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After Blackstone and Langte Intelligent, the intelligent electronic control small faucet quietly went on the market-Zhenbang Intelligent, but Blackstone relied too much on TTI. Although emerging consumer electronic products such as TWS have exploded, the off-grid lighting products exported overseas by Langte Smart always feel like a thunder that may explode at any time, and the growth rate has started to slow down obviously. In contrast, Zhenbang Intelligent seems to have a very balanced development of various businesses. In recent years, Shark Ninja and TTI have been newly listed as two giants in the global segmentation field, and Zhenbang's business has begun to enter the fast lane of development. In terms of automotive electronic control products, the company is one of the few listed companies that provide automotive refrigerator electronic control products. Under the epidemic situation, with the increase in sales of small household appliances such as shark brand cleaning robots, air fryers and ninja coffee machines, the company has also become the biggest beneficiary. What about Zhenbang Intelligence? Let's watch dolphins today and give you an in-depth analysis!
The previous analysis link about RANT Intelligence is as follows:
Intelligent controller faucet, new products are increasing! Products are used in TWS headphones, sweeping robots, electronic cigarettes and other fields. ...
The previous analysis link about Bestak is as follows:
The second largest supplier of global power tool giant TTI! Can you make a breakthrough in the field of smart home and security?
In 20 17, the market size of intelligent electronic control in China was1620,000, in which the intelligent electronic control products of automobile electronics, household appliances, power tools and industrial equipment accounted for 23.30%, 13.70% and 12.90% respectively. In recent years, with the popularization of Internet of Things technology, emerging industries such as smart home and smart building have developed rapidly.
The company focuses on the field of intelligent electronic control, and is one of the earliest domestic enterprises engaged in home appliance controllers such as refrigerators and air conditioners. Up to now, the company's products include high-end intelligent controllers, variable frequency drivers, digital power supplies and intelligent IOT modules, which are mainly used for power conversion, control and application in terminal equipment. The specific application fields are
The company's main downstream customers are WIK (the first-class supplier of Nest), TTI, Shark Division, Domeda (car refrigerator), GMCC gmcc, Midea, Meiling, Yangzi, Omar, Yuanda, TCL Delong, Panasonic and Gree Jinghong. Among them, WIK and TTI are the company's top two customers. With the gradual increase of the company's business with TTI and SharkNinja, the company's export ratio has greatly increased from 65,438+08.6% in 2065,438+09 to 35.3% in 2065,438+09.
The business model is different from the general intelligent electronic control products enterprises in the industry, mainly OEM. Based on the business models of JDM and ODM, the company has gradually established a product structure characterized by differentiated positioning and high added value, and a customer system characterized by high cooperation stickiness, which is more active in business cooperation with terminal manufacturers.
In terms of revenue scale, Zhenbang Intelligent is equivalent to Langte Intelligent, and the revenue of Zhenbang Intelligent in 20 18 and 20 19 increased by 19.3% and 22.7% respectively.
Affected by the operational difficulties of Xinfei and Xiabao, the revenue proportion of the company's household appliances products continued to drop from about 60% to about 65,438+05%.
In the field of intelligent household appliances control, the company has strong advantages in inverter refrigerator controller and high-end small household appliances controller. The company's intelligent electronic control products of inverter refrigerator have outstanding advantages such as high efficiency, energy saving and stable quality. The main customers are gmcc, Midea, Meiling and Omar.
In recent years, due to the difficulties of customers such as Xinfei and Xiabao, the company's revenue of large household and commercial electrical control products in 20 18 decreased by 32.4% year-on-year, and the proportion of revenue also dropped significantly from 59% in 20 17 to 33.4% in 20 18. In the first half of 2020, the company adjusted its business layout according to the strategic planning and production capacity, and actively reduced some low-profit electronic control products of major household appliances, and the revenue ratio further dropped to about 65,438+05%.
At present, the company's electric control products in the field of large household and commercial appliances are mainly high-tech added-value variable frequency drivers and variable frequency integrated boards with logic control. The application fields focus on refrigerators, air conditioners and commercial new fan equipment. The product value is usually higher than that of general logic controller, and the customers are mainly a few domestic medium-sized electrical appliance brand manufacturers with long-term cooperation. Therefore, the gross profit margin of the electronic control products of the company's large household and commercial appliances is about 265,438+0-23%, which is equivalent to that of McGonagall and slightly higher than that of Tuobang Hehe.
In the field of high-end small household appliances, the company has developed intelligent and high-end small household appliances that meet the needs of market development, such as coffee machines and cleaning robots. Our main customers are Jia Wei (WIK, a first-class supplier of Nestle), Sharkbike, TCL Delong, Safeline, Aosta and Panasonic. Among them, WIK is an expanding customer of the company 20 10, and has been the top two customers of the company for nearly three years. From 20 17 to 20 19, the company's income from WIK was 93.22 million,120,000 and170,000 respectively.
