#精品长文创作季#
Author: Wen Yu, Editor: Xiao Shimei
On April 2, Leishen Technology disclosed its financial report that it will achieve operating income of 2.555 billion yuan in 2023, an increase of 5.80% year-on-year.
As a member of "specialized, refined, special and new", and with the halo of "the first share of e-sports equipment", Raytheon Technology has not lacked attention and imagination since its listing, and there is no shortage of highlights and highlights at present.
[Expand the business width and open up the incremental curve]
Raytheon Technology is in the stage of business line expansion, which can be divided into two dimensions: horizontal and vertical.
At the vertical level, in the past, the company mainly focused on e-sports and e-sports, but now it has developed new categories such as routers and projectors, and has also worked with ecological partners to create new business formats such as e-sports rooms, e-sports hotels, and e-sports industrial parks. The real rarity of Leishen Technology lies in the fact that it not only has business width, but also that all businesses are still in the growth period and have very distinct incremental attributes.
Taking esports as an example, the number of gamers in China was 534 million in 2015, and by 2023 this number has grown to 742 million, and it is still climbing, and this part of the potential users is not only in terms of quantity, but also in quality. According to iResearch, 44.7% of China's e-sports users are under the age of 25, and 78.7% are under the age of 30, which is almost the most powerful group in China.
From 2015 to 2023, the sales revenue of the domestic game market will grow rapidly from 140.7 billion yuan to more than 300 billion yuan, more than doubling during this period. In the context of the growing number of users and the two-way improvement of young people's spending power and willingness, there is every reason to believe that the scale of the industry will reach a higher level.
It is also worth noting that in the early stage of the development of e-sports, user needs were relatively simple, and the business format of companies like Raytheon Technology was also relatively monotonous, focusing on e-sports PCs and peripherals. However, as the e-sports industry becomes more and more mature, especially after entering the Asian Games, social recognition and attention have increased significantly, and it has gradually evolved into a competitive culture, driving the entire e-sports business format to become more and more abundant.
Taking the e-sports hotel business as an example, according to the data of the Tongcheng Travel platform, from September 23 to 24 after the opening of the Asian Games last year, the popularity of e-sports hotels in major cities in China increased by nearly 90% compared with last week, and the average occupancy rate of e-sports hotels and e-sports rooms on the platform was above 93%. It can be seen that the business logic of these new businesses is valid, and they can become new segmentation growth poles in time.
The prospect of Xinchuang is comparable to that of e-sports.
On March 11 this year, the central government website issued the "Notice on Updating the Bulk Centralized Procurement Configuration Standards for Desktop Computers and Portable Computers of Central State Organs", which clearly requires that state organs above the township level need to purchase desktop computers and portable computers that meet the requirements of information and innovation. It is almost certain that with the gradual sinking of party and government information innovation to county and township units, information innovation has entered the stage of large-scale popularization. According to the "2023 White Paper on the Development of China's Information and Innovation Industry" previously released by iiMedia Consulting, the scale of China's information and innovation industry is expected to grow from 2,096.19 billion yuan in 2023 to 3,701.13 billion yuan in 2027, which is a track with the potential to double in the next few years. What is not well-known is that Leishen Technology is one of the earliest enterprises in China to lay out domestic information and innovation, and has accumulated a lot in this field.
In terms of coverage, the company has developed a series of products such as Xinchuang notebooks, desktops, miniPCs, all-in-one machines, etc., and has been widely used in various fields such as finance, party and government, education, medical care, etc., and its customers are not lacking in Taiping Insurance Group, Industrial Bank, Bank of Shanghai, Shanghai Clearing House and other well-known domestic institutions; The first batch of partners of Loongson 3A6000, in addition, the company's mobile office solution based on Zhaoxin's new generation of 6000G was selected as the 2023 Shandong Xinchuang Excellent Solution.
When an industry is in the expansion stage, its hidden potential information is that even if the market position and competitiveness of the enterprise remain unchanged, it can also follow the passive growth of the industry, not to mention, the competitiveness of Raytheon Technology is constantly rising.
[Enhance the height of products and consolidate the competitive position]
Whether it is the expansion of potential market space or the expansion of business scope, the essence is the problem of development quantity, and the current society is more concerned about the quality of development. Raytheon Technology is also very capable of playing in this regard, and there are two advanced grippers and springboards at the moment, one is AI PC, and the other is Starlight technology.
With the release of AI CPU and Windows 12, the industry has basically reached a consensus that 2024 will be the first year of large-scale shipments of AI PCs. According to Sigmaintell's forecast, global AI PC shipments will reach 13 million units this year and increase to 150 million units in 2027, with a compound growth rate of 126%. IDC predicts that the proportion of AI PCs in China's PC market shipments will increase rapidly from 8.1% in 2023 to 54.7% this year, and reach 84.6% in 2027.
The opportunities that AI PCs bring to Raytheon Technology are reflected in two aspects.
First of all, AI PCs can break through the bottleneck of traditional PC game performance, optimize and improve the effect of ray tracing and other functions through specific algorithms, bring users more realistic lighting and reflection effects, and improve and optimize the game experience. This can not only promote the prosperity of the game market, but also directly improve the product power of manufacturers such as Raytheon Technology.
