On July 23, the "first share of sweeping robots" Coworth fell to a halt again, at 190.21 yuan / share, the latest market value of 108.9 billion yuan. This is the third stop in 6 trading days of Coworth, compared with the highest price of 252 yuan / share on July 15, the market value evaporated by 34.4 billion yuan, compared with the previous trading day's market value evaporated by 12.1 billion yuan.
In July, Coworth's stock price sat on the "roller coaster", and affected by it, the market value of the two star fund managers of Huitianfu Hu Xinwei and Harvest Guikai also shrank by 365 million yuan, of which the market value of Guikai's positions evaporated by more than 200 million yuan.
Shareholders in the stock bar directly called this is "a word to cut off the soul".
Initial shareholder liquidation reduction
On the evening of July 13, Coworth issued an announcement that the company's shareholder Tai Yikai intends to reduce its holdings by 10.28 million shares due to its own capital needs, and it is expected to reduce its holdings by no more than 1.80% of the company's total share capital. As of that date, Tai Yi Kai held a total of 10.28 million shares, and the reduction was a "liquidation" reduction.
This is Tai Yi Kai's third reduction since 2019. In 2017, before the listing of Cobos, Taiyikai held 8.21% of the shares as the original shareholder, ranking the fourth largest shareholder. After the completion of the reduction, Tai Yi Kai and Coworth no longer have any relationship.
After the announcement of the reduction, Coworth's stock price experienced significant fluctuations, falling three times on July 16, July 22 and July 23.
In addition, since July, Coworth has had two large transactions, with a total of 382,000 shares traded, with a total turnover of 78.4203 million yuan, with a discount rate of 10%. Industry insiders pointed out that the 10% discount is neutral and low, which will have a certain impact on the stock price.
The company's statement: only the private equity fund to recover funds, normal operation
Tai YiKai is actually an investment institution idg, since May 2019, the cumulative cash out of 4.559 billion yuan. As of the date, the private equity fund had a duration of approximately 2 years.
In a July 23 conference call at Coworth, its secretary said that the company was operating normally and that there had been no negative changes. The secretary of the board of directors said: "As the only external investor before the company's listing, idg has been steadily reducing its holdings in 2019, 2020 and 2021. As a private equity fund, you have the responsibility to recover funds. In 2019 and 2020, the company's stock price is not very good, idg is also reducing its holdings, and now it is holding 1.8%, and after reducing its holdings by 1.8%, there is no shareholding. Therefore, the idg withdrawal does not have a big impact on the company. The secretary of the board of directors also said, "This year, the company's net profit margin to gross profit margin is upward from the previous quarter, and it is expected that a greater improvement will occur in the fourth quarter." ”
According to the 2020 annual report, Coworth achieved operating income of 7.233 billion yuan, an increase of 36.17% year-on-year; and net profit attributable to the mother of 641 million yuan, an increase of 431.22% year-on-year. In the first quarter of 2021, Coworth achieved operating income of 2.225 billion yuan, an increase of 131.04% year-on-year, and net profit attributable to the mother of 333 million yuan, an increase of 726.61% year-on-year.
According to the 618 war report released by Coworth, the overall turnover of the company's mid-year promotion exceeded 1.8 billion yuan, an increase of 266% year-on-year. Among them, the turnover of the Coworth brand exceeded 900 million yuan, an increase of 115% year-on-year, ranking first in the category of sweeping robots on tmall, JD.com and Suning.
Outside questions: insufficient investment in technology research and development
According to public information, Coworth was established in 1998, the main business is all kinds of home service robots, cleaning small household appliances and other intelligent household equipment and related parts of the research and development, design, production and sales, under the "Coworth" and "Tim ke" two main brands.
In 2009, Coworth launched the first generation of sweeping robot "Dibao". In 2018, the "first share of sweeping robots" Coworth was listed on the Shanghai Stock Exchange. From 2020, its stock price began to grow by leaps and bounds, from 19.95 yuan to the highest 252.71 yuan on July 15, an increase of more than 11 times, joining the ranks of "100 billion market value" companies.
However, compared with the market value of 100 billion, from 2018 to the first quarter of 2021, the cumulative net profit of Cosvo was only 1.58 billion yuan. Compared with the same type of listed company Stone Technology, the net profit margin is only half of the latter.
In addition, the growth rate of Coworth's R& D investment is not as fast as that of Stone Technology. During the reporting period, the investment in research and development was 91.4012 million yuan, an increase of 41.47% year-on-year; the latter was 95.8253 million yuan, an increase of 125.88% year-on-year.
In addition, for the chip shortage and price reduction problems, in the above conference call, the secretary of the board of directors said: "The second quarter has begun the chip reserve of the next generation of products, and the future product chips are guaranteed." Technological advances in sweepers have opened up space for low-end product prices to fall. Now since the cleaning products to sell more than 3500 yuan, the future technology upgrade, such products are expected to drop to about 2000 yuan."
Although the stock price has been frustrated, as a leading stock in the sweeping robot industry, Cosworth is still optimistic about the institution. Huafu Securities said that from the perspective of product life cycle, the current sweeping robot industry is still in its early stages. Benefiting from the high technical barriers, the head enterprises have a significant first-mover advantage in technology accumulation, which will fully benefit from the industry growth dividend.
Editor: Jiarui Chang
