The development of artificial intelligence, IoT, cloud computing, 5G and other technologies has constructed a smart home ecosystem and made smart home the fastest growing field in AIoT. At the same time, with the upgrading of technology and the improvement of consumption level, smart home has also become the first choice for more home decoration.

Data shows that at the end of 2019, China has become the world’s largest smart home consumer country, accounting for 50-60% of the global smart home consumption market share. In 2021, the size of China’s smart home market will be about 588 billion yuan, a year-on-year increase of 12.7%, and the shipment of smart home products will be about 210 million units. However, due to the repeated epidemics and weak consumption in the first half of the year, it had a certain impact on the smart home market. More than half of this year, companies have basically released half-year financial reports. We can take a closer look at the development of the industry from the financial reports of smart home-related companies.

The smart home industry chain spans a wide range. The upstream mainly provides software and hardware technology companies; the midstream is dominated by household appliance companies and system platform service providers; the downstream is mainly smart home brands, real estate home improvement companies, etc. Here, we will select several companies from top to bottom to sort out the smart home market in the first half of the year.

upstream:

The upstream of the smart home industry chain is mainly hardware support and software technology, and the chip is one of the core components of the smart home.2022In the first half of the year, the replacement process of domestic chips accelerated. At the same time, we have also seen the upgrade of the protocol,AIThe empowerment and maturity of various related solutions. In addition, the company continues to increase investment in research and development, which will further promote the process of localization of smart homes.

Neusoft Carrier

Neusoft Carrier mainly has three business segments: integrated circuits, energy internet, and intelligence. Among them, the integrated circuit business segment is mainly concentrated inAround white goods, industrial control, motor control, battery management, medical electronicsIn five fields, the product line includes MCU (8/32-bit), touch, small signal processing, HPLC and wireless, analog, etc.

The financial report for the first half of 2022 shows that the revenue reached 394 million yuan, a year-on-year increase of 36.94%, and the net profit reached 48.6884 million yuan, a sharp increase of 58.41% year-on-year. The increase in profit was mainly due to the increase in revenue during the first half of the year and the bad debts accrued for a single item. loss reversal, etc.

In the first half of the year, Neusoft Carrier completed the mass production of three 8-bit MCU chips, which are mainly used in the main control of small home appliances, human-computer interaction of white goods and other fields. The designed products include washing machines, refrigerators, microwave ovens, etc. At the same time, 3 32-bit MCUs have been upgraded and mass-produced, and domestic replacements of various washing machines and refrigerators have been completed.

Espressif Technology

Espressif’s products are mainly in the direction of “processing + connection”, in which “processing” is centered on MCU, including AI computing; “connection” is centered on wireless communication, currently including Wi-Fi, Bluetooth, Thread, ZigBee, and extended to in the wireless SoC field.

In terms of performance, in the first half of 2022, Espressif Technology’s revenue was 614 million yuan, a year-on-year decrease of 2.66%, the net profit attributable to the parent was 63.2752 million yuan, a year-on-year decrease of 37.67 yuan, and research and development expenses increased by 33.3655 million yuan year-on-year, an increase of 28.02%. The sharp drop in profit was mainly due to stagnant revenue and rising R&D expenses.

Regarding the market in the first half of the year, Espressif Technology stated in its financial report that the current global economic growth rate is slowing down and consumer demand is weak. At the same time, the market economy will have cost-driven inflation expectations, and it is expected that product costs will continue to rise in the future. , and product prices will also lead to a slowdown in demand growth.

Allwinner Technology

Allwinner’s main business is the R&D and design of intelligent application processor SoCs, high-performance analog devices and wireless interconnect chips. Products are widely used in smart hardware, smart home appliances, smart Internet of Things, network set-top boxes, wireless communication modules and other product markets.

In terms of performance, in the first half of the year, Allwinner’s revenue was 832 million yuan, a year-on-year decrease of 20.6%, and the net profit attributable to shareholders of listed companies was 203 million yuan, a year-on-year decrease of 16.16%. Mainly affected byAffected by multiple factors such as the international economic situation and the multiple outbreaks of the domestic new crown epidemic, the demand in the downstream consumer market has declined

On smart speakers,The new platform of R series screenless speakers planned by the company will be launched soon to help upgrade smart speaker products; In addition, corresponding products have been launched in smart sweepers, smart home appliances, smart vision and other markets. For example, the new generation of end-side AI vision chip V853 has been mass-produced and launched, and it has been applied to smart door locks, smart security with leading customers in many industries. and other fields.

