The "Ice And Fire" Of The Beidou Concept Unit

After the Beidou system realizes the global networking, the industrial chain of 100 billion output is entering the outbreak period of "army to civilian", and the growth center of the industrial chain will be tilted to the middle and lower reaches.

In June 23rd, the last satellite network of Beidou three was successfully launched, and the Beidou three system completed the global networking. The "three step" strategy of the Beidou construction was officially closed.

From the 80s of last century, it was envisaged that when the Beidou one was officially launched and the global network was completed, after thirty years of development, the Beidou industry in China has formed a pattern of breaking through the blockade upstream, expanding the market in the middle and lower reaches and expanding the market. This also means that the direction of the "Beidou concept stock" which has lasted for ten years will usher in a new change.

A brokerage analyst told the twenty-first Century economic news reporter that after the Beidou system realized global networking, the industrial chain of 100 billion output is entering the outbreak period of "army to civilian", and the growth center of the industrial chain will be tilted to the middle and lower reaches.

It is worth noting that despite the wide market potential, the Beidou system of the global network still has room for improvement in terms of industry chain maturity and market recognition, which is a test of the sustainability of the performance of various companies in the industrial chain.

In fact, this also accords with the speculation path of the past capital market to the concept stocks -- from the early attention to the theme to the fundamentals of the middle and later stages. And a large number of "Beidou concept stocks" have also experienced time screening in the process of improving the industrial chain: some performance has been growing steadily, some have sustained losses, others are Paynechanc.

Embarrassment under the "Big Dipper fever"

Since 2009, when the State Council confirmed that the Beidou satellite navigation system realized the overall requirements of "military civilian sharing" and "coordinated development" and so on, the development of China's Beidou industry has entered a new stage. In 2013, the release of the medium and long-term development plan of the national satellite navigation industry set off a wave of upsurge in the construction of the Beidou Industrial Park in China. But according to the investigation of a third party think tank in the industry, up to now, less than half of the 40 Beidou industrial parks in China have been built and put into operation. After the early barbaric growth, part of the Beidou Industrial Park "showed its legs."

In from June 9 to 10, 2020, on the auction platform of Ali, the original planned Chongqing Liangjiang New Area Water and soil startup area group two was in the judicial auction of construction real estate. In twenty-first Century, the economic report reporters found that the two auction prices totaled 154 million yuan in real estate, which is located in the first phase of Chongqing Beidou Industrial Park. The industrial park, which set the target output value of 50 billion yuan in 2020, has been abandoned for several years.

In twenty-first Century, the economic news reporter noted that in the face of the overheating of the Beidou industry, Yang Yuanxi, deputy chief designer of the Beidou navigation system and academician of the Chinese Academy of Sciences, said in a media interview a few years ago, "do not understand or understand". He said that many provinces and cities used the signs of Beidou Industrial Park to encircles and enclosures, but they did not really serve the Beidou navigation industry. The real Beidou navigation did not need too many factories.

This is just a microcosm of the market's overreaction to the "Big Dipper fever" in recent years. In 2018, an Oolong hype took place even in A shares.

In 2018, it was regarded as the first year of high value that broke out in the Beidou industry. This year, China's Beidou industry has entered a period of accelerated development: on the one hand, the Beidou satellite has entered the intensive launch phase; on the other hand, the Beidou three system will have a full coverage of the "one belt and one road" area by the end of 2018 according to the plan.

However, under great heat, there must be anomalies. In the same year, a product called "Beidou map APP" caused a controversy.

In April 9th, a number of media reports said that the "Beidou map APP" will be launched on May 1st. The navigation function of the product can be accurately within 1 meters, and it can clearly locate the specific lanes. Later, the fact is very surprising. According to the insiders, "Beidou map APP" is not directly related to the Beidou satellite navigation and positioning system. It is only a marketing that is developed by the name of "Beidou".

Even more shocking is that the news of product release quickly fermented to the A share market and was recognized by the market. In twenty-first Century, the economic report reporters read the Research Report on that day, and found that a number of brokerage firms had commented on the "Beidou map APP" on the line. The organic structure is called the "Beidou high-precision positioning formal application, the civilian 2C terminal market is expected to open"; the organic structure says that the "Beidou map APP landing operation" is expected to further promote the Beidou system from the military market to a larger mass consumer market, and the broad prospect of the industry is worth looking forward to. Affected by this, the ten thousand satellite navigation index (884087, WI) surged more than 7% on the day of April 9th.

"Beidou concept" has been frying for more than 10 years, and there have been a number of companies that are "hot spots". Jiangsu's three friends, one of the predecessors of the US health year, is one of them.

In 2007, Jiangsu Sanyou signed a cooperation agreement with the partners of Beidou satellite system application equipment industrialization project. In the same year, it invested 3 million 750 thousand yuan and set up Beidou Technology Co., Ltd. (hereinafter referred to as Jiangsu Beidou) with Shanghai Jiangshu Xingyu Technology Development Co., Ltd. (hereinafter referred to as Jiangsu Beidou), which is used for R & D, manufacturing and sales of the Beidou satellite system application equipment.

