The market value is less than 10 billion, and the intelligent prospects of graffiti under the Internet of Things are overestimated?

Text/Yang Jianyong

In the past year, China stocks have been sluggish. Among them, graffiti intelligence is from the past $ 10 billion, and now the market value is only 1.16 billion US dollars. You know, as early as March last year, as the world's first IoT cloud landing on the New York Stock Exchange, it was favored by capital at that time. On the first day of listing, it rose sharply by 19%, with a market value of US $ 14 billion (approximately HK $ 109.9 billion). However, in the past year, long -term downturn, the current market value of 1.16 billion US dollars (about 9.1 billion Hong Kong dollars) has decreased by $ 12.8 billion (about 100.5 billion Hong Kong dollars) compared with the high level, a decline of 92%.

It is worth mentioning that graffiti intelligence has been listed in Hong Kong for the second time, and its performance in the market is still sluggish. Compared with the issue price of HK $ 19.3, the current price is HK $ 16.96, a decline of 132%, and currently HK $ 9.8 billion. It was expected that last year, the issue price of US $ 21 was launched, and the corresponding issue value of the issuance was US $ 11.76 billion (approximately HK $ 923). In the past, the market value was approaching HK $ 100 billion, and it is regrettable that it is now less than 10 billion Hong Kong dollars.

The Internet of Things has a broad prospect and a trillion -dollar market opportunity

It should be pointed out that the Internet of Things tracks in graffiti intelligence are available in the world. According to the latest global Internet of Things market report released by IDC, the scale of the global IoT (enterprise) expenditure in 2021 reached US $ 690.26 billion, and it is expected to reach US $ 1.1 trillion in 2026. Among them, the size of the Chinese enterprise -level IoT market will reach US $ 294 billion in 2026, with a compound growth rate of 13.2%. The global proportion is about 25.7%.

According to the report, my country will become the world's largest IoT market, and manufacturing, retail and public utilities are industry dimensions with high IoT expenditure. IDC predicts that by 2026, the manufacturing industry represented by a smart factory, an industry represented by smart cities, retail industries operating online and offline omni -channel operations, and public utilities represented by smart grids, the above four industries will be It accounts for more than 60%of the Chinese enterprise IoT market expenditure. In addition, smart buildings (service industries), smart logistics (transportation industry), and smart hospitals (medical industries) also have huge market growth potential.

Benefiting from the booming Internet of Things, graffiti intelligence has developed rapidly in the past few years. The revenue increased from US $ 105.8 billion in 2019 to 302 million yuan by 20201. The compound annual growth rate from 2019 to 2021 was about 69%. Among them, in fiscal 2021, the revenue from IoT PaaS increased by about 72.3%year -on -year to US $ 261 million, which is the core business sector of graffiti intelligence, accounting for 86%of the total revenue. Unfortunately, this year has fallen into a predicament of growth.

The IoT PAAS revenue decreased, dragging down the overall revenue of the smart graffiti

It is pointed out in the financial report that, given that the global inflation environment is weakening the purchasing power of the end users, customers become more cautious. Therefore, with the increase in the number of IoT PaaS customers and the number of developers, IoT PaaS's revenue is still unable to reverse the decline. In the first quarter of 2022, the total revenue of graffiti intelligence was 55.3 million US dollars, a year -on -year decrease of 2.7%. The direct reason was that the revenue of the Internet of Things PAAS decreased. In the first quarter of 2022, IoT PAAS revenue was $ 41.8 million, a year -on -year decrease of 16%. It can be seen that due to the decrease in the income of the Internet of Things PaaS, the overall revenue is directly dragged down.

The proportion of SaaS revenue, which is in rapid development, has a weak contribution to the overall revenue. In the first quarter of 2022, graffiti intelligence came from SaaS and other revenue of US $ 5.8 million. If you want to become the second growth curve, there is still a long way to go. It should be pointed out that in the performance outlook, revenue continues to decline. Graffiti Intelligence is expected to be between 60 million and $ 65 million in the second quarter of 2022, and the revenue in the second quarter of 2021 was $ 84.7 million.

While revenue is facing growth pressure, the scale of losses is expanding. In the first quarter of 2022, the operating profit margin was 100.3%, and the net loss in the quarter was $ 55 million, while the same period of 2021 was $ 40.5 million; the net loss of non -recognized accounting principles was $ 37.3 million, while the same period of 2021 was $ 23.8 million Essence In 2020, the loss was US $ 66.9 million, and the losses increased by US $ 108.5 million in 2021, with a net loss of US $ 175.4 million.

As the IoT cloud platform manufacturer, graffiti intelligence provides a cloud platform that can be intelligently connected, creating a development standard for interconnection, connecting the intelligent needs of brands, OEM manufacturers, developers, retailers, and industries to provide developers with one -stop style Artificial Intelligence IoT PAAS -level solution. But now, graffiti smart IoT PaaS is facing a weak growth. In my opinion, graffiti depends on the impact of multiple factors such as high -quality customers and intensified competition in the industry.

In 2022, the number of customers in Q1 was about 3900, an increase of 29%year -on -year; IoT PaaS customers were 2,600, a year -on -year increase of 21%. It is just that the number of users has increased, but through the decline in revenue, the value of customers is weak and contribute to revenue depends on high -quality customers. Data show that in the first quarter of 2022, 303 high -quality customers in IoT PaaS, they contributed about 85.6%of IoT PaaS. Different from the steady growth of customers is the low revenue, showing that most of the users are invalid and failed to create value. The highlight is that the net income expansion (DBNER) of the IoT PaaS business is 122%. At the same time, the Internet of Things cloud platforms in graffiti intelligence are fiercely competitive, and the IoT platform giants are Lin Li. As a graffiti intelligence positioning IoT cloud platform manufacturer, it is extremely difficult to snatch the market in the hands of giants. At present, almost all cloud giants have IoT platform services among the global Internet of Things platforms. According to IoT Analytics reports, Microsoft Azure, Amazon AWS, and Google Cloud Three Cloud Giants jointly owns 80%of the global IoT cloud market share.

Fortunately, on the Internet of Things segmentation, graffiti still maintains strong competitiveness. Among them, graffiti intelligence performed well in smart home and smart business segmented tracks. According to the Burning Consultation Report: In 2021, the market size of the Global IoT PAAS was US $ 6.4 billion, of which 1.8 billion US dollars came from smart home and smart business, and it is expected that by 2026, the global IoT PAAS market of smart home and smart business It is expected to reach $ 2.8 billion. Graffiti Smart ranks first in global smart home and smart business Internet of Things PAAS, accounting for 14.9%of the market share.

at last

As an important direction for the development of information technology, the Internet of Things, counting tens of billions of intelligent equipment and edge equipment deployed in all corners to drive the intelligent upgrade of the whole society. For companies that have rooted in the Internet of the Internet of Things, helping all industries can digitize more quickly in various industries. While transformation and innovation, it will also usher in development opportunities. The Internet of Things will open a broader room for performance growth for them.

Yang Jianyong, a Forbes Chinese writer, is committed to in -depth interpretation of cutting -edge technologies such as the Internet of Things, cloud services and artificial intelligence.

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