The end of the "socket Mao" bull is a new energy charging pile?

Wen | Xu Yuanxuan

On August 17, the Bull Group (603195.SH) announced the 2022 semi -annual report. According to the report, the company achieved total revenue of 6.838 billion yuan in the first half of the year, an increase of 17.50%year -on -year; net profit attributable to mothers in the first half of the year was 1.508 billion yuan, an increase of 6.08%year -on -year; non -net profit of home deductions of 1.373 billion yuan, an increase of 3.93%year -on -year.

For the Bull Group, considering the "antitrust doors" of last year, after the adverse impact of the external environment, it is not easy to obtain dual growth of revenue and profits.

The performance of the performance is that the hard power of the Bulls as the leading enterprise in the industry is reflected.

Howard Max once said in his book "The cycle is inevitable, and people cannot avoid the cycle at all."

With rich products and changing product design concepts, the built -in channel construction has consolidated the foundation of the enterprise's continuous cross -cycle.

However, as the domestic real estate industry has continued to visit in recent years, the sockets of the sockets that are closely bundled with the real estate industry have gradually appeared.

At the same time, new energy vehicles are coming. When the new era is approaching, how to expand its business boundary in the "socket Mao" bull, create a new performance growth curve, increase the growth rate of decline, go through the future A cycle?

Don't be afraid of "antitrust", the industry's brother said nothing

In May 2021, the Bull Group issued an announcement that due to the company's violation of the relevant provisions of the fixed terminal price of the "People's Republic of China", the Zhejiang Provincial Market Supervision and Administration Bureau "decided to reach the suspected of the Bull Group Co., Ltd. suspected of reaching the derivative of the transaction. And implement the monopoly agreement conduct for investigation. "

Four months later, the Bull Group issued an announcement again to publicize the results of relevant administrative penalties. Public announcement shows that the company will be fined 3%of 3%of China's domestic sales of 9.827 billion yuan in 2020, with a fine of 2948.1 million yuan.

In response to the penalty decision, the Bull Group stated that "the fine will be paid as soon as possible, and there is no plan to reconsidens."

After being punished by administrative penalties, the Bull Group received negative feedback in the secondary market: After the announcement in May, the stock of the Bull Group's stock fell 7%and once fell.

On September 30th after the announcement of the relevant administrative penalty decision, the Bull Group received 163.25 yuan/share on the same day, compared with the highest point of 257.30 yuan/share at the end of January 2021, it fell nearly 40%, and the market value had fallen below 100 billion.

In the face of heavy penalties, the Bull Group did not propose an administrative reconsideration, but simply expressed accepting and "paying fines as soon as possible", which reflects the "big heart" of this "small business" company.

The reason why it can have a "big heart" is the "one brother" status with no controversy in the Bulls industry.

The Bull Group was established in 1995. With the blessing of the founder Ruan Liping's professional background, in 1997, the Bulls, which were established in only two years, participated in the drafting "GB 2099.3-1997 usage and similar purposes. "Special requirements", that is, the first socket national standard.

Bulls, which participated in the formulation of industry standards, began to run all the way. In 2001, the Bull socket won the Chinese socket market for the first time with a 20%market share.

According to the "2007 China IT Brand Market Plums Survey Report", the top three brands in the year's market share are bulls, bullets, and breakthroughs. Essence

This also gave birth to the slogan of the Bulls "10 households in China, and 7 households use bulls."

The reason why the bull ruled the market so quickly was the intensity and depth of its channel construction.

There have been media reports that the long -term open attitude of Bulls and dealers has not only made the door to the hardware store for free, but also the profit margin of the dealer is as high as 53%of the profit distribution of the small B -end customers, and the company's own profit The rate is only 25%.

According to the semi -annual report, "socket Mao" "has established more than 750,000 hardware channel sales points (including hardware shops, daily miscellaneous shops, office supplies, supermarkets, etc.), more than 120,000 professional decoration and lighting channels across the country. Sales point and more than 250,000 digital accessories channel sales points.

Because of the huge amount of sinking channels, the Chinese socket industry has formed the brand effect of "Bulls and other".

With the deep offline channel layout and market word -of -mouth effect, the bulls on the line can also be said to be "no disadvantages."

According to statistics from Tmall, from 2019 to 2020, the sales of the Bull Group's converters and wall switch socket products are all ranked first, with the share of converter products 65.27%and 62.4%, respectively; 28.06%and 30.7%, respectively.

