NavInfo growth relative to AutoNavi weaker, but the income structure and risk-resisting ability, growth is higher Germans
Recently, the country's most outstanding performance of two navigation map makers NavInfo (SZSE: 002405) and AutoNavi (NASQ: AMAP) 2011 Annual Report have been published, the total income of the total income of the two companies accounted for almost the entire industry about 90%, the oligarchs have obvious advantages, but our in-depth analysis of the number of two company's Annual Report found that there are little clues in the high monopoly behind.
Total revenue and total profit contribution NavInfo still better than AutoNavi, but an increase has been threatened by high German.
2011, NavInfo achieved total revenue of 867 million yuan, net profit of 281 million yuan, an increase of 28.41% and 20.85%; the AutoNavi total income of $ 127 million and net income was $ 36.5 million, according to the present U.S. dollar exchange rate 6.29 calculation of about 799 million yuan and 229 million yuan, an increase of 48% and 90.9% respectively. Not difficult to see from the data of the annual report of revenue and profit scale, the NavInfo continuous nine years occupied the industry's leading position in high Germany is followed by ranked second.
NavInfo growth relative to AutoNavi weaker, but the income structure and risk-resisting ability, growth is higher German software more robust. 2011 revenues are the following diagram the two companies constitute a show: the NavInfo the revenue structure has changed from the previous in-car navigation-based, and gradually optimize echoed the pattern of car navigation and consumer electronics, AutoNavi Car navigation on the income is clearly the proportion is too high, risk-resisting ability is significantly weaker than NavInfo.
However, this does not will be able to fully reflect the specific situation of the two companies, a rough comparison because the two companies' annual reports for the income of a classification of different standards, so the future market prospects are also different. Therefore, the adjustment of product structure, risk aversion, the next two industry giants in the market competition to be resolved.
An in-car navigation is still heavy head of the profit contribution of the two enterprises
AutoNavi announced the in-car navigation income includes pre-installed automotive, automotive aftermarket and PND three areas of income, while income of NavInfo in car navigation only is pre-installed car AutoNavi pre-installed market actual income in the end, there is no way to judge. But AutoNavi in-car navigation income accounted for 67.6% of total revenue, NavInfo is relatively low, but also accounted for 43%, we can see that vehicle navigation, is still the main source of the map of corporate profits.
NavInfo car navigation Major customers include General Motors, Mercedes, Toyota, Volkswagen, SAIC, Hyundai, Honda, Peugeot, Volvo, Citroen, Nissan, Porsche, Chery, many car prices, customer car camera concentration lower; AutoNavi customer profits of Audi and BMW, two car prices accounted for almost the AutoNavi in the total income of the car navigation car navigation, so the risks of a single customer, as the AutoNavi potential performance "face" roots.
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