It surpassed the top of the Meiya website and became the first

It surpassed the top of the Meiya website and became the first

At the end of last year, a seller launched a sales survey on social media platforms for 2023. Most sellers said that their revenue and profits had dropped sharply compared to the previous year. At the beginning of the year, a number of listed sellers released performance forecasts, and many of them turned from profit to loss or continued to lose money. At the beginning of this year, many sellers are still not optimistic.

 

However, the company has quietly achieved a net profit of 2 billion yuan, and many institutions have predicted that its revenue this year may reach 10 billion yuan.

 

8.6 billion yuan in revenue per year , net profit of 2 billion yuan

 

Last week, Beijing Stone Century Technology Co., Ltd. (hereinafter referred to as "Stone Technology"), the parent company of Amazon's leading home brand and China's overseas brand Roborock , announced its 2023 annual performance report.

 

The report shows that in the past year, Stone Technology's total revenue reached 8.654 billion yuan , an increase of 30.55% over 2022 .

 

 

The performance in terms of profits is even more impressive. Last year, Stone Technology's operating profit reached 2.323 billion yuan, an increase of 72.81% from 1.344 billion yuan in 2022 ; the total profit was 2.326 billion yuan, an increase of 72.38% year -on-year from 2022 ; and the net profit attributable to the parent company's owners was 2.054 billion yuan, an increase of 73.57% from 1.183 billion yuan in 2022 .

 

As Stone Technology's revenue scale expands, the company's asset scale also increases accordingly . As of the end of 2023, its total assets reached a staggering 14.4 billion yuan, an increase of 32.95% from 10.8 billion yuan at the end of 2022 .

 

In fact, before the release of this performance report, Stone Technology had already issued an announcement of expected increase in annual performance for 2023 , stating that the net profit attributable to the parent company's owners in 2023 is expected to be 2 billion yuan to 2.2 billion yuan .

 

Stone Technology attributes the improvement in performance to the growing competitiveness of its products.

 

Over the past year, Stone Technology has more actively occupied overseas market share through the brand Roborock . Thanks to its product performance and technological advantages, as well as the rapid growth in overseas consumer demand for its products, its revenue in overseas markets has also grown rapidly.

 

In addition, last year Roborock launched a number of new products, and the brand's sales channel layout was further improved, which provided great support to its performance.

 

Although there is no specific and complete revenue data yet, in this report, Stone Technology also acknowledged the increase in the proportion of revenue from overseas markets.

 

On February 28, Stone Technology accepted a survey from 302 institutions and stated that the company's domestic and foreign revenue share in 2023 will remain basically the same as in 2022, with overseas revenue accounting for a higher proportion than domestic revenue .

 

In 2022, Stone Technology's total revenue was 6.629 billion yuan, of which domestic market revenue was 3.128 billion yuan, accounting for 47.19%; overseas market revenue was 3.483 billion yuan, accounting for 53.54%.

 

Roborock surpasses iRobot and becomes the No.1 in the US and Asia market

 

Through the financial data, we can see that in the first half of 2023, Stone Technology's revenue was 3.374 billion yuan , which means that its products sold nearly 5.3 billion yuan in the second half of the year. In terms of net profit, it was only 740 million yuan in the first half of the year, and it directly doubled in the second half of the year, with a net profit of more than 1.3 billion yuan .

 

Kaiyuan Securities Research Report pointed out that in the fourth quarter of last year, Roborock Technology's performance increased significantly and its net profit margin exceeded expectations. In the fourth quarter alone, Roborock 's online sales of sweepers increased by 35%. From the market perspective, overseas market revenue accounted for 65% this quarter, of which Europe accounted for 40%, Asia Pacific accounted for about 25%, and North America accounted for about 35% .

 

In addition, Roborock entered the offline supermarket market in the United States in the fourth quarter of last year and settled in nearly 200 Target stores.

 

In terms of products, Roborock has two product lines: smart sweepers and accessories, and handheld cleaning products and accessories. In 2022, these two product lines contributed 6.346 billion yuan and 265 million yuan in revenue respectively. Obviously, sweepers are Roborock 's main products.

 

When searching for smart sweeping robot products on Amazon, the results page will show brands such as iRobot and Roborock , which is enough to show that this is also a popular product track, but Roborock has always performed well.