Midstream:

The midstream of the industry chain is smart home related equipment, including various smart home appliances and various automation control equipment. exist2022In the first half of the year, with the increase in the penetration rate of smart homes, market competition intensified, and at the same time, due to the high homogeneity of products, the concentration began to increase.

Bull Group

Bull is a well-known socket manufacturer in the industry. Its business mainly focuses on electrical connections, smart electrical lighting, and digital accessories. Among them, the smart electrical lighting business mainly focuses on the pre-installation of the user’s home decoration, such as wall switch sockets, LED lighting, smart door locks, etc. In April this year, the company’s newly launched smart fast charging product is equipped with a PD+APO dual-chip product with its own patent, which can realize automatic power-off function when it is fully charged while fast charging.

performance,In the first half of 2022, the company achieved operating income of 6.838 billion yuan, a year-on-year increase of 17.50%, and realized a net profit attributable to shareholders of the listed company of 1.508 billion yuan, a year-on-year increase of 6.08%.Among them, the electrical connection business achieved revenue of 3.356 billion yuan, a year-on-year increase of 12.3%. The smart electrical lighting business achieved revenue of 3.263 billion yuan, a year-on-year increase of 23.62%.

Despite the excellent performance in the first half of the year, Bull’s financial report mentioned that it will face a slowdown in macroeconomic growth, resulting in a decline in residents’ disposable income and spending power, which will offset consumers’ demand and purchasing power for the company’s products, thus affecting the company. performance growth.

Haier Smart Home

Haier Smart Home is a smart home solution provider, currently mainly divided intoThree major business layouts including China smart home business, overseas smart home business and other businesses.In the first half of the year, in the face of the severe external environment, Haier Smart Home achieved good results by relying on high-end brands, overseas brand creation, and promotion of digital transformation.

In the first half of 2022, the company achieved revenue of 121.858 billion yuan, a year-on-year increase of 9.1%.The net profit attributable to the parent was 7.949 billion yuan, an increase of 15.9% over the same period in 2021.in,In the first half of the year, China’s smart home business achieved sales revenue of 64.763 billion yuan, an increase of 12.7% over the same period in 2021; operating profit was 4.944 billion yuan, an increase of 27.7% over the same period in 2021

In terms of the overall market, in the first half of the year, the Chinese market was affected by factors such as slowing economic growth, sluggish real estate market, weakening consumer confidence, and the impact of epidemic prevention and control measures on offline sales, distribution and installation, and the domestic home appliance industry demand was weak. For specific products,The retail sales of household appliances such as refrigerators, washing machines, and air conditioners all declined to varying degrees compared with the same period, while emerging categories such as clothes dryers maintained growth.trend,The industry demand is still developing in the direction of health, intelligence and green, and the high-end trend continues.In overseas markets,High inflation negatively affects market sales

Midea Group

Midea is a global technology group covering five business sectors: smart home business group, industrial technology business group, building technology business unit, robotics and automation business unit and digital innovation business.. In the first half of 2022, according to data,Among the seven categories of household air conditioners, microwave ovens, desktop ovens, electric fans, electric heaters, induction cookers, and electric kettles, Midea products rank first in both the domestic online and offline market shares.

According to the financial report, the revenue in the first half of the year reached 183.6 billion yuan, a year-on-year increase of 5.04%, and the net profit attributable to shareholders of the listed company was 16 billion yuan, a year-on-year increase of 6.57%.In the first half of 2022, Midea’s IoT platform has newly connected nearly 13 million devices, serving more than 70 million households in total, a year-on-year increase of 87%.

Beautiful thinks,In the second half of 2022, the impact of factors such as the new crown epidemic and exchange rate fluctuations is expected to persist,needEnsuring improved profitability by optimizing price strategy, improving product structure and channel system, and strictly controlling expenses, while ensuring the progress and supply of new products, and at the same time do a good job in medium and long-term product planning.