In the past 7 years, the development of Jiangsu Beidou is not satisfactory. By the end of 2013, the company was insolvent. In September 2014, Jiangsu Sanyou announced bankruptcy liquidation of the subsidiary, and said it would focus on the main garment industry again. At this point, the company's diversification strategy failed, and soon came to the "sell the shell" road.

The latest "edge ball" is the integration of the stock market, which is still in the doldrums.

The Integrated Circuit Design Company, which provides wireless radio frequency chips and solutions, issued a fixed increase plan in May 14th this year to raise 760 million yuan for intelligent transportation and intelligent driving R & D and industrialization projects, as well as supplementary liquidity.

In response to investor questions, the company said, "Beidou /GPS dual-mode receiver SoC is one of the company's investment projects", but has not yet achieved product landing.

Leading companies in losses

Integrated with the research reports of many brokerages, China satellite, Haig communications, Beidou Xing Tong, Hua Li Chong Tong, United think strong, vibration core technology, Haida, Siwei new and so on become the leading companies in every link of the Beidou industrial chain. Among them, there are five industries covering the middle and lower reaches of the industrial chain, namely, China's satellite, Haig communications, Beidou Xing Tong, the United States and the core technology.

The former brokerage analyst told the twenty-first Century economic news reporter that the outbreak of the Beidou industrial chain has obvious order characteristics, such as opening from military to civilian, and promoting from domestic to abroad. Affected by this, early performance in the army, police and other special application areas to achieve landing first benefit. But with the realization of the global network of Beidou three, the greater value-added space in the future must be transferred to the civilian and mass market.

The white paper (2020) of the development of China's satellite navigation and location service industry (hereinafter referred to as the white paper) shows that in 2019, China's Beidou satellite navigation system industry market revenue stabilized, and the output value of upstream and middle reaches of the industry chain accounted for 9.92% and 45.85% respectively, showing a downward trend; the downstream output value accounted for 44.23%, and the growth rate was fast.

At the same time, the white paper also pointed out that the Beidou satellite navigation system has been officially opened for 5 years. In various categories of applications, vehicle monitoring, information services, vehicle navigation and other occupying 85% share; in professional industries, the share of time, sea, surveying and mapping and military services occupied only 8%. This series of data indicates that the new market space of the Beidou industrial chain will be in the civilian market of the middle and lower reaches.

The global networking of Beidou three accelerates the growth of China's Beidou industrial growth center to the middle and lower reaches of the market. The leading companies have the advantage of first out after the whole industry chain is covered. But in twenty-first Century, the economic news reporter noted that some of the leading companies have been losing money in recent years.

The deepening of the application of Beidou navigation system is good news for all of us. But this company, which is in the leading position of the Beidou high precision market and has the layout of the whole industry chain, suffered the biggest loss since 2019. According to financial data, union strong income reached 1 billion 548 million yuan last year, down 32.66% compared with the same period last year. Net profit loss attributable to shareholders of the parent company was 1 billion 61 million yuan, down 654.01% compared with the same period last year. It is worth mentioning that the company's 2019 annual report was issued by the accounting firm a report of reservations.

In the first quarter of this year, the achievements of the United Democrats continued to be under pressure. From January to March, the company lost 124 million yuan.

The same is also the pressure of performance of the Big Dipper.

As China's first satellite navigation industry listed companies, Beidou star to promote Beidou industrialization application and help navigation industry development as the goal. And, since its listing in 2007, it has become the "Pao Dou concept stocks" when the securities companies recommend "Pao Bo". However, in 2019, the company achieved operating income of 2 billion 987 million yuan, down 2.10% compared to the same period last year. The net profit attributable to shareholders of listed companies was -6.51 billion, down 710.59% from the same period last year.

For last year's losses, the company attributed it to the amount of asset impairment. An analyst who asked not to be named told the twenty-first Century economic news reporter that the company expanded its business mainly through extensive mergers and acquisitions. The effect of this approach was immediate, but the accumulated large amount of goodwill had the risk of "exploding thunder". Twenty-first Century economic news reporter found that in 2019, the Beidou star made a one-time asset impairment amount of nearly 700 million yuan.

According to the twenty-first Century economic report reporter's statistics, the 2019 year Beidou concept stock with the same loss also includes Hua Li Chong Tong and Zhen Xin Technology. Among them, Hua Li Chong Tong lost 148 million yuan last year and lost 20 million yuan after deducting non recurring gains and losses.

In fact, even if the Beidou system's global network will make the civil market hot, some institutions believe that the expansion of the civilian market is less risky than expected.

Wan Lian securities hints that a series of problems such as difficulty in research and development, abnormal shape of terminal, excessive battery size and high production cost will restrict the construction of the Beidou civil market. In addition, the Beidou civil market lacks relevant laws and regulations. If the market is not standardized, both developers and operators will face certain risks of operational difficulties.

?