Gosuncn(SZ:300098)2022-12-04 09:02Group 1: Company Overview and Market Position - Gaoxin Technology Group Co., Ltd. is actively involved in the vehicle networking sector, providing solutions that integrate "end + cloud" technology architecture [2] - The company has established partnerships with major automotive manufacturers such as Geely, Changan, and BYD for pre-installed products, and collaborates with TSPs like MOJIO and OCTO for aftermarket solutions [3][4] Group 2: Business Model and Revenue Streams - The company plans to enhance its market coverage for vehicle networking products primarily through a product sales model over the next 3-5 years [4] - Expected revenue growth for 2019 is projected to be around 30-40%, with R&D investment anticipated to remain above 10% of revenue [5] Group 3: Industry Trends and Government Support - The vehicle networking industry is recognized as a core strategic focus globally, with significant policy support from governments in the US, Europe, Japan, and South Korea [4] - In China, the establishment of the LTE-V2X standard system and the commercial rollout of 5G technology are expected to bolster the vehicle networking business [4] Group 4: Product Profitability and Market Penetration - The gross profit margins for various vehicle networking products are as follows: 4G OBD at 35-40%, T-Box at around 30%, and vehicle-grade modules at 20-25% [5] - The current penetration rate of vehicle networking products in the domestic market is low, indicating significant room for growth [5] Group 5: Strategic Focus and Future Outlook - The company aims to create an integrated ecosystem for smart mobility, focusing on seamless connectivity across people, vehicles, and infrastructure [5] - Future strategies include reducing reliance on integration projects, which are expected to account for about 10% of total revenue, while enhancing cash flow and revenue structure [6]