Securities Star News, on December 1, 2023, Jinyi Technology (002869) announced that the company accepted institutional research on November 30, 2023. Northeast Securities, China Post Life Insurance, Bank of Communications Schroeder Fund, Taiping Assets, Suzaku Fund, Xingyin Fund, Pengyang Fund, Lubomai Fund, Shanghai Fusheng Assets, Guangdong Zhengyuan Private Equity, Heyong Investment, CICC, Wanhe Securities, Huiquan Fund, Jiutai Fund, Mingshi Partner Private Equity Fund, Shanghai Dingtian Investment, Shanghai Jinyou Chuangzhi Private Equity Fund, Shanghai Kuanyuan Assets and Shanghai Tongxiao Investment.
The details are as follows:
Q: What are the obstacles in the process of implementing V2X now?
A: It is comprehensively influenced by factors such as standards, policies and funds.
The first is the standard aspect. The construction of standard system is very important, which is one of the key elements to promote the development of intelligent network. At present, there is no unified standard in China, which forms the interconnection of roadside systems between cities and vehicles of different car companies. The second is the matching degree of policies and industrial funds. At present, there are many related industrial policies, which can play a good guiding role in the investment of industrial funds. The government will strengthen the guidance of the relevant industrial funds on the roadside and the vehicle end, and the supporting industrial funds will be complete, and the matching speed of the development of the vehicle end will also be accelerated.Q: What capabilities of the company ETC can be migrated to vehicle-road coordination?
A: At present, ETC is mainly used in highway scenes, from the traditional ETC high-speed toll collection to the traffic information service based on ETC portal frame. The development direction is to provide real-time road traffic information service for car owners and improve the efficiency and safety of high-speed traffic. The transportation department is promoting the traffic watcher system based on ETC, and it is expected that it will be gradually popularized and applied on the basis of pilot projects in the future, which will bring new market demand growth through the upgrading of ETC products and systems.
Q: What is the competition pattern between V2X roadside and vehicle side? What are the advantages of the company?
A: Since 2013, the company has been developing V2X related technologies for vehicle-road coordination. The company is the leading unit of the R&D center of the key technology and equipment industry of intelligent vehicle-road coordination of the Ministry of Transport, and has participated in the preparation of a number of standards and white papers. From the bottom communication module to the terminal product to the application protocol stack, the company independently researched and developed the whole chain, with the industry-leading V2X technology level. The company has mature intelligent networking, vehicle-road collaborative solutions and a complete vehicle-road cloud product system, and V2X series products have been applied in large quantities.
The company has set up more than ten branches all over the country, and its market and services cover the whole country. At present, the construction of V2X roadside facilities is led by local government departments, which tests the technical ability and other comprehensive strength of enterprises. The barrier of V2X vehicle terminal products is mainly reflected in the technology and product manufacturing qualification, and the automobile main engine factory requires the vehicle end parts suppliers to have the production and manufacturing ability of vehicle-level products. The company has an intelligent manufacturing base in Foshan, Guangdong Province. It is also a national-level single champion enterprise in manufacturing industry, and has the capacity of mass production of automotive electronics with vehicle specifications. Relying on the series of pre-installed products, the company has established fixed points with dozens of OEMs, including traditional car companies, new energy car companies, joint venture car companies, internet car companies and so on. No matter in the underlying technology, production capacity and marketing, the company has a solid foundation in the layout of car and road business.Q: At present, what are the main businesses in the field of car networking, and what is the revenue share split by product category?
A: Since its establishment, the company has been focusing on the information interaction between cars and roads. The company’s main business focuses on smart roads and smart cars. The company’s main business income is divided into smart highways, smart cities, automotive electronics and other statistics according to application scenarios. Because the car-road collaborative business involves products and services at both ends of the road, the road side is included in the high-speed and urban sectors according to application scenarios, and the car side is included in the automotive electronics sector when classifying revenue. The specific revenue ratio can be found in the company’s recent periodic report.
Q: The V2X industry covers a very wide range. What products may be the first to increase the volume of V2X business involved by the company, and what are the corresponding main downstream customer groups?
A: The three cores of vehicle-road cooperative business are perception, calculation and communication. The company mainly participates in the business of perception and edge computing. The company has mature intelligent networking, vehicle-road collaborative solutions and a complete vehicle-road cloud product system. The hardware equipment is mainly concentrated at both ends of the vehicle and the road, including vehicle-mounted TBOX, vehicle-mounted intelligent gateway, V2X-OBU, V2X-RSU, ETC-RSU, edge computing unit and other equipment. The software products include vehicle-road collaborative cloud platform and C-V2X vehicle-mounted HMI human-computer interaction system management platform, etc. At present, the company has cooperated with traditional car factories, new energy car factories, internet car-making enterprises, expressway operators, urban intelligent network connection pilot areas and other types of customers.
