Oni Electronics (301189).On December 28, 2021, it landed on the A** field. From 2018 to 2020 before going public, Omni Electronics realizedOperating income was 29.5 billion yuan, 52.8 billion yuan, 108.4 billion yuan, a year-on-year change. 51%；correspondingThe net profit was 259330,000 yuan, 4877220,000 yuan, 19.3 billion yuan, a year-on-year increase. 06%Doubled for three consecutive years.
This is Oni's electronicThe issue price can be as high as 66$18 sharesimportant basis.
In the context of the integration of artificial intelligence and Internet of Things applications, Aoni Electronics is mainly engaged in the research and development, production and sales of intelligent audio-visual terminal products of the consumer Internet of Things, focusing onSmart home, smart travel, smart officeand other application scenarios of audio-visual data collection, transmission and processing, the main products are:Intelligent audio-visual terminals such as smart cameras, smart car cameras, and wireless audio products
Source: Omni Electronics***
However, after the listing, the business performance of Omni Electronics began to change.
In 2021 and 2022, the company's operating income will be 95.8 billion yuan, 66.8 billion yuan, a year-on-year decrease. 24%, declining continuously, and showing an accelerated downward trend; During the same period, the company's net profit was 12.4 billion yuan, 06.4 billion yuan, a year-on-year decrease. 92%, a continuous sharp decline.
On January 30 this year, Aoni Electronics released its 2023 annual performance forecastThe company expects a net profit of 19 million yuan to 24 million yuan.
Omni Electronics raised 19 funds at the time of its IPO$8.5 billion, net of about 1.8 billion0.1 billion yuan, after fundraising, the annual financial expenses can be reduced by about 50 million yuan.
In response to the loss in 2023, Omni Electronics explained that it was affectedThe consumer electronics industry as a whole is sluggish, and industry competition is intensifyingand other factors, the company's smart camera product sales fell sharply, and the gross profit margin of products decreased compared with the same period last year. companyImprove the construction of customer channels and marketing network channels, further expand the market, increase the publicity of the company's products, resulting in an increase in sales expenses.
But it is also in the smart home and IoT cloud platform industryHangzhou EZVIZ Network Co., Ltd. *** 688475).In the past two years, however, the situation has been different.
In 2021 and 2022, the revenue of EZVIZ Network will be 423.8 billion yuan, 4306.3 billion yuan, a year-on-year increase of 161%；Net profit 45.1 billion yuan and 33.3 billion yuan,In 2022, it will only decline by 26 year-on-year10%
In 2023, EZVIZ Network is expected to achieve a net profit attributable to the owners of the parent company of 540 million yuan to 580 million yuan, an increase of 206.51 million yuan to 246.51 million yuan compared with the same period last yearThis represents a year-on-year increase of 6192% to 73About 92%.
The main reasons for the large difference in the performance of the two companies in the past two years are:The proportion of self-owned brand products and the strength of the company's new product research and development capabilities
EZVIZ Network has the "EZVIZ" brand, and has the ability of the whole industry chain of smart home product design, research and development, production, sales and value-added services. Company smart home camerasIn 2020, the annual shipment volume was about 12.79 million units, accounting for about 14% of the global market share39%, which is at the forefront of the market
Source: EZVIZ Smart Life***
Oni Electronics is mainly foundry, formed"ODM customization is the mainstay, supplemented by its own brand operation".business model.
However, in ODM customization mode,Omni Electronics has a dependence on brand principals。In terms of its own brand, the revenue scale of Omni Electronics is not large.
In 2021 and 2022, the company's own brand sales revenue will be 11.5 billion yuan, 6427530,000 yuan, accounting for the proportion of the company's operating income respectively. 62%。In 2022,The company's own brand sales revenue accounted for less than 10%.。Due to the low gross profit margin of OEM, the performance is subject to the operation of the brand client.
EZVIZ Network has strong technical strength, and the rapid iteration of new products is expected to ensure the company's revenue continues to grow rapidly. In October 23, the company released two new products, AI Sweeping Treasure RS20 Pro and Cloud Vision Commercial Cleaning Robot BS1, of which BS1 is equipped with EZVIZSelf-developed "multi-eye visual computing system ezmultivcs++".It effectively solves the problem of unstable operation of cleaning robots in complex environments and improves the scene adaptability of robots.
As an ODM-based enterprise, Aoni Electronics has put a lot of technical strength on processing capacity, and the development of new products has been greatly affected。The date on which the construction project of its intelligent audio product R&D center reaches the scheduled usable state will be adjusted from December 31, 2023 to June 30, 2026Extended for two and a half years