Thinkware and Black Box’s overseas sales doubled in a year
Thinkware’s strong overseas black box sales are continuing to grow significantly.
It is also exploring overseas expansion of the household appliance business, which currently remains in the domestic market.
According to the Financial Supervisory Service’s electronic disclosure system on the 24th, Thinkware’s cumulative overseas sales in the first half of this year are 48.7 billion won.
This is an increase of 152.3% compared to the first half of last year (19.3 billion won). Thinkware’s overseas sales are 100% from the black box.
The expansion of overseas sales is the effect of the supply contract for BMW-bound black boxes that began this year.
Since December last year, Thinkware has been supplying ACE 3.0 Pro and ACE 3.0 which are global BMW-oriented black boxes to 77 countries around the world.
Overseas sales, which were previously centered on Japan and North America, have expanded to 70% of new markets such as Europe after the supply of BMW.
With this contract, Thinkware expects a total of more than 200 billion won in sales by 2025.
In Korea, the penetration rate of black boxes is 90 percent (as of last year for the trend monitor of market research institutes), but in Europe and Japan, it is only 10 to 20 percent.
Another opportunity is that black box mandatory regulations will be strengthened around major countries around the world.
Japan will provide subsidies for installing black boxes in commercial vehicles from 2020, and the EU (EU) has made it mandatory to install information recording devices such as black boxes in new vehicles starting this year.
In addition, the U.S. is pushing for a 5% discount on auto insurance premiums when equipped with black boxes, and China is required to install black boxes in major cargo trucks such as buses and trucks.
Kim Yong-ho, a researcher at Hanyang Securities, predicted, “Thinkware will continue to expand its exports based on its product power amid the trend of mandatory safe driving devices in major global countries.”
The growth of new businesses such as household appliances…Will they be able to expand overseas?
Due to strong overseas sales, Thinkware’s cumulative sales in the first half of this year recorded 157.7 billion won, up 58.3% from the previous year (99.6 billion won).
In particular, the second quarter recorded a record sales of KRW 89.8 billion.
Thinkware is also speeding up household appliance businesses such as gimbal cameras, robot vacuum cleaners, air purifiers, and electric kickboards.
Sales of household appliances reached 49.1 billion won in the first half of this year, up 185.5% from 17.2 billion won in the first half of last year. Overseas exports of household appliances are also being examined.
However, operating profit remained at 1.2 billion won as of the first half in the aftermath of external market instability such as raw material prices and dollar hikes. 메이저사이트
It fell 77.8% year-on-year (5.4 billion won). “Although the cost burden has increased due to rising raw material prices, operating profit has decreased significantly compared to the previous year as sales prices remain the same,” a Thinkware official said. “However, we expect operating profit to recover somewhat if raw material prices and exchange rates stabilize.”