Dolphins read new stories (the deepest interpretation of new shares in the whole market)
Anke innovation, innovation board registration system The market value of super-large-cap stocks in the first batch of 18 new shares exceeds 50 billion, and it is of course one of the best quality new shares. Different from Chaoyang Electronics, Jiahe Intelligent and Aohai Technology in the previous new shares of the main board, Anke Innovation has its own independent brand, only doing R&D and design, and all the production links are handed over to the foundry for OEM, catching up with the e-commerce dividends in the European and American markets and becoming the best seller of Amazon platform. After listing, it has also attracted much attention from the market, and has formed a good linkage effect with Haineng Industry and Aohai Technology. What about this registered new share?
The previous analysis links about Aohai Technology are as follows:
Invisible champion in the field of chargers, with annual sales exceeding 200 million and global market share of 10.34%, is expanding to the global market …
Founded in 20 1 1, the company is a manufacturer of peripheral products and intelligent hardware products of its own brand, and adopts the product supply mode of "independent research and development design+outsourcing production". All manufacturing links are completed by cooperative outsourcing manufacturers, while the company is only responsible for R&D, design and sales.
The company's products are divided into three series: charging, wireless audio (launched on 20 14) and intelligent innovation (launched on 20 16). In recent years, while focusing on charging products, the company has further broadened product categories and successively launched smart hardware brands such as Eufy, Roav, Zolo, Nebula and Soundcore. In the future, the company will continue to charge intelligently.
By the end of 2020 1, the company has provided more than 1 000 products, and many of its products have been rated as the best-selling products on Amazon platform, and have been selected by Amazon all the year round. Among the best-selling products before Amazon platform 10, mobile power products accounted for five, and the company's flagship brand "Anker" was rated as "the most praised brand" by Amazon in recent years. In 20 19, the number of active searches of company brands on Google search engine increased by nearly 300% compared with 20 14.
From 20 17 to 20 19, the company ranked 8th, 7th and 10 in the list of top 50 overseas brands in China. The company's overseas income accounts for more than 98%, mainly concentrated in developed countries and regions such as North America, Europe, Japan and the Middle East, among which North America accounts for more than 56%, Europe accounts for more than 65,438+07%, and Japan accounts for about 65,438+02%. Domestic income only accounts for about 1.5%. In the future, the company plans to gradually promote the layout in emerging markets such as China, Southeast Asia, Africa and South America.
The company's online revenue accounts for about 70%, and most of them are B2C models, among which Amazon is the company's main online sales channel. From 20 17 to 20 19, the company's revenue from Amazon platform accounted for 73.4%, 70.3% and 66.25% respectively. By the end of February 20 19, the company ranked third, sixth, eighth and fifth among Amazon sellers in the United States, Japan, Canada and Germany respectively. At the same time, the company is also actively exploring other third-party platforms, such as Yi Bei, Japanese Lotte and Tmall.
In terms of offline channels, the company has developed smoothly in recent years, and the proportion of offline channels has increased from 23.3% in 20 17 to 29% in 20 19. Among them, Wal-Mart is the company's top two customers, and its revenue from 20 17 to 20 19 accounted for 5. 12%, 6.25% and 6.63% respectively. Target and Best Buy became the company's third and fourth largest customers in 20 19, accounting for about 2% of revenue. From a regional perspective, up to now, the development of offline channels of the company is as follows:
Anke also has extensive layouts on social media such as Facebook, Twitter and LinkedIn. On foreign social networking sites, Anke has 6.5438+0.38 million fans on Instagram, more than 360,000 fans on Facebook and nearly 309,000 likes. According to incomplete statistics, Anke currently has more than 30 million fans worldwide, of which about 6.5438+million are its loyal fans. On YouTube and other video media, bloggers can often be seen torturing Anker with various data cables, which are used to drag, jump rope and even "walk a tightrope" to prove the quality of their products with facts.
Thanks to the steady growth of global consumer electronics products and the continuous expansion of the company's sales channels, the company's performance has maintained steady growth in recent years. The revenue in 20 18 and 20 19 increased by 34.06% and 27.2% respectively, and the revenue scale increased from 3.9 billion in 20 17 to 6.65 billion in 20 19. The net profit increased from 328 million in 20 17 to 720 million in 20 19. In the first half of 2020, the company's performance continued to maintain rapid growth, with revenue increasing by 24.52% year-on-year to 3.5 billion, and non-net profit increased by 65,438+07.4% year-on-year to 244 million.
From the perspective of product structure, rechargeable products are the main revenue source of the company and the earliest product category introduced by the company, accounting for 72.58%, 63.48% and 57.33% of the revenue of 20 17-20 19 respectively. Charging products are mainly divided into mobile power series, USB charger (desktop charger/car charger/wireless charger) and wire series (Lightning data line /Micro data line /USB-C data line). The revenue scale of the company's charging products exceeds 3.8 billion, which is 1.8 times that of Aohai. It can be said that the scale and brand advantages are obvious.
