KUKA's H1 Revenue In 2022 Is About 11.811 Billion Yuan

Recently, KUKA released its semi-annual report, showing a bright growth in operating profit.

In the semi-annual report issued by KUKA, it is pointed out that the company's H1 operating income in 2022 is 1.7 billion euros (about 11.811 billion yuan), an increase of 13% year-on-year. In the second quarter, the operating income was 880 million euros (about 6.114 billion yuan), an increase of 9% year-on-year; In H1, the operating profit was 49 million euros (about 340 million yuan), and the net profit increased by 44% year on year. In the second quarter, the operating profit was 30 million euros (about 208 million yuan).

Note: On August 12, 2022, 1 EURO = 6.948 Yuan

The operating profit rate increased against the trend, and the business in China grew rapidly.

In the semi annual report, KUKA pointed out that during H1 2022, the total number of orders received by KUKA increased by 35% year on year, and the revenue growth speed obviously lagged behind the order growth speed

The reason is that Europe's demand for industrial automation has increased significantly. However, the pressure of chip shortage in the first half of the year has caused a backlog of orders. So far, the value of backlog orders has reached 3.234 billion euros, an increase of 34.3% year on year.

Specifically, in the robot business of KUKA, in the first half of the year, KUKA received 770 million euros in robot orders, an increase of 35.5% over the previous year; However, the sales revenue was only 462.4 million euros, a year-on-year decrease of 3.2%.

Even so, KUKA's operating profit in the first half of the year still improved, because Midea increased KUKA's investment and R & D collaboration in China, resulting in the rapid growth of its business in China. In H1 of 2022, KUKA's revenue in China increased by 36% year on year.

It is understood that in 2022, one of the business priorities of Midea Group is to promote the localized operation of KUKA in China and increase investment in product development and application.

Specifically, in recent years, KUKA is gradually shifting its R & D and business focus to China. For example, in 2021, KUKA established an independent business department of KUKA AMR, and Shanghai became the global headquarters of KUKA mobile robots. The mobile robot R & D and production base are located in Shunde, focusing on industries such as automobiles, new energy, chips, home appliances, warehousing, and logistics.

Fully privatize KUKA to enhance synergy.

According to the report, Midea Group will fully acquire KUKA with a total price of 150 million euros at 80.77 euros per share. After the full acquisition, KUKA will be privatized and delisted.

After the full privatization of KUKA, Midea Group will further strengthen the internal resource coordination between KUKA and other B-end businesses such as Israel Servotronix to improve the automation rate of the company's operation.

KUKA will increase its investment in its business in China. It is expected that KUKA's revenue in China will account for 30% in 2025. After the withdrawal of KUKA from the Frankfurt Stock Exchange, there will no longer be any financing demand, and more energy and funds will be used for new product research and development.

At present, the benefits of Midea Group's acquisition of KUKA have initially appeared. It is expected that Midea Group will gradually recover the acquisition costs and create profits in the future.

It can be found that Midea Group's ambition to transform from traditional household appliances to intelligent manufacturing has never been concealed. One of the reasons is that the demand in the household appliance industry is stable, but the growth is beginning to approach the ceiling. Midea Group urgently needs to find the next growth point.

From the timeline of Midea Group's acquisition of KUKA in recent years, Midea Group aims at the industrial robot market.

Industrial robots are a powerful hand to promote the transformation and upgrading of the manufacturing industry and accelerate the realization of intelligent manufacturing. In recent years, Midea Group is accelerating the pace of intelligent manufacturing. Midea Group is transforming from a traditional household appliance manufacturing enterprise to an intelligent manufacturing enterprise.

It is worth mentioning that KUKA is also actively assisting Midea Group to improve the level of intelligent manufacturing. By the beginning of 2022, the robot usage density of Midea Group has exceeded 370 units / 10000 people, and will further increase investment in the next two years to achieve the goal of 700 units / 10000 people.

It can be predicted that the benefits brought by Midea Group's strategic layout will be gradually demonstrated in recent years.