 

 

For example, one of the products is priced at $1,399.99, and it can achieve monthly sales of more than 1,000 orders with such a high average order value. In the Amazon BS TOP25 list of the sweeping robot subcategory , Roborock has 4 products on the list, with the highest ranking being fourth .

 

In the Amazon smart home market, iRobot has been firmly at the top of the list most of the time. But according to Mojing data, in January this year, Roborock's sales increased by 89.6% and sales volume increased by 85.8% on Amazon's US site, with a sales market share of 23.6%, surpassing iRobot to become the first .

 

In the second quarter of last year, Roborock 's low- and mid-range P series products quickly gained consumer recognition after they were launched on the market, and its sales share continued to increase, while its flagship G series products still achieved outstanding results in the high-end price range.

 

In 2023, Roborock began to expand into overseas offline supermarkets. Previously, Roborock had been selling online through third-party platforms such as Amazon and its own independent website.

 

Similarweb data shows that in January, the total number of visits to Roborock 's independent website roborock.com reached 1.9 million, but in the past three months, the average monthly visits to its independent website have reached 2.1 million.

 

In contrast, iRobot, a strong competitor , had a total of nearly 1.4 million visits to its independent website irobot.com in January, and an average of only 1.73 million visits per month in the past three months. In terms of independent website traffic, Roborock is better.

 

 

Today, Roborock 's products are sold in more than 100 countries and regions around the world and have entered more than 13 million households.

 

Institutional forecast: Stone Technology will reach 10 billion in revenue this year

 

Founded in 2014 and listed in 2020, it has only been 10 years since Stone Technology established its own name at home and abroad.

 

With the continuous improvement of revenue and profit, many securities investment institutions now have high hopes for Stone Technology:

 

Pacific Securities expects its revenue to reach 8.673 billion yuan, 11.219 billion yuan, and 14.494 billion yuan in 2023-2025, and its net profit attributable to the parent company to be 2.107 billion yuan, 2.590 billion yuan, and 3.434 billion yuan respectively;

 

Kaiyuan Securities expects its revenue to reach 8.654 billion yuan, 10.390 billion yuan, and 1.248 billion yuan in 2023-2025, respectively, and its net profit attributable to the parent company to be 2.054 billion yuan, 2.406 billion yuan, and 2.848 billion yuan;

 

Tianfeng Securities expects its revenue in 2023-2025 to reach 8.653 billion yuan, 10.427 billion yuan and 12.355 billion yuan respectively, and its net profit attributable to shareholders of the parent company to be 2.054 billion yuan, 2.42 billion yuan and 2.847 billion yuan respectively.

 

There are also several securities institutions such as SDIC Securities, Zhongtai Securities, and Huajin Securities that have made similar estimates. In other words, this year Stone Technology will achieve a revenue scale of 10 billion .

 

This year, at the International Consumer Electronics Show ( CES), Roborock Technology also launched the Zeo One series of washing machines, and added an Eco mode to adapt to the overseas market. Some industry experts believe that this new product category may be another new revenue curve created by Roborock Technology.

 

Public information shows that Roborock has ranked among the top three in market share in 14 countries including Germany, Australia, and Japan. In the United States, where overseas brands and other internationally renowned brands are concentrated, Roborock 's high-end products have a market share of up to 57% .

 

According to Google trend data, Roborock 's global search popularity has remained high over the past five years, especially during November and December each year, when search popularity has soared to its peak.

 

 

The need to "go global" is the driving force behind the increase in the proportion of overseas market revenue of Stone Technology every year. Compared with the domestic market, the gross profit margin of products in the overseas market is higher, reaching 53.10% (45.10% in China), the consumer demand is also greater, and going overseas has long been a trend for brands.

 

But if you want to gain a higher market share overseas, research and development must be the focus. In 2022 alone, it invested 489 million yuan in research and development, a year-on-year increase of 10.85%. In the first half of last year alone, its R&D investment reached 287 million yuan, accounting for 8.49% of the current revenue, and there were 499 R&D personnel alone. In 2022, Stone Technology also invested 460 million yuan to build its own manufacturing center .

 

Products are king, and Stone Technology is actively developing overseas markets. It said that it will continue to iterate its products in overseas markets and expand the price range in the future.

Meiya

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