Electronic control products of small household appliances are also the main growth driver of the company's performance. The scale of income increased from1.1700 million in 20 19 to 3 10 billion in 20 19, and the proportion of income increased sharply from 24.7% in 20 17 to 20/kloc-0. Mainly because the company's 20 18 new customer Shark Ninja mainly supplies electronic control products for small household appliances such as cleaning robots, coffee machines and air fryers. In 20 18 years, the company realized the income of sharks 1 100 million, of which the income of electronic control products of cleaning robots was 76.93 million. In 20 19, the company's income from the shark branch continued to increase substantially. Among them, the electric control products of air fryer increased by 3.4 times to 54.8 million, the electric control products of coffee machine increased by 20.8% to1.1.70 million, and the new electric control products of pressure cooker realized income of 1.35 million that year. In the first half of 2020, the company's income from sharks continued to grow, among which the income from clean robot electronic control products reached 43.58 million, accounting for over 14%.
At present, the main customers of the company's electronic control products for small household appliances are WIK, Shark Ninja, Severin, Humanscale and so on. The terminal products are mainly overseas brands with high-end market positioning. The customer structure is similar to that of Qu Ying Technology. The gross profit margin of the company's electronic control products for small household appliances is about 30%, which is equivalent to that of Qu Ying Science and Technology. Zhongtuobang Company has a large business scale and a wide product line layout, covering a variety of small household appliances control products such as rice cookers, electric ovens, dishwashers, coffee makers, mixers and microwave ovens. And its business and customer structure are relatively scattered, so the overall gross profit margin is relatively low, only about 20%
In 20 16, the company added a new customer, TTI, a world-renowned power tool manufacturer. In the past two years, TTI has been buying a lot of products from this company. In 20 18 and 20 19 years, the company realized TTI income of 71270,000,10,000,000 and 20 19 years, respectively, and the income ratio was16. With the continuous growth of TTI revenue, the revenue scale of the company's power tools products has also increased rapidly, from13.72 million in 20 19 to120,000 in 2019, and the revenue proportion has increased from 20120,000.
According to the data, TTI has 8 suppliers of intelligent controllers, among which Tuobang, Heritat, Netac Intelligent and Blackstone account for more than 80% of TTI intelligent controllers. In 20 18, the sales of TTI by Tuobang was 937 million yuan, that of Blackstone was 466 million yuan, that of Netac was 454 million yuan, and that of Heltai was 3.966 billion yuan.
It is worth mentioning that in 20 18, Heritat's revenue from TTI accounted for as high as 93.47%, Blackstone accounted for about 80%, Tuobang shares accounted for about 26.36%, and Netac's largest customer was Jiuyang, accounting for about 32%.
The gross profit margin of the company's electric control products for electric tools increased from 20.8% in 20 17 to 26.2% in 20 19, which was higher than that of Netac Intelligent (about 17%), lower than that of Blackstone (about 35%) and close to Hetai and Tuobang.
Vehicle-mounted equipment usually requires higher reliability and anti-interference than ordinary electrical appliances, and the technical threshold and production process threshold are relatively high. At present, the domestic automobile electrical appliance market is still in the development stage, and the competition degree of the upstream electronic control component market is slightly lower than that of the traditional household appliance control field. However, the company entered this field earlier, and has long-term cooperation with the main customer Domeda Group, so the gross profit margin of the company's automobile electronic control business is 37% higher.
The car inverter refrigerator controller, car inverter air conditioner controller, RV gas refrigerator controller, car air purifier controller and car inverter independently developed by the company have outstanding performance, stable quality and high energy efficiency ratio. At present, the company has become a secondary supplier of mainstream European and American automobile manufacturers such as BMW, Mercedes-Benz, Land Rover and V Volvo.
The main customer of the company's on-board intelligent electronic control products is Domeda, and it has been supplying Domeda since 2005. Domeda was the company's fourth and third largest customers in 20 17 and 20 18 respectively. The company's income from Domeda was 60.48 million and 69.22 million respectively, accounting for about 12%. However, in 20 19, Domeda adjusted its purchasing policy, resulting in a year-on-year decrease of 28.3% to 50.006 million, and a slight decrease in revenue from the previous 12% to 7.22% in 20 19.
Domeda is an internationally renowned car refrigerator enterprise, which has three brands: Domeda, WAECO and MOBICOOL.
Industrial automation field: Huichuan Technology, Blue Ocean Hua Teng.
Household appliances and power tools: Tuobang, Heltai, Netac Intelligent, Hejing Technology, Qu Ying Technology, Beske.
Industrial power supply and automation control and household appliance control: McGemitt
With the further growth of the company's products in the field of small household appliances and power tools since 2020, the company's product structure has been optimized. The company expects revenue to increase by 29% to 900 million in 2020, and non-net profit will increase by 40.7% to 654.38+0.46 billion. At the same time, during the epidemic period, the company was also the supplier of electronic control components of Yuanda Clean Air Technology, an epidemic prevention material enterprise. The downstream customers of the company are relatively concentrated. In recent years, with the increase of income of WIK, Shark Ninja and TTI, the company's performance has increased rapidly, and its quality is better than that of Langte Intelligent driven by off-grid lighting products, which is equivalent to that of bestv. It is suggested that we should pay enough attention to it.