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我想躺平~
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铜锣湾小蔡
05-14
什么是先前证券[疑问] [疑问]
抱歉,原内容已删除
铜锣湾小蔡
04-26
$涂鸦智能(TUYA)$
拜读ESG报告 安全合规仍然是大门面 就是这么多攻击真是做点业务鸭鸭不容易[笑哭]
铜锣湾小蔡
04-18
$涂鸦智能(TUYA)$
涂鸦智能参与制定的《零碳家庭评价技术规范》标准的推出,展示了公司在节能领域技术创新方面的实力,长期投资价值满满[微笑] [微笑]
铜锣湾小蔡
04-01
$涂鸦智能(TUYA)$
虽然最近一阵子跌得莫名其妙[笑哭] [笑哭] 但继续保持耐心!
铜锣湾小蔡
03-18
$涂鸦智能(TUYA)$
上周五盘尾一笔头30多万的买单呀 感觉有些热钱从巨头释放出来了 蠢蠢欲[财迷] [财迷]
铜锣湾小蔡
03-13
$涂鸦智能(TUYA)$
今晚开头不错 看看能不能保持 [微笑]
铜锣湾小蔡
03-11
$涂鸦智能(TUYA)$
优秀!
铜锣湾小蔡
02-27
$涂鸦智能(TUYA)$
就看明天了 加油加油!!
铜锣湾小蔡
02-21
$涂鸦智能(TUYA)$
保持乐观 没有更新的分析师报告和数字调整出来 看起来Q4业绩不错应该没跑[微笑] [微笑]
铜锣湾小蔡
02-20
$涂鸦智能(TUYA)$
整体中概情绪最近应该还行嘛 该重新回涨啦[哇塞] [哇塞]
铜锣湾小蔡
02-06
$涂鸦智能(TUYA)$
盘前单连骗两天了,该来真的啦[生气]
@铜锣湾小蔡:
$涂鸦智能(TUYA)$
快过年了 能不能年前让人开心一下[可怜]
铜锣湾小蔡
02-06
盘前单连骗两天了,该来真的啦[生气]
@铜锣湾小蔡:
$涂鸦智能(TUYA)$
快过年了 能不能年前让人开心一下[可怜]
铜锣湾小蔡
02-05
$涂鸦智能(TUYA)$
快过年了 能不能年前让人开心一下[可怜]
铜锣湾小蔡
01-31
$涂鸦智能(TUYA)$
突然理解为什么投资有一说叫无限弹药说了 下降的过程中真的想一直加 可惜我没那么多钱[捂脸] [捂脸]
铜锣湾小蔡
01-23
$涂鸦智能(TUYA)$
啊啊啊 敲黑板了!这个股价对应的市值已经基本等于鸭鸭的净现金了 懂的都懂[笑哭] [笑哭]
铜锣湾小蔡
01-18
$涂鸦智能(TUYA)$
雪球上看到一个说法比较认同:(1)2亿美金折15亿人民币收入规模+(2)Non-GAAP盈利+(3)收入恢复增长且Q4展望继续积极+(4)毛利新高,四大积极趋势下P/S还不到1x倍——如果这几点继续得到验证的话那估值确实是真的太便宜啦!
铜锣湾小蔡
01-16
$涂鸦智能(TUYA)$
$涂鸦智能-W(02391)$
Q3以来价格上涨但做空持续下降 空军都觉得没啥好空的都跑了[微笑] [微笑]
铜锣湾小蔡
01-08
$涂鸦智能(TUYA)$
$涂鸦智能-W(02391)$
高盛今天上调了鸭鸭的评级到buy 还大福上调了价格 [你懂的] [你懂的]
Analysts Are Bullish on These Technology Stocks: Tuya (TUYA), Agilysys (AGYS)
铜锣湾小蔡
01-05
$涂鸦智能(TUYA)$
看大摩的报告,管理层最新对24年展望还挺不错的嘛 [微笑]
铜锣湾小蔡
01-04
$涂鸦智能(TUYA)$
看起来12月整体美股的超买月造成的1月回调影响还挺大的 这关注度抖动得真是醉了[捂脸]
去老虎APP查看更多动态
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margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAnalysts Are Bullish on These Technology Stocks: Tuya (TUYA), Agilysys (AGYS)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-01-07 19:00 GMT+8 <a href=https://www.tipranks.com/news/blurbs/analysts-are-bullish-on-these-technology-stocks-tuya-tuya-agilysys-agys?utm_source=itigerup.com&utm_medium=referral><strong>TIPRANKS</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Tuya (TUYA – Research Report), Agilysys (AGYS – Rese...</p>\n\n<a href=\"https://www.tipranks.com/news/blurbs/analysts-are-bullish-on-these-technology-stocks-tuya-tuya-agilysys-agys?utm_source=itigerup.com&utm_medium=referral\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4509":"腾讯概念","TUYA":"涂鸦智能","BK4023":"应用软件","BK4505":"高瓴资本持仓","BK4526":"热门中概股","AGYS":"阿吉赛斯"},"source_url":"https://www.tipranks.com/news/blurbs/analysts-are-bullish-on-these-technology-stocks-tuya-tuya-agilysys-agys?utm_source=itigerup.com&utm_medium=referral","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2401695037","content_text":"There’s a lot to be optimistic about in the Technology sector as 3 analysts just weighed in on Tuya (TUYA – Research Report), Agilysys (AGYS – Rese...","news_type":1},"isVote":1,"tweetType":1,"viewCount":1102,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":259855475085432,"gmtCreate":1704451329663,"gmtModify":1704451330731,"author":{"id":"4163551144201930","authorId":"4163551144201930","name":"铜锣湾小蔡","avatar":"https://static.tigerbbs.com/a168d3df8c89a9f7e28be1e76005a77b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4163551144201930","authorIdStr":"4163551144201930"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a>看大摩的报告,管理层最新对24年展望还挺不错的嘛 [微笑] ","listText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a>看大摩的报告,管理层最新对24年展望还挺不错的嘛 [微笑] ","text":"$涂鸦智能(TUYA)$ 看大摩的报告,管理层最新对24年展望还挺不错的嘛 [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/259855475085432","isVote":1,"tweetType":1,"viewCount":1109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":259559761842296,"gmtCreate":1704379134047,"gmtModify":1704379135153,"author":{"id":"4163551144201930","authorId":"4163551144201930","name":"铜锣湾小蔡","avatar":"https://static.tigerbbs.com/a168d3df8c89a9f7e28be1e76005a77b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4163551144201930","authorIdStr":"4163551144201930"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a>看起来12月整体美股的超买月造成的1月回调影响还挺大的 这关注度抖动得真是醉了[捂脸] ","listText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a>看起来12月整体美股的超买月造成的1月回调影响还挺大的 这关注度抖动得真是醉了[捂脸] ","text":"$涂鸦智能(TUYA)$ 看起来12月整体美股的超买月造成的1月回调影响还挺大的 这关注度抖动得真是醉了[捂脸]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/259559761842296","isVote":1,"tweetType":1,"viewCount":1228,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4163122553494440","authorId":"4163122553494440","name":"蓝天小投","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":1,"crmLevelSwitch":0,"idStr":"4163122553494440","authorIdStr":"4163122553494440"},"content":"12月整个美股对降息预期的定价太高了,数据出来慢慢都要还回去了","text":"12月整个美股对降息预期的定价太高了,数据出来慢慢都要还回去了","html":"12月整个美股对降息预期的定价太高了,数据出来慢慢都要还回去了"}],"imageCount":0,"langContent":"CN","totalScore":0}],"hots":[{"id":254136145465416,"gmtCreate":1703081257059,"gmtModify":1703081258796,"author":{"id":"4163551144201930","authorId":"4163551144201930","name":"铜锣湾小蔡","avatar":"https://static.tigerbbs.com/a168d3df8c89a9f7e28be1e76005a77b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4163551144201930","authorIdStr":"4163551144201930"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a>趋势来说 该开始啦!","listText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a>趋势来说 该开始啦!","text":"$涂鸦智能(TUYA)$ 趋势来说 该开始啦!","images":[{"img":"https://static.tigerbbs.com/4661819f730c3b060f5d06a224df61aa","width":"1170","height":"2532"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":8,"repostSize":3,"link":"https://laohu8.com/post/254136145465416","isVote":1,"tweetType":1,"viewCount":1927,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"4163551144201930","authorId":"4163551144201930","name":"铜锣湾小蔡","avatar":"https://static.tigerbbs.com/a168d3df8c89a9f7e28be1e76005a77b","crmLevel":1,"crmLevelSwitch":0,"idStr":"4163551144201930","authorIdStr":"4163551144201930"},"content":"$涂鸦智能-W(02391)$ $涂鸦智能(TUYA)$ 昨晚这个实际走势可比我画的夸张多了 //@铜锣湾小蔡: $涂鸦智能(TUYA)$ $涂鸦智能-W(02391)$ 看起来昨天画的图起效了 转一次保佑今天~","text":"$涂鸦智能-W(02391)$ $涂鸦智能(TUYA)$ 昨晚这个实际走势可比我画的夸张多了 //@铜锣湾小蔡: $涂鸦智能(TUYA)$ $涂鸦智能-W(02391)$ 看起来昨天画的图起效了 转一次保佑今天~","html":"$涂鸦智能-W(02391)$ $涂鸦智能(TUYA)$ 昨晚这个实际走势可比我画的夸张多了 //@铜锣湾小蔡: $涂鸦智能(TUYA)$ $涂鸦智能-W(02391)$ 看起来昨天画的图起效了 转一次保佑今天~"}],"imageCount":1,"langContent":"CN","totalScore":0},{"id":249942653501608,"gmtCreate":1702038318207,"gmtModify":1702041813850,"author":{"id":"4163551144201930","authorId":"4163551144201930","name":"铜锣湾小蔡","avatar":"https://static.tigerbbs.com/a168d3df8c89a9f7e28be1e76005a77b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4163551144201930","authorIdStr":"4163551144201930"},"themes":[],"htmlText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a><a href=\"https://laohu8.com/S/02391\">$涂鸦智能-W(02391)$ </a>这篇文章的解读很清晰 鸭鸭收入短和成本端都能看到很好的驱动 接下来的表现应该都会很不错吧[微笑] [微笑] ","listText":"<a href=\"https://laohu8.com/S/TUYA\">$涂鸦智能(TUYA)$ </a><a href=\"https://laohu8.com/S/02391\">$涂鸦智能-W(02391)$ </a>这篇文章的解读很清晰 鸭鸭收入短和成本端都能看到很好的驱动 接下来的表现应该都会很不错吧[微笑] [微笑] ","text":"$涂鸦智能(TUYA)$ $涂鸦智能-W(02391)$ 这篇文章的解读很清晰 鸭鸭收入短和成本端都能看到很好的驱动 