Kutungamira mugadziri we vaporizers, cartridges, uye zvinwiwa muChina, RLX Technology Inc., ibhizinesi riri kuenda kuburikidza neshanduko yakawanda sekuchinja kweindasitiri yevaping yeChina.
Dingindira iri rinodzokororwa mukati memushumo waro wemari ichangoburwa, iyo yakasimbiswa nekudonha kwechipiri kwakatevedzana kwemari mumwedzi mitatu inotungamira kusvika Chikumi. Muzvikamu zviviri zvekupedzisira zvegore rino, kuderera uku kunotarisirwa kuwedzera kukurumidza sezvo China ichishandisa hurongwa hutsva hwekutonga hunosanganisira matanho matsva ekutonga akatanga kushanda muna Chivabvu uye mitsva yenyika yeindasitiri iyo ichatanga kushanda muna Gumiguru 1. .
Iwo akanyanya kukosha shanduko anoraira kuti RLX nevakwikwidzi vayo vawane marezinesi ezvese zvinhu zvavo, kusanganisira zvipingamupinyi pamari yavanogona kutengesa pagore. RLX yakamboburitsa pachena kuti yakawana maviri emarezinesi aya, zvichiita kuti ikwanise kuenderera mberi nekutengesa zvinhu zvayo zvekutanga, zvinosanganisira vaping zvinwiwa, vaping cartridges, uye kuraswa uye rechargeable vaping devices.
Imwe shanduko yakakosha ndeyekutorwa kwemwero mitsva yezvinhu zvese zvakadaro, zvichidikanwa kugadzirwa patsva kwemhando yese yeRLX yechigadzirwa kuti ienderane nezvinodiwa. Chekupedzisira asi chisiri chidiki, RLX nevakwikwidzi vayo vachamanikidzwa kusiya mhando dzinofarirwa nemhando dzinosanganisira michero yaimbove inosvika 90% yemusika wekuChina wevaping nekuti vaizongotengesa mavhapes anonhuhwirira fodya.
Tichifunga zvese izvi, hazvishamise kuti Wang Ying, mubatsiri uye sachigaro weRLX uye anozivikanwawo nezita rake rechirungu Kate, akatsanangura musika wevaping muChina se "unoshanda zvakanyanya" parizvino.
Ongororo yazvino yaita senge isinga konzerese vanoisa mari zvakanyanya, sekuonekwa kwenyaya yekuti RLX shares, iyo inodarika hafu yeindasitiri yevaping yeChina, yakawedzera 1.6% neChitatu zvichitevera chiziviso ichi. Iine S&P 500 yakaderera ne1.7% zvichitevera chiziviso cheFed cheimwezve yakakosha mubereko yekukwira kurwisa inflation, kukwira uku kwakaonekwa zvakanyanya kushamisa pakatarisana nekutengesa kwakakosha paWall Street.
Zvinhu zvese zvinotariswa, zvakakosha kuratidza kuti RLX's mudiki kudzoka hakupe kunyaradzwa kwakawanda kune vekutanga vekambani vekudyara vakarasikirwa nemari yakawanda yekubhejera pairi. Yayo maAmerican depositary shares (ADSs), iyo yakapedzisira kutengeswa pamadhora zana nemakumi maviri neshanu, parizvino iri kutengeserana ingangoita 1.25% pazasi pemutengo wavo weIPO wemadhora gumi nemaviri muna Ndira 90, iyo yadonha ne12% gore rino.
Zvakachengeteka kutaura kuti RLX haisiriyo yega bhizinesi rekuputira riri kukanganiswa nepasi rose regulatory tsunami inoitirwa kudzora kupenga. Juul, mumwe wekambani yeUS, anga ari muhondo yepamutemo neChikafu neDrug Administration kwemwedzi yakati wandei nekuti sangano iri muna Chikumi rakarambidza kutengeswa kwezvinhu zvaro zvevaping munyika.
Nekuda kweizvi, vamwe vangapokana kuti kuita kweChina hurongwa hutsva hwekutonga kunoratidzika kunge kuri budiriro yakanaka kune RLX nevakwikwidzi vayo nekuti zvinoratidza kuti boka richabvumidzwa kuramba richishanda. Nekudaro, RLX, ine mini-maduka zvinowanzoitika muzvitoro zvekutengesa zveChinese, zvinoita sekunge zvichadzikira zvishoma mukupedzisira.
Muchinyorwa chazvino, takataura kuti mubatanidzwa waiita kunge uchifungidzira kuti mitemo mitsva yaizokonzera kudzikira kwe30% pakutengesa payakashuma kutorwa kwemarezinesi ayo muna Chikunguru.
