Ecovacs hits the domestic home robot first share with a revenue growth rate of less than 20%

AsiaIndustrial NetNews: In recent years, small household appliances have swept the floorrobotThe development of the field can be described as hot. Today, there are even more industry leaders who want to drink the “head soup” of IPOs in this field. It is Ecovacs Robot Co., Ltd. (hereinafter referred to as “Ecovacs”), which currently has a market share of 50% and ranks first in China.

The company issued a prospectus in February 2017, and plans to list on the Shanghai Stock Exchange to issue no more than 40 million A-shares of ordinary shares, raising capital of 912 million yuan, and investing in projects with an annual output of 4 million units of home service robots, robot Internet ecosystem projects and international projects. Marketing project.

However, what is the development potential of Ecovacs, and whether it can bring more benefits to investors after listing, it is necessary to analyze its actual operation in detail.

The growth rate of performance is not high, and there is little room for imagination

When Ecovacs “made its debut”, it was not what it is today, but a company that produced vacuum cleaners for foreign manufacturers. It was established in 1998 and is headquartered in Suzhou. It was also called Taiyikai Electric at that time. The expansion of the home robot sector was also due to a “flash of inspiration” when the 42-year-old company chairman Qian Dongqi was reading the newspaper in 2000. At that time, Qian Dongqi noticed a news about a robot soccer match. The entrepreneur, who graduated from the Physics Department of Nanjing University, thought about it, can robots also help people sweep the floor?

Therefore, in addition to the main business of foundry, Qian Dongqi set up a small-scale team in the company to develop a new product that was later called a sweeping robot. Until 2011, the company that manufactures vacuum cleaners changed its name to Ecovacs Robotics Technology Co., Ltd.

However, after the name change until 2014, Ecovacs’ main revenue came from foundry products (contributing more than 1.2 billion yuan in revenue, accounting for 52.6% of the company’s total revenue). In 2015, robot revenue became the company’s largest