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2 1.1+WUDWxOsPtQrQqOpMqNrOnM9PdN7NnPmMnPqMjMpPsQjMtRsMaQpPzRNZmPtNuOmOuM3/1.2 1 Strategy Analytics 60%2 3 Statista digital market outlook 2020 15%4 4/1.2 2020 Statista Digital Market Outlook SmartHomeSecurityReport2021 5/1.2 App IoT 6 1.3 2020 8,889 2020 2025 19.3%2025 2 2020 373 2020 2025 14.1%2025 70088892149105000100001500020000250002020 2025E 37372101002003004005006007008002020 2025E 7 1.3 Digital Commerce3602020 31.8%14%2020 2022 40.1%28.3%11.7%wind0%10%20%30%40%0.000.501.001.502.002.502018 2019 2020 2021 2022 2023跨境电商进出口规模（万亿 0%10%20%30%40%50%0.000.501.001.502.002018 2019 2020 2021 2022 2023跨境出口电商规模（万亿元）3.00%4.00%5.00%6.00%7.00%8.00%2018 2019 2020 2021 2022 2023跨境进出口电商渗透率3.00%4.00%5.00%6.00%7.00%8.00%2018 2019 2020 2021 2022 2023跨境出口电商渗透率 8 200 1080P 800 Wi-Fi 1.4 9 15 2009-2015 ODM 2016-ODM 2015 Reolink Reolink Reolink 2.1 10 27.12%54.24%2022 2 18 0.25%18.75 0.30%22.50 0.20%0.20%0.06%500 500 138.89 54.24%2.2 1 2,440.80 27.12%2 2,440.80 27.12%3 1,009.80 11.22%4 1,009.80 11.22%5 401.40 4.46%6 337.50 3.75%7 288.00 3.20%8 253.40 2.82%9 161.10 1.79%10 159.70 1.77%11 161.10 1.79%12 90.00 1.00%13 49.50 0.55%9000.00 100%11 1976 2001 4 2003 6 2003 6 2005 5 UT 2005 9 2006 6 2006 6 2009 2 2009,1977 1999 9 2000 7 2000 8 2001 5 TCL 2001 8 2001 9 2001 102003 9 2004 2 2009 2 2009 2.2 12 2.3+eBay Reolink 1 1 2 App Email2 3 13 2.31/2 IC 3 PCBA PACK 4 ODM 14+2.3 151 eBay 90%60%2 ODM ODM 2.4 16 2.4 2020-22 2023H1 9.56 13.61 16.45 8.77 99.59%99.53%99.57%99.29%2023H1/69.6%20.7%17 2.4 2022 51%/39%/01234567892019 年报 2020 年报 2021 年报 2022年报 2023 中报美国 欧洲 其他境外地区 境内 18 2.4 Primeday 2020 2022 Primeday 2021 2021 2020 2022 19011 IC PCB 80%IC 30%10%2 PCBA PACK 2021 IC 2.4 20 2019-22 5.25/9.60/13.67/16.52 2019-22 46.45%2019-22 0.41/1.86/2.49/2.84 2020-22 2023 2019-22 90.62%2.5 2019-2023 2019-2023 01020304050607080900.002.004.006.008.0010.0012.0014.0016.0018.002019 年报 2020 年报 2021 年报 2022 年报 2023 三季报营业总收入 营业总收入同比增长率(%)0501001502002503003504000.000.501.001.502.002.503.003.502019 年报 2020 年报 2021 年报 2022 年报 2023 三季报净利润 净利润增速 21 2019-22 2023H1 53.39%50.25%47.02%44.80%49.90%2020 2023H1 59.69%50%-60%2019-22 2023H1 7.76%19.35%18.19%17.20%21.00%2.5 0204060802019 2020 2021 2022 2023H1剔除运费影响后的毛利率(%)毛利率(%)05101520252019 2020 2021 2022 2023H1净利率(%)0%10%20%30%40%50%60%70%2019 2020 2021 2022 2023H1摄像机单机 摄像机套装 22 50%-60%2.5 23 2020-22 2023H1 26.17%25.01%23.33%22.45%(2020)2.5-10%0%10%20%30%销售费用率(还原后)管理费用率研发费用率0%5%10%15%20%25%30%35%2019 2020 2021 2022 2023H1总费用率-20%0%20%40%60%80%100%120%2019 2020 2021 2022 2023H1销售费用 管理费用 研发费用 财务费用 242020-22 2023H1 17.40%17.95%18.64%19.41%85%85%2.5 252020-22 2023H1 53.48%38.20%27.13%23.85%1.76 2.43 3.45 3.95 2020-22 2023H1 1.13 1.48 2.22 2.64 2.5 262020-22 2023H1 4.6 5.75 9.16 11.42 2020 70.98%2021 15.36%2022 2023 6 288.66%66.78%2.5 27 ODM Strategy Analytics 2021 20.00%Google Netgear Ring Blink Nest Arlo 360 ODM 3.1 28 Reolink Ring Blink Arlo Netgear Wyze Nest 3.1 291 3-5 23 3.2 301 2023 6 158 27.96%3.3 31 29.73%27.96%35 97%3.3 168 29.73%158 27.96%45 7.96%194 34.34%565 100.00%41 7.26%315 55.75%65 11.50%30 5.31%114 20.18%565 100.00%25 193 34.16%25-35 278 49.20%35-45 76 13.45%45 18 3.19%565 100.00%322 Reolink ODM eBay Reolink 3.3 BrandArk similarweb Reolink 380 39%41%Reolink 333 3.3 344 ODM ODM 5 eBay 3.3 35IPO4.1IPO 3,000.10 25%+364.21 2 3 374.24 eBay5 6 38 015 2020 12 11 15%15%25%eBay FBA Reolink 99%39 THANKS FORLISTENING
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