A few days ago, Qianfang Technology released the 2018 semi-annual report. The report shows that in the first half of 2018, Qianfang Technology's revenue was 2.875 billion yuan, a year-on-year increase of 49.94%; net profit was 287 million yuan, a year-on-year increase of 53.02%. In terms of growth rate, Qianfang’s revenue and profit growth rate in the first half of this year was the highest in the past three years (first half).
Univision is a "heritor" who has to mention that Qianfang Technology can achieve such a growth rate.
In November last year, Qianfang Technology planned to issue shares to purchase 96.72% equity of Jiaozhi Technology. After the transaction was completed, Qianfang Technology held 100% equity of Jiaozhi Technology and indirectly held 100% equity of Yushi Technology. In other words, Qianfang Technology acquired Yushi Technology.
After the acquisition of Yushi, Qianfang Technology immediately put forward the development strategy of "one body and two wings", which is to combine the "one body-product development, system integration and operation service three capabilities" and continue to innovate, and continue to expand the "two wings-smart transportation and "Smart Security" two major business areas.
In other words, after the acquisition of Yushi Technology, Qianfang Technology's main business has expanded from smart transportation to smart security. The expansion of business scope and scale will naturally bring new growth space; on the other hand, video surveillance is also a rigid demand for smart transportation, and the synergy effect produced by Uniview and Qianfang will also bring to Qianfang’s original smart transportation business. benefit.
Let’s start with Qianfang’s smart transportation: reaching out for data operations
Although new areas are worth exploring, we still have to start with Qianfang’s “old†business—smart transportation.
In the first half of 2018, Qianfang Technology’s smart transportation business achieved revenue of 1.498 billion yuan, a year-on-year increase of 36.48%; gross profit margin was 28.68%, a year-on-year decrease of 3.01%.
Qianfang’s smart transportation business can be divided into the following parts: urban transportation business, highway transportation business, rail transportation business, civil aviation business and next-generation smart transportation layout.
The growth of Qianfang's transportation business in the first half of this year was mainly due to two sectors, one is the road transportation business, especially the expressway business; the second is the urban transportation business.
In terms of expressway business, in the first half of 2018, Trinco's winning bid amount reached the best level in history, and the single winning bid amount of the project has also greatly increased.
"JQJDSG-1 bid section of electromechanical engineering construction of Jinan-Qingdao Expressway Reconstruction and Expansion Project" 229 million yuan, "Electrical and Mechanical Engineering of Foshan Section S7 Bidding Section of Guangzhou-Foshan-Zhaoqing Expressway from Guangzhou Shijing to Zhaoqing Dawang Section" 1.3 100 million yuan, "Guangdong Province Longchuan-Huaiji Highway (Lianping to Yingde Section) Mechanical and Electrical Engineering Construction JD6 Bid Section" 104 million yuan, Xiarong Expressway Zhangzhou Tianbao to Longyan Jiaoyang Reconstruction and Expansion Project 97.41 million yuan , Sichuan Wenchuan to Maerkang Expressway Project JD11 bid section of the mechanical and electrical engineering construction of 87.2 million yuan, Beijing-Tibet Expressway reconstruction project Wangyuan to Hongsibao section of the mechanical and electrical engineering projects 64.07 million yuan.
When it comes to the road traffic of Qianfang, we have to mention its subsidiary, Ziguang Jietong. According to the information on the official website, Ziguang Jietong was established in 1995 and completed a share swap with Qianfang Technology in 2013. Among the six projects with a higher bid value mentioned above, all of them are the winning projects of Ziguang Jietong.
In addition to the road traffic business, the urban traffic business also contributed. During the reporting period, Trinco Technology won the bid of 99 million yuan for the Huizhou City (TOCC) project, which is also the largest TOCC bidding project since the first half of this year.
Urban transportation business is the traditional core business of Trifon Technology. Trifon Technology already has mature product development, system construction, operation management and service experience. In the first half of this year, Qianfang Technology continued to increase its support for urban transportation business and adjusted its strategic direction. In the first half of 2018 report, Qianfang mentioned for the first time "the establishment of an independent urban transportation sector" and "comprehensively develop the comprehensive urban transportation management business with traffic congestion as the main breakthrough point".
