Executive *******
********'* **** ******* *** ~$119 ******* *** *** net ****** ******* **** ~11%. ***** ******* **** 12% ***, ******* **** ~50%. ********* ** *******, revenue **** *** ** US ******* *** ******* grew *** ** ****** product *******. ***** ******* grew ~* ****** **** ~19 ** **% ** 2019 ****** ******** ***** has ************* *** ***** margins.
**** *** (*** ***-**** ***** ****** ) ***** ** ***** ~$74 *******, ****** ** build * *** *&* center, ****** *** ********* platforms, *** *** * "security ******* ********** ******* industrialization *******." * ********* of ~$***-*** ******* *** is ******** ***** ** comparisons ** *** ***** and ******* ** *** closest ********** ***.
Background ********
***** ******** ** *** widely *****, ** ** a ***** ******** ** camera/recorder **** **** ** big *** ****** **** Costco, ***'* ****, *** Bestbuy. *** ******* *** registered ** **** *** is ***** ******** , * ******* **** city **** *****. ** has ************ ******* ** exports ** *** **** business ****** **** ******* domestically, ** **** ~*-*% of *** ***** ******* is **** ****** *****.
** ************** ******** , ******** ** * 4 *** ** *** 7 *** ************ *** either ***** *** ******* state-owned, ****** **% ** RaySharp's ****** ********** ***** by *** ******* **********. RaySharp's *********** ***********, ******* Lianzong ********* ***********, *** most ** *** ****** owned ** *** *****-***** Assets *********** *** ************** Commission (*****) ** ***** Province, * ******** *****-***** company. **** *** *** changed ***** ********'* **** attempt ** *** ** 2019.
2019 ******* **** **%, *** ******* ** **%
********'* **** ******* *** ~$119 ******* ***, **** 12% **** ~$*** ******* USD ** ****. *******, its ******* **** ** that **** **% **** ~$8.7 ******* *** ** ~$13 ******* ***.
********* ******* ******** ***** profits, *** ******** ******** falling ********/****** ******* ** 2019. ******** ********** *** rising ******* **:
************ ** *** ******* structure, ********** ******* ******, and ********* *** ***** scale *** ********** ** high-margin ********, *** ******** attract ******* *** *.*. market **** *****-*******, **************, and *****-****** ********* ********** of ***** *** ******-***** customers
Future ********* *********** *********
********'* ******* ****** *** strong ******* **** *** 2017 *** ********* ** 2018 *** ********* ** 2019. ** ** ******* whether ******** **** ** able ** **** *** revenue **** $*** ******* USD *** ******, ** whether ** **** *******.
*** **** ******** ****** for ********'* *******, ***** have ******* ***** *** shrank ** ****.
H1 **** ******* *** ******* **** ****
********'*** **** ******* *** ******* **** down ~**% *** ~**% YoY, ************.
** ********'* ******** ** primarily ******** **** **** a *** ******* ** sales **** ************ ****** China, ** *** *** particularly **** ** *** COVID-19 ******** ** ********* overseas ********* ** ******* while ***** *** **** to ******* ******* *** epidemic. *******, ********'* ** 2020 ****** ****:
****** *** ********* ******, the ******* ******* ** developing ********* ** *** domestic ****** *** ******* the ********* ** *********** high ****** *****.
******** *** *** ******** updated ******* *** ******** v. ******** *****, *** the ******* *** ****** its ********** ******** ** reduce *** **** ** having **** * ***** part ** *** ******* depend ** ******** *******. It ** ********* ******* whether ********'* ******** ********* in ** ****.
North ******* ***** **** ******, ****** ** **** *** ******
***** ******* ** ***** by *** ********'* ******* market, *** ******* **** and ****, ***** *** some ******** ** ******* to ***** *******. ** 2018, **** **% ** RaySharp's ***** **** ** North *******, *** ** 2019, **** ~**% ** sales **** ** ***** America. ******* ** **** and ****** **** *****.
Revenue **** ** ** *******
** ******* **** ******** RaySharp ******** ** **** as *** *** *******, resulting ** ********* ********, the ********** ****. ** 2018, ******* ** *** US ********* *** **% of *** ** ********'* exports. *******, ** ****, exports ** *** ** fell ** **% ** all ** ********'* *******.
******** **** *** ***** to *** ** **** declined ******* ** ******* and *** ** *** major *********' "********* ***********" (specifically ****** *** *****):
*** ** *** ********** impact ** *** ********** tariff **** ******* ** the ****** ******, *** company’s *****-*** *** ****-*** products **** **** ******** in *** **** ** taxable *****. *** ******** cost ** ***** ******** customers *** ******* *********. Low-margin *** ****-********* ********' (mainly ***** **** * resolution ** **** **** 5MP ****-********** ******* ********)final ****** **** ********* *** ******** ****** ******, ***** *** *** ** ******* ***** ** ******* . [emphasis added]
*** ** *** *******, Hanwha ******** *** ******** so **** ** ******** products ** ******* **** the **, ****** **** directly ****** **** *****, decreasing *** ****** *********** from ******** ** **** it *** ********** **** for ******** ** *******:
*** ** *** **** customers, ******, *** **** major *********** ** *** procurement *******to ***** *** ********** ******* ******* ** ********** ******* ******* ** *** ****** ****** . It plans to convert purchased products into purchased components and send them to the Vietnam factory for assembly before exporting to the US market. Due to the relatively long preparation period of Hanwha's production line in Vietnam, and the business connection between the two parties have a certain running-in period, it affects the time and efficiency of formal production and operation, and affects Hanwha's annual procurement scale for the company. [emphasis added]
