AsiaIndustrial NetNews: According to China Financial Network, due to sweepingrobot(18.270, -0.91, -4.74%) and Cobos Robot Co., Ltd. (hereinafter referred to as “Cobos”), which is well known to the public, launched an impact on the capital market.
The prospectus recently disclosed by Ecovacs on the official website of the China Securities Regulatory Commission shows that the company plans to issue no more than 40 million shares on the Shanghai Stock Exchange, and plans to raise 912 million yuan, mainly for the annual production of 4 million home service Robots, robot internet ecosystem and international Marketing project.
Revenue growth far exceeds net profit
According to public information, Ecovacs, formerly known as Taiyikai Electric Appliances (Suzhou) Co., Ltd., is a vacuum cleaner OEM company. At present, the company’s main business is all kinds of home service robots, cleaning small household appliances and other smart home equipment and related parts. R&D, design, production and sales.
According to the prospectus, from 2013 to 2015, Ecovacs achieved operating income of 1.945 billion yuan, 2.314 billion yuan and 2.695 billion yuan respectively; the net profit in the same period was 169 million yuan, 166 million yuan and 176 million yuan respectively. In addition, the operating income of Ecovacs in the first three quarters of 2016 was 2.149 billion yuan, and the net profit was 79.1627 million yuan.
From the perspective of performance growth, Ecovacs’ operating income in 2015 and 2014 achieved an increase of 18.94% and 16.47% respectively; while the net profit growth in the same period was -1.98% and 6.3% respectively. As for the reason why the growth rate of operating income far exceeds that of net profit, Ecovacs explained in the prospectus that in addition to the continuous increase in sales expenses, the company’s operating income from cleaning small household appliances business declined in 2014; in 2015, foreign exchange forward business generated lost.
According to the prospectus, the sales expenses of Ecovacs from 2013 to 2015 were 205 million yuan, 288 million yuan and 370 million yuan respectively, accounting for 10.55%, 12.46% and 13.73% of the current operating income; in the first three quarters of 2016 It is 330 million yuan, accounting for 15.36% of revenue.
10 of 21 subsidiaries lost money
The Ecovacs prospectus also shows that as of the date of signing the prospectus, the company has a total of 17 first-level wholly-owned or holding subsidiaries, including 16 domestic, 1 overseas, and 4 second-level wholly-owned or holding subsidiaries, of which domestic 1, and 3 overseas.
China Net Finance reporter noticed that among the 21 subsidiaries, 10 lost money in the first three quarters of 2016. Among them, the loss of commercial robots established in 2013 was as high as 13.8039 million yuan, Ecovacs Technology established in 2006 lost 6.4798 million yuan; Suzhou Luomeitai lost 3.9088 million yuan; Ecovacs US, Ecovacs Germany, Ecovacs Japan and Ecovacs Holdings located overseas Losses were respectively 6.6718 million yuan, 5.851 million yuan, 589.3 thousand yuan and 0.02 million yuan.
As for the reasons for the large-scale losses of the subsidiary, Ecovacs did not give an explanation in the prospectus. A reporter from China Net Finance and Economics called the phone number disclosed in the prospectus of Ecovacs, but could not be connected as of press time.
service robot revenue accounts for more than 50%
An investment adviser to a private equity firm said in an interview that since Ecovacs’ operating income mainly comes from the service robot business, Ecovacs’ profit margins may face the risk of declining as more and more companies enter the industry.
According to the prospectus, in the first three quarters of 2016, the operating income of Ecovacs service robot business was 1.192 billion yuan, accounting for 55.45% of the company’s main business income; among them, only the Dibao series products (ie “sweeping robots”) earned 1.098 billion yuan. , accounting for 51.07% of the main business income.
According to public information, Ecovacs service robots currently have the largest market share in China, but the company currently has many competitors. In the past, iRobot needed to catch up. Later, home appliance giants Philips, Midea Group, and Qingdao Haier (13.240, 0.39, 3.04%) joined the melee. Internet companies such as Xiaomi also launched such products.
Perhaps due to the increasingly fierce market competition, the gross profit margin of Ecovacs service robot business continued to decline. From 2013 to the first three quarters of 2016, it was 53.05%, 49.22%, 49% and 48.07% respectively, of which the gross profit margin of Dibao series products were 53.23%, 49.2%, 48.02% and 47.43%.
As for the reason why the gross profit margin of home service robot products decreased year by year during the reporting period, Ecovacs said that it was mainly because its sales channel gradually shifted from offline to online, so the average unit price of sales remained stable while slightly decreasing. Taking “Dibao” as an example, its average price dropped from 935.15 yuan in 2013 to 793.88 yuan in the third quarter of 2016.
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