Guo Teng Electronics: Grab Beidou satellite navigation application blue sea

The company has a complete "component-terminal-system" Beidou satellite navigation application industry chain, will fully enjoy the Beidou system construction brought about by the high growth, and help the company in the industry competition in a favorable position Jiang Yiman "A-share market in the rare monopoly of high-growth industry leading companies."　　"--there has been such a comment on the National Proton Electronics (300101.SZ) the company. Because in the Beidou navigation this special field, many investors to the country Teng electronics can be said favor, the company listed on the first day will be money crazy Rob, 118.47%, turnover rate of up to 87.83%.　　As of September 10, the company's shares received 74 yuan, up 131.25% from the issue price.　　So, under, can the national Proton electronics actually vice? Beidou navigation terminal Market is still "blue sea" mentioned navigation products, we are not unfamiliar.　　The most familiar is perhaps the GPS navigation system, when driving, as long as the function, it can for you "astray navigation." It is understood that the current global satellite navigation applications to the United States mainly GPS, its market size accounted for more than 95% of the world.　　Compared with GPS, China's Beidou satellite navigation system started late, and the Beidou navigation system was only put into operation 2003 years ago.　　Despite the late start, but the rapid development, Beidou satellite navigation system has been widely used in national defense and national economy in various industries and fields. "The field of satellite navigation differs from other areas in that it involves national security issues, so the state will also devote great effort to developing it."　　"A brokerage researcher said.　　It is understood that the Beidou system of intellectual property is wholly owned by China, the system operation and maintenance is not affected by the changes in the international environment, and Beidou system has a good encryption function, can guarantee the security of the data transmission process.　　Data show that 2010 China's satellite navigation market size of about 50 billion yuan, and to the proportion of the projection, Beidou system Market size of only about 2 billion yuan. "Although the GPS has almost monopolized the vehicle navigation and vehicle tracking application market, but once the Beidou system into the application promotion period, it will use its advantages to open the market."　　Houli Securities analyst, said.　　In fact, compared with GPS, Beidou system has its special advantages, such as in addition to navigation and positioning, the Beidou system can also achieve certain communication functions.　　According to the planning of NDRC, the market capacity of Beidou system will reach 100 billion yuan by 2020, which means that the annual compound growth rate of 2010-2020 years will be close to 50%.　　The industry is a blue sea, and to have entered the field of companies, a very high entry threshold is actually tantamount to an "umbrella."　　In many markets, the point of the country's electronics is "it can do business, other companies may not be able to do". It is understood that in the Beidou satellite navigation application system construction and service areas, the State in 2004 promulgated the "Beidou system operation and management interim measures", the operation of Beidou system operating services using the authorization of the way, the implementationLicensing System.　　In other words, only by obtaining the approval of the Beidou competent department, the company can carry out the operation of the Beidou system. In fact, the current market is worried about the Beidou terminal product prices may be more expensive and not conducive to promotion. Houli that, if in the early days of the market, Beidou commercialization of the GPS model, with free access to form a replacement, and then as far as possible to the low prices into the market, as soon as possible to expand market share.　　Then, with the increase of users, the price of Beidou system will gradually come down with the decrease of cost. "Component-terminal-system" complete industrial chain as the largest Beidou navigation terminal products suppliers, but also the first to bear the "nuclear Shishou" (that is, "core electronic components, high-end general-purpose chips and basic software products," science and technology major projects, is our country in accordance with the national long-term science and Technology development Planning Program　　2020) "Long-term strategy" of the major special enterprises only a private enterprise, the state Teng electronic current market share of about 40%.　　Compared with other peers, the company's biggest point is that it has a complete "component-terminal-system" Beidou satellite navigation application industry chain. "National Teng electronic industry chain integrity, to ensure that the company will fully enjoy the Beidou system construction brought about by the high growth of the market, this is its future core investment logic."　　"National Gold Securities analyst Cheng think.　　GF Securities analyst Huigelen that the company has a "component-terminal-system" industry-wide chain, will directly benefit from the industry's demand for amplification, while a complete industrial chain to help the company later in the industry competition in a favorable position.　　Data show that the national proton electronics has been focused on high-performance integrated circuit research and development, since then, with the development of China Beidou satellite navigation system construction and application, began to design the Beidou navigation system key components. 2008, the company held the Kousin communications 56.84% of the shares, from upstream components to the downstream Beidou terminal field extension.　　2009, the company became the only one in the western region to obtain operational services qualification of enterprises, thus covering the "component-terminal-system" Beidou industry chain.　　Since 2008, Beidou Navigation Terminal has become the main source of revenue and profit of the national Proton electronics.　　From the current point of view, the company's Beidou second-generation terminal products have entered the test phase of the joint adjustment, but also to participate in the testing enterprise only one product all standards of the company. It is understood that by 2014, the three major operators into the use of communication base station will be more than 2 million. Analysts predict that the single mobile communications industry will need more than 10 billion yuan for the Beidou second-generation end products.　　And with the company's current 40% market share to calculate, the company 2014 in this business revenue will reach 4 billion yuan.　　Data show that the company 2009, 2008, 20,073 years of operating income of 176 million yuan, 137 million yuan, 62.7324 million yuan. Gross margin far more than peers although the industry is more special, but the national TengElectrons are not entirely without rivals.　　At present, the national Proton electronics competitors mainly include Beijing Shenzhou Tianhong Technology Co., Ltd. (hereinafter called "Shenzhou Tianhong") and the Big Dipper Tong (002151.SZ), and the latter is a listed company.　　It is understood that Shenzhou Tianhong application system and operational services are mainly distributed in water conservancy, meteorology, electricity, forest fire and other fields, and the Big Dipper general rules are mainly distributed in the marine fishery, transportation and other fields. From the industry chain said, the industry can be divided into components, terminals, application system of the three major links. Among them, the national Teng electronics in these three links have layout, and the Big Dipper Tong and Shenzhou Tianhong is mainly focused on the field of application systems.　　From the industrial chain, the state teng electronics obviously more advantages. In fact, compared with the Big Dipper Tong, the state Teng electronics has higher gross profit margin.　　In the first half of this year's data, the country Teng electronic sales gross profit margin of 61.88%, while the Big Dipper pass the same period of gross margin of 36.79%.　　It is worth noting, however, that the company's inventory turnaround period has been higher than that of the Big Dipper in the past 3 years, which has led to more loss of stock depreciation.　　Everbright Securities analyst Zhao that this is mainly because in the Beidou navigation of this emerging industry, product testing and acceptance cycle is longer, and special industry customers may have sudden demand, which requires the company to maintain a high level of raw materials and finished goods. Risk Tip: Market competition intensifies. In addition, the company is engaged in the field of High-tech areas, technological progress and update faster. Although the company in the relevant areas in the technology leadership, but if not in accordance with the industry development and technology development trends timely adjustment of their own research and development strategy and layout, it may be overtaken by competitors.