Recently, Bronte announced its 2017 annual report, and its net profit has ushered in a substantial increase. The annual report shows that in 2017, the company's revenue was 360 million yuan, an increase of 73.34%; net profit was 46.67 million yuan, an increase of 56.58%.
For the company's development prospects, Chairman Yin Rongzao showed firm confidence. His goal for Burant is quite ambitious. In 2025, Bronte will achieve 10 billion revenues, holding more than 100 smart manufacturing companies; in 2058, it will realize the trillions of Bronte. Forget it, the small target of the first billion-dollar revenue is currently 9.64 billion.
At the beginning of 2017, Bronte released the goals for the next few years:
In 2017, it achieved sales of 16,800 robots and 600 industrial robots.
In 2018, it achieved 27,000 sales robots and 2000 industrial robots.
In 2019, it achieved sales of 30,000 robots and 3,000 industrial robots.
In 2020, it will realize 35,000 sales robots and 5,000 industrial robots with a revenue of one billion.
In 2021, it achieved sales of 35,000 robots and 10,000 industrial robots.
In 2022, 35,000 sales robots and 20,000 industrial robots were realized.
In 2023, it achieved 35,000 sales robots and 35,000 industrial robots.
In 2024, it realized 35,000 sales robots and 60,000 industrial robots.
In 2025, it achieved 35,000 sales robots, 100,000 industrial robots, and revenues of 10 billion.
Despite the obstacles and long, Yin Rongzao said that the dream still has to be, if it is realized.
According to the company's vision, the effective path of the Bronte 2025 is: two-wheel drive under the light asset and heavy capital operation mode: the application model and the glory capital model.
Original application model, intended to drive industry demand
According to "Yin's Robot Industry Dream Language": China's robot industry has two words: cost! cost! cost! Just let tens of millions of SMEs afford and afford them. The robot will definitely ignite the demand of tens of millions of units in the Chinese robot industry every year and become the next automobile industry.
In the concept of Bronte, the core of the purchase is “avenue to simplicityâ€, and the core that can be afforded is the “appler model†pioneered by Bronte. Its positioning is the grassroots entrepreneurial paradise in the world of intelligent manufacturing. , entrepreneurial platform.
As of March 01, 2018, the number of qualified companies in the company exceeded 100, reaching 160, one step ahead of the goal of 1,000.
Since September 12, 2015, Bronte has been promoting the development of application companies since the mass entrepreneurship and innovation industry conference in the injection molding robot industry.
On November 18, 2016, the credit and rebate system was launched for application providers, and the first application business was held on December 2, 2016.
On December 23, 2017, we will only introduce the robot preferential sales policy for the Bronte qualified application, and the 2018 monthly shipment and annual shipment robot reward system. The quarterly maximum can receive 6 million yuan of interest-free credit, and the highest level above three axes. Rebate 20% rebate and ship the highest reward robot 168 units.
In addition, the bare-metal price of the 28,500 yuan six-axis robot, this price is only for the Bronte application and the quantitative amount is 100, not facing the end user, for the industry, it is tantamount to a "blockbuster".
Low-cost strategy to reconstruct "industrial chain"
And Brent's low-price strategy has also raised some doubts. What is the performance of such a cheap robot? Can a six-axis robot sell 28,500 to make money? Is it the same as Luo Yonghao's mobile phone, and Bronte is also a robot?
Nature is not for feelings, capital is profit-seeking, but according to Yin Rong's plan, Bronte aims to target the future.
Yin Rongzao said that at present, a robot of Bronte basically loses 15,000 or more. It is trying to reduce the loss from 15000 to a loss of 5000. The core of whether to turn losses into profit in the future is "localization."
According to relevant data, the growth rate of output value of the robot industry in 2017 is lower than that of sales growth. The market is increasing in price and the price in the ontology market will continue to show a downward trend. The pursuit of optimal cost control is the key to winning Chinese enterprises. .
How to achieve the ultimate cost?
Yin Rongzao expects that after three or five years of investment and gestation, domestic robots have gradually emerged in many sub-segments and supply chains. With the application advantage, only one boost is needed. After the ontology is activated, the supply chain is also activated.
He explained that the capital logic is that when a robot loses 5,000 yuan and loses 200,000 robots, the loss period is about 3-5 years. By 2020, the robot industry is basically mature. One robot is equipped with six motors and six reducers, and 200,000 robots use millions of motors and reducers to reconstruct the industry chain.
As the industry grows larger, each robot that is a standardized actuator can earn 5,000 yuan, which can earn 2 billion a year. At present, what Bronte is doing is to gather resources in the supply chain to make a profit for the subsequent turnaround.
In addition, in order to reduce costs, Bronte has another trick, that is, mergers and acquisitions.
