2020-10-10

Electronic paper books are taken away for ten years. Can Hanwang Technology (002362.SZ) stand up by digital painting?

By yqqlm yqqlm

Consumer Daily Net Financial News October 8th, Hanwang Technology (002362.SZ) released a forecast of the first three quarters of 2020. In the first three quarters, Hanwang Technology is expected to achieve a net profit of 661.6-7216 million, a year-on-year increase of 140.25%-162.04%, of which the third quarter is expected Realized net profit of 36.42 million, a year-on-year increase of 606.19-723.88%. The reason for achieving such good performance is attributed to two factors in the announcement. First, the company has established a complete overseas e-commerce channel and achieved positive results; second, currently, Digital painting tools are changing from drawing boards to drawing screens. This year, many of the company’s drawing screen products have been used by multiple Amazon site is rated as”Bestseller” of similar products.

During the National Day period, the international stock market rose a lot, superimposed on the positive news of the three-quarter report performance increase, Hanwang Technology The stock price rose all the way, and as of the close, it was approaching the daily limit.

In the first half of the year, Hanwang Technology achieved a deduction of 28,373,800 non-net profits, a year-on-year increase of 590.38%, which ended Since 2018, non-net profit has continued to grow negatively. In the third quarter, the performance growth trend of the first half of the year has been maintained. Does this mean Hanwang TechnologyHas been out of the transition period and set sail again?

Hanwang Technology‘s past and present strong>

Hanwang Technology official website breaks down its development process into seven, namely the budding period (1984- 1992), entrepreneurial period (1993-1998), rapid expansion (1999-2003), rapid progress (2004-2010), transformation and adjustment (2011-2016), steady growth (2017-2019), Future ( After 2020).

In 1984, the”online handwritten Chinese character recognition device” developed by Hanwang founder Liu Yingjian created a new application field for non-keyboard Chinese character input and realized the century revolution of computer character recognition. This became the budding sign of Hanwang Technology.

From the embryonic stage to the entrepreneurial stage, Hanwang Technology lasted 14 years until 1998Hanwang Technology is truly established. At the beginning of its establishment, Hanwang Technology focused on handwriting recognition, Optical Character Recognition (OCR), wireless passive technology Research and development. The senior managers of Hanwang Technology once believed that the biggest change brought about by OCR technology was the change in interaction methods. Based on this understanding , Hanwang Technology was mainly devoted to how to change the mainstream way of people’s interaction through a new hardware product in the first ten years of its establishment. In this context, in 2008, Hanwang electronic paper book came out.

Once the Hanwang Electronic Paper Book was launched, Hanwang Technology entered the fast lane of performance growth, 2009 and 2010 Revenue has more than doubled for two consecutive years. This has also become the main bargaining chip for Hanwang Technology to land on the SME board of the Shenzhen Stock Exchange in 2010. The issue price of Hanwang Technology is 41.90 yuan. The stock price reached a peak of 175.00 yuan within two months after listing. Today, the stock price is only 23.39 yuan, the reason, let’s look at the 10 years of Hanwang Technology.

Hanwang Technology has not got rid of the curse of being the peak of listing. With the sales of Hanwang electronic paper books With a sharp decline, Hanwang Technology has also fallen into the quagmire of declining performance. It can be described as Chengye electronic paper book and failed electronic paper book.

According to Yiou data, the total sales volume of Hanwang electronic paper books in 2010 exceeded 1 million units. This business is Hanwang Technology contributed 880 million revenue, accounting for 71.48%of total revenue. If the Hanwang Electronic Paper Book was born a few years earlier, it might have a good life for a few more years, but it’s a pity that it was not born at the right time.

In 2010, iPAD came out. One year later, the Android tablet was born. Soon, the iPad was represented by thousands of yuan Tablet devices have become popular, occupying the global e-book reader market. In 2011, there were 23.2 million e-book reader product shipments worldwide. By 2015, this number had fallen sharply to 7.8 million units. In 2016, this figure continued to drop to 7.1 million units.

In addition, the Amazon on the same track gid=”20436073″>kindle was released in 2007 and began to enter the Chinese market in 2013. Palmyue Technology (603533.SH) launched the Ireader reader in 2011. Different from Hanwang Electronic Paper Books, both kindle and Ireader are hardware products derived from the content ecology. They are technically born Hanwang TechnologyAlthough the e-book mall”Hanwang Bookstore” was also built, due to insufficient attention, it was ultimately unable to undertake the important task of reviving Hanwang e-books.

