The author is an analyst of NH Investment & Securities. He can be reached at firstname.lastname@example.org. — Ed.
In line with a rising number of single-person households, the domestic personal service robot market expanded from W315.8bn in 2019 to W396.5bn in 2020. Everybot sells a floor mopping robot under its own brand, operates as an ODM for SEC, and has been on Amazon shelves since 2020.
Actively runs proprietary brand and operates as ODM for SEC
Everybot is a manufacturer of floor mopping robots, having created the world’s first wheel-less robot vacuum cleaner that runs and cleans based solely on the rotational power of the mop itself.
Following the launch of its Edge model in Mar 2019, Everybot’s sales leaped from a mere W16.2bn in 2019 to W49.2bn in 2020, with OP upping from W1.5bn to W13bn. The Edge models are sold under the company’s own brand, and (since Jan 2020) are also supplied to Samsung Electronics (SEC) as ODM products, all of the sales for which are categorized as exports. In addition, the model is merchandised on Amazon, a factor which is steadily adding to overall sales.
Having stood at just W800mn in 2019, exports jumped to W4bn in 2020. We expect the figure to climb further to W6.8bn in 2021 and W9.7bn in 2022.
Only domestic-listed robot manufacturer in the black
In May 2021, Everybot released its TS300 model, featuring three spinning mops. By adding a high-end model to the lineup, the firm has diversified its product portfolio so that it now spans from low-end to high-end products. Despite having been out on the market for less than a year, 2021E sales for the TS300 are sized at W9.8bn. With export volume gradually picking up, the model should generate sales of as much as W20.5bn in 2022.
In 2022, Everybot has scheduled for release both a new generation of the Edge model and an air purifier robot. We see 2022F sales of W61.2bn (+17.1% y-y) and OP of W14.3bn (+25.9% y-y). We point out that all of the domestic-listed robot makers are currently in the red with the exception of Everybot. Considering recent predictions that SEC will enter the robot manufacturing business in earnest, Everybot looks well positioned to benefit from supplying to the IT giant as an ODM.