Hard Suits Inc or Internet Co? What should we see in the valuation of millet?

category:Internet
 Hard Suits Inc or Internet Co? What should we see in the valuation of millet?


[Millets valuation is built in addition to smart hardware such as mobile phones, television, ecological chains, and other smart hardware; MIUI and its mobile Internet content and service ecology are equivalent to second circles, while line online new retail is the third layer. After the news came out, almost all investment banks and brokerages came to hunt for the share of millet distribution, and even the inhouse team of millet continued to hold meetings to cool down. However, some agencies seize the share of the interview map, and they also want to press down the price, leaving a bigger profit margin for the latter transactions. Each of these different attitudes has aroused different echoes in the market. At the moment, the focus of the debate is whether millet is Internet Co or Hard Suits Inc. From the perspective of Xiaomis revenue, smart phones do occupy most of the revenue. In 2017, for example, over the past year, Internet services (games, advertising, application distribution, etc.) brought 8.6% revenue for millet, but contributed 39.3% of gross profit. The mobile phone brought 70.3% revenue for millet and contributed 46.8% of gross profit. And since 2015, the compound growth rate of millet Internet services has reached 74.79%. Although the profit contribution ratio of Millets Internet business is rising rapidly, Xiaomis revenue is also dominated by physical products. This may be related to the development cycle asynchrony between different businesses of millet. A closer look will find that the main variables may come from IoT and consumer goods (that is, millet hardware ecological chain) the income of this category has doubled over the past year. Millet hardware ecological chain started at the end of 2013, after 4 years began to enter the product category and revenue of the outbreak period, and millet internet change in fact, actually started from 2016, the formal test of water, it is still in the early stage of development. At the same time, the understanding of millet Internet business may still be misunderstood. Most observers equate the realisation of millet MIUI operating system with millet Internet business. But in fact, the Internet value of millet is more than that. Based on the intelligent hardware of the millet hardware ecological chain, millet has established a IoT platform with more than 100 million intelligent devices. The connection, user import and flow import, and data accumulation on this platform are the next imaginative tuyere. In addition, a large number of IoT related services of millet have long been out of the category of millet mobile phone users and MIUI users. For example, millet hand ring, millet weight scale, such as App millet sports for wearable or health management products, half of its millions of monthly live users from iOS, only health management this segment, based on the combination of intelligent hardware and health management App, there is no small imagination. There are also many people comparing millet with apples. Lei Jun has made a statement before listing, and the overall net interest rate of the overall hardware business is not more than 5%. In fact, he first mentioned that no more than 3%, but investors feel too low, even if the exchange rate fluctuations will make the company into a loss, asked to change to 5%. In addition to the idea of internal unity and foreign trust for users, the most important subtext of the Lei Jun is that millet and apple are completely different, and millet will not make money on the hardware. If we use Internet Cos model to estimate, the number and activity of users are important indicators to measure millet. Millet financial reports show that as of March 31, 2018, MIUI month live users more than 190 million, users use millet mobile phone average about 4.5 hours a day, the consumption level IoT platform connected more than 100 million smart devices (excluding mobile phones and laptop computers). Of the mobile applications developed by millet company, there are 38 active users in the month, and 18 in monthly active users, more than 50 million in 10 million. How to make valuations to millet in the end? In fact, it is difficult to find a standard reference for it. Millet is valued in addition to intelligent hardware such as mobile phones, television and ecological chains; MIUI and its mobile Internet content and service ecology are equivalent to second circles, while line online new retail is the third layer. Looking at the nature of the Internet business, the company that looks at the Internet attributes, and even looks at the new business form, needs to see from the perspective of development. After all, new things are too young, and millet, a company of only 8 years old, is far from mature and stable in its business development and business model. Perhaps it is time for the capital market to prepare for a new set of value judgement thinking and models. Source: first financial responsibility editor: Bai Xin _NT4464 If we use Internet Cos model to estimate, the number and activity of users are important indicators to measure millet. Millet financial reports show that as of March 31, 2018, MIUI month live users more than 190 million, users use millet mobile phone average about 4.5 hours a day, the consumption level IoT platform connected more than 100 million smart devices (excluding mobile phones and laptop computers). Of the mobile applications developed by millet company, there are 38 active users in the month, and 18 in monthly active users, more than 50 million in 10 million. How to make valuations to millet in the end? In fact, it is difficult to find a standard reference for it. Millet is valued in addition to intelligent hardware such as mobile phones, television and ecological chains; MIUI and its mobile Internet content and service ecology are equivalent to second circles, while line online new retail is the third layer. Looking at the nature of the Internet business, the company that looks at the Internet attributes, and even looks at the new business form, needs to see from the perspective of development. After all, new things are too young, and millet, a company of only 8 years old, is far from mature and stable in its business development and business model. Perhaps it is time for the capital market to prepare for a new set of value judgement thinking and models.