The listing of Cobos Robots actually not only represents the success of the company, but from a certain angle is more of an encouragement to many domestic consumer robot companies, and it is also a powerful boost to the robotics industry. It has set a benchmark for many robotics companies. At the same time, its achievements will also give investors who are concerned about the robotics field a standard for judging the industry.
Recently, Cobos released its financial report for the first half of 2018. Judging from the report card, this benchmark company in the domestic consumer robotics industry did not disappoint everyone.
In the first half of 2018, Cobos Robot's main operating revenue was 2.52 billion yuan, a year-on-year increase of 28.3%, and its net profit was 200 million yuan, a year-on-year increase of 28.7%. The gross profit margin also increased slightly by 2.2 percentage points to 36.6%. Based on Cobos's actions and financial report data in the first half of the year, we summarize Cobos's future development as "a market worth looking forward to" and "a problem that is being solved."
In the financial report of Cobos for the first half of 2018, the first thing that attracted attention was the further optimization of its revenue structure. The service robot business continued to grow. It has grown by 52.3% compared with the same period last year, accounting for 68.2% of total operating income, while the proportion of clean small household appliances revenue has further declined, from 40.46% in the same period last year. 29.32%.
From a financial point of view, the further optimization of the revenue structure has brought an increase in gross profit margin for Cobos, but it actually has a more profound significance in terms of brand. In the early days of its establishment, Cobos mainly provided OEMs for clean small household appliances for overseas customers, with low gross profit margin and weak brand effect. From entering the home service robot industry to today, Cobos has gradually formed its own reputation in the industry. He brand has become a representative company in the domestic sweeping robot industry. The brand value meaning of this is that the profit growth is difficult to match.
This means that in the future competition in the industry, as long as Cobos maintains its position in the industry, with the continuous expansion of the home service robot market, the former can achieve steady growth in volume.
At present, the domestic home service robot market is in a stage of rapid growth. According to the response of Cobos Chairman Qian Dongqi, the penetration rate of domestic sweeping robots is still relatively low, only single digits. Even the penetration rate of the US market is only 16%-20%. Although this data is not easy to verify, we can be sure that the market size of sweeping robots still has room for several times of growth.
In fact, the industry currently has no doubt about the future market space of home service robots. Whether it is a sweeping robot or an education or companion robot, they all represent the convenience and comfort of future life, which is a sure trend. What is hard to say is the growth rate of this industry. Cobos’ semi-annual report may give me a certain basis for judgment.
As one of the companies with the best brand, market, and product stability in the industry, the growth rate of Cobos can represent the changes in consumer acceptance of home service robots to a certain extent. From the data of an increase of 28.3%, the introduction of robot products into thousands of households provides a good start. Consumers are gradually accepting robots, but the speed is not as fast as expected.
Therefore, in the future, Cobos will also need to continue to make breakthroughs in product technology, strengthen its control in the supply chain, and make product performance and prices more in line with consumer expectations, in order to accelerate market education and expansion.
A problem being solvedDespite the gratifying results, we can also find that Cobos still has a problem that needs to be solved urgently after the listing, that is, the need to make up for the company's original technical capabilities.
At present, we can see that Cobos is actively solving this problem. In May 2018, the School of Artificial Intelligence of Nanjing University was officially inaugurated and Cobos became the first batch of cooperative units of the institute. Together with JD and Megvii, it was awarded the first batch of "Nanjing University Artificial Intelligence School Student Training Base". In July, Cobos also established the Cobos (Nanjing) Artificial Intelligence Research Institute, focusing on robotics and artificial intelligence as its core research directions. However, it can be found that Cobos' investment in research and development is still relying on Nanjing's geographical advantages, and the nationwide talent pool needs to be expanded.
Cobos is still improving its core technology through foreign investment. Its investment companies include Beixing Photonics (laser radar), Xianzhi Technology (laser positioning and navigation), Titanium Technology (medical service robot), and Takejian Intelligent ( Voice dialogue technology service) and so on.
But on the other hand, in the financial report for the first half of 2018, Cobos's own R&D investment totaled 90.26 million yuan, despite a year-on-year increase of 90.7%, and this investment only accounted for 3.6% of revenue. Interestingly, this is similar to the R&D investment of most domestic home appliance companies, which are both less than 5%. If Cobos does not want to simply establish a foothold in the market as a home appliance manufacturer, it must invest more in R&D in the future.
The reason for saying this is that Cobos is clearly positioned higher for himself. In the first half of 2018, Cobos successively launched a number of exclusive products in cooperation with Tmall and Huawei, connecting sweeping robot products with Tmall Genie smart speakers and Huawei HiLink platform, and bringing them to the market through voice interaction and the Internet of Things platform. A brand new experience for consumers.
It can also be seen in the semi-annual report that Cobos emphasized that "the company strives to enhance the IoT value and attributes of service robot products through technological innovation." To achieve this goal, Cobos must invest more experience and cost in core technology.
In summary, although Cobos still has shortcomings to make up for the core technical issues of future development, it is worthy of recognition that its achievements provide a powerful opportunity for the development of the robotics industry. As Cobos' products enter thousands of households, consumer acceptance of robots will inevitably increase at an ever-accelerating rate.
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