接下来的表现应该都会很不错吧[微笑] [微笑]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/249942653501608","repostId":"2389078858","repostType":2,"repost":{"id":"2389078858","kind":"highlight","weMediaInfo":{"introduction":"早报天天读,汇集天下事,做最好听的有声财经播报。","home_visible":1,"media_name":"格隆汇APP","id":"11","head_image":"https://static.tigerbbs.com/d06797dbcc3b4b9e839c351ca5a14e4d"},"pubTimestamp":1702028460,"share":"https://www.laohu8.com/m/news/2389078858?lang=&edition=full","pubTime":"2023-12-08 17:41","market":"sh","language":"zh","title":"“逆周期”下的涂鸦:聚焦、深耕与破圈","url":"https://stock-news.laohu8.com/highlight/detail?id=2389078858","media":"格隆汇APP","summary":"IoT Analytics预计,长期来看,非 IoT设备市场将趋稳,但IoT设备数预计保持高增长态势。涂鸦的努力分为两个维度:一、深耕优质客户:财报指出,涂鸦正更加专注于为核心客户提供服务。截至Q3,涂鸦不断赢得头部企业的合作,如美的家电的出海业务,海尔、公牛的新能源产品IoT平台,以及博世品牌的门锁业务。轻型实用类IoT设备的下游需求正在进一步复苏,涂鸦正在致力于帮助客户抓住机遇。","content":"<html><body><div><p><img src=\"https://static.tigerbbs.com/7474f832d13b4894a3f8a2bef6a07727\"/></p><p><span>作者 | </span><span>贝隆行业研究</span></p><p><span>数据支持 | 勾股大数据(www.gogudata.com)</span></p><p><strong></strong><span><img arial=\"\" gb=\"\" helvetica=\"\" left=\"\" neue=\"\" none=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/63da25f123c244009c02c5ff0e0b575e\" ui=\"\" visible=\"\" yahei=\"\"/></span></p><p><em><strong><span>这是希望之春,这是失望之冬;人们面前应有尽有,人们面前一无所有。</span></strong></em></p><p><em><strong><span>——《双城记》,查尔斯·狄更斯</span></strong></em><strong><span></span></strong></p><p><span>这两年对全球而言都是十分艰难的两年,各行各业都面临共同的挑战。受到全球宏观环境的影响,消费电子领域正经历着极为严峻的超级逆周期。包括PC和手机在内的多个消费电子行业赛道跌至近十年,甚至二十年来的最低点,而IoT行业迅猛增长的势头也在此刻戛然而止。</span></p><p><strong><span>在这一场极限测试里,风口吹上天的“猪”纷纷被打回原形。</span></strong></p><p><strong><span>笔者注意到,于其中大量的IoT概念公司折戟沉沙。前几年,IoT概念一度大热而广受资本追捧。但凡公司无论是一级融资还是二级路演,但凡能和联网沾点边,其BP(Business Plan)或者是招股材料里大概率画着美轮美奂的概念图,宣称自己是“物联网领导者”。对比起之前的好光景,过去这两年可称得上是IoT行业最低潮的时期,“领导者们”逐步退出市场。</span></strong></p><p><span>然而,事物往往充满矛盾,在最好的时代我们可能会做出最坏的投资,但在低潮期却不乏机会。</span></p><p><span>对科技领域的投资,市场上存在着一种观点解读:当景气度上升之时,行业遍地黄金,将带来珍贵的投资窗口期。但事实却并非如此。一个需求繁荣的行业中,过量的资本与竞争者将涌入供应链的各环节,大大地损害了公司的回报率。</span></p><p><span>类似地,投资者会忽略需求衰减期的机会。需求衰退其实是行业竞争格局重构的催化剂。低景气度之时,那些没有竞争力的玩家会大量退出;而好的企业不会浪费一场危机,在逆势中修炼内功,赢得更多市场份额和未来底气。</span></p><p><img src=\"https://static.tigerbbs.com/3ae710431e334630aaa9b6b37988ea97\"/></p><p><span>逆周期并非如想象中那般可怕。</span></p><p><span>日前,全球化IoT开发者平台<a href=\"https://laohu8.com/S/TUYA\">涂鸦智能</a>的业绩电话会上,公司创始人兼CEO王学集也表示了类似的观点,“近两年的行业下行周期中很多竞争对手出清,尤其是一些巨头企业的IoT业务部门,由于行业竞争力有限、获利能力不佳、无法坚定投入产出等方面的因素而关停。”</span></p><p><span>对于那些在蛰伏期不断前行的公司来说,危机之后的复苏更是值得期待。从低谷之中逐渐恢复的时候,我们可以做出最好的投资。</span></p><p><span>1</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">涂鸦的逆势成长模式</span></strong></p><p><span>近日,全球化IoT开发者平台涂鸦<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>发布了季报,从侧面证实了IoT市场的复苏。涂鸦智能董事兼CFO刘尧表示,“去年第三季度是下游去库存最为严重的时期,而本季度涂鸦的增长很大程度上受益于去库存周期渐入尾声。”</span></p><p><span>相较同业,涂鸦的回暖迹象出现得更早、持续性也更强。公司整体营收在22年Q3至今年Q3的每个季度都实现了环比增长,验证了公司具有较强的反弹趋势——公司总营收同比增长为35.7%,整体毛利率增至46.7%,持平历史最高;非公认会计准则(non-GAAP)净利润约1,010万美元,环比增长率567%,同比大幅扭亏为盈!</span></p><p><span>根据市场调研机构的高频跟踪数据,随着去库存进入尾声,消费电子行业逐渐走出困境。其中,IoT行业的回暖最令人期待。IoT Analytics预计,长期来看,非 IoT设备市场将趋稳,但IoT设备数预计保持高增长态势。2027年IoT设备将超过 290 亿部,2022-2027年CAGR超过15%。</span></p><p><strong><span>IoT行业最大的危机或即将结束,而危机过后的机会值得关注。危机之中,竞争对手市场开拓开始放缓,甚至逐渐退出竞争舞台。我们难以获得IoT行业竞争者数量的直接数据,但是不乏有力的侧面数据——随着IoT创业高峰结束,产业上游的IoT云厂商考虑到下游需求出清等原因,集体退出相关领域。</span></strong><span><a href=\"https://laohu8.com/S/GOOG\">谷歌</a>云终止了其IoT Core服务,<a href=\"https://laohu8.com/S/JG\">极光</a>JIoT物联网服务已下线,国内领先的云计算提供商UCloud也宣布下线UIoT物联网云服务。同时,一些知名企业如<a href=\"https://laohu8.com/S/ERIC\">爱立信</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、博世和SAP等巨头相继宣告放弃物联网平台。