If we talk about which track can attract many big sellers to compete, the smart security track must be on the list. At present, Anker Innovations, Ruilian Technology, Apeman Innovations, EZVIZ Networks, Zhiling Technology and other well-known big sellers are all powerful players in this track.
Globally, consumers are paying more and more attention to security, especially in some areas with relatively complex public security conditions, the demand for smart security products continues to grow.
According to Fortune Business Insights, the global smart home security market will be worth $25.55 billion in 2023. It is expected to grow to $93.14 billion by 2032, with a compound annual growth rate of 15.7% during the forecast period.
Setwell Electronics Co., Ltd. (hereinafter referred to as "Setwell") has been deeply engaged in the field of smart security since 2010, especially in the security alarm market segment. With years of technological accumulation and market expansion, it has consolidated its leading position in the industry.
Currently, Setwell is making intensive preparations for its listing and moving towards higher goals.
Second charge, aiming at IPO
At the end of 2022, Setwell started the listing guidance. In July this year, the guidance work has reached the seventh phase. The institution responsible for the guidance is Guotai Junan Securities.
For those sellers who pay close attention to the smart security track, Sitewell is by no means a strange name. Over the years, Sitewell has created multiple brands such as "Siterwell", "ELRO" and "Zixun", and its products cover home security alarms, such as independent smoke alarms, carbon monoxide alarms, gas alarms, water alarms, heat alarms, composite alarms, smoke burglar alarms, etc.
In terms of market layout, while deepening the European market, it has also laid out international markets such as North America, Australia, Southeast Asia, and the Middle East. The products are exported to more than 30 countries and regions, and have achieved a high market share in overseas markets, including a market share of 65% in Germany. The quality of its products was once praised and recommended by Germany's leading TV stations and France's mainstream TV programs.
From the perspective of online platforms, Setwell has opened stores on platforms such as Amazon and Meikeduo, and its overall sales performance is good.
For example, on Amazon, a smoke detector from the Siterwell brand priced at $79.99 entered the BS list in the "Fire Safety" category at No. 90, and at the same time, the product entered the BS list in the "Smoke Detectors and Fire Alarms" category at No. 28. This product has sold more than 500 units in the past 30 days, which means that this listing alone has sales of more than $40,000 a month.
In fact, this is not the first time that Setwell has launched an attack on the capital market. As early as 2017, it had already launched a sprint for the A-share market.
According to the prospectus at the time, more than 90% of its products were sold abroad. In 2015, 2016 and 2017, its revenue was 324 million yuan, 248 million yuan and 300 million yuan respectively, and its net profit was 115 million yuan, 43.78 million yuan and 84.55 million yuan respectively. The sales revenue of its flagship product, stand-alone smoke alarms, accounted for more than 79% of its revenue.
Many people may find it hard to imagine that the person who created a billion-level enterprise in the smart security segment only has a college degree, and the major he studied is far from the field of smart security. According to information, Wang Jiejun, the helmsman of Setwell, graduated from Ningbo Mingzhou Vocational College, majoring in foreign trade English.
Similar to many cross-border sellers, a large part of Setwell's revenue comes from ODM business (commonly known as "OEM"). From 2015 to 2017, its main customers were Smartwares in the Netherlands and Inter-Union in Germany. The combined sales revenue of these two customers accounted for more than 43% of its revenue. Smartwares and Inter-Union are both well-known brands in the European alarm market.
However, in recent years, its own brands have also been rising. Google Trends shows that since the second half of 2021, the search popularity of Sitewell has increased significantly, with the peak reaching 100.
Anker is also trying to make money in the 100 billion market
According to an earlier report by Techinsights , global consumer spending on smart homes will reach US$131 billion in 2023, of which home security will become the largest segment of the smart home market. It is estimated that by 2028, the home security market size will reach US$48 billion ( about RMB 340 billion ) .
The market continues to rise and has broad prospects, attracting many well-known companies to enter the market, and Anker Innovations is one of them. Its eufy Security brand focuses on smart home security systems, providing products including smart video doorbells, smart door locks, and smart wireless security cameras.
In addition to Anker Innovations, Reolink Technology, which is only one step away from going public, is also one of the well-known players. Reolink Technology was founded in 2009. Like many cross-border companies, it initially served overseas companies as an ODM manufacturer. In 2015, the company decided to transform and launched its own home security brand, Reolink. Reolink has a rich product line, including wireless battery cameras, indoor smart security cameras, security monitoring systems, etc.
Reolink has seized the growth opportunity in the home security market. In 2023, its sales on Amazon were about 1.34 billion yuan, and a large number of its products topped the Amazon BS list. In addition, its brand official website is also an important sales channel, with sales of 427 million yuan in 2023.
In 2023, Ruilian Technology earned 2.08 billion yuan from the security monitoring equipment category alone.
In addition to Anker Innovations and Ruilian Technology, Zhiling Technology ( AOSU and DEKCO), EZVIZ, and Nooie have also already made arrangements in the field of smart home security.
At present, many well-known companies have entered this field, but new players are not completely without opportunities. This is because there are still many new scenarios in the market that have not been developed, and new players can expand emerging application scenarios.
For example, the elderly care market. With the aging of the population, the demand for smart security products in the elderly care market continues to increase. Smart security equipment can be used to monitor the living conditions of the elderly, such as whether they take medicine on time, whether they fall, etc., to provide a safer and more comfortable living environment for the elderly.
There is also pet monitoring: More and more families are keeping pets, and smart security cameras can be used to monitor the activities of pets to prevent them from getting lost or having accidents. They can also allow owners to interact with their pets when they are away.
In the process of these enterprises going overseas, China's mature and complete supply chain can play an extremely good supporting role. From observation, there are three main industrial belts for home smart security products in my country. The first is the Pearl River Delta industrial belt, which is mainly characterized by the concentration of electronic smart security product manufacturers. Shenzhen is the core city of this industrial belt.
The second is the Yangtze River Delta industrial belt, which is characterized by the concentration of high-tech and foreign-funded enterprises. Shanghai is an important center of the intelligent security industry in the Yangtze River Delta region, with many security enterprise headquarters, R&D centers and technical service agencies.
The third is the Bohai Rim Industrial Belt, which is mainly characterized by the concentration of integrated application, software and service companies. Beijing is the core city of the intelligent security industry in the Bohai Rim region, with many leading companies and scientific research institutions in the security industry. Setwell |
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