According to statistics, in addition to the failure of mergers and acquisitions, Bronte has successfully participated in the control of four robot companies since 2015. In 2015, Bronte acquired a 60% stake in Dongguan Changlilai Robot Technology Co., Ltd. for 3 million yuan. .
In 2016, Bronte acquired a 5% stake in Ningbo Lie Robotics Co., Ltd. at a price of 500,000 yuan; 1 yuan acquired a 5% share of Guangdong Yuyu Intelligent Equipment Robot Co., Ltd., and assumed a capital contribution of 500,000 yuan. obligation.
In 2017, Bronte acquired a 51% stake in Huacheng Industrial Control for 36 million yuan. Before being merged, Huacheng Industrial Control was the fourth largest supplier of Bronte.
The continuous acquisition of a number of robot research and development and accessories companies, the meaning of the Bronte is self-evident.
It is precisely because of this application model and low-price strategy that Bronte can quickly increase its market share. In 2017, revenue increased by 73.34% year-on-year. Among them, application channel sales accounted for 72.07% of operating revenue, and app sales channels. Revenue as a percentage of operating income increased by 36.74%.
But behind such a sales model, there are hidden hidden dangers.
The bad debt risk of accounts receivable in the risk warning column of the Bronte 2017 Annual Report shows that the application of the Bronte application has a personal guarantee when applying for the credit line of the product, but it has not mortgaged or pledged the property guaranteed by the individual. When the unexecutable ability of the application and the guarantee of the property that the individual can provide is insufficient to pay the purchase price, the risk of bad debts of the accounts receivable is caused.
“Market sales†and rebates have brought high revenue growth to Bronte in the short term, but in the long run, such credit model has many hidden dangers.
Can the "famous model" play the capital market?
In addition to the unique approach to sales model, Chairman Yin Rongzao also has his own set of models in capital operation.
He called it "the glory model." The so-called "famous model", that is to say, Yin Rong made his own fund, and then let investors subscribe to the fund share to become the company's shareholders, so that Yin Rong's equity will not be diluted, the actual control will be further enhanced.
As early as the end of 2015, when Bronte issued a share purchase of 100% equity of Qingdao Jingruida Equipment Co., Ltd. and raised 10.5 billion matching funds, Yin Rongzao wanted to adopt this model, but the restructuring and fundraising plan was in January 2016. That is to announce the termination.
Since the 10.5 billion is not available, you can only set a small goal first. Bronte passed the SFC review last year and successfully raised funds of 105 million yuan in October. According to the company's 2017 annual report, the “famous model†is also one of the important layouts for the company to achieve its business objectives.
In fact, the "famous model" is somewhat similar to the "AB stocks" in the United States. The AB stock model, which is the same stock, has different rights. The founders use the AB stocks to increase their voting rights and ensure the decision-making position on the board of directors. Thereby preventing the initial entry into new shareholders, the equity is diluted, and control is lost. However, it actually adopts the domestic popular fund model, because the fund is nominally controlled by GP. For companies with a small proportion of controlling shareholders, the leverage effect can be achieved, that is, controlling more equity with less money. .
So, can the glory model be formed? Market practitioners have different views on this.
"It's a bit interesting, very thoughtful. Now everyone is PE."
"The development of this company is OK, the endogenous hematopoietic capacity is good, investors may also recognize this model, and the new three boards will increase!"
"As a manufacturing boss, it is understandable to take precautions to take control, but is the company really at that scale?"
"Professionals do professional things, they want to do business, they have to play capital by themselves, they will definitely distract their energy, and if they can make it, they may say something else."
In the face of all kinds of voices, Yin Rongzao said, why can everyone buy Jiuding and Red Earth funds, and can't buy Rongju No.1? "I am very confident about this, the problem of time."
Tens of billions of revenue is an idiotic dream? Or is it a counterattack?
Despite a difference of 9.44 billion from the target of 10 billion yuan, Bronte is still full of confidence.
Bronte divides the 2025 broken road map into three steps: The first step is: to complete the annual sales of 40,000 robots and robots; the second step is: to complete the annual sales of 400,000 robots and robots; the third step Yes: Completed annual sales of 4 million robots and robots.
According to the announcement disclosed by Bronte at the beginning of the year, it has accumulated 7,700 orders for six-axis robots in January, achieving an order amount of 291.4 million. If you follow the path of Bronte, it seems that the revenue of 10 billion is not a dream.
Yin Rongzao said that everyone is a dream that leads you to stick to it, that is, the power of believing, believe that it is true, it is true, believe that it is false, it is false, so the reverse cycle is a pro-cyclical period, there is a power called belief The power of believing is more convinced of the power of unity.
And Brent's tens of billions of dreams, whether it really has the opportunity to achieve or just a dream, the rising industrial robot market, will slowly give the answer.
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