Ukuhola umkhiqizi wama-vaporizer, ama-cartridges, noketshezi e-China, i-RLX Technology Inc., iyibhizinisi elidlula ezinguqukweni eziningi njengoba imboni ye-vaping yase-China ishintsha.
Le timu iphinda ivele kuwo wonke umbiko wayo wakamuva wenzuzo, ogqanyiswe ukwehla kwesibili okulandelanayo kwenzuzo ezinyangeni ezintathu ezingaphambi kukaJuni. Ezingxenyeni ezimbili zokugcina zalo nyaka, lokho kwehla kulindeleke ukuthi kukhule ngesivinini njengoba i-China isebenzisa uhlaka olusha lokulawula oluhlanganisa izindlela ezintsha zokuphatha eziqale ukusebenza ngoMeyi kanye namazinga amasha kazwelonke embonini azoqala ukusebenza ngo-Okthoba 1. .
Ushintsho olubaluleke kakhulu lugunyaza ukuthi i-RLX nezimbangi zayo bathole amalayisense azo zonke izimpahla zabo, okuhlanganisa imikhawulo ngokuthi bangathengisa ngamalini ngonyaka. I-RLX phambilini idalule ukuthi isithole amabili kulawa malayisensi, okuyenza ikwazi ukuqhubeka nokudayisa izimpahla zayo eziyinhloko, ezihlanganisa uketshezi olushisayo, ama-cartridges ashisayo, kanye alahlwayo futhi ukulayishwa kabusha amadivaysi e-vaping.
Olunye ushintsho olubalulekile ukwamukelwa kwamazinga amasha azo zonke izimpahla ezinjalo, okudinga ukuklanywa kabusha kwalo lonke uhla lomkhiqizo we-RLX ukuze luhambisane nalezo zidingo. Okokugcina, i-RLX kanye nezimbangi zayo bazophoqeleka ukuthi bayeke izinhlobo ezithandwa kakhulu okuhlanganisa nezithelo ezazibalelwa cishe ku-90% wemakethe ye-vaping yaseChina ngoba zizobe zilinganiselwe ekuthengiseni ama-vapes anambitheka kagwayi kuphela.
Uma kubhekwa konke lokhu, akumangazi ukuthi u-Wang Ying, umsunguli kanye nosihlalo we-RLX futhi owaziwa ngegama lakhe lesiNgisi uKate, uchaze imakethe ye-vaping yaseChina ngokuthi "isebenza kakhulu" okwamanje.
Ucwaningo lwakamuva lubukeka lungabakhathazi kakhulu abatshalizimali, njengoba kubonakala eqinisweni lokuthi amasheya e-RLX, ahlanganisa ingxenye engaphezu kwengxenye yemboni ye-vaping yaseChina, anyuke ngo-1.6% ngoLwesithathu kulandela lesi simemezelo. Njengoba i-S&P 500 yehle ngo-1.7% kulandela isimemezelo se-Fed sokunye futhi ukukhuphuka kwezinga lenzalo ebalulekile ukuze kuliwe nokwehla kwamandla emali, lokho kukhuphuka kubonakale kumangalisa kakhulu uma kuqhathaniswa nesizinda sokudayiswa okubaluleke kakhulu ku-Wall Street.
Zonke izinto ezicatshangelwayo, kubalulekile ukugqamisa ukuthi ukubuya okuncane kwe-RLX akunikezi induduzo enkulu kubatshalizimali bokuqala benkampani abalahlekelwe yimali eningi ngokugembula kuyo. I-American depositary shares (ADSs), egcine ukuhwebelana ngo-$1.25, okwamanje ihweba cishe ngo-90% ngaphansi kwentengo ye-IPO engu-$12 ngoJanuwari 2021, eyehle cishe ngo-70% kulo nyaka.
Kuphephile ukusho ukuthi i-RLX akulona ukuphela kwebhizinisi le-vaping elithintekayo yi-tsunami elawula umhlaba wonke ehloselwe ukulawula ukuhlanya. UJuul, uzakwabo wale nkampani wase-US, ubesembangweni wezomthetho neFood and Drug Administration ezinyangeni ezimbalwa ezedlule ngoba le nhlangano ngoJuni yakwenqabela ukuthengiswa kwemikhiqizo yayo yokukhipha umphunga ezweni.
Ngenxa yalokhu, abanye bangaphikisa ngokuthi ukusebenzisa kweShayina uhlaka olusha lokulawula kubonakala kuyintuthuko evuna i-RLX nezimbangi zayo ngoba kukhombisa ukuthi iqembu lizovunyelwa ukuqhubeka nokusebenza. Kodwa-ke, i-RLX, i-mini-izitolo ziwumbono ovamile ezitolo ezinkulu zaseShayina, kubonakala kuhloselwe ukuncipha kancane ekugcineni.
Esihlokweni sakamuva, sishilo ukuthi inkampane ibonakala sengathi imithetho emisha izobangela ukwehla ngo-30% ekuthengisweni lapho ibika ukutholwa kwamalayisensi ayo ngoJulayi.