Camera **** ***** ******** **+%
****** *** ***** **** over **% ** ****, significantly ******* ** ********'* product ***.
******** ****** **** ********* for **** **% ** sales ** ****, **** only ********* *** ~**% in ****.
****** *** ***** **** significantly ******** ** ******* as ****. *** *******, Swann ***** ** ******** fewer ****** **** ** favor ** ********** ******* and ********* ********** ** it ** *** ***** twice:
**** ********* ******** ******** products *** ****** **** to *** ****** ******, if *** *****-*** *** back-end ******** *** *** separated *** ******** **********,there ** * *********** **** *** *.*. ******* *** ****** ******* ** *** ******* ****** . In order to prevent the risk of over-payment of tariffs, Swann has adjusted the procurement structure of products sent to the United States since November 2018, gradually adjusting from the procurement package to the separate procurement of front-end cameras and back-end hard disk video recorders and related parts. This led to major changes in the product sales structure in 2019, and the sales ratio of front-end cameras and back-end hard disk video recorders increased significantly. [emphasis added]
Higher ******* - ********** *******, ***** ********* *****
******** **** *** ****** profits ** **** *** due ** *** ********** margins, ** **** ******* of ***** ********* ***** and ** **** "********** the ***** ** ******** with ****** ********* ***** value." *** *******'* ***** margins ********* ~*.* ********** points ** ~**% ** 2019.
******** **** *** ******** prices ********* ** ****, increasing *** ******* *******:
*** ******** ***** ** the **** *** *********, specifically ***** *** ********** has *********, *** *** corresponding **** **** ** consumption *** *********. ******* the **** ***** *** capacitors ******* *** * higher ********** ** *** unit **** ** *** product, *** **** **** of *** ******* *** a ******* ******.
*************, ******** **** ********* tariffs ****** ** ******** its ******* ******* *** low-margin ******** **** ******** by ***** *******. ******* of ******* ***-****** ********, RaySharp ******* ** ******* "higher ********* ***** *****", higher-margin ********:
*** ** *** ********* impact ** *** ****** rate ******* ** *** United ******, *** ***** of ***-****** ******** ********. At *** **** ****, the ******* *********** *** optimization ** ******* ********* and ********* ********* *** sales ***** ** ******** with ****** ********* ***** value, ***** *** ** an ******** ** ***** profit ******.
******** ** ******** *********** like *********, *****, *** TVT (*** ********* ************ in *** ******** **** RaySharp), *** ***** ******* are ***** ***.
******, ********'* *** ******* have **** * ******* of ******** ******* ***** *** * ****** *** regulators ********** ******** *** *** *********** ** 2018.
Customer ************* **********
***** ******** ************* ** decreasing, ******** *** ******* felt *** ****** **** come **** ***** ******** concentration. ***** ******** ************* has ****** **** ** issue *** ********. *** example, ** ****, **+% of *** ******* **** from *** *** * customers, *** **% ** sales **** **** ***** alone. ** ****, ***** to ******, *****, *** Swann, *** ***** *********, decreased ****** *** *****.
******** ** *** ** a ******** *** ********** that ** ***** ******** is ********** *** ************* in * *** *********, this ** ****** ** effect ** ******* *** internal *********** **** *** permanently ******** ********'* ******* permanently. ******** ******* ***** sales ** ****** ******** because ** ****** ********. It **** ********* "******* *** ******** strategy" ** ****, ** RaySharp **** *****'* ****** for ***-******** ******* ********:
*** *******’* ******** *****’* controlling *********** ***** ****** internal ********* ***********. ***** and *** ******* ******** to ******** ****** *********** on ******** ******* ********, but ****** *** ***-******** battery ******** *** *********** to *** ****** ******* Dahua, ********* ** ********* sales *** ********.
Shenzhen **********' ********* *** ********
***** ********** ******** ********'* IPO *********** ** ******* 6, ****, **** **** issued ********* *** ******** to *******, ************ ***** "adverse ******* ** ***** suppliers *** *********", *** margins, ** **** ** why ******** ********** ******* little ** *&*:
*** *** ******’* ************** to ******** ***adverse ******* ** ***** ********* *** ********* during the reporting period and factors such as globalization, ******* ****** ** *** *********, ******* ** ******* *********, ***., ********** *** ***** ****** ******* .
********* ** *** *********** materials, *** ******’* ******** technology ** ******* *******, there **** **** ***** in *** ******* ** losing ********* ********* *** to ******** ********* *******, and ******** ****** *** reporting ******,the ********** ** ******** *** *********** ******** *** ***** **** **** ** ********** ********* ** *** **** ******** . Ask the issuer representative to identify the issuer’s core competitiveness and specific measures taken to deal with product innovation risks.
******** ** ******** ***********, RaySharp **** ***** *% of *** **** ******* on *&*:
RaySharp ***** ******** ** **** ********?
***** ********'* *** *** run *** ******* **** approved, **** ** *** old ******** ***** *****, including *** ***** ******* compared ** *** **** of *** ********. ******* issue ******** **** **** with ** *** *********** against ******** ****** **** Hikvision *** ***** ***** simultaneously ****** ** ****** headwinds, ***** ****** *** price ***************.
** ** ******* *** RaySharp *** ********* ** regulators' ******** ***** *** business. ** ** ******** 2021, ******** *** *** yet **** ****** ** the ******** ********. **** will ******** ** ***** RaySharp's *** *********** *** update *********** ** **** details *** **** *********.
Comments (4)
Undisclosed Manufacturer #1
*** *** ****** ******** I ********** **** *******, so ** *** ** least *** ** ********** their ******** ****. *** link ***** ** ****** wants ** **** * look. ;-)
************.*** - ****** *****
**'* * ***.
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Sean Nelson
02/12/21 09:11pm
**** ** ********!
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