With the arrival of a new earnings season, Cobos, known as the sweeping robot "double male", stone technology has also released the latest quarterly earnings. The dynamics of the head enterprise often represent the industry trend, the direction of the sweeping robot, may be able to learn from the financial data of Cobos, stone technology and other head enterprises.
Results: Mixed
In fact, the news that the sweeping robot track is cold has been mentioned many times, and the sales decline in the sweeping robot market is also an indisputable fact. As the head of the industry, Cobos, stone technology, its every move has always been concerned, in the context of the cold track, these head companies will hand over what kind of report card?
In terms of revenue, Cobos and Stone Technology have achieved revenue growth, but the growth rate is different. According to the financial report, Cobos achieved operating income of 10.532 billion yuan in the first three quarters of 2023, an increase of 4.02%. Among them, the operating income in the third quarter reached 3.387 billion yuan, an increase of 2.58%. Coincidentally, Stone Technology also maintained revenue growth. According to the financial report, in the first three quarters of 2023, Stone Technology's operating income was 5.689 billion yuan, an increase of 29.51%. Among them, in the third quarter, Stone technology achieved operating income of 2.315 billion yuan, an increase of 57.56%.
In terms of profit, Stone technology has achieved continuous growth in net profit, while Cobos has experienced a decline in net profit. According to the financial report, in the first three quarters of 2023, Cobos' net profit attributable to shareholders of listed companies was 604 million yuan, down 46.21% year-on-year; The net profit of stone technology returned to the mother reached 1.36 billion yuan, an increase of 59.1%. In the third quarter, Cobos' net profit was 19.61 million yuan, down 92% year-on-year; In the same period, Stone technology achieved a net profit attributable to shareholders of listed companies of 621 million yuan, an increase of 160.38%.
The decrease of Cobos' net profit is not unrelated to the early investment in the expansion of new categories. In order to make the new product seize the market, Cobos increased its marketing investment. Data show that in the first half of this year, Cobos sales expenses reached 2.297 billion yuan, an increase of 23.66%. The increase in selling expenses has affected the net profit performance of Cobos to a certain extent.
Product: Continuous innovation
Although the performance of Cobos and Stone Technology is different, but both companies are particularly focused on product. Because the product is always the core competitiveness of the sweeping robot enterprise, in order to continue to maintain an advantage in the current fierce industry competition, Cobos and stone technology continue to make efforts around the product.
First of all, Cobos and Stone Technology both attach importance to technological innovation and continuously increase technological investment to achieve continuous product iteration. Intelligence is the core of the sweeping robot, and the improvement of the degree of intelligence is inseparable from strong technical support. In order to create new products with higher intelligence and better functions, Cobos and Stone Technology have chosen to continue to invest in technology research and development. According to the financial report, in the first three quarters of this year, Cobos' research and development expenses reached 605 million yuan, an increase of 11.80%; Stone Technology's R&D investment was 448 million yuan, an increase of 29.97%, and the proportion of R&D investment in revenue was 7.88%.
Second, Cobos and Stone Technology continue to improve product features in order to bring a better experience to consumers. Cobos and Stone's continuous investment in technology has also become an important driving force for improving product functions and developing new products. For example, the Dibo T20 series launched by Cobos in the first half of this year has functions such as 55℃ hot water cleaning, automatic lifting of the mop and dual link antibacterial, which can achieve efficient cleaning. Stone Technology's self-cleaning mop robot G20 is innovative equipped with "super dual drive module", with innovative double spiral rubber brush, four zones double shock wipe function, cleaning effect upgrade; The P10 Pro series has added voice assistant function, which can bring users a better cleaning experience.
Finally, Cobos and Stone Technology actively expand new categories to meet the diverse needs of consumers. In addition to actively improving the function of sweeping robot products, Cobos and Stone technology are also constantly expanding new categories to obtain greater development space and achieve high-quality growth. Specifically, while continuing to deepen the layout of the sweeping robot field, Cobos has also launched new categories of products such as lawn cutting robots, commercial cleaning robots, and food machines. Similarly, Stone technology is also expanding new categories, for example, in February this year, Stone Technology launched a new category of product molecular sieve washing and drying machine H1.