Downstream:

The downstream of the industrial chain is sales channels and consumer applications, and the smart home industry belongs to the post-cycle industry of real estate, which is closely related to the prosperity of the real estate industry. The good news is that, according to data from Aowei Cloud,2022In the first quarter of this year, the number of smart home projects and the number of refined decoration units decreased year-on-year, but the allocation rate increased against the trend year-on-year. Among them, the smart home system configuration rate is12.2%, increased year-on-year3.6%, is expected to reach15%

Anker Innovation

The company’s smart innovative categories include eufy smart home, Nebula laser smart projection products and other innovative product series. Among them, eufy contains two major product lines. eufyClean focuses on home intelligent cleaning solutions, using intelligent technology to serve home cleaning and protect family health; eufySecurity focuses on smart home security systems

During the reporting periodThe company achieved operating income of 5.887 billion yuan, a year-on-year increase of 9.62%,inThe smart innovation category achieved revenue of 1.668 billion yuan. Affected by the slowdown in demand in some overseas markets for smart cleaning in the first half of the year, revenue decreased by 3.37% year-on-year, accounting for 28.33% of total revenue.in,Net profit attributable to parentfor576 million, a year-on-year increase of 41.01%. In addition, in terms of R&D investment, from 2020 to the first half of 2022, R&D investment will continue to grow.

From the perspective of the overall market, in the first half of 2022, unfavorable factors such as rising sea freight and raw material prices have weakened compared with the same period last year. However, due to various factors such as the repeated outbreak of the new crown epidemic and the escalation of geographical disputes, the global macroeconomic situation has become increasingly complex and severe. In particular, the current exchange rate fluctuates significantly, which will have a certain impact on export-oriented enterprises.

Wang Li Security

Wang Li SecurityMainly engaged in the research and development, design, production, sales and service of door products such as security doors and lock products such as mechanical locks and smart locks. The main products aresteelSecurity doors, other doors, smart locks. In the first half of 2022, the company’s engineering side added cooperation on smart lock products based on the entry door. The engineering customers signed in the previous year have begun to place orders one after another; the company has signed strategies with benchmark shopping malls Daminggong Industrial Group and Fusenmei Home Furnishings Alliance agreement to expand new retail channels.

In terms of revenue, the first half of the yearRealize main business income952 million yuan, a year-on-year decrease of 3.28%, and the net profit attributable to shareholders of the listed company was -12.6 million yuan, a year-on-year decrease of 116.26%. Among them, R&D investment amounted to 33.69 million yuan, an increase of 18.75% year-on-year.

The main reasons for the sharp drop in revenue are that in the first half of 2022, the repeated epidemics across the country will have a certain impact on product operations; real estate continues to decline and project progress slows down, and the payment cycle is lengthened accordingly; marketing expenses have increased; R&D investment has increased.

summary

By analyzing the above-mentioned smart home industry chain companies, several conclusions can be drawn.

  1. With the advancement of domestic substitution, manufacturers can benefit even in the smart home market with weakened demand. For example, in the washing machine and refrigerator sub-categories, although the market demand has weakened, some companies can still maintain good growth.
  2. Smart home products are gradually concentrating on leading companies. Although the midstream companies in the analysis are profitable, their expenditures on marketing and product categories have increased significantly. In addition, many manufacturers have begun to divert their strategies. Some mainly focus on the high-end market and create high-end products, while others launch more cost-effective products to seize the low-end market.
  3. In the first half of the year, the repeated epidemics, foreign geopolitical tensions, global inflation, and exchange rate changes have all had a considerable impact on the entire smart home industry. In this regard, some companies choose to increase investment in research and development, or find new sales channels, or create new brands to deal with uncertain risks with definite strategies.
  4. The current weak demand in the real estate industry has largely affected the development of markets such as smart home appliances and smart door locks. But in the long run, whole-house intelligence has become an established trend. With the downturn in real estate, the focus of housing has shifted from other factors to the housing itself, paying more attention to its own quality, and smart homes will empower real estate sales. More and more smart home manufacturers have begun to work closely with real estate developers.
  5. The current economic situation is grim, but in the medium and long term, the upgrading of the industrial structure, the relatively stable income of residents, the diversification of consumption, the guidance of national policies on the development of green and smart industries, and the continuous upgrading of product standards in the home appliance industry will bring new opportunities to the smart home industry. and growth, a trend that has become more pronounced today.

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