Robot business valuation: Product bargaining power and business model as the core factors

Robot business case leads to complex valuation difficulties robotics industry chain can be divided into the middle and lower reaches. Upstream is the key parts manufacturers, technical barriers; midstream manufacturing sector is the robot body, and the actuator is to support the robot base; downstream system integrators, targeted for integration and system software according to different application scenarios and uses secondary development, but the rapid expansion of the scale can lower degree of standardization. According to the technical and capital requirements of the industrial chain, the robot business model can be divided into the following five kinds: ① manufacturer single body; ② system integrators; ③ core components; ④ body production + system integration; ⑤ the whole industry chain system. Robot business position in the industry at those five business models, profitability, prospects and other aspects are very different place, it is difficult to generalize. In addition, different stages of development, robotics companies in different fields of application logic behind this growth vary. Complex and changing business conditions led to a robot robot business valuation difficult.
business model and bargaining power and other indicators affect the company’s valuation level, the domestic robot listed companies as samples for verification. Valuation reflects growth companies. We believe that business growth mainly depends on the bargaining power and reproducibility of the product. For the robot business, high receivables net profit margin and lower proportion of their products stronger bargaining capacity, and a higher standard of doing business can copy capability CONTROL ENGINEERING China Copyright , can be given a higher valuations. Through data validation, we found that: In terms of industry chain layout, the layout of the whole industry chain enterprises in recent 5-year average PE-TTM58.59 times, more simple to do integrated enterprise valuation (32.37 times), 81% higher. In terms of bargaining power products, and the high proportion of low net profit margin and receivables of business valuation nearly 5-year average PE-TTM is 49.42 times , the net profit margin lower than the lowest and receivables low proportion of business valuation 17% higher. Similarly, the company’s average earnings growth and valuation levels positively correlated, the core components of the robot, the whole industry chain robotics company the highest average earnings growth, reaching 29.27 percent, 22.84 percent. Key indicators
robot business valuation analysis reflects the valuation of a company is ultimately growth performance. Valuation is a business enterpriseAs an organic whole, based on all the assets of the overall situation and profitability of their own or occupy, take into account all the factors affecting the profitability of the enterprise, the macroeconomic environment in which business and industry background, the whole fair market value of the enterprise conduct a comprehensive assessment. Different types of companies reflects the growth performance of different factors, the robot industry, business growth and space industry, bargaining power products, business models and other factors. Based on the huge market space robotics and strong growth uncertainty, we believe that a simple PE valuation method is not suitable for the current rapid growth in domestic robot business. For early in the import phase has not been profitable CONTROL ENGINEERING China Copyright , but income growth trend has emerged, according to PS valuation; to achieve the stable profitability, according to other methods of PE / PEG, etc. valuation. At present, China enterprises listed on the robot a considerable part of the enterprises are start-up phase, using the PE valuation method is not applicable to business valuation, the valuation should be converted to the use of PS method. PS will scale with the expansion of the company’s revenue decline, the larger the size of the company’s revenue PS low. One of Robotics at Eston domestic whole industry chain as an example for analysis. For loss-making enterprises or R & D investment accounted for the larger companies, R & D investment will be included in the valuation system. Is different from Internet companies, a large number of financing investment will bring the scale, the scale will bring valuations; and for the robotics industry and other types of hard science and technology companies CONTROL ENGINEERING China Copyright , the result is only significant investment success and the difference between failure. So when business valuation Control Engineering Copyright , the success rate can be developed, patents, research and development progress of quantified and included in the valuation.

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