Behind Roborock's financial report: unwilling to be a millet wage earner?

Recently, Roborock, one of Xiaomi's eco-chain enterprises, released its financial report for the first half of 2020.

According to the financial report data, in the first half of 2020, Roborock Company achieved an operating income of 65,438+0,776,297,000 yuan, a year-on-year decrease of 65,438+06.42%; The total profit was 542,940,400 yuan, a year-on-year increase of 65,438+08.94%; The net profit attributable to the owners of the parent company was 460,374,900 yuan, a year-on-year increase of 65,438+09.42%.

Among them, in the second quarter of 2020, the overall sales revenue of Roborock decreased by 7.44% compared with the same period of last year, but thanks to the company's efforts to expand its own brand sales channels and strengthen brand promotion, the net profit attributable to shareholders of listed companies increased by 34.42% compared with the same period of last year.

Roborock has always relied on the nutrients provided by Xiaomi to grow from birth to prosperity, so the label of "Xiaomi Ecological Chain Company" is louder than Roborock.

Moreover, the listing of Xiaomi Eco-chain Company is nothing new. As the third listed Xiaomi eco-chain company after Huami and Mi Yun, Roborock is the most eye-catching. In February of this year, Roborock officially landed on the Science and Technology Innovation Board with an issue price of 27 1. 12 yuan/share, making it the "most expensive new share in history". After the first day of trading, Roborock once soared to 538.88 yuan, an increase of 98.76%, and the attitude of capital was clear at a glance.

Roborock is so favored by capital, mostly because of Xiaomi's endorsement and experience and technical strength in the market of sweeping robots. However, judging from the financial report data, Roborock still wants to fade the aura brought by Xiaomi, adhere to the promotion of independent brands and product research and development, and take the road of "Xiaomi".

The pain of going to Xiaomi

It is said that Roborock and Xiaomi have a cooperative relationship, but it is more like a parasitic relationship.

Roborock's prospectus shows that the relationship between them is that Roborock is responsible for the overall development, production and supply of customized products, and Xiaomi is responsible for the subsequent product sales. The fact is that all the sales terminals of Roborock are bound with Xiaomi, and the previous performance is directly linked to the Mijia brand. It is reported that in 20 16 years, the sales revenue of Roborock Mijia brand (excluding accessories) was 1.8 1 billion yuan, accounting for 98.58% of the company's revenue.

With Xiaomi's endorsement, Roborock quickly reached its peak, and its revenue increased by more than 20 times in four years. Xiaomi's myth of making wealth came true again on Roborock. According to the prospectus, the revenue of robo rock 20 16, 20 17, 20 18 and 20 19 in the first half of the year was 654.38+83 million yuan and1/90,000 yuan respectively.

However, like Huami, Mi Yun and other powerful eco-chain enterprises, Roborock naturally embarked on the road of "millet".

However, due to Roborock's strong dependence on Xiaomi in the early stage, the road to Xiaomi was bumpy and difficult. The decline in revenue in the first half of 2020 was caused by the decrease in orders for customized products of Xiaomi.

According to the financial report data, Roborock's sales revenue in the first quarter of 2020 decreased by 29.48% compared with the same period of last year, and the net profit attributable to shareholders of listed companies decreased by 7.94% compared with the same period of last year; In the second quarter of 2020, the company's overall sales revenue decreased by 7.44% compared with the same period of last year, which was also affected by the decrease in orders for customized products of Xiaomi.

In a word, the continuation of Xiaomi's low cost performance leads to the long-term low profit margin of Roborock, while the outbreak of internal competition between Mi Yun and Roborock makes the relationship between Roborock and Xiaomi not so harmonious. As a result, even in the face of the danger of declining revenue, Roborock still insists on taking the road of its own brand.

Independent brand, the effect is beginning to show.

The east wind of the industry is good, and the sales of Sitong brand sweeping robots are rising.

According to the financial report data, from June to June, 2020, Roborock Company * * * sold 965,660 sweeping robots, achieving sales revenue of1701863,900 yuan, of which the company's own brand sweeping robots achieved sales of 752,980 units, achieving sales revenue of 148.

Of course, the high sales of Roborock's own brand products are related to its constantly improving scientific and technological strength, product quality and service.