在供给侧出清之时,如果公司能继续在客户、产品、应用场景方面不断实现突破,力量此消彼长之间,公司的努力就能事半功倍。</span></p><p><span>因此,涂鸦在过去两年的逆境中,绝不躺平、积极调整。其逆势成长模型由三个方面构成:第一:聚焦和扩大优质客群;第二:持续提升产品力;第三:进入消费电子行业以外的领域,为IoT行业的全面复苏做好准备。用四个字概括,即“做深”、“做广”。</span></p><p><span>2</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>做深:聚焦于核心客户与产品力</span></strong></span></strong></span></p><p><span>“做深”,即实现垂直行业深耕。涂鸦的努力分为两个维度:</span></p><p><strong><span>一、深耕优质客户:</span></strong></p><p><span>财报指出,涂鸦正更加专注于为核心客户提供服务。公司的核心理念在于建立牢固的合作伙伴关系,通过深度了解客户需求、挑战和目标,提供更为定制化和高价值的解决方案。</span></p><p><span>有时候做减法比做加法更为有效。将精力聚集在某一垂直行业的优质客户、而非泛客户身上,更容易挖掘到更大的客户价值(特别是当客户的深度价值远超过广度价值时)。</span></p><p><span>原因是显而易见。</span></p><p><span>在经济逆周期时,许多客户可能会削减支出,但优质客户可能仍保持相对稳定甚至增长的需求。为了追求更高效率、更佳利润和性价比,更多头部品牌客户倾向于尝试第三方IoT平台。财务数据可以清晰可见大客户的优势:Q3,涂鸦的每单客户平均收入达到了2万美元,创下新的历史最高水平;公司的IoT PaaS的净收入扩张率(DBNER)为78%,这表示公司成功地从现有客户中实现了相当可观的收入增长。</span></p><p><span>毫无疑问,涂鸦的优质客户拥有巨大的发展潜力,因此聚焦核心客户的战略显然是行之有效的。这一做法带来了两个明显的结果:</span></p><p><span>首先,涂鸦的客户开拓变得更加高效,释放了更快的扩张速度,使得涂鸦正以更快的速度迈向全球。截至Q3,涂鸦不断赢得头部企业的合作,如美的家电的出海业务,海尔、公牛的新能源产品IoT平台,以及博世品牌的门锁业务。</span></p><p><span>此外,公司经营效率大幅提升,non-GAAP总经营费用在第三季度同比下降了26.2%,从4340万美元减少到3200万美元;员工人均收入达3.9万美元,同比翻了近100%。可以看出,公司的努力达到了事半功倍的效果。</span></p><p><strong><span>二、提升产品力:</span></strong></p><p><span>在聚焦优质客户群体的同时,公司继续聚焦于产品的创新。</span></p><p><span>涂鸦智能之所以能够脱颖而出,成为全球领先企业,这很大程度上要归功于其竞争力十足的一站式IoT解决方案。特别是在轻量级应用领域,如智能家居和智慧商业场景,涂鸦展现出了独到的实力。</span></p><p><span>在报告期内,公司进一步巩固了传统强项品类的优势,并进行了产品升级迭代。在全球连接的智能家居和智慧商业设备市场中,家电和照明电工细分品类占据最大比例(根据CIC数据)。在Q3,涂鸦继续主导智慧电工领域的革新,推出了双频路由的智能插座解决方案,显著提高了设备的配网成功率和用户的配网体验。Eightree品牌在<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>平台上的销售已经跻身前十,进一步证明了公司产品力在市场上的广受认可。</span></p><p><span>此外,公司不断在垂直行业内落地新场景。公司不仅在激光扫地机和智能门锁方案上取得了实质性的进展,还通过中控产品线在海外和国内市场上推出了多项创新产品。</span></p><p><span>从长期来看,消费级市场依然是一个具备充足发展潜力的赛道。据Mordor Intelligence统计,全球消费者物联网市场规模预计将从2023年的1289.7亿美元增长到2028年的1910亿美元,增长幅度超过50%。</span></p><p><span>尽管目前消费级市场依然承压,但拐点已经清晰可见。轻型实用类IoT设备的下游需求正在进一步复苏,涂鸦正在致力于帮助客户抓住机遇。</span></p><p><span>通过产品力的全面复用与延展,公司在各个领域依然保持着较高的市场地位。高毛利率表明企业在定价时具有较高的议价能力,能够在市场中获取更有利的价格,因此通常被视为企业产品或服务的竞争力的关键指标之一。</span></p><p><span>Q3,公司整体的毛利率从去年同期的43.6%增长至46.7%;其中IoT PaaS毛利率为44.6%,而去年同期为37.2%;智能设备分销毛利率为26.9%,去年同期为12.9%。</span></p><p><span>以上数据能从侧面印证公司在各个领域具备较高的竞争力。总体来看,涂鸦在Q3进一步巩固了在行业中的领先地位,为即将到来的复苏奠定了坚实基础。</span></p><p><img height=\"401.936\" src=\"https://static.tigerbbs.com/a9621e714f194a32b9b95e2d54f05034\" width=\"424.266\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">来源:涂鸦智能</span></p><p><span>3</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>做广:以开放的理念,不断破圈</span></strong></span></strong></span></p><p><span>涂鸦一边纵向深耕垂直行业,一边横向开拓更多的领域与落地场景。</span></p><p><span>值得注意的是,许多投资者存在对IoT的一定误解,认为IoT主要涉及消费电子领域。涂鸦成功打破这一误区,向大家展示了IoT在各个领域的无限可能性。</span></p><p><span>比如,公司在新能源赛道高歌猛进,让IoT走出消费电子领域,向更广阔的星辰大海进发。</span></p><p><span>全球新能源需求快速成长,涂鸦智能迅速响应,将家庭能源管理系统(HEMS)定位为未来发展的关键。涂鸦对HEMS方案进行全面升级,Q3发布了支持“光储充用”一体的整合App,完善了家庭能源管理场景中从“能源监控”到“能源负载联动调度”的环节。在国内家庭能源管理系统市场,涂鸦也已经形成领跑之势。据悉,爱旭、<a href=\"https://laohu8.com/S/002056\">横店东磁</a>等全球领先的光伏品牌企业都在新的储能业务上与涂鸦IoT PaaS达成了合作。</span></p><p><span><strong><span>在双碳背景之下,ESG已经从一种边缘性的关注点,逐渐演变为全球企业经营战略中的关键组成部分。涂鸦前瞻性布局,将IoT生态建设与践行ESG结合紧密,成为许多企业在实现ESG方面的最佳合作伙伴。</span></strong></span></p><p><img src=\"https://static.tigerbbs.com/984c0ea81f0e4f90951cce50543d9849\"/></p><p><span>除了全球炙手可热的新能源赛道,涂鸦还不断实现突破,包括推动公司4G蜂窝VCU中控产品在E-bike产品上落地、持续通过“陆续闭环成型的Cube智慧私有云产品综合解决方案”满足大型集团客户构建私有化IoT平台的需求等等。</span></p><p><span>涂鸦的表现描绘出IoT未来美好蓝图。</span></p><p><span>在过去的十年中,受到旺盛的消费电子需求的推动,IoT市场取得了空前的繁荣。而在未来的十年里,IoT将突破消费电子应用场景,在数字经济中发挥越来越重要的作用。