Why choose traffic congestion as the future development direction? This is inseparable from Qianfang’s accumulation of traffic data.
Before proposing "one body and two wings", Qianfang Technology's positioning was "committed to becoming a technologically innovative intelligent transportation service provider and traffic big data service provider in the mobile Internet era." Since its establishment, Qianfang has been focusing on the transportation field, and has accumulated a large amount of traffic data through project collection and data exchange. The report in the first half of 2017 shows that Qianfang Technology “collects 8 billion+ GPS points of various vehicle terminals every day. At the same time, the extension has obtained massive road surveillance video data".
With a large amount of data, it is natural to consider how to make good use of the data and let the data play its value. In its 2017 annual report, Qianfang mentioned that “on the basis of informatization business, the company further extends the industrial chain to the operation link, and focuses on the deployment of parking, traffic media, and traffic data.â€
Among them, in terms of traffic data operation, Qianfang has launched commercialized real-time traffic information services, and has commercially released real-time traffic information services for more than 120 major cities and intercity highways in China. Products and services are in car navigation, Internet and mobile Internet. , Telecom value-added, consumer electronics and other fields have been applied.
To control urban traffic congestion, we must first have data, and secondly, we must use data. Qianfang has already accumulated deep accumulation in the former, and has also made attempts in the latter. In addition, in terms of system research and development, it can be seen from the semi-annual report that Qianfang’s current projects include a city-level smart parking big data platform, a handy traffic big data platform, and an intelligent transportation integrated management and control platform.
It is worth mentioning that Univision can provide technical support in the fields of computer vision, artificial intelligence and other fields. For Qianfang, "expanding the comprehensive urban traffic management business with traffic congestion as the main breakthrough point" can be described as even more powerful. It is reported that Qianfang has successfully implemented a systematic solution supported by the urban traffic brain in the traffic congestion improvement project in Qingshan District of Baotou.
But at the same time, we must see the other side of Qianfang's transportation business. In recent years, the gross profit margin of the transportation business of Qianfang has been mediocre, and there is even a trend of declining year by year.
The gross profit margin in the first half of this year was 28.68%, a year-on-year decrease of 3.01%; the gross profit margin in 2017 was 28.86%, a year-on-year decrease of 2.47%; the gross profit margin in the first half of 2017 was 28.08%, a year-on-year decrease of 1.51%; The gross profit margin in 2016 was 31.33%, an increase of 0.58% year-on-year; the gross profit margin in the first half of 2016 was 29.59%, a year-on-year increase of 2.46%.
Before the acquisition of Yushi, Qianfang's revenue mainly came from system integration. System integration accounted for 58.53% of operating revenue in 2017, 52.62% in 2016, and 62.99% in 2015. In the first half of this year, the situation has changed. The "lime" of product sales surpassed system integration, accounting for 65.55% of total revenue, and the proportion of system integration dropped to 28.95%.
System integration can rely on the expansion of business scale to create more revenue space, but at the same time, due to the low reproducibility of system integration, each new project needs to increase more labor costs, so relying on system integration is not the company's development For the long-term plan, I believe that Qianfang is also aware of this, so it began to work hard on transportation operations and at the same time develop new markets. Security is the new market that Qianfang has selected.
Let's talk about security business: Univision brings new market and development potential
Before the acquisition of Yushi, in the report disclosed by Qianfang, the revenue was divided into transportation and others by industry. After the acquisition of Yushi, this year's semi-annual report divided the industry into transportation and security for the first time. It can be said that Qianfang easily entered the security industry through the acquisition of Yushi. According to the semi-annual report, Qianfang realized smart security revenue of 1.367 billion yuan in the first half of this year, a year-on-year increase of 67.97%.
According to data from the China Industrial Development Research Network, the total output value of China's security industry reached 620 billion yuan in 2017. Inferred at a growth rate of 14.8%, it is predicted that the total output value of the security industry in 2018 will reach 711.76 billion yuan, and it will be Reached 938.03 billion yuan. In China, Univision’s video surveillance business market share ranks third in China’s video surveillance equipment market; overseas, according to the market research organization IHS Markit released the "2018 Global Video Surveillance Information Service Report", based on 2017 performance calculations, Yu As the 6th in the global video surveillance equipment market, it has a market share of 2.8%. It can be said that through the acquisition of Yushi, Qianfang has stepped onto the heights of the security industry.