To a large extent, Raytheon Technology has a natural advantage over traditional PC manufacturers in the development of AI PC, and the company can take the opportunity of industrial change to narrow the gap with traditional PC manufacturers.
Up to now, Raytheon Technology has launched a variety of products, including the mechanic Dawning 16Air, RAYTHEON MIX PRO AI mini host and other products, and Raytheon AI BOOK will also be launched in the near future. According to the current new rhythm, Raytheon Technology will basically be able to complete the entire layout of AI PCs within two years, and the rapid change of the product line means that the company will get a first-mover advantage in the next era.
Compared with AI PC, the advent of Starlight technology may be of greater significance to Raytheon Technology.
Starlight is a wireless short-range communication technology that combines the advantages of both Bluetooth and WiFi. In August last year, Huawei officially released Starlight at the 5th Developer Conference, and a month later, Raytheon Technology launched the world's first gaming mouse equipped with Starlight technology, "ML903 Starlight", and Starlight technology was officially commercialized in the field of e-sports.
Starlight has microsecond-level low latency and 6 times the high throughput capability of Bluetooth, and the value of Starlight technology has been fully exerted in the e-sports atmosphere of "milliseconds count". Taking the Raytheon ML903 Starlight gaming mouse as an example, it can shorten the device latency from the mainstream 1-4 milliseconds to the high-performance level of 250 microseconds for wireless and 125 microseconds for wired, compared with 2.4G connection and Bluetooth connected mouse, its cursor movement is more stable and the response is faster, which greatly improves the user's gaming experience.
The cruelty and charm of the science and technology industry lies in the fact that this industry has never respected tradition, only respects innovation, and the iteration of technology is advancing day by day, never stopping, who can grasp the pulse of the development of the times, and step on the beat of technological progress, who can stay young forever, and vice versa is the other extreme, to borrow a sentence from Zhang Ruimin:
There is no successful enterprise, only the enterprise of the times.
The fundamental reason why Leishen Technology has been able to emerge and become more and more courageous in the PC rivers and lakes where the strong players are like clouds is that the company has always insisted on occupying the commanding heights of technology. The blessing of the two is destined to push the product strength of Raytheon Technology to a new height, which is of direct significance for the company's next expansion.
[Open up the breadth of the market and reconstruct the imagination space]
From about 2022, going overseas has suddenly become a hot word with a high frequency in the industry, and the deep-seated reason behind this phenomenon is that Made in China has reached the moment of accumulation after decades of catching up. In recent years, mobile phones, home appliances, automobiles, PCs and other industries have attacked across the board, and Raytheon Technology is just one of the "Columbus" of this huge fleet.
From 2020 to 2023, Leishen Technology's overseas main business income increased from 51.38 million to 730 million, accounting for 2.28% of total revenue from 2.28% to 28.58%, and the three-year compound growth rate of overseas revenue was as high as 142.23%, and the GMV of a single channel in the Latin American market in 2023 increased by more than 15 times year-on-year. Even if you consider all the companies going overseas, this growth rate is definitely in the forefront.
With the overseas market alone, there is every opportunity to recreate a Raytheon Technology.
According to the "Global E-sports Industry Development Report" jointly released by Penguin Youtuo, Tencent E-sports and E-sports magazine, the global e-sports audience is expected to reach 611 million in 2024, of which East Asia, North America, and Western Europe have the most mature e-sports industry development, while Southeast Asia, the Middle East, North Africa, Latin America and other regions have grown rapidly, making it a new development highland for the global e-sports industry.
Overseas, whether it is a mature market or a growth market, the market share of Chinese companies in the past is low, and it is precisely because of this that there is room for imagination and unlimited possibilities in the future. More importantly, Raytheon Technology has formed a set of mature playing methods adapted to local conditions.
For example, European users are generally tall, and small-sized notebooks have restrictions on the sense of hand and experience, for this region, Raytheon Technology has launched a 17-inch e-sports game book, using a unique ID language design and tough metal style, taking into account the aesthetics and experience of European users; Singapore and other markets mainly promote the K500 mechanical keyboard (K500 has a built-in 16.8 million color RGB and supports 20 kinds of cool lighting effects).
When a company enters a new market, its development curve often presents a non-linear law, that is, the initial growth is slow due to the unfamiliar environment, once the market is pried open, the later stage will expand in the form of acceleration. Obviously, Raytheon Technology has completed the cold start in all major markets around the world in the past few years, and the company is expected to enter the stage of centralized cashing driven by inertia.
In the past, it was an incomparably distant thing for Chinese companies to go overseas, but now all this is happening enthusiastically and really. We often say that "a grain of ash of the times falling on the head of an individual is a mountain", in fact, the reverse is the same, every time the tide comes, it is a turning point in the fate of the times and individuals.
As long as we firmly focus on the two sunrise tracks of e-sports and information innovation, firmly grasp the two basic points of brand power and product power, and take into account the two major markets at home and abroad, we can poke the ceiling again.
disclaimer
The content of this article related to listed companies is the author's personal analysis and judgment based on the information publicly disclosed by listed companies in accordance with their legal obligations (including but not limited to temporary announcements, periodic reports and official interactive platforms, etc.), and the information or opinions in this article do not constitute any investment or other business advice, and Market Value Watch does not assume any responsibility for any actions arising from the adoption of this article.
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