Inventory Clearance
Tichifunga nezvezviri kutaurwa, tichaongorora nhamba dzemari dzeRLX munguva pfupi yapfuura uye totsanangura kuti dzinonyatsoratidza sei bhizinesi riri mukushanduka. Isu tichaitawo nhamburiko yekupa isu pachedu maonero pane ramangwana rekambani tarisiro pamusoro pemakota mashoma anotevera.
Panyaya yemari yepamusoro-soro, kutengesa kwechipiri kweRLX kwakadzikira ne12% kusvika 2.23 bhiriyoni yuan ($316 miriyoni). Kunyangwe kuderera kusingafadzike, zvakakosha kuti tirambe tichifunga kuti mabhizinesi mazhinji eChinese akafamba zvakaenzana kana kushata panguva iyi nekuda kwekuvhiringwa kwebhizinesi kwakabatana neCovid, kusanganisira kuvharika kwakazara mudunhu rezvemari reShanghai muna Kubvumbi uye. Chivabvu. Pamusoro pezvo, iyo 12% kudonha kwemari yaive shanduko yakakosha pamusoro pekambani yekutanga-kota kuderera kwe30%.
Vagadziri vemari vakayambirwa neRLX kuti vasanyanye kufadzwa nekudzikiswa kwemari kwechikamu chechipiri sezvo yakange yakwidziridzwa nekutengesa kwakakosha pasi kwechipo chayo chiripo tichitarisira hutongi hutsva. Nekuda kwekutadza kwavo kutevedzera zvinodiwa nemutemo mutsva, ruzhinji rwezvigadzirwa zvavo zvemazuva ano zvichange zvisisashande nekuda kweshanduko iyi.
Sezvingatarisirwa, kambani ingadai isina kupa yechitatu-kota mari yekufungidzira panguva yakadai yekusagadzikana kukuru. Zvakadaro, chirevo cheCFO Lu Chao chekuti "takatanga zvisina kunaka pakutengesa zvinhu zvedu zvitsva zviri kuenderana nezvinodiwa nenyika" zvakabaya pfungwa zvishoma.
Iyo kambani yakataura kuti inofungidzira kushandisa kwayo R&D kuwedzera sechikamu chekutengesa sezvo ichishanda kugadzira mhando yechigadzirwa inoenderana nemitemo mitsva. Sekureva kwaWang, iyo isiri-GAAP R&D yekushandisa muyero yekambani yakakwira kubva pa1.5% muna 2018 kusvika 3.6% muhafu yekutanga ya2022, uye Wang akafanotaura kuti reshiyo icharamba ichikwira mumakore anotevera.
Mhedzisiro yebhizinesi yanga isiri yakashata tichifunga nezvese shanduko dzaiitika. Muhoro waro wakadzikira nepakati kusvika pamamiriyoni 441.6 yuan. Nekudaro, iyo yakawanda yaive nekuda kwemuripo-wakavakirwa-muripo, saka pakazofungwa mhedzisiro, kudzikira kweiyo isiri-GAAP purofiti kusvika 634.7 miriyoni yuan yaive idiki zvakanyanya kupfuura 2.6%. Nekuwedzera mari yaibata kubva pabhiriyoni gumi nemana nemazana mapfumbamwe emadhora gore rakange rapfuura kusvika pamabhiriyoni gumi nematanhatu nemakumi matanhatu nesere pakupera kwaChikumi nekuda kwekubatsira kwayo uye kubuda kwemari kwakanaka, kambani yakaratidza kuti yaive nezviwanikwa zvakakwana kuita shanduko pasina kushayikwa kwemari.
Kana zvese zvataurwa uye zvaitwa, iyo 30% kuderedzwa kwemari yatakatsanangura pakutanga inoita sechimwe chinhu chaungatarisira zvine mutsindo mukati mekuchinja uku. Zvisati zvadaro, bhizinesi rinogona kunge riine zvimwe zvakatoipisisa zvisungo, pamwe zve50% kana 60% munzvimbo dziri kuuya, sezvo richisungirwa kumira kutengesa zvinhu zvaro zvekare apo zvitsva zvichiri kuwedzera mukurumbira.
Nekusafungira kwakanyanya, kukosha kweRLX kwadonha zvakanyanya; kusvika pari zvino, chiyero cheP/E chebhizinesi chingori 4. Smoore International (6969.HK) neHuabao International (0336.HK), zvakasiyana, ese ari maviri anotengeserana paP/E reshiyo inosvika gumi neshanu, zvichida nekuda basa ravo sevagadziri vezvinhu zvevape pane vatengesi vezvinhu zvakapedzwa uye kugovera kwavo kwakakura kwenzvimbo.
