Previously, a company named NavInfo undertook this supply service. Since Tesla entered China, it has been the exclusive partner of Tesla's supply chain.
Although NavInfo claimed at that time that it was still a "good partner of Tesla", such a statement always smacked of "buying and selling cannot be right".
After all, during the period when NavInfo took on the supply of map data, many Tesla owners complained that the navigation map algorithm on the car was wrong, and sometimes they even detoured. Usually it is a Baidu map with car navigation and mobile phone on, and then believe the mobile phone if there are differences between the two maps.
Although NavInfo did not explain whether it still exists in Tesla's circle of friends, from its share price, NavInfo's share price has been on a downward trend since it hit a high point in July, and the current share price has approached the low point in March.
Before understanding the evaluation of this listed company in the automobile sector, let's first understand what NavInfo does.
From the category point of view, this company is undoubtedly a technology company, and its main business can be roughly divided into two parts. One is the traditional business of map navigation and location big data services; The other is an emerging business with the core of car networking, advanced assisted driving and automatic driving.
In terms of shareholder composition, the largest shareholder of NavInfo is China Siwei Surveying and Mapping Technology Co., Ltd., and the second largest shareholder is Shenzhen Tencent Industrial Investment Fund Co., Ltd. ..
Judging from the situation of shareholders, it is not difficult to find that in the traditional map business, NavInfo seems to have lost its market share, except Baidu and Ali's Gaode. It is understood that China's four-dimensional image data are all from DigitalGlobe, an American commercial satellite data provider.
It should be emphasized that China Siwei is the general agent of American companies in China, and owns the general agent rights of three half-meter satellites, namely QuickBird, WorldView 1 and WorldView2.
DigitalGlobe is a global commercialization leader in the field of high-resolution images and a satellite image provider of Google Maps.
Therefore, NavInfo has certain advantages in channels, but it does not master the "core technology" in data support.
As for performance support, generally speaking, the investment of science and technology enterprises is relatively large, and the cost recovery cycle is long and unpredictable. In addition to burning money, it is basically difficult to achieve good revenue, especially in those high-threshold technology industries.
Therefore, the agency's evaluation of NavInfo is not as good as that of other auto sector supply companies. In the research report given by Southwest Securities, NavInfo achieved total operating income in the first half of the year? 9.6? 1 100 million yuan, a year-on-year decrease? 1 1.3%; Return to the home network? The profit is-1.6? 1 100 million yuan, a year-on-year decrease? 290.6%。
In terms of revenue, its revenue decreased year-on-year? 1 1.3%, mainly due to the overall adverse impact of the suspension of production in the first quarter and the decline in automobile consumption demand. Among them, what is the single quarter revenue in the second quarter? 5.7? 1 100 million yuan, a year-on-year increase? 0.9%, revenue growth turned positive.
In terms of business, the revenue of car networking and location big data business increased significantly year-on-year, among which the car networking business realized revenue? 4.3? 1 100 million yuan, a year-on-year increase? 32.0%; Has the location big data business achieved revenue? 0.97? 1 100 million yuan, a year-on-year increase? 39.4%。
Other businesses have declined to varying degrees. What is the revenue from navigation business? 2.7? 1 100 million yuan, a year-on-year decrease? 39.4%; What is the income of advanced assisted driving and autonomous driving? 0.3? 1 100 million yuan, a year-on-year decrease? 29. 1%; How is the chip business revenue? 1.2? 1 100 million yuan, a year-on-year decrease? 35.6%。
For the future, NavInfo's new growth expectations do not seem too high.
On the one hand, there is great uncertainty in the stock game of the domestic automobile market, and whether it can maintain the current market share is a problem that needs to be solved. After all, the competitiveness of Baidu Gaode's two map navigation travel service providers is not covered. Under the general trend of intelligent interconnection, manufacturers are more willing to buy products that have been tested by users with a larger base.
On the other hand, the competition of new autonomous driving business is not only horizontal, but also policy-oriented. The test of NavInfo is whether it can develop mature and reliable products in this field, or maintain stable capital support in long-term R&D investment before setting technical barriers to avoid "anemia".
Generally speaking, judging from the present situation of this enterprise and the attitude of the organization towards it, not all upstream suppliers of the automobile sector have a bright future.
As an enterprise blessed by the dual concepts of technology and automobile, on the one hand, it should be alert to the cyclical business risks of the automobile industry, on the other hand, it should also be alert to the low output ratio effect of R&D investment in science and technology.
Compared with the competition of car dealers' market share, these companies are fighting for who lives long.
This article comes from car home, the author of the car manufacturer, and does not represent car home's position.