尽管当前整体行业仍正从低谷向上,但长远来看,在强烈的智能化、互联性的需求之下,IoT作为重要底座,正在赋能更多的行业与应用场景,完成更高程度的自我发展。</span></p><p><span>4</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">结语</span></strong></span></p><p><span>公司通过核心客户与产品迭代双驱动,实现了涂鸦品牌的“做深”;同时,公司从消费电子领域出发,迈向新能源等潜力巨大的新领域,实现了品牌的“做广”。两者相互影响,产生的效应不仅仅是各个因素的简单累加,并非“加法效应”;彼此之间存在的是相互放大的关系,这种复合效应导致总体效应是各个因素的乘积,释放出很大的“乘法效应”。业绩的非线性改善,也表明公司正受益于“乘法效应”。</span></p><p><span>不难看出,涂鸦的业务边界足够大,而公司也正一刻不停地走在正轨之上。不断积聚的内部积极变化,不仅使公司较好地消弭外界带来的负面影响,交出了一张令人满意的成绩单,也使公司为复苏期做好了充足的准备。</span><span>(全文完)</span></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>格隆汇声明:</span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">文中观点均来自原作者,不代表格隆汇观点及立场。特别提醒,投资决策需建立在独立思考之上,本文内容仅供参考,不作为任何实际操作建议,交易风险自担。</span></p></div></body></html>","source":"weixin_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>“逆周期”下的涂鸦:聚焦、深耕与破圈</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ 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margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n“逆周期”下的涂鸦:聚焦、深耕与破圈\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/11\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/d06797dbcc3b4b9e839c351ca5a14e4d);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">格隆汇APP </p>\n<p class=\"h-time\">2023-12-08 17:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><body><div><p><img src=\"https://static.tigerbbs.com/7474f832d13b4894a3f8a2bef6a07727\"/></p><p><span>作者 | </span><span>贝隆行业研究</span></p><p><span>数据支持 | 勾股大数据(www.gogudata.com)</span></p><p><strong></strong><span><img arial=\"\" gb=\"\" helvetica=\"\" left=\"\" neue=\"\" none=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" src=\"https://static.tigerbbs.com/63da25f123c244009c02c5ff0e0b575e\" ui=\"\" visible=\"\" yahei=\"\"/></span></p><p><em><strong><span>这是希望之春,这是失望之冬;人们面前应有尽有,人们面前一无所有。</span></strong></em></p><p><em><strong><span>——《双城记》,查尔斯·狄更斯</span></strong></em><strong><span></span></strong></p><p><span>这两年对全球而言都是十分艰难的两年,各行各业都面临共同的挑战。受到全球宏观环境的影响,消费电子领域正经历着极为严峻的超级逆周期。包括PC和手机在内的多个消费电子行业赛道跌至近十年,甚至二十年来的最低点,而IoT行业迅猛增长的势头也在此刻戛然而止。</span></p><p><strong><span>在这一场极限测试里,风口吹上天的“猪”纷纷被打回原形。</span></strong></p><p><strong><span>笔者注意到,于其中大量的IoT概念公司折戟沉沙。前几年,IoT概念一度大热而广受资本追捧。但凡公司无论是一级融资还是二级路演,但凡能和联网沾点边,其BP(Business Plan)或者是招股材料里大概率画着美轮美奂的概念图,宣称自己是“物联网领导者”。对比起之前的好光景,过去这两年可称得上是IoT行业最低潮的时期,“领导者们”逐步退出市场。</span></strong></p><p><span>然而,事物往往充满矛盾,在最好的时代我们可能会做出最坏的投资,但在低潮期却不乏机会。</span></p><p><span>对科技领域的投资,市场上存在着一种观点解读:当景气度上升之时,行业遍地黄金,将带来珍贵的投资窗口期。但事实却并非如此。一个需求繁荣的行业中,过量的资本与竞争者将涌入供应链的各环节,大大地损害了公司的回报率。</span></p><p><span>类似地,投资者会忽略需求衰减期的机会。需求衰退其实是行业竞争格局重构的催化剂。低景气度之时,那些没有竞争力的玩家会大量退出;而好的企业不会浪费一场危机,在逆势中修炼内功,赢得更多市场份额和未来底气。</span></p><p><img src=\"https://static.tigerbbs.com/3ae710431e334630aaa9b6b37988ea97\"/></p><p><span>逆周期并非如想象中那般可怕。</span></p><p><span>日前,全球化IoT开发者平台<a href=\"https://laohu8.com/S/TUYA\">涂鸦智能</a>的业绩电话会上,公司创始人兼CEO王学集也表示了类似的观点,“近两年的行业下行周期中很多竞争对手出清,尤其是一些巨头企业的IoT业务部门,由于行业竞争力有限、获利能力不佳、无法坚定投入产出等方面的因素而关停。”</span></p><p><span>对于那些在蛰伏期不断前行的公司来说,危机之后的复苏更是值得期待。从低谷之中逐渐恢复的时候,我们可以做出最好的投资。</span></p><p><span>1</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">涂鸦的逆势成长模式</span></strong></p><p><span>近日,全球化IoT开发者平台涂鸦<a href=\"https://laohu8.com/S/5RE.SI\">智能</a>发布了季报,从侧面证实了IoT市场的复苏。涂鸦智能董事兼CFO刘尧表示,“去年第三季度是下游去库存最为严重的时期,而本季度涂鸦的增长很大程度上受益于去库存周期渐入尾声。”</span></p><p><span>相较同业,涂鸦的回暖迹象出现得更早、持续性也更强。公司整体营收在22年Q3至今年Q3的每个季度都实现了环比增长,验证了公司具有较强的反弹趋势——公司总营收同比增长为35.7%,整体毛利率增至46.7%,持平历史最高;非公认会计准则(non-GAAP)净利润约1,010万美元,环比增长率567%,同比大幅扭亏为盈!</span></p><p><span>根据市场调研机构的高频跟踪数据,随着去库存进入尾声,消费电子行业逐渐走出困境。