On the one hand, Roborock actively recruits and trains high-end talents, and supports technology upgrading and product research and development. The shortage of AI talents is the first problem in the artificial intelligence industry, and talents represent the scientific and technological strength to a certain extent. According to the prospectus, from the first half of 20 16 to the first half of 20 19, the proportion of R&D personnel in Roborock was 7 1.88%, 56.34%, 53.40% and 50.20% respectively.

On the other hand, Roborock actively introduces new products to improve the intelligent level of robots and ensure the quality of service. Roborock established the connection between intelligent products such as users and sweeping robots through the development of stone intelligent data platform, which improved the intelligent experience of users, expanded product categories, enriched product camps and met the individual needs of consumers.

Based on this, the revenue share and gross profit margin of Roborock's own brand products have greatly increased.

According to public data, from 20 17 to 20 19, the sales revenue of stone brands was1080,000 yuan,14.78 million yuan and171000,000 yuan respectively. From June 20 17 to June 20 19, the gross profit margin of stone brands was 44.87%, 42.06% and 46. 18% respectively.

Overall, Roborock has improved its brand reputation by continuously optimizing its service experience. Enrich product types, create profit growth points, expand the company's share and enhance market share.

Competing with each other, the scale of giants is crushed.

With the mature application of artificial intelligence technology, the development of intelligent sweeping robot industry has been further promoted. Under this opportunity, traditional home appliance companies, Internet companies, and sweeping robot manufacturers flocked, and the blue ocean of intelligent sweeping robot market turned into the Red Sea.

Compared with Cobos, the leading enterprise of intelligent sweeping robot, Roborock's achievements are dwarfed. Moreover, with the implementation of the "Xiaomi" strategy, Roborock will inevitably lose its channel advantage from Xiaomi, and its market competitiveness will naturally weaken a lot.

According to public data, the market of sweeping robots is highly monopolized, with the market share of Cobos, Xiaomi and Sitong reaching 72.5%. Among them, the market share of sweeping robots in Cobos reached 49.4% in 20 19; Followed by Mijia sweeping robot, the market share is12.0%; The third place is the stone sweeping robot, with a market share of 1 1.5438+0%.

On the technical level, Cobos, as a veteran manufacturer of sweeping robots, has accumulated technology for many years and is willing to spend huge sums of money on technology research and development. Its scientific and technological strength is not worse than Roborock, who is born with Internet genes. At the channel level, Cobos has cultivated for many years and has more than 860 offline stores, while Roborock still relies on more than 500 stores owned by Xiaomi Rice Noodle, which has no advantage at all.

In addition, the hot pursuit of home appliance companies such as Gree, Midea and Haier is also a big pressure for Roborock.

Explore the global market and find a new way.

Being in line with international standards and going global means that an enterprise is getting stronger and stronger, and overseas markets are a good choice for major enterprises to explore new space for performance explosion. In addition, when the giants crush the domestic market, Roborock will naturally find another way to enter the overseas market.

At present, Roborock has established a global distribution network to support some markets that have established business but have insufficient services and have not yet developed. At the same time, set up overseas companies in the United States, Japan, the Netherlands, Poland and other places, start local recruitment, and broaden overseas channels in order to better carry out their work.

According to the financial report data, Roborock has made a breakthrough in self-built channels of overseas own brands. In the first half of 2020, the company's overseas private brand channels doubled, with an overall revenue of 560 million, close to the overseas revenue of 580 million last year.

The latest research report of CITIC Securities shows that Roborock's overseas business has expanded against the trend and gained a foothold in overseas high-end markets. Among them, it is expected that the impact of the contraction of Mijia ODM business will fade. It is predicted that the net profit in 2020, 20021year and 2022 will be 860 million yuan,11900,000 yuan and14.4 million yuan respectively, and the current price corresponds to the PE valuation of 3 1 times, 23 times and/kloc-.

To sum up, the pain caused by Xiaomi's reduction in orders for customized products in Roborock is only temporary. At present, the domestic and international markets of Roborock's own brand are booming, and the potential market space and its own cost-effective products can accelerate Roborock to get rid of the title of "millet wage earners" completely.