Positivo (POSI3) announced at ExpoSeg 2023 its entry into the electronic security market focused on the B2B channel.
Positive (POSI3This week at ExpoSec 2023, the company announced its entry into the B2B electronic security market, showcasing a broad portfolio of automation and electronic security solutions, including analog and digital closed-circuit television (CCTV) devices, a complete line of cameras, recorders, video surveillance systems, alarm panels, intrusion detection sensors, routers, switches, and accessories for security systems.
XP and Genial Investimentos commented on their views regarding Positivo's entry into a new segment, which moves around R$ 11 billion per year, with an annual growth of 15%.
For XP, the Positivo announcement could represent an important avenue for growth for the company, with the biggest challenge being the formation of new partnerships with resellers and integrators, given the dominance of Intelbras (INTB3) with a 50% market share and a differentiated and well-established distribution network, generating a significant barrier to new entrants in this channel. Other relevant players, such as WEG ([asset=WEG3]) and Multi (MLAS3They are also trying to expand their presence in this market, but they do not yet have a dominant and widespread network.
Analysts at XP highlight that Positivo is launching a channel program to attract installers to assist in building this network.
“Migrating to a new business model, Positivo believes that the new unit will be relevant to the company because of the brand's 34-year market recognition, experience in Internet of Things (IoT)-based solutions, and nationwide reach,” comments Genial Investimentos in a report.
“"The business's reach is ensured through the SEG Positive Partner program, a support channel for end-to-end integrators in resellers and redistributors," explains Genial.
According to a report by Genial, Positivo expects synergy between the company's installed base in the computer segment and the electronic security market. According to internal research by Positivo, between 400 and 500 partners from a channel of 4,000 computer integrators are also in the security segment.
Regarding Capex (investment), the company projects an initial investment in portfolio development and channel formation of approximately R$ 40 million, with the majority allocated to working capital due to the long cash cycle.
Furthermore, the projected investment in R&D (Research & Development) for 2023 is between R$170 million and R$200 million. Initially, the software and hardware will be outsourced, but already with Positivo's specifications. Within one year, it is expected that 80% of the materials will be produced in Brazil and that the software will undergo its own improvement by Positivo.
XP has a buy recommendation for Positivo shares, with a target price of R$ 16 by the end of 2023 (upside of 77% compared to Thursday's closing price), while Genial has a hold recommendation, without a target price for the assets.
For Intelbras, Genial Investimentos pointed out that the company presented new products for B2B and B2C that feature artificial intelligence (AI), in addition to plans to expand into new markets, with the main news being Defense IA 3.0, a new version of the security and access control software for B2B that manages the entire Intelbras electronic security ecosystem in a unified and compatible way.
Regarding hardware products, Intelbras announced two new products: 1) full-color cameras, capable of capturing color images of moving objects in low-light environments; 2) new access controllers featuring facial and fingerprint biometrics focused on the B2B market.
Regarding B2C, the company announced the launch of its new smart home application, Mibo Smart. Previously, the Izy Smart (smart home control center) and Mibo Cam (for security cameras) platforms were decentralized. Now, both are unified into a single application with new features such as people detection, geofencing, and cloud storage. Furthermore, Intelbras has begun expanding into the energy market with the launch of a new product line.
Source: compreiativo.com.br
