OFweek smart home network news: If you do not find Cobos disclosure prospectus prepared to go public, my big sister home that Kowos sweeping robot, will continue to be quietly stuck under the bed.
In 2015, “Double 11â€, she had just moved into her new home and she bought a Cobos sweeping robot, thinking that she could reduce her labor pressure as a housewife. I did not expect that this Cobos took a long time to become a decoration. There are three reasons: the dead-end cleaning is not in place or needs manual assistance; cleaning the sweeping robot is even more troublesome than washing the mop; the battery is not enough, and after using it for a period of time, it will only last for 20 minutes.
In fact, it is normal to think about it. A company that does vacuum cleaner foundry has very little R&D investment and patent accumulation. In a few years, the “full range†of sweeping robots developed, how smart do you think?
Eager to commercialize the "high-end manufacturing low-end" products, obviously can not build a product "moat", before the iRobot (NASDAQ:IRBT) need to catch up, after the appliance giant Philips, Midea, Haier joined the melee, leaving the Division What is the chance of Voss?
This anxiety is directly reflected in Coworth's financial performance. The selling price is getting lower and lower, and the inventory is getting higher and higher. The return on equity has shrunk by two-thirds in three years, and it has not yet become the "household robot's first share." Cobos got into a mess.
Less than one-third of R&D investment
Many people think that robots have to be as smart as the Ghost in the Shell, the Terminator and the Transformers, so when they see it on the Internet, they can buy a robot to go home at 1,000, especially in the "Double 11". When you don’t know what to buy, there is always no way to resist temptation—this is probably one of the most important reasons for many Chinese families to purchase sweeping robots.
In fact, the founder and chairman of Cobos, Qian Dongqi, began his shift from vacuum cleaner OEM to domestic robot. He was inspired by the robot soccer game and wanted to replace the kicking function with the sanitation function.
Coworth's predecessor specialized in vacuum cleaner foundry, and later founded his own vacuum cleaner brand "Coworth", decided to do home robots, Cobos's team behind closed doors to make cars have not made any progress for several years, until they found that the United States iRobot, has achieved Large-scale commercialization of ground cleaning robots.
Not long afterwards, Cobos's sweeping robot "Dibao" was born and successively made windows, air-purifying, butler products.
However, you think that if you have them, you don't need to be hygienic. Then you just want more. How long does it take to evolve from a vacuum cleaner foundry to a home robot manufacturer? In other words, how smart is the Cobos product line?
According to Gayder's "Home Robot Recommendation List," Keworth ranks only fifth in the rankings after iRobot, Koto, Pusanike, and Korvik.
Maybe everyone will doubt the authority of this list, it does not matter, in fact, the amount of R & D investment and the number of patents owned, quality, to a certain extent, can represent the technical level of a technology company.
Codons founder Qian Dongqi publicly stated at the end of 2014 that “Coworth’s annual investment in research and development is no less than 5% of annual sales, and with the increase in sales, investment is also growing.â€
However, the Cobos IPO prospectus shows that in 2013, 2014, 2015, and the first three quarters of 2016, Cobos' R&D expenses accounted for 3.16%, 3.19%, and 3.1% of the main business revenue, respectively. 22%, 3.32%.
The main target of the Cobos IPO prospectus was Target Group. The ratio of R&D input to main business income for 2014-2016 was 3.2%, 3.8%, and 3.8%, respectively. Covos's most important competitor, iRobot's R&D investment ratio from 2011 to 2016 has been maintained at 12%-13%. The industry believes this figure is not high among technology-driven companies.
Cobos disclosed it to the end of 2014. As of November 2013, it had applied for 682 patents (including 66 foreign patents) at home and abroad, including 296 invention patents, 246 utility model patents, and 140 exterior design patents.
However, when the company disclosed the prospectus, the number of patents became 572, of which 556 were domestic patents and 16 were overseas.
Why do these two sets of data fight? This matter is still handed to the Securities and Futures Commission for investigation. The zebra consumer only wants to say that not only is R&D investment, the number of patents that Cobos has accumulated is actually not too large, and it is impossible to count on what it has to do.
Cobos had originally been doing OEM work for vacuum cleaner brands overseas. When he used to do house robots for himself, instead of looking for someone else, the average cost was 473 yuan. How advanced are you to say?
Prior to this, Xin Guobin, vice minister of the Ministry of Industry and Information Technology, talked about the risks of “low end of high-end industry†and “overcapacity of low-end products†in the robotics field. Koworth was sprinting IPO at this time and really sweated it.
The anxiety of "the first share of domestic robots"
Ke Dongsi, founder and chairman of Cobos, studied physics and philosophy at Nanjing University. He also had the temperament of corporations with stock intellectuals. He liked poetry and poetry, and Cobos robots also published poetry to do marketing. I can't keep up with the grid too high.
In recent years, Coworth has relied heavily on online channels, invested a considerable amount of sales expenses, and obtained the highest share of the Chinese market. In recent years, "Double 11", Coworth has won a certain subdivision Sales champion.
However, after all, this product does not have many technical barriers, so it was quickly eyeed and duplicated by the “traditional home appliance giants†and spread its market with its strong production capacity and sales network. Philips (NYSE: PHG), Midea Group (000333.SZ), Qingdao Haier (600690.SH), etc., even including Xiaomi, have joined this small battlefield.
Therefore, the time for leaving Kowos to build a city wall is running out. In order to take advantage of the market share, the first gold window period was successfully listed, Coworth has resorted to all the solutions.
First of all, start production with all efforts. In the first three quarters of 2013, 2014, 2015 and 2016, Cobos' capacity utilization rate increased from 76.62% to 94.78%.
However, the market space is limited, and the sales of the company may not keep up, causing the company's inventory to soar. During the reporting period, the book balance of the company's inventory goods were 155 million yuan, 185 million yuan, 353 million yuan, and 495 million yuan respectively.
In order to destock, the selling price of Coworth's products has been decreasing year after year. Taking the company's main product “Danbao†as an example, its average price dropped from 935.15 yuan in 2013 to 793.88 yuan in the third quarter of 2016.
In this "performance anxiety", Cobos sales can be described as a lot of troughs. In June 2015 and July 2015, Coworth was twice punished by the Market Supervision Authority for violating the Advertising Law. In May 2014 and December 2015, Cobos was punished by the Price Bureau for three times due to online pricing issues. Punishment.
Under this combination, Cobos gained access to the capital market and snatched the “household robot first shareâ€. However, at the same time, the company’s return on equity dropped from 31.75% in 2013. In the third quarter of 2016, it was only 11.62%.
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