Electronic enthusiasts eight o'clock: mobile Internet industry has swept the world, benefiting from the industry, China's electronic hardware industry has been booming development, which can be seen from China's A-share listed companies, the birth of a number of mobile-related listings Companies, including chip companies, parts companies, solution companies, etc. The employees of our company, Zhongke Chuangda and ARM, have also benefited from this and have developed rapidly in the past few years.
But the mobile industry is mature, and as a country and a company, there is an urgent need to seek new growth points. Now everyone is focusing on the smart hardware and the Internet of Things industry, but the industry is fragmented and projectized. It can't grow in a short period of time like the PC and mobile era, generating hundreds of billions or even trillions of dollars. market. At the same time, how to analyze and judge entrepreneurial and investment opportunities in the field of intelligent hardware and Internet of Things is a problem that has been plaguing us.
In the Internet age, we have created a number of giant companies based on track thinking, including BAT, Jingdong, Didi, and Xiaomi. In the field of intelligent hardware and the Internet of Things, we are far more complicated than the Internet era. In the face of fragmented markets, we believe that it is necessary to analyze the opportunities that exist in this field from a multi-dimensional perspective.
In the past year, we interviewed a large number of smart hardware and IoT-related startups and mature companies, investors, governments, media, industry associations, etc. Through conversations with them, we are constantly researching and summarizing Investment and entrepreneurship in this area have their own knowledge. We believe that in the face of these new areas, we need to comprehensively analyze and consider the five dimensions of the whole industry chain, competition pattern, technology development trend, application orientation and market space, in order to compare objective development opportunities in the segmentation field. Below we will analyze these five dimensions based on the actual situation of intelligent hardware and the Internet of Things.
From the perspective of competitive landscape analysis, we are accustomed to using Michael Porter's five-force model, namely the strength and competitive strength of competitors in the industry, the bargaining power of suppliers, the bargaining power of buyers, the threat of substitutes and potential entrants. The threat analyzes the competitive landscape of the industry.
For the intelligent hardware and the Internet of Things industry, because many fields are facing global markets, talents and technologies, we need to consider more globally. In many ways, we need to study the latest state and strategy of big companies in the world. By studying their financial reports, the public content of investor relations, and the CEO’s speeches, we will judge their attitude towards a certain direction. Will not participate, reasons and future possibilities.
At the same time, the direction of choice of entrepreneurial enterprises is often just beginning and regional. For example, in many areas of the Internet of Things, it is necessary to combine local policies and regulations to analyze local small ecology. We need to compare them horizontally. Determine the viable business model. The so-called business model, in our view, is the transaction structure of all stakeholders, considering the feasibility of the path and logic. The analysis of the competitive landscape is conducive to our more comprehensive analysis of the feasibility of entrepreneurship and investment.
In the past, the whole industry chain was considered by large enterprises. By engaging in various links in the upstream and downstream of the industrial chain, the scale of enterprises was expanded and their control and influence on the industrial chain were enhanced. For start-up companies, just complete your own division of labor in the industry chain. However, because the industry chain of intelligent hardware and the Internet of Things industry is very long, take a typical intelligent hardware, including the participation of various companies, including chips, modules, algorithms, devices, application software, content, cloud, data, Channel brands, etc., companies need to consider their core competitiveness, or where the moat is, how to continue to strengthen their core competitiveness.
On the other hand, due to the fragmentation of the market, only a single module, algorithm, etc. is provided for a certain field, and the market space and investment value are limited. Therefore, it is necessary to include more value parts of the upstream and downstream of the industrial chain, and obtain sufficient Market space. In this regard, we also praise the Jingdong ten-cane sugarcane theory, as far as possible to achieve vertical, earn more value part of the industrial chain. But it is not to say that the whole industry chain means that everything is done, but to integrate the company's own actual situation and expand its value as much as possible. The trend in this area will become more and more obvious. We see companies that do package testing, based on SIP encapsulation, may make a systematic solution in the future. Chip or module companies may enter more and more data in the future. Companies downstream of the industry chain will include more value from the upstream. Of course, you can use the cross-border that is now very popular to explain, but in our opinion, it is mainly based on the actual situation and the reaction under the whole industry chain thinking.
Market space is what we have been paying attention to because we are dealing with a large number of market segments. The small market space means no investment value, and the ceiling of entrepreneurship is too low. We hope that when we start to choose smart hardware and the Internet of Things segment, we may start at a certain point with a specific project or solution, but we hope that this project has certain reproducibility. That is to say, it can be operated across regions. Of course, due to the objective attributes of the intelligent hardware and the Internet of Things industry, the marginal cost will not be neglected like the Internet industry, but it also hopes to bring about certain scale effects. And through a period of operation, companies can abstract their core competencies based on project experience, including core technologies or channels or organizational capabilities.
At the same time, as just mentioned, in some places where market space is not large, as much as possible, vertical, get more value in the industrial chain. We hope that the market space in the segmentation area will be above 1 billion, or the future market space will be enough to support a listed company.
The analysis of technology trends is what we have always insisted on and we are good at. We have been researching Roadmaps of various companies, especially hardware companies, studying reports on technology trends, and understanding recent technologies and developments through interviews with companies, especially start-ups. trend. We are more concerned about the early companies. We believe that the application of new technologies in the commercial field is the most important factor in breaking the existing business structure, and also the internal factors that generate new investment-value enterprises.
But at the same time, we also hope that the application of new technologies will also need to match the actual commercial applications. The new technology is good, but it also needs to be practical and needs to be guided by the needs and experiences of consumers. At the same time, in our view, although many technical applications are mature, there will be more opportunities for specific application scenarios, and such sub-sectors may have more entrepreneurial or investment value.
Therefore, we have been paying close attention to the demand for technology, business models, resources, etc. in the actual use scenario. In terms of speech recognition, we all know that there are already big companies such as Nuance, Keda Xunfei, and Yunzhisheng. Well, does it mean that there are no other opportunities? We all know that the current voice is mainly based on cloud processing, but there are limitations in terms of latency and real-time communication. It may be a trend to move to the offline direction in the future.
Although it may not be possible at present, there is a considerable degree of local processing, which may be an opportunity in a home robot or smart home. Take the voice in the car as an example. The car scene is a relatively complicated environment. The sound is not directly received by ordinary voice interaction. There are problems such as sound source distance and environmental noise. The most important problem is the noise problem. Noise is eliminated, and the context of the language in the vehicle environment is also special. Therefore, we often analyze and judge various possible opportunities in the actual application scenario and user experience.
In our view, the five dimensions of the whole industry chain, competition pattern, technology development trend, application orientation and market space are interrelated, which can comprehensively analyze the intelligent hardware and the Internet of Things industry. The analysis of technology development trends should be coordinated with practical applications. The fragmentation status of intelligent hardware and the Internet of Things industry needs us to always look at the whole industry chain and market space. At the same time, we always pay attention to the competition pattern, that is, a specific There are no opportunities for the segmentation area.
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