Sailing: Coinciding
While focusing on products, Cobos and Stone Technology also set their sights on overseas markets, accelerated the development speed of overseas markets, and achieved quite good results. Data show that in the first half of this year, the overseas business revenue of Cobos and Add can respectively increased by 26.5% and 24.2%, accounting for more than 30% of their respective revenue. Stone technology also has a bright performance in overseas markets. The data show that the overseas market revenue of Stone technology has risen from 581 million yuan in 2019 to 3.483 billion yuan in 2022, and the proportion of business has also increased from less than 14% in 2019 to 52.54% in 2022.
First, the overseas market has a large room for growth, Cobos and stone technology layout overseas markets, can find new increments. Nowadays, the domestic sweeping robot market competition is fierce, the user's sense of freshness has gradually faded, the heat of sweeping robot products is not high, so sweeping robot enterprises urgently need to find new growth points to achieve new breakthroughs, overseas markets have become one of the key directions of Covos and stone technology. The business performance obtained by Cobos and Stone Technology in overseas markets also confirms the correct strategy of going to sea, and will prompt it to increase the layout of overseas markets again.
Secondly, Cobos and Stone Technology have set up branches in overseas markets, which can better provide localized services, thus promoting the growth of product sales. For overseas products, localization service is a very important part, in order to provide overseas customers with quality service experience, Cobos and stone technology have chosen to set up branches in overseas markets. It is understood that Cobos has set up overseas branches in Germany, the United States, Japan and other important European and Asian markets; Stone Technology has also set up overseas companies in the United States, Japan, the Netherlands, Poland, Germany, South Korea and other places.
It is worth mentioning that, after long-term efforts, overseas consumers have a relatively high degree of recognition for Cobos and stone technology products. For example, Tianke floor washing machine performed well in the recent Amazon Autumn Prime Day promotion activity, achieved the first market share in North America and Europe, and became the first place in the main site of the floor washing machine category. Stone Technology's products have also spread across more than 100 countries and regions around the world, and more than 10 million families have used stone sweeping robots.
The challenge: cut from the same cloth
As the head player in the field of sweeping robots, Cobos and stone technology can stand out from many brands and become the sweeping robot "duo", and the strength is naturally not to be underestimated. From its financial data, it is not difficult to see that Cobos and Stone Technology are continuing to improve their own strength and enhance competitiveness. But it is undeniable that even the strength of the outstanding such as Cobos, stone technology, also face challenges.
For one thing, the slowdown in the market growth of sweeping robots has become a fact, and Cobos and stone technology are under pressure. Although Cobos and Stone Technology are expanding their categories to cultivate new growth points, the research and development and promotion of new businesses take time, and the sweeping robot business is still critical. The current decline in consumer demand, sweeping robot market growth has slowed down, and how to in the stock market, still maintain growth, is Cobos and stone technology can not be ignored.
Second, Cobos and Stone Tech face stiff competition. In addition to Cobos and stone technology, there are many excellent enterprises in the field of sweeping robots, and in order to occupy more market share in the stock market, these sweeping robot companies have made efforts in technology, price, products, etc., the industry volume is very serious, Cobos and stone technology will face fierce competition can be imagined.
Third, the development of new business takes time, and it may be difficult to contribute in a short time. Multi-category development has become the tacit choice of enterprises, Cobos and stone technology are actively expanding new categories, cultivating new business, such as Cobos grass cutting robot, stone technology washing and drying machine and so on. However, the development of new business can not be achieved overnight, Cobos and stone technology to make achievements in the new field is not an easy thing, and into the new field, it means that there will be new competitors, competition is also inevitable. In addition, the development of new business will also drag down the performance of enterprises to a certain extent.
From the financial data alone, there are many highlights in the report card of Cobos and Stone technology, but there are also hidden worries. Whether it is the competition of the stock market, or the development of new business, it is not easy. However, with the continuous deepening of Cobos and stone technology in the technical end, the performance and quality of its products will also be improved, and consumers will also be able to enjoy the quality of life and efficiency improvement brought by the level of science and technology. However, before the harvest of fruits, always have to step through the layers of frustrations.