Inventory Clearance
Ngokulandela umongo ongenhla, sizohlola izibalo zezezimali zakamuva ze-RLX ngemininingwane eyengeziwe futhi sichaze ukuthi empeleni zilimelela kanjani ibhizinisi ekushintsheni. Sizokwenza nomzamo wokuhlinzeka ngombono wethu mayelana nekusasa lenkampani ezingxenyeni ezimbalwa ezilandelayo.
Ngokwemali engenayo ephezulu, ukuthengiswa kwekota yesibili ye-RLX kwehle ngo-12% kwaya ku-2.23 billion yuan ($316 million). Noma ukwehla kungafiseleki, kubalulekile ukukhumbula ukuthi amabhizinisi amaningi aseShayina aqhubekile kahle ngokulinganayo noma okubi kakhulu ngalesi sikhathi ngenxa yokuphazamiseka kwebhizinisi okuhlobene ne-Covid ngezikhathi ezithile, okubandakanya ukuvalwa ngokuphelele kwesifunda sezimali saseShanghai ngo-Ephreli kanye Meyi. Ukwengeza, ukwehla kwemali engenayo ngo-12% kube ukuthuthuka okukhulu kunokwehla kwemali engenayo yenkampani ngekota yokuqala ngama-30%.
Abatshalizimali baye baxwayiswa yi-RLX ukuthi bangajatshuliswa ngokweqile ukwehliswa kwemali engenayo okuncane kwekota yesibili njengoba kukhuliswe ngokungemthetho ukudayiswa okukhulu kwesitoko sayo esikhona kulindele uhlaka olusha lokulawula. Ngenxa yokungakwazi ukuthobela izimfuneko ezintsha zokulawula, iningi lemikhiqizo yabo yamanje izophelelwa yisikhathi ngenxa yalolu shintsho.
Ngokwemvelo, inkampani ibingeke inikeze isibikezelo semali engenayo sekota yesithathu phakathi naleso sikhathi sesiyaluyalu esikhulu. Nokho, isitatimende sika-CFO Lu Chao sokuthi “akusiqali kahle ukuthengiswa kwezinto zethu ezintsha ezihambisana nezidingo zikazwelonke” kuphawule okudabukisa kancane.
Le nkampani ithe ilindele ukuthi ukusetshenziswa kwayo kwe-R&D kukhuphuke njengephesenti lokuthengisa njengoba isebenza ukuze idale ububanzi bomkhiqizo obuhambisana nemithetho emisha. Ngokusho kukaWang, isilinganiso sokusebenzisa imali okungeyona i-GAAP R&D senkampani sikhuphuke sisuka ku-1.5% ngo-2018 saya ku-3.6% engxenyeni yokuqala ka-2022, futhi uWang wabikezela ukuthi isilinganiso sizoqhubeka sikhuphuka eminyakeni elandelayo.
Okubalulekile kwebhizinisi bekungekubi uma kucatshangelwa zonke izinguquko ezenzekayo. Inzuzo yayo yehle ngesigamu yafinyelela ku-441.6 million yuan. Kodwa-ke, iningi lalokho kwakungenxa yesinxephezelo esisekelwe kumasheya, ngakho-ke lapho lowo mphumela ucatshangelwa, ukwehla kwenzuzo yensalela okungeyona ye-GAAP kuya kuma-yuan ayizigidi ezingu-634.7 bekukuncane kakhulu kuno-2.6%. Ngokukhulisa imali ebamba ngayo ukheshi isuka kuma-yuan ayizigidi eziyizinkulungwane eziyi-14.9 ngonyaka owedlule iye kuma-yuan ayizigidi eziyizinkulungwane eziyi-16.8 ekupheleni kukaJuni ngenxa yenzuzo yayo nokugeleza kwemali okuhle, inkampani ibonise ukuthi inezinsiza ezanele zokwenza lolu shintsho ngaphandle kokushoda kwemali.
Uma konke sekushiwo futhi kwenziwa, ukuncishiswa kwemali engenayo ngo-30% esikuchaze ekuqaleni kubukeka njengento ongayilindela ngokunengqondo kulo lonke lolu shintsho. Ngaphambi kwalokho, ibhizinisi kungenzeka libe nokufinyela okubi nakakhulu, mhlawumbe okungama-50% noma u-60% ezindaweni ezizayo, njengoba siphoqelekile ukuyeka ukuthengisa izinto zalo eziphelelwe yisikhathi kuyilapho ezintsha zisakhula ngokuthandwa.
Ngokungaqiniseki okungaka, ukulinganisa kwe-RLX kwehle kakhulu; kusukela manje, isilinganiso se-P/E sebhizinisi singu-4 kuphela. I-Smoore International (6969.HK) kanye ne-Huabao International (0336.HK), ngokuphambene, zombili zihweba ngezilinganiso ze-P/E ezingaba ngu-15, okungenzeka ngenxa indima yabo njengabakhiqizi bezingxenye ze-vape kunokuba abathengisi bezimpahla eziqediwe kanye nokusatshalaliswa kwazo okubanzi kwezindawo.
