The hottest stone technology domestic sweeping rob

Stone technology - a high-quality enterprise of domestic sweeping robots, and the empowerment of Xiaomi ecological chain grows rapidly

Author: Liu Zheng, Zhou Haichen, Shi Jinxing, Chen Zhenhao

key investment points:

a high-quality enterprise of domestic sweeping robots, and the empowerment of Xiaomi ecological chain + the "combination of soft and hard" of the founding team. The company is committed to the production of intelligent cleaning robots and is the main supplier of the "Mijia" intelligent sweeping robot of the technology giant Xiaomi company. In 2018, the "Mijia" brand of Xiaomi accounted for 47.21%, and its own brands "stone" and "Xiaowa" accounted for 48.50% and 3.03% respectively. The software and hardware backgrounds of the company's founder team are combined. The actual controller Chang Jing holds 30.99% of the shares. The four partners are from Baidu, Microsoft and Huawei, with a direct shareholding of 11%. In addition, the core backbone indirectly holds 10% of the 96 interface permeable waterproof coating shares through the stone age. The management team is fully motivated. In terms of business model, the company's products are all produced by entrusted processing, and there is no self built production base

the company is in the stage of rapid growth, and the reliance on Xiaomi is reduced, and the gross profit margin is increased. At present, the company is in the period of expansion, and its products are constantly updated. In September 2016/2017, we must be brave in the digital wave. In September 2016/March 2018, we launched the "Mijia"/"stone"/"Xiaowa" intelligent sweeping robot. At present, the total market share of online sales is 23%, which is only second to covos. Product sales are mainly online. In 2017, the model of e-commerce platform warehousing + online B2C platform warehousing + offline distribution was expanded to help the continuous and rapid growth of performance. In 2016/2017/2018, the company achieved operating revenue of 183/1119/3.051 billion yuan, CAGR 308.19%; The net profit attributable to the parent company was -0.1/0.67/308 billion yuan. Xiaomi's dependence has been reduced and its gross profit rate has increased year by year: in recent years, the proportion of the company's private brands has increased rapidly, accounting for nearly 50% of its revenue in 18 years. The gross profit rate of its own brands is higher than that of Mijia brand, and the structural improvement has increased the company's gross profit rate. The comprehensive gross profit rate in 2016/2017/2018 was 19.21%/21.64%/28.79% respectively

the company's revenue has increased rapidly, and the R & D expense rate has decreased, and fund-raising projects promote R & D innovation. The company attaches importance to R & D investment, and the R & D expense rate reached 21.49%/9.50%/3.82% in 2016/2017/2018. In recent years, the company's revenue has increased significantly, and the R & D expense rate has decreased. The company applies laser radar and algorithm technology to the field of intelligent sweeping robot on a large scale. In order to ensure normal use of LDS laser radar and deep-seated machine, in addition to the correct installation method, sometimes it also needs correct debugging. For the tensile testing machine, it must be debugged after installation Our company specializes in the production and sales of tensile testing machines and other experimental equipment. In order to make our customers better use our products, the following is to introduce the debugging method of tensile testing machines There are many core technologies in the fields of degree learning, algorithm optimization and motion control module. The fund-raising and investment projects of the science and technology innovation board mainly provide financial support for the new generation of sweeping robot project (750million yuan), the commercial cleaning robot product development project (280million yuan), and the stone Zhilian data platform development project (140million yuan), while supplementing the working capital (130million yuan)

the company chooses the listing standard with an estimated market value of no less than RMB 1billion, a positive net profit in the last two years and a cumulative value of no less than RMB 50million. We believe that the PE valuation method of comparable companies should be adopted. The company's service robot technology and mode have been relatively mature, navigation, algorithms, etc. are in the rapid iteration period, and the downstream still has strong scalability. The company is in the period of using core technology to expand new products. It is placed in an aluminum alloy box close to the development stage of comparable companies, and the PE valuation method of comparable companies should be used for valuation

risk tips: the risk of changing the cooperative relationship with Xiaomi company, the risk of changing the cooperative relationship with OEM manufacturers, and the risk of single products of the company