After 2010, sales of Hanwang electronic paper books continued to decline. By 2016, its revenue was only 12.47 million, accounting for only Hanwang Technology 3.00%of total revenue.

The main revenue force encountered Waterloo, and Hanwang Technology had to take a painful path of transformation. Since 2011, Hanwang Technology successively launched the E code pen and the embedded smart lock based on infrared face recognition technology-face Lock, two-way protocol active capacitive pen, civil PM2.5 detector-Hanwang Haze Meter M1, Hanwang Cloud, Android front-end human identification verification integrated machine, capacitive pen Xpen2.0, E face pass, Hanwang MUSES smart electronic notebook, etc. Products.

Hanwang Technology business involves big data and service business, face and biometric recognition business, pen intelligence Interactive business and smart terminal products, of which big data and service businesses mainly include five directions:smart justice, smart archives, smart healthcare, smart finance, and smart education.

Compared with the same starting line of iFLYTEK, the 10 years from 2011 to present can be said to be Hanwang Technology span>In the ten years of decline, the R&D direction has been adjusted several times, but it has not been able to stand in the right direction. The spread of the business network has achieved little effect. This also shows that Hanwang Technology still needs to work hard to find a direction.

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The performance is approaching a turning point, and the outlook is still uncertain

2017-2019, Hanwang Technology It is regarded as a period of steady growth. During this period, Hanwang Technology revenue has changed from the ups and downs during the transition and adjustment period. It has entered a stage of rapid growth, but net profit and non-net profit deduction are still in an unstable state. In 2019, revenue was 1.105 billion, an increase of 47.80%year-on-year, and net profit was 37.429 million, an increase of 135.95%. 2.5616 million, a year-on-year decrease of 81.28%. Although the gross profit margin is as high as 41.98%, the net profit margin is only 3.86%.

It can be said that the so-called steady growth of Hanwang Technology is not so steady.

In the first half of 2020, Hanwang Technology seems to usher in the dawn, both in terms of revenue and net profit Achieved substantial growth. The semi-annual report shows that Hanwang Technology achieved revenue of 562 million yuan, an increase of 61.49%year-on-year, and net profit and non-net profit deducted were 3015.97. Million and 28,373,800, respectively, an increase of 34.40%and 590.38%year-on-year. Without changing the growth trend in the first half of the third quarter, Hanwang Technology seems to usher in a real steady growth period.

From the perspective of specific products, the substantial increase in Hanwang Technology in the first half of the year was mainly due to pen intelligence Interactive products, the product achieved revenue of 403 million in the first half of the year, an increase of 187.86%year-on-year, in addition to the big data business, smart terminal products, face and biometrics have all declined to varying degrees.

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According to September 15th Hanwang Technology announced the investor relations activity record sheet that its pen smart interactive products are mainly subdivided into paperless signing and approval, in telecommunications, finance, government affairs, etc. The window industry is widely used and currently occupies 80%of the paperless approval market of domestic banks and operators.

Digital painting products, including painting board and painting screens, digital painting products are special tools for computer painting , In terms of pressure sensitivity and touch, it can effectively solve the problems encountered in the process of using electronic products to paint, and can produce the same effect as traditional paper painting. In terms of special product attributes, PAD cannot replace it. Application scenarios include such as film and television. Production, game production, animation production, advertising design, graphic design and other fields.

Business intelligence terminals such as mobile phones, notebooks, and capacitive pens equipped with PADs are domestic well-known mobile phone manufacturers, Microsoft, Sony, Transsion and other companies provide products.

This year’s performance growth mainly comes from the power of digital painting screen products. Hanwang Technology is currently the world’s only Some of the two companies that have wireless passive electromagnetic touch technology, based on digital painting technology, Hanwang Technology and Industry leaders are no different.

But in terms of user portraits, Hanwang Technology is mainly for the low-end digital painting market, and users are concentrated in Hobbyists, light users, and because of the brand recognition in the professional market, the penetration of Hanwang Technology into the high-end market is still There is no small pressure.

Although the performance of Hanwang Technology has improved significantly, the performance improvement still allows investors to faintly Yue Yue saw the shadow of Hanwang Electronic Paper Books at the time. Back then, Hanwang Technology came from Hanwang Electronic Paper Books. This performance explosion is mainly due to the increase in revenue of digital painting screen products. Compared with other artificial intelligence companies, the revenue is too concentrated. Hanwang Technology span>Whether the digital painting screen products will repeat the mistakes of Hanwang Electronic Paper Books will inevitably worry investors.