其中,IoT行业的回暖最令人期待。IoT Analytics预计,长期来看,非 IoT设备市场将趋稳,但IoT设备数预计保持高增长态势。2027年IoT设备将超过 290 亿部,2022-2027年CAGR超过15%。</span></p><p><strong><span>IoT行业最大的危机或即将结束,而危机过后的机会值得关注。危机之中,竞争对手市场开拓开始放缓,甚至逐渐退出竞争舞台。我们难以获得IoT行业竞争者数量的直接数据,但是不乏有力的侧面数据——随着IoT创业高峰结束,产业上游的IoT云厂商考虑到下游需求出清等原因,集体退出相关领域。</span></strong><span><a href=\"https://laohu8.com/S/GOOG\">谷歌</a>云终止了其IoT Core服务,<a href=\"https://laohu8.com/S/JG\">极光</a>JIoT物联网服务已下线,国内领先的云计算提供商UCloud也宣布下线UIoT物联网云服务。同时,一些知名企业如<a href=\"https://laohu8.com/S/ERIC\">爱立信</a>、<a href=\"https://laohu8.com/S/IBM\">IBM</a>、博世和SAP等巨头相继宣告放弃物联网平台。在供给侧出清之时,如果公司能继续在客户、产品、应用场景方面不断实现突破,力量此消彼长之间,公司的努力就能事半功倍。</span></p><p><span>因此,涂鸦在过去两年的逆境中,绝不躺平、积极调整。其逆势成长模型由三个方面构成:第一:聚焦和扩大优质客群;第二:持续提升产品力;第三:进入消费电子行业以外的领域,为IoT行业的全面复苏做好准备。用四个字概括,即“做深”、“做广”。</span></p><p><span>2</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>做深:聚焦于核心客户与产品力</span></strong></span></strong></span></p><p><span>“做深”,即实现垂直行业深耕。涂鸦的努力分为两个维度:</span></p><p><strong><span>一、深耕优质客户:</span></strong></p><p><span>财报指出,涂鸦正更加专注于为核心客户提供服务。公司的核心理念在于建立牢固的合作伙伴关系,通过深度了解客户需求、挑战和目标,提供更为定制化和高价值的解决方案。</span></p><p><span>有时候做减法比做加法更为有效。将精力聚集在某一垂直行业的优质客户、而非泛客户身上,更容易挖掘到更大的客户价值(特别是当客户的深度价值远超过广度价值时)。</span></p><p><span>原因是显而易见。</span></p><p><span>在经济逆周期时,许多客户可能会削减支出,但优质客户可能仍保持相对稳定甚至增长的需求。为了追求更高效率、更佳利润和性价比,更多头部品牌客户倾向于尝试第三方IoT平台。财务数据可以清晰可见大客户的优势:Q3,涂鸦的每单客户平均收入达到了2万美元,创下新的历史最高水平;公司的IoT PaaS的净收入扩张率(DBNER)为78%,这表示公司成功地从现有客户中实现了相当可观的收入增长。</span></p><p><span>毫无疑问,涂鸦的优质客户拥有巨大的发展潜力,因此聚焦核心客户的战略显然是行之有效的。这一做法带来了两个明显的结果:</span></p><p><span>首先,涂鸦的客户开拓变得更加高效,释放了更快的扩张速度,使得涂鸦正以更快的速度迈向全球。截至Q3,涂鸦不断赢得头部企业的合作,如美的家电的出海业务,海尔、公牛的新能源产品IoT平台,以及博世品牌的门锁业务。</span></p><p><span>此外,公司经营效率大幅提升,non-GAAP总经营费用在第三季度同比下降了26.2%,从4340万美元减少到3200万美元;员工人均收入达3.9万美元,同比翻了近100%。可以看出,公司的努力达到了事半功倍的效果。</span></p><p><strong><span>二、提升产品力:</span></strong></p><p><span>在聚焦优质客户群体的同时,公司继续聚焦于产品的创新。</span></p><p><span>涂鸦智能之所以能够脱颖而出,成为全球领先企业,这很大程度上要归功于其竞争力十足的一站式IoT解决方案。特别是在轻量级应用领域,如智能家居和智慧商业场景,涂鸦展现出了独到的实力。</span></p><p><span>在报告期内,公司进一步巩固了传统强项品类的优势,并进行了产品升级迭代。在全球连接的智能家居和智慧商业设备市场中,家电和照明电工细分品类占据最大比例(根据CIC数据)。在Q3,涂鸦继续主导智慧电工领域的革新,推出了双频路由的智能插座解决方案,显著提高了设备的配网成功率和用户的配网体验。Eightree品牌在<a href=\"https://laohu8.com/S/AMZN\">亚马逊</a>平台上的销售已经跻身前十,进一步证明了公司产品力在市场上的广受认可。</span></p><p><span>此外,公司不断在垂直行业内落地新场景。公司不仅在激光扫地机和智能门锁方案上取得了实质性的进展,还通过中控产品线在海外和国内市场上推出了多项创新产品。</span></p><p><span>从长期来看,消费级市场依然是一个具备充足发展潜力的赛道。据Mordor Intelligence统计,全球消费者物联网市场规模预计将从2023年的1289.7亿美元增长到2028年的1910亿美元,增长幅度超过50%。</span></p><p><span>尽管目前消费级市场依然承压,但拐点已经清晰可见。轻型实用类IoT设备的下游需求正在进一步复苏,涂鸦正在致力于帮助客户抓住机遇。</span></p><p><span>通过产品力的全面复用与延展,公司在各个领域依然保持着较高的市场地位。高毛利率表明企业在定价时具有较高的议价能力,能够在市场中获取更有利的价格,因此通常被视为企业产品或服务的竞争力的关键指标之一。</span></p><p><span>Q3,公司整体的毛利率从去年同期的43.6%增长至46.7%;其中IoT PaaS毛利率为44.6%,而去年同期为37.2%;智能设备分销毛利率为26.9%,去年同期为12.9%。</span></p><p><span>以上数据能从侧面印证公司在各个领域具备较高的竞争力。总体来看,涂鸦在Q3进一步巩固了在行业中的领先地位,为即将到来的复苏奠定了坚实基础。</span></p><p><img height=\"401.936\" src=\"https://static.tigerbbs.com/a9621e714f194a32b9b95e2d54f05034\" width=\"424.266\"/></p><p><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" yahei=\"\">来源:涂鸦智能</span></p><p><span>3</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><strong><span>做广:以开放的理念,不断破圈</span></strong></span></strong></span></p><p><span>涂鸦一边纵向深耕垂直行业,一边横向开拓更多的领域与落地场景。</span></p><p><span>值得注意的是,许多投资者存在对IoT的一定误解,认为IoT主要涉及消费电子领域。涂鸦成功打破这一误区,向大家展示了IoT在各个领域的无限可能性。</span></p><p><span>比如,公司在新能源赛道高歌猛进,让IoT走出消费电子领域,向更广阔的星辰大海进发。</span></p><p><span>全球新能源需求快速成长,涂鸦智能迅速响应,将家庭能源管理系统(HEMS)定位为未来发展的关键。涂鸦对HEMS方案进行全面升级,Q3发布了支持“光储充用”一体的整合App,完善了家庭能源管理场景中从“能源监控”到“能源负载联动调度”的环节。在国内家庭能源管理系统市场,涂鸦也已经形成领跑之势。