appliance industry analyst said that the research and development of sweeping Siasun Robot&Automation Co.Ltd(300024) needs the combination of software and hardware, and the core is software, because software is difficult to make up in the short term, but companies with strong software development often ignore the hardware manufacturing ability, and Beijing Roborock Technology Co.Ltd(688169) with internet background has insufficient experience in hardware manufacturing, The company’s products are all processed by Commission, which affects the speed of upgrading to a certain extent.
Xie Liyuan also said that the new speed on stone is relatively slow, which has a strong correlation with the company’s genes. Stone pays more attention to the quality and experience of products, which will affect the new cycle of products to a certain extent, but the stability of products will have certain advantages.
Since the launch of self-cleaning products, the domestic sales performance of stone has accelerated significantly. According to the data of ovicloud, the sales of 2021q4 stone sweeper increased by about 106%. As of the ninth week of 2022, the brand share of online stone sweeper was about 20% (year-on-year + 9pct), and the sales growth was about 87%.
penetration rate is difficult to improve, and the investment logic of clean appliances changes
Beijing Roborock Technology Co.Ltd(688169) self cleaning mop Siasun Robot&Automation Co.Ltd(300024) g10, the official price is 3999 yuan Ecovacs Robotics Co.Ltd(603486) new X1 all-round sweeping and towing machine costs 4999 yuan; Cloud whale J2 little white whale sweeping mop Siasun Robot&Automation Co.Ltd(300024) price 4299 yuan.
Unlike most traditional household appliances, which rely on increasing quantity and falling prices, and enterprises’ ways of reducing costs and increasing efficiency, floor sweepers seem to be selling more and more expensive, making it difficult to improve the penetration rate, which also raises questions about the investment logic of the clean electrical appliance industry in the market.
The above household appliance industry analysts said in an interview that at present, the penetration rate of clean household appliances in the Chinese market is low. In the medium and long term, clean household appliances follow the logic of increasing penetration rate. However, the sales volume of the industry did not increase in 2021, and the overall sales volume was completely driven by the average price growth. Due to the fear that the logic of simultaneous rise in volume and price would not work, from the perspective of investment, this led to more stock price correction of cleaning appliance companies, including Beijing Roborock Technology Co.Ltd(688169) , Ecovacs Robotics Co.Ltd(603486) and so on.
According to Ovi data, in 2021, the online sales volume of the floor sweeper industry increased by 28% year-on-year, the sales volume decreased by 11% year-on-year, and the average price increased by 44% year-on-year.
Ecovacs Robotics Co.Ltd(603486) ( Ecovacs Robotics Co.Ltd(603486) . SH) board secretary Ma Jianjun also told China business recently that sweeping Siasun Robot&Automation Co.Ltd(300024) is the only household appliance category that has not entered the price war in the past three to five years, but has been selling more and more expensive.
Although he stressed that the reason behind this is that the sweeping Siasun Robot&Automation Co.Ltd(300024) value delivery contains a huge amount of software, which is driven by the technical upgrading of products, the pricing of luxury goods may lead to the penetration improvement process of clean appliances lower than expected, which is a problem that Beijing Roborock Technology Co.Ltd(688169) and other manufacturers have to face at present.
Previously, Western Securities Co.Ltd(002673) optimistically predicted that by 2030, the penetration rate of Siasun Robot&Automation Co.Ltd(300024) in urban households, 5% in rural households and about 33% overall. According to China International Capital Corporation Limited(601995) calculation, by the end of 2021, the penetration rate of household floor sweepers in Chinese cities and towns was about 9%.
