RFID radio frequency technology, which is the core technology of the Internet of Things, will obviously benefit from the development of the domestic Internet of Things process. In the future, RFID technology will gradually replace the automatic identification technology such as bar codes that are widely used nowadays. However, the performance of RFID leader Yuanwang Valley did not show strong performance in the same period, mainly because the company's core railway business revenue declined. The non-ferrous business was subject to RFID cost and standard formulation issues. The application is still in the market development stage, but the company's layout of food safety, The market development potential in the fields of warehousing and logistics management is huge, and the company has obvious technical and resource advantages.
First, the application and development trend of RFID tag card products
The RFID system is mainly composed of RFID tag card products and RFID readers. The rise and development of the Internet of Things has enabled RFID companies such as Yuanwang Valley and Dahua Intelligent to enjoy the best development environment since its establishment.
Both the domestic and international RFID markets continue to grow substantially. In 2012, the domestic RFID market exceeded 23 billion yuan. IDTechEx believes that the global RFID market will reach US$7.67 billion in 2012 and will grow steadily over the next decade. By 2022, the market will increase fourfold to US$26.19 billion.
Non-contact IC cards and electronic tags are new products developed by the world in the past decade that use automatic identification technology (RFID) to support fast reading and writing, non-visual recognition, mobile recognition, multi-target recognition, positioning and Long-term tracking management, and thus began to be applied to logistics, manufacturing, public information services and other industries, with the decline in RFID costs, it will gradually replace the automatic identification technology such as bar codes that are now widely used.
Depending on the frequency, RFID tag cards can be classified into low frequency (LF), high frequency (HF) and ultra high frequency (UHF) tag cards. Tag cards of different frequency bands have different application fields due to their different reading distances and speeds. According to the "Twelfth Five-Year Plan for the Development of the Internet of Things", China's Internet of Things development has a large gap between core technologies and high-end products and foreign countries. The ability of high-end integrated integration services is not strong, and there is a lack of leading enterprises. The application level is low and scaled. There are still a series of bottlenecks and constraints in the application of few hidden dangers in information security. The Internet of Things is the key direction for the breakthrough of independent innovation in China's new generation of information technology. It contains a huge space for innovation. For information security and other considerations, We believe that products based on domestic RFID technology will be promoted.
Second, Yuanwang Valley's non-ferrous business contributed profits, and the performance broke out due to industry progress.
Yuanwang Valley is a leading provider of radio frequency identification (RFID) products and solutions in China. Since 1993, the company has been committed to the development of UHF RFID technology and products, RFID products with independent intellectual property rights and a number of patented technologies. The company currently has 5 series of more than 60 RFID products, including readers, electronic tags, antennas and derivatives, providing high-performance RFID solutions for multiple areas: rail transportation, tobacco management, military logistics, book management, logistics and Supply chain, animal husbandry management, etc.
The company's literacy revenue increased significantly in 2011, and it declined slightly in 2012. However, the year-on-year growth of electronic label business revenue shows that after two years of market expansion, the business shifted from railway RFID products to multi-industry applications. The development achieved initial results, but it should be noted that the revenue of spare parts increased by 40.96% year-on-year, which was basically the same as the current revenue growth. When the market growth was stagnant, the sales of spare parts with the lowest gross profit margin will drive the revenue growth model. It is the decline in the company's profitability. In 2012, nearly 40% of the spare parts business accounted for only 4% of profits.
The company's business income is worth noting the software business revenue, the end-of-sale income reached 39.405 million yuan, a year-on-year growth of 262.08%, and the gross profit margin reached 90.93%. In the future, the company will open up broader market space and improve performance in the solution and post-operation areas. Stability.
Limited by the decline in railway investment in the past two years, the proportion of the company's railway system revenue has declined. The prospects for closed segments such as tobacco and alcohol, libraries are not too great, and the market share of book market companies is already high, and the company's spare parts income has also risen. This indicates that the market has completed the layout, but the company's performance has not broken out.
The biggest difficulty in domestic application is that there is no relevant national standard. As CIMC promotes container RFID management, Alibaba applies RFID to logistics management, and the formation of industry norms and standards will accelerate. The company cooperates with foreign retail and logistics industries. Experience will be a first-mover advantage, gaining industry-accelerated dividends.
Food traceability is the most important RFID application segment in the future, both in terms of urgency and market size. The company and the Shenzhen Grain Group joint venture are expected to receive substantial returns in the next 2-3 years. The main competitors of the company in this field are Dahua Intelligent and New World. Dahua Intelligent is mainly engaged in research and development, production and sales of contactless IC cards and RFID electronic label products. Among them, the non-contact IC card business accounts for 85-90% of the company's revenue and profits, and is the core business of the company. With the two-dimensional code technology as the core, the New World has an absolute advantage in the animal and food traceability market.
Yuanwang Valley recently established a joint venture with Shenzhen Grain Group to establish Yuanyuan Information Co., Ltd., engaged in the development and application of RFID technology in the grain industry, agricultural product safety traceability and construction of big data trading platform. The company cooperated with Shenzhen Grain Depot and successfully applied it in Pinghu's grain storage. It became the only granary in the industry to fully implement paperless operation. It was awarded the “National Internet of Things Application Demonstration Project†by the state, and it is the national grain storage logistics management. One of the makers of information standards.
The company chose to open up the market in the field of grain storage, avoiding the New World Company, which has an absolute advantage in the meat market, and exploring other new traceable markets. RFID application in the domestic food safety market is expected to open.
In summary, we believe that the application of RFID technology as the core technology of the Internet of Things has not reached maturity, and the domestic market is still in the promotion period. Currently, manufacturers providing data acquisition and reading products are mainly RFID tags and bar code identification manufacturers, and listed companies. Focusing on Yuanwang Valley and New World, Yuanwang Valley will benefit from technology substitution and industry standards as the leading technology in RFID technology. The company's short-term is limited by the steady growth of the company's business, and its performance has not broken out. However, the market development potential of the company's food safety, warehousing and logistics management areas is huge, and the company has obvious technical and resource advantages.
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