据悉,爱旭、<a href=\"https://laohu8.com/S/002056\">横店东磁</a>等全球领先的光伏品牌企业都在新的储能业务上与涂鸦IoT PaaS达成了合作。</span></p><p><span><strong><span>在双碳背景之下,ESG已经从一种边缘性的关注点,逐渐演变为全球企业经营战略中的关键组成部分。涂鸦前瞻性布局,将IoT生态建设与践行ESG结合紧密,成为许多企业在实现ESG方面的最佳合作伙伴。</span></strong></span></p><p><img src=\"https://static.tigerbbs.com/984c0ea81f0e4f90951cce50543d9849\"/></p><p><span>除了全球炙手可热的新能源赛道,涂鸦还不断实现突破,包括推动公司4G蜂窝VCU中控产品在E-bike产品上落地、持续通过“陆续闭环成型的Cube智慧私有云产品综合解决方案”满足大型集团客户构建私有化IoT平台的需求等等。</span></p><p><span>涂鸦的表现描绘出IoT未来美好蓝图。</span></p><p><span>在过去的十年中,受到旺盛的消费电子需求的推动,IoT市场取得了空前的繁荣。而在未来的十年里,IoT将突破消费电子应用场景,在数字经济中发挥越来越重要的作用。尽管当前整体行业仍正从低谷向上,但长远来看,在强烈的智能化、互联性的需求之下,IoT作为重要底座,正在赋能更多的行业与应用场景,完成更高程度的自我发展。</span></p><p><span>4</span></p><p arial=\"\" center=\"\" gb=\"\" helvetica=\"\" neue=\"\" rgb=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span><strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">结语</span></strong></span></p><p><span>公司通过核心客户与产品迭代双驱动,实现了涂鸦品牌的“做深”;同时,公司从消费电子领域出发,迈向新能源等潜力巨大的新领域,实现了品牌的“做广”。两者相互影响,产生的效应不仅仅是各个因素的简单累加,并非“加法效应”;彼此之间存在的是相互放大的关系,这种复合效应导致总体效应是各个因素的乘积,释放出很大的“乘法效应”。业绩的非线性改善,也表明公司正受益于“乘法效应”。</span></p><p><span>不难看出,涂鸦的业务边界足够大,而公司也正一刻不停地走在正轨之上。不断积聚的内部积极变化,不仅使公司较好地消弭外界带来的负面影响,交出了一张令人满意的成绩单,也使公司为复苏期做好了充足的准备。</span><span>(全文完)</span></p><p><strong arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\"><span>格隆汇声明:</span></strong><span arial=\"\" gb=\"\" helvetica=\"\" neue=\"\" sans=\"\" sans-serif=\"\" sc=\"\" ui=\"\" yahei=\"\">文中观点均来自原作者,不代表格隆汇观点及立场。特别提醒,投资决策需建立在独立思考之上,本文内容仅供参考,不作为任何实际操作建议,交易风险自担。</span></p></div></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"http://mp.weixin.qq.com/s?__biz=MzAwNjExNDkyOA==&mid=2649834153&idx=1&sn=8a664aa39c6c49948c8315fae5d898cd&chksm=8317b9b6b46030a0dc1b2f396ebf0007a45c0d0ae145c00aac28a9fbc168d1922c6bb4b2b082&scene=0#rd","is_english":false,"share_image_url":"https://static.laohu8.com/ecd74548980bc5b366aa8f4b37ed0bd5","article_id":"2389078858","content_text":"作者 | 贝隆行业研究数据支持 | 勾股大数据(www.gogudata.com)这是希望之春,这是失望之冬;人们面前应有尽有,人们面前一无所有。——《双城记》,查尔斯·狄更斯这两年对全球而言都是十分艰难的两年,各行各业都面临共同的挑战。受到全球宏观环境的影响,消费电子领域正经历着极为严峻的超级逆周期。包括PC和手机在内的多个消费电子行业赛道跌至近十年,甚至二十年来的最低点,而IoT行业迅猛增长的势头也在此刻戛然而止。在这一场极限测试里,风口吹上天的“猪”纷纷被打回原形。笔者注意到,于其中大量的IoT概念公司折戟沉沙。前几年,IoT概念一度大热而广受资本追捧。但凡公司无论是一级融资还是二级路演,但凡能和联网沾点边,其BP(Business Plan)或者是招股材料里大概率画着美轮美奂的概念图,宣称自己是“物联网领导者”。对比起之前的好光景,过去这两年可称得上是IoT行业最低潮的时期,“领导者们”逐步退出市场。然而,事物往往充满矛盾,在最好的时代我们可能会做出最坏的投资,但在低潮期却不乏机会。对科技领域的投资,市场上存在着一种观点解读:当景气度上升之时,行业遍地黄金,将带来珍贵的投资窗口期。但事实却并非如此。一个需求繁荣的行业中,过量的资本与竞争者将涌入供应链的各环节,大大地损害了公司的回报率。类似地,投资者会忽略需求衰减期的机会。需求衰退其实是行业竞争格局重构的催化剂。低景气度之时,那些没有竞争力的玩家会大量退出;而好的企业不会浪费一场危机,在逆势中修炼内功,赢得更多市场份额和未来底气。逆周期并非如想象中那般可怕。日前,全球化IoT开发者平台涂鸦智能的业绩电话会上,公司创始人兼CEO王学集也表示了类似的观点,“近两年的行业下行周期中很多竞争对手出清,尤其是一些巨头企业的IoT业务部门,由于行业竞争力有限、获利能力不佳、无法坚定投入产出等方面的因素而关停。”对于那些在蛰伏期不断前行的公司来说,危机之后的复苏更是值得期待。从低谷之中逐渐恢复的时候,我们可以做出最好的投资。1涂鸦的逆势成长模式近日,全球化IoT开发者平台涂鸦智能发布了季报,从侧面证实了IoT市场的复苏。涂鸦智能董事兼CFO刘尧表示,“去年第三季度是下游去库存最为严重的时期,而本季度涂鸦的增长很大程度上受益于去库存周期渐入尾声。”相较同业,涂鸦的回暖迹象出现得更早、持续性也更强。公司整体营收在22年Q3至今年Q3的每个季度都实现了环比增长,验证了公司具有较强的反弹趋势——公司总营收同比增长为35.7%,整体毛利率增至46.7%,持平历史最高;非公认会计准则(non-GAAP)净利润约1,010万美元,环比增长率567%,同比大幅扭亏为盈!根据市场调研机构的高频跟踪数据,随着去库存进入尾声,消费电子行业逐渐走出困境。其中,IoT行业的回暖最令人期待。IoT Analytics预计,长期来看,非 IoT设备市场将趋稳,但IoT设备数预计保持高增长态势。2027年IoT设备将超过 290 亿部,2022-2027年CAGR超过15%。IoT行业最大的危机或即将结束,而危机过后的机会值得关注。危机之中,竞争对手市场开拓开始放缓,甚至逐渐退出竞争舞台。我们难以获得IoT行业竞争者数量的直接数据,但是不乏有力的侧面数据——随着IoT创业高峰结束,产业上游的IoT云厂商考虑到下游需求出清等原因,集体退出相关领域。谷歌云终止了其IoT Core服务,极光JIoT物联网服务已下线,国内领先的云计算提供商UCloud也宣布下线UIoT物联网云服务。同时,一些知名企业如爱立信、IBM、博世和SAP等巨头相继宣告放弃物联网平台。在供给侧出清之时,如果公司能继续在客户、产品、应用场景方面不断实现突破,力量此消彼长之间,公司的努力就能事半功倍。因此,涂鸦在过去两年的逆境中,绝不躺平、积极调整。