Among them, the revenue of the company's mobile power products once exceeded 30%. In 20 18, the revenue of mobile power products continued to increase by 20% year-on-year, but the growth in 20 19 was weak, only slightly increasing by 2% year-on-year, and the revenue proportion also dropped to about 22%. From the industry point of view, the global mobile power market scale reached 8.49 billion US dollars in 20 18, and it is estimated that the average annual growth rate of 20 18-20000 mAh will reach 26. 1%, among which the mobile power market has the largest growth space, and it is expected to start growing from 20 12.
At one time, the income of rechargeable wire rod reached about 26%, which hardly increased in 20 18 years, and increased in 20 19 years 16.7%, and the proportion of income also decreased year by year. From the development trend of the industry, the charging cable of USB-C interface is expected to replace the traditional USB interface and gradually become the mainstream product in the industry, because USB-C interface has the characteristics of insertion direction, indistinguishable input and output ports and high data transmission speed.
The company's charger revenue scale is about 760 million, with a slight increase in 20 18 and a year-on-year increase of 34.8% in 20 19. Compared with the thigh growth rate of Aohai Holdings Huawei, the charger revenue scale is far less than that of Aohai Technology. With the increase of charger power, the product volume also increases accordingly. In order to meet the requirements of consumers' portability, major manufacturers of charging products began to develop chips to meet the miniaturization of chargers. At the same time, multi-port chargers are constantly sought after by the market. At the end of 20 18, the company launched the smallest 30W power PD charger in the industry at that time, and it was also the first time in the industry to launch a high-power small-volume charger based on GaN.
At the same time, the company is also accelerating the deployment of wireless charging services, but the revenue scale is still small, with 20 18 and 20 19 being 220 million and 300 million respectively, accounting for about 4% of the revenue.
The company is also actively studying the application of emerging materials such as GaN and graphene in charging products such as chargers and mobile power supplies. From 2065438 to March 2008, the company invested in Navitas, a power IC chip company made of gallium nitride in the United States, with a shareholding ratio of 2.79%. 20 18 18 invested in Shanghai Nanxin, holding 8% of the shares. Its main business is power management chip and organic light-emitting diode display driver chip.
The company's wireless audio products include wireless speakers and wireless headphones, and its brands include Anker and Zolo. The revenue scale of the company's wireless audio products increased from 700 million in 20 17 to1280,000 in 20 19, which increased by10.8 times in two years, and the revenue proportion increased slightly from 18% in 20 17 to 20.
According to the 20 19 platform best-selling product ranking released by Lotte Japan, the company's Zolo brand wireless audio products ranked sixth in the whole platform, surpassing the sales of Apple AirPods wireless headphones; Soundcore2 wireless speakers also ranked ninth in the best-selling list. However, due to the fierce competition in the wireless audio products market, the company actively lowered the price, which made the gross profit margin of wireless audio products drop from 49% in 20 17 to 39.6% in 20 19.
5. The revenue of intelligent innovative products has increased by 4.6 times in two years, which is the main driving force for the company's performance growth.
The company's intelligent innovative products are divided into two categories: smart home products (Eufy brand) and intelligent innovative products (Roav and Xingyun brand). The main products are sweeping robots, projectors, driving recorders and security products.
In recent years, the company's intelligent innovative products have grown rapidly. The scale of income increased from 330 million in 20 19 to15100000 in 20 19, which increased by 4.6 times in two years, and the proportion of income greatly increased from 8.43% in 20 17 to 201. In terms of sub-categories, smart homes (mainly sweeping robots) account for the highest proportion, accounting for 77.6%, 68% and 60.5% in 20 17-20 19 respectively.
In 2002, the number of intelligent security products reached 65.438+0.68 billion, accounting for more than 654.38+0.654 38+0% of intelligent innovative products, and the revenue of intelligent audio and video surged from more than 37 million in 2065.438+07 to 246 million in 2065.438+09, accounting for more than 654.38+0.6%.
It is worth noting that in order to improve the consumption experience of overseas end customers, the company needs to buy a certain scale of inventory. With the increase of income, inventory is also rising. The proportion of net book value of inventory to current assets increased from 30.36% in 20 17 to about 42% in 20 19, and about 33-44% of the company's inventory was stored in warehouses outside Amazon. If the inventory management is not good, it will cause direct losses to the company.
Growth enterprise market registration system is one of the few high-quality stocks in the first batch of listed companies, which has strong brand value and is also a veritable super-large-cap stock. At present, the market value is close to the chip IDM leader China Resources Micro and New Industry. Unlike Jiemeite, which is mainly engaged in OEM business, Anke does not engage in production links and mainly relies on outsourcing vendors, among which Jiahe Intelligent is also one of the outsourcing vendors of the company, so the gross profit margin is high and there are certain barriers to entry. The main growth point in the future lies in the intelligent innovative products of smart homes (mainly sweeping robots), smart cars and other companies. In addition, the company also involves concepts such as gallium nitride and chips, but it still feels that there are more hype components, just waiting for the return.
Comparable companies: ZAGG, Tongtuo Technology (acquired by hua ding shares) and Aoji Technology (to be listed in science and technology innovation board).
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