Q: What is the specific scheme of the traffic watcher system from the road network center of the Ministry of Transport?
A: At present, the Road Network Monitoring and Emergency Disposal Center of the Ministry of Transport (hereinafter referred to as the "Road Network Center") is implementing the "Traffic Watcher" system scheme, which is based on the ETC system for vehicle-road collaborative safety improvement and information service, and opens up three major systems of expressway monitoring, communication and toll collection, realizing the interactive functions of information release, safety early warning and traffic guidance. If the scheme is implemented on a large scale, it is expected to increase the demand for ETC portal system of expressway, and promote the popularization and application of a new generation of OBU with voice broadcast and graphic display. The company has completed the research and development of a new generation of products.
Q: What is the company’s judgment on the development rhythm of domestic V2X industry in the future?
A: The development of an industry or industry is a process from pilot application to gradual development and growth. The V2X industrial government has issued many policies, from which we can see the government’s support and attention to the intelligent networking industry. I believe the future can be expected.
Q: What are the proportions of RSU and toll collection system in smart high-speed business?
A: The new intelligent toll collection system (self-service payment machine, self-service card issuing machine and other products) is a new business and product launched by the company last year. After being promoted and tried in many provinces and cities last year, it has achieved good market response and has been applied in batches in many provinces and cities this year. The proportion of revenue is still relatively high, but the proportion of new intelligent toll collection systems has increased significantly.
Q: what is the growth rate of ETC’s main business? Changes in gross profit margin?
A: The ETC business still grew to some extent in 2022 and 2023, with an increase of 40.73% in 2022 and 15.19% in the first half of 2023, and the comprehensive gross profit margin declined. Please refer to the company’s recent periodic report for specific performance.
Q: According to this year’s interim report, what is the reason for the decline in the gross profit margin of the smart high-speed plate?
A: It is mainly caused by the drop in the price of afterloading OBU.
Q: what is the progress of ETC aftermarket?
A: At present, the aftermarket is growing steadily. In 2019, the national policy promoted a round of peak installation period. According to the normal service life of the equipment, combined with the frequency of use and other factors, it is expected that it may enter the replacement period one after another, and it is expected that the subsequent replacement tide will bring a wave of demand.
Q: ETC is mainly the pre-installed market now? What is the driving force for future permeability increase?
A: At present, the aftermarket is mainly based on replacement demand. The front-mounted ETC depends on whether the car companies are equipped. Some car companies have applied it in batches in some models, and the sales growth rate of the company’s front-mounted ETC is considerable.
In the future, OBU will realize the basic interactive value-added function of vehicle-road information and bring more traffic safety and convenient service experience to car owners, which will be the main driving force for improving OBU penetration rate. For example, the implementation of ETC-based vehicle-road collaborative service technical scheme is to use the new generation OBU as the interactive carrier of vehicle-road information.Q: What OEM customers does the company cooperate with now?
A: The company has established fixed-point cooperation with dozens of automobile OEMs and Tier1 customers, including domestic head, new energy automobile enterprises, traditional automobile enterprises and joint venture automobile enterprises.
Q: What is the progress of cooperation with Huawei?
A: The company is a partner of Huawei in the field of intelligent transportation in HarmonyOS ecosystem. It practices the technological innovation and application upgrade of "OpenHarmony+ Intelligent Transportation" and promotes the digital upgrade of intelligent transportation in an interconnected environment.
Jinyi Technology (002869) is mainly engaged in application development, product innovation and popularization in the fields of intelligent transportation and Internet of Things.
Jinyi Technology’s third quarterly report in 2023 showed that the company’s main income was 350 million yuan, down 1.23% year-on-year; The net profit of returning to the mother was 26.4813 million yuan, up 102.77% year-on-year; Deducting non-net profit was 12,649,400 yuan, up 294.53% year-on-year; In the third quarter of 2023, the company’s main revenue in a single quarter was 128 million yuan, down 11.95% year-on-year; The net profit returned to the mother in a single quarter was 18.2979 million yuan, up 102.84% year-on-year; The non-net profit deducted in a single quarter was 12,925,200 yuan, up 353.08% year-on-year; The debt ratio is 22.66%, the investment income is 6.4875 million yuan, the financial expenses are-19.1851 million yuan, and the gross profit margin is 34.2%.
The unit has no institutional rating in the last 90 days.
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