While the industry status is high, the return of harvest is also real: from 2018-2020, the gross profit margin of the Bulls is 36.63%, 41.41%and 40.12%, respectively. The gross profit margin is much higher than the industry average.

The industry ceiling is top, and digital accessories products are not as good as expected

While enjoying the leading position of the industry, the Bulls felt the "cold" of the industry's overall downward.

According to statistics from the National Bureau of Statistics, from January to June, the sales area of ​​commercial housing was 689.23 million square meters, a year-on-year decrease of 22.2%; of which, the residential sales area fell by 26.6%. The sales of commercial houses were 6607.2 billion yuan, a decrease of 28.9%; of which, residential sales fell by 31.8%. The real estate "cold winter" sends a "cold air" to the socket industry.

The growth rate of the industry began to slow. According to the statistics of the Huajing Industrial Research Institute, as of the end of 2021, the size of the Chinese socket/interpolation application market was approximately 14.571 billion yuan, an increase of 4.39%over 2020.

Especially in the past 5 years, the growth rate of the industry market has been hovering below 10%.

It can be seen from the annual report of the Bulls in the past three years that the Bulls have created a lot of "miracles" in adversity with the advantages of the brand: from 2019 to 2021, the annual revenue of Bull Group was 10.040 billion yuan, 1051 billion yuan and 12.385 billion yuan, respectively. Essence

In addition to the serious impact of the 2020 epidemic, the revenue of the Bulls is better.

In order to fight against the unfavorable factors of the economic environment, the Bulls who tried to travel through the industry cycle decided to add digital accessories business outside the original electric connection and intelligent lighting business to bring a new curve to the company's performance growth.

However, like any newly established project, the return requires a cycle, and the Bulls are experiencing the "pain" before the return: Although the revenue is slowing down, the income income is still not increasing: the net profit of the same period is the same period: the same period of net profit The growth rate was 42.93%,-0.08%, and 18.48%.

The growth rate of the digital accessories business failed to reach the idea of ​​the Bull. According to the 2021 annual report, the overall revenue of the Bull Group in 2021 was 12.385 billion yuan. 5.551 billion yuan and 337 billion yuan, accounting for 51.78%, 44.82%, and 3.4%, respectively.

According to the latest semi -annual report, the digital accessories business achieved revenue of 202 million yuan in the first half of 2022, accounting for 3.2%of the overall revenue.

In response to the pressure of digital accessories performance, the Bulls explained in the semi -annual report that "the growth rate of consumer electronics market has slowed down this year, the growth of digital accessories business growth, and the market structure has changed. The layout of high -end positioning products with high value "continues to promote the transformation of products and channels to online."

Financial and Economic Requesting relevant e -commerce platforms found that the same 1 meter -length PD fast -charging line product, the price of the Bull Express line is 50%higher than the product, and the monthly sales volume is 6000+ and 100,000+.

The bulls, which are constantly chasing the wind, also aimed at the blue ocean outdoor power supply.

In recent years, due to the impact of the epidemic, camping has become the heart of young people. The related industries that are worn by camping are also developed: according to the data of Ai Media Consultation, the size of the Chinese camping economy market in 2021 reached 29.9 billion yuan, the growth rate was 78%. Keep a growth rate of 15-20%and eventually reached 56.21 billion yuan.

面对产品类型相似，又有着增量空间的户外电源市场，公牛也于近几年推出了300W、600W、1000W、1800W等多功率段高端户外移动电源，覆盖自驾露营，家庭应急、户外作业、 Multiple application scenarios such as rescue and disaster relief.

Bulls that start the "multi -line combat" model are invested in "real gold and silver".

Financial's Wuji carefully observed its semi -annual report and found that the operating cost of Bull in the first half of the year was 7.809 billion yuan, an increase of 29.74%year -on -year, of which sales costs increased by 8.18%, and R & D expenses increased by 17.41%to 471 million yuan.

The rise in operating costs has dragged down the profit growth of the bull.

If the socket and intelligent lighting is "Jordan" and "Pippen", will the charging pile be "Rodman"?

Someone once asked Ruan Liping why he was named "Bull" to the company. His answer was that he liked to watch the NBA at that time. When the company was founded, it was the era of Chicago Bulls.

