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Millet's "triathlon", the real iron only entry-level machine?

via:博客园     time:2018/6/13 13:32:54     readed:244

小米的“铁人三项”,真正铁的只剩入门机了?

As a fast-growing local company in recent years, Xiaomi was once the largest non-listed company with global market capitalization. Today, Xiaomi’s IPO is officially launched. “Different shares of the same stock” “H shares and CDR issues” “Unicorn concept shares.” Xiaomi’s listing has created many precedents and also affected the capital market. Heartstrings.

Today (June 11) morning, Xiaomi officially submitted a CDR listing prospectus to the China Securities Regulatory Commission. The prospectus disclosed many interesting data. In this article, we mainly discuss Xiaomi’s revenue and shipments.

According to the data disclosed in the prospectus, from January to March 2018, Xiaomi’s smartphone revenue totaled 23.239 billion yuan, accounting for 67.53% of total revenue. In addition, IDC data shows that Xiaomi’s handset shipments reached 28 million units, an increase of 87.8% year-on-year, which was the result of the first quarter of 2018 when the global smartphone market fell 2.9% year-on-year.

First, the 87.8% year-on-year increase was real and firm. This was due to Xiaomi’s internationalization strategy and the success of low-end aircraft shipments. It also related to poor performance in the same period last year.

The prospectus also announced the sales of millet mobile phones at various price points:

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From January to March 2018, Xiaomi’s high-end flagship (3000 yuan or more) sold 496,000 units with a revenue of 1.315 billion yuan; its flagship machine (2000~2999 yuan) sold 1.576 million units and its revenue reached 2.84 billion yuan; the medium-high-end machine (1300~ In 1999, the company sold 4.281 million units and earned 4.801 billion yuan; the sales volume of mid-range machines (800 to 1,299 yuan) was 10.891 million units, and the revenue was 8.861 billion yuan; the entry-level machines (below 799 yuan) sold 110.69 billion yuan and the revenue was 5.422 billion yuan.

Focusing on the key points, the entry, midrange, and flagship of millet definition may be somewhat different from what you think:

The average price of mid-end machine is 800 yuan;

The average price of medium and high-end machines is 1,150 yuan;

The average price of the flagship machine is 1800 yuan;

The average price of the high-end flagship machine is 2,650 yuan.

Yes, 1800 yuan can be called the flagship. However, if the mill's price models are ranked according to the average price, 1800 yuan is indeed enough to "flagship".

And, the flagship machine plus high-end flagship machines, which are models priced at more than 2,000 yuan, add up to only 2 million, accounting for less than 10%.

This is also because in the first quarter of this year, Xiaomi did not launch new products at this price segment. In other words, the high-end machine of Xiaomi Q1 was still supported by the products of last year. The release of Mix 2s was in April, and Xiaomi 8 was Just released at the end of the month, Q2~Q3 this data will look good.

However, this ratio is still too low. Millet high-end machine is not to force, relying on red rice to support this topic is already cliché, the actual situation of real sales is still more serious than I imagined.

It is certainly too early to say that the millet flagship layout has failed. However, there is clearly a gap between the performance of the Xiaomi flagship. Nowadays, with the increase in purchasing power of the people, the flagship market of 3,000 yuan or more and 4,000 yuan or more has gradually begun to warm up. Faced with the menacing technology reserves of the friendly traders, the competition in the high-end market will only become more and more intense. Millet once had a chance to be the release of Mix, but now Xiaomi has compromised the vector production, descended from his own body, and made the Mix series more than 3,000 yuan "pseudo flagship".

The question is, must we do a flagship? Can't live on the low-end market? In fact, this problem is not so absolute. Xiaomi is relying on the low-end machine to survive the Great Depression in 2016.

In addition, if you do not look at Xiaomi as a traditional mobile phone maker, the data will be gratifying, such as the accumulation of MIUI for many years, the IOT layout that rivals can not catch up with, and the new retail and sea trials:

The prospectus shows that as of March 2018, MIUI had more than 190 million active users per month, and the average time for users to use Xiaomi’s mobile phones was about 4.5 hours per day. In the first quarter of 2018, Xiaomi's Internet service revenue was 3.231 billion yuan, gross profit was 2.119 billion yuan, gross margin was 65.58%, and gross profit accounted for 40%. Currently, Xiaomi has built the world's largest consumer IoT IoT platform, connecting more than 100 million smart devices (excluding mobile phones and laptops). In the first quarter of 2018, Xiaomi accounted for 1.9% of the global consumer Internet of Things market, accounting for 22.45% of revenue.

Mobile phone breakout difficulties, Xiaomi's real goal may be the Chinese version, hardware version of Costo.

But the reality is that the mobile phone accounted for 67.53% of the revenue is still the absolute core business of Xiaomi, and this core profitability is not ideal; and Xiaomi claimed that "Internet companies", despite high gross profit margin However, the revenue, which only accounts for 9.43%, failed to hold this position. Instead, it was seen as a means to increase the price-to-earnings ratio; the only thing that truly leads is the Internet of Things. However, if Xiaomi expects the "Ironman 3" ecosystem's core & mdash; & mdash; mobile phone performance is not good, then it can have more imagination?

In the future, Xiaomi will choose to spend more money on R&D, channels, and supply chains, and let the competitiveness of mobile phones (especially high-end machines) rise to a higher level, or continue to insist that it is not actually balanced. “Iron Man III Item & rdquo; Strategy?

There is another data in the CDR prospectus, and the net proceeds raised are expected to be used for the following purposes:

1. Research and development of core autonomous products 30%;

2. Expand and strengthen the ecological chain of major industries such as IoT and consumer products and mobile Internet services (including artificial intelligence) by 30%;

3. Global expansion by 40%. Total 100%.

From the recent trend, this may be the answer given by Xiaomi.

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