其逆势成长模型由三个方面构成:第一:聚焦和扩大优质客群;第二:持续提升产品力;第三:进入消费电子行业以外的领域,为IoT行业的全面复苏做好准备。用四个字概括,即“做深”、“做广”。2做深:聚焦于核心客户与产品力“做深”,即实现垂直行业深耕。涂鸦的努力分为两个维度:一、深耕优质客户:财报指出,涂鸦正更加专注于为核心客户提供服务。公司的核心理念在于建立牢固的合作伙伴关系,通过深度了解客户需求、挑战和目标,提供更为定制化和高价值的解决方案。有时候做减法比做加法更为有效。将精力聚集在某一垂直行业的优质客户、而非泛客户身上,更容易挖掘到更大的客户价值(特别是当客户的深度价值远超过广度价值时)。原因是显而易见。在经济逆周期时,许多客户可能会削减支出,但优质客户可能仍保持相对稳定甚至增长的需求。为了追求更高效率、更佳利润和性价比,更多头部品牌客户倾向于尝试第三方IoT平台。财务数据可以清晰可见大客户的优势:Q3,涂鸦的每单客户平均收入达到了2万美元,创下新的历史最高水平;公司的IoT PaaS的净收入扩张率(DBNER)为78%,这表示公司成功地从现有客户中实现了相当可观的收入增长。毫无疑问,涂鸦的优质客户拥有巨大的发展潜力,因此聚焦核心客户的战略显然是行之有效的。这一做法带来了两个明显的结果:首先,涂鸦的客户开拓变得更加高效,释放了更快的扩张速度,使得涂鸦正以更快的速度迈向全球。截至Q3,涂鸦不断赢得头部企业的合作,如美的家电的出海业务,海尔、公牛的新能源产品IoT平台,以及博世品牌的门锁业务。此外,公司经营效率大幅提升,non-GAAP总经营费用在第三季度同比下降了26.2%,从4340万美元减少到3200万美元;员工人均收入达3.9万美元,同比翻了近100%。可以看出,公司的努力达到了事半功倍的效果。二、提升产品力:在聚焦优质客户群体的同时,公司继续聚焦于产品的创新。涂鸦智能之所以能够脱颖而出,成为全球领先企业,这很大程度上要归功于其竞争力十足的一站式IoT解决方案。特别是在轻量级应用领域,如智能家居和智慧商业场景,涂鸦展现出了独到的实力。在报告期内,公司进一步巩固了传统强项品类的优势,并进行了产品升级迭代。在全球连接的智能家居和智慧商业设备市场中,家电和照明电工细分品类占据最大比例(根据CIC数据)。在Q3,涂鸦继续主导智慧电工领域的革新,推出了双频路由的智能插座解决方案,显著提高了设备的配网成功率和用户的配网体验。Eightree品牌在亚马逊平台上的销售已经跻身前十,进一步证明了公司产品力在市场上的广受认可。此外,公司不断在垂直行业内落地新场景。公司不仅在激光扫地机和智能门锁方案上取得了实质性的进展,还通过中控产品线在海外和国内市场上推出了多项创新产品。从长期来看,消费级市场依然是一个具备充足发展潜力的赛道。据Mordor Intelligence统计,全球消费者物联网市场规模预计将从2023年的1289.7亿美元增长到2028年的1910亿美元,增长幅度超过50%。尽管目前消费级市场依然承压,但拐点已经清晰可见。轻型实用类IoT设备的下游需求正在进一步复苏,涂鸦正在致力于帮助客户抓住机遇。通过产品力的全面复用与延展,公司在各个领域依然保持着较高的市场地位。高毛利率表明企业在定价时具有较高的议价能力,能够在市场中获取更有利的价格,因此通常被视为企业产品或服务的竞争力的关键指标之一。Q3,公司整体的毛利率从去年同期的43.6%增长至46.7%;其中IoT PaaS毛利率为44.6%,而去年同期为37.2%;智能设备分销毛利率为26.9%,去年同期为12.9%。以上数据能从侧面印证公司在各个领域具备较高的竞争力。总体来看,涂鸦在Q3进一步巩固了在行业中的领先地位,为即将到来的复苏奠定了坚实基础。来源:涂鸦智能3做广:以开放的理念,不断破圈涂鸦一边纵向深耕垂直行业,一边横向开拓更多的领域与落地场景。值得注意的是,许多投资者存在对IoT的一定误解,认为IoT主要涉及消费电子领域。涂鸦成功打破这一误区,向大家展示了IoT在各个领域的无限可能性。比如,公司在新能源赛道高歌猛进,让IoT走出消费电子领域,向更广阔的星辰大海进发。全球新能源需求快速成长,涂鸦智能迅速响应,将家庭能源管理系统(HEMS)定位为未来发展的关键。涂鸦对HEMS方案进行全面升级,Q3发布了支持“光储充用”一体的整合App,完善了家庭能源管理场景中从“能源监控”到“能源负载联动调度”的环节。在国内家庭能源管理系统市场,涂鸦也已经形成领跑之势。据悉,爱旭、横店东磁等全球领先的光伏品牌企业都在新的储能业务上与涂鸦IoT PaaS达成了合作。在双碳背景之下,ESG已经从一种边缘性的关注点,逐渐演变为全球企业经营战略中的关键组成部分。涂鸦前瞻性布局,将IoT生态建设与践行ESG结合紧密,成为许多企业在实现ESG方面的最佳合作伙伴。除了全球炙手可热的新能源赛道,涂鸦还不断实现突破,包括推动公司4G蜂窝VCU中控产品在E-bike产品上落地、持续通过“陆续闭环成型的Cube智慧私有云产品综合解决方案”满足大型集团客户构建私有化IoT平台的需求等等。涂鸦的表现描绘出IoT未来美好蓝图。在过去的十年中,受到旺盛的消费电子需求的推动,IoT市场取得了空前的繁荣。而在未来的十年里,IoT将突破消费电子应用场景,在数字经济中发挥越来越重要的作用。尽管当前整体行业仍正从低谷向上,但长远来看,在强烈的智能化、互联性的需求之下,IoT作为重要底座,正在赋能更多的行业与应用场景,完成更高程度的自我发展。4结语公司通过核心客户与产品迭代双驱动,实现了涂鸦品牌的“做深”;同时,公司从消费电子领域出发,迈向新能源等潜力巨大的新领域,实现了品牌的“做广”。两者相互影响,产生的效应不仅仅是各个因素的简单累加,并非“加法效应”;彼此之间存在的是相互放大的关系,这种复合效应导致总体效应是各个因素的乘积,释放出很大的“乘法效应”。业绩的非线性改善,也表明公司正受益于“乘法效应”。不难看出,涂鸦的业务边界足够大,而公司也正一刻不停地走在正轨之上。不断积聚的内部积极变化,不仅使公司较好地消弭外界带来的负面影响,交出了一张令人满意的成绩单,也使公司为复苏期做好了充足的准备。(全文完)格隆汇声明:文中观点均来自原作者,不代表格隆汇观点及立场。特别提醒,投资决策需建立在独立思考之上,本文内容仅供参考,不作为任何实际操作建议,交易风险自担。","news_type":1},"isVote":1,"tweetType":1,"viewCount":1355,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3479274694556928","authorId":"3479274694556928","name":"栋哥","avatar":"https://static.tigerbbs.com/4d8c624463b4c9a72b92ec0e1653d144","crmLevel":1,"crmLevelSwitch":0,"idStr":"3479274694556928","authorIdStr":"3479274694556928"},"content":"如果能回国上市,这个股票早就飞起来了","text":"如果能回国上市,这个股票早就飞起来了","html":"如果能回国上市,这个股票早就飞起来了"}],"imageCount":0,"langContent":"CN","totalScore":0},{"id":270703894847584,"gmtCreate":1707127647727,"gmtModify":1707127648874,"author":{"id":"4163551144201930","authorId":"4163551144201930","name":"铜锣湾小蔡","avatar":"https://static.tigerbbs.com/a168d3df8c89a9f7e28be1e76005a77b","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4163551144201930","authorIdStr":"4163551144201930"},"themes":[],"htmlText":"<a 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