As we all know, the three consecutive championships from the Bulls from 1991-1993 were inseparable from the "two giants" of Michael Jordan and Scitter Pippen, and the new three consecutive championships from 1996-1998, I have to mention Dennis, which later joined, Rodman.

For the Bull Group of the same name, how to create a new core business at the moment is the most important consideration in addition to the existing power connection and intelligent lighting business that already has traditional advantages and intelligent lighting.

In the first half of this year, R & D costs increased by nearly 20%. It was because of the eager to create a "second growth curve" bull and aimed at a real blue ocean industry -charging pile.

After the brutal growth of the first stage of 2015-2018, the charging pile industry has completed a round of "cleaning".

From the current market response, a new round of industry explosive growth is on the way.

The confidence of growth is from an important symbol: the sales volume of new energy vehicles has increased.

According to statistics from the China Automobile Association, from January to July this year, the domestic market's new energy vehicle production and sales reached 3.279 million and 3.194 million, respectively, with a year-on-year increase of 1.2 times, and the market share reached 22.1%.

In terms of vehicle penetration, according to Ferris Sanderian data, the market penetration rate of new energy vehicles has rapidly increased from 2.4%in 2017 to 16%in 2021, and it is expected to reach 22.4%in 2022. The surge in the number of new energy vehicles naturally has a good role in the development of the charging pile industry: According to the research report of the charging pile industry of Dongguan Securities, by the end of 2022, the domestic charging pile ownership will reach 5.06 million units. By 2025, the number of new energy vehicles will increase to 32.24 million vehicles, and the amount of charging piles will increase to 14.66 million units. From 2022-2025, the market size of the charging pile will reach 124.1 billion yuan, 134.7 billion yuan, 148.2 billion yuan, and 204.5 billion yuan.

Faced with such a huge amount of market space, companies such as Ningde, Prosets, and Gao Yan have entered the border.

As a high -quality player in the small home appliance industry, Bulls enjoy the advantages of channels, brands, and markets in the original field, but in the field of "everyone's equality" charging pile field, the previous advantage is not an advantage.

According to the Bulls' half -annual report, the Bulls have launched a number of new products such as high -power charging guns, A00 -level models for MINI exchange piles, and supported 20KW ~ 240kW full -power segment.

For the hottest high -voltage fast -charge products in the charging pile industry, the Bulls have not yet made a corresponding layout.

In addition, as a leading enterprise of the switch panel, the bulls with channels and brand "original accumulation" have also begun to lay out smart home tracks.

In 2019, the Bulls and the United States signed a strategic cooperation agreement. The agreement stipulates that the two parties will conduct in -depth cooperation at products and technical levels such as smart homes, intelligent manufacturing, and big data services.

With the advantages of the industry industry and its own brand influence, the total income of smart home products such as Bulls smart door lock, smart clothing machine, smart curtain machine and other smart home products increased by 60.7%year -on -year.

However, it is embarrassing that Midea's subsidiary Mizhi Optoelectronics's business and the Bulls "crashed".

According to Mei Zhi Optoelectronics's prospectus, Mei Zhi Optoelectronics is a high -tech enterprise focusing on lighting and smart front -loading products.

Although after nearly three years of preparation, Mei Zhi Optoelectronics finally withdrawn from the GEM IPO application, but for the Bulls, whether the business cooperation with Midea may have a question mark for a long time.

Faced with possible risks, the Bulls stated in the semi -annual report that "considering uncertain factors such as development trends, market competition, and changes in consumer preferences in related fields, it does not rule out the possibility of inadequate development in the new business in the future."

At the beginning we mentioned Howard Marx's "Cycle". He said in another masterpiece "The Most Important Investment", "Those who run through long -term investment success are risk control rather than risk."

Faced with the style of the traditional advantage industry, the Bulls did not choose to lie flat, but continued to "recruit troops and buy horses" like the incomparable basketball giant in the 1990s, and expanded targeted based on their familiar fields.

But any investment is risky. Whether the giant of the bull's socket industry can maintain its original advantage and once again create its own glory, we wait and see.

-The reference information-

He was fined 300 million, and the "water inverse period" of the Bull Group was over? -On interface news

Wars outdoor power supply: artifact for oil vehicles, cumbersome trams-DoneWS

Which of the bankruptcy and dawn of charging pile companies comes first? -Tayagawa Research Institute

Chinese socket brief history: Bulls and others-Yijiu Business

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