From the reports disclosed by Qianfang in the past, few mentions of the keyword "security", even if it is mentioned, are related to Jiaozhi Technology, and Jiaozhi Technology is the actual occupant of Univision Technology. Judging from the annual report for the first half of this year, all security-related keywords are linked to Uniview, and Qianfang’s security business can almost equate with Uniview.
However, what Qianfang Technology values ​​is not only relying on Yushi to successfully enter the security market, but also using Yushi's advantages in security, especially in the field of video surveillance, to create synergy with Qianfang's inherent transportation business.
On the one hand, as a supplier of video surveillance products and solutions, Yushi is mainly engaged in the research and development, production, sales and service of video surveillance products, and has a regional library around the world. For the transportation business, video surveillance equipment is just needed. Uniview can directly provide equipment support for Qianfang’s transportation projects and reduce costs. At the same time, Uniview’s research in artificial intelligence and other technical fields can help Qianfang promote the development of traffic data. Collect, mine, and apply to promote the development of Qianfang's transportation business.
On the other hand, in the report of the first half of this year, Qianfang mentioned the concept of "smart city" for the first time, and proposed that Qianfang will "fully expand the innovative smart city business with smart transportation and smart security as its core advantages." It can be guessed that Qianfang may deliberately change its inherent "transportation enterprise" label, and gradually transform itself into the identity of a smart city builder by entering security, an indispensable part of smart city construction.
The significance of Uniview to Qianfang can also be reflected in the personnel changes.
On August 21 this year, Qianfang Technology issued an announcement on the Shenzhen Stock Exchange that non-independent director Qu Shan resigned from the company's director, deputy general manager and other positions due to personal reasons. After resignation, he will no longer hold any position in the company. At the same time, the company's board of directors uniformly nominated Zhang Pengguo as a non-independent director candidate for the company's fourth board of directors.
Qu Shan previously served as chairman of Ziguang Jietong Technology Co., Ltd., and as deputy general manager at Qianfang Technology, in charge of intelligent transportation business. Zhang Pengguo is the director and general manager of Uniview Technology. He has been the director and general manager of Hangzhou Jiaozhi Technology Co., Ltd. since October 2016.
Judging from the management team information on Qianfang’s official website, Xia Shudong serves as chairman and general manager, Xia Shufeng serves as director, deputy general manager and chief financial officer, and Zhang Xingming serves as director, deputy general manager and secretary of the board of directors.
There are also three deputy general managers, namely Wu Hai, Han Jing and Liu Zengyu. Wu Hai is the general manager of Ziguang Jietong Technology Co., Ltd., mainly responsible for highway intelligent business; Han Jing is in charge of urban transportation business; Liu Zengyu has worked in Beijing Capital International Airport Co., Ltd., Jiangxi Airport Group Corporation and other places, 2014 From June 2006 to May 2016, he served as Director of the Transportation Department of the Civil Aviation Administration of China. Since September 2017, he has been appointed as the company's deputy general manager, and he believes that he will play an important role in Qianfang's civil aviation business.
However, it can be found from the annual report that the above three vice presidents only serve as company executives, not company directors. Nominating Zhang Pengguo, General Manager of Uniview, as the company's director candidate, shows that Qianfang attaches great importance to Uniview and its security business.
This year is the first year that Qianfang Technology has implemented the "one body and two wings" development strategy. Judging from the data in the first half of the year, the results of this strategy are immediate. The two-wheeled development of transportation and security will surely bring good effects for Qianfang.
But Qianfang still lacks an overall group goal. In terms of smart transportation, Qianfang’s goal last year was to become a “traffic operation service provider and traffic big data service providerâ€, but this year did not mention such a statement; in terms of smart security, Qianfang also seems to have not yet given a clear definition to the security business. Positioning. In addition, although Qianfang has always emphasized the synergy between security and transportation business, it has not yet clarified how to synergize and what goals it expects to achieve in the future. If Qianfang can clarify this point, the future development path will be clearer, and the role of the "one body and two wings" strategy will be brought to a higher level.
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