南京高端私人微信群 – 夜上海论坛-爱上海419论坛-上海后花园论坛-上海龙凤1314

The next unicorn company or internet parking？

　　This paper comes from the research report of CITIC Securities.

　　At present, there are five modes of Internet parking: parking information sharing, whole process optimization, parking reservation B2C, parking sharing P2P and parking service.

　　The present situation of traditional parking industry in China includes four major pain points: large gross gap, scattered structure, scattered management and low level of intelligence. This directly leads to many problems, such as hard to find a parking demand side, poor parking experience, high vacancy rate of parking supply side and high management cost.

　　Nowadays, with the development of the Internet, social networks oriented to C-terminal and e-commerce oriented to commodities have become increasingly mature, especially in the era of mobile Internet, with the universal networking through intelligent terminals and C-terminal, the basic environment such as mobile payment has become increasingly complete, and the conditions for the Internet to sink into the physical industry have also matured.

　　"internet plus Parking" connects the scattered parking lots through the Internet, breaks the information island and realizes the optimal allocation of limited parking resources. Under the three driving forces of sharing economy, capital influx and favorable policies, various parking Apps have emerged in internet plus parking market. According to incomplete statistics, there are far more than 100 parking Apps in China at present.

　　Then, after the cake gradually appeared, what is the real status quo of domestic Internet parking development? What are the potential development and investment values?

Four types of players

　　There are four main types of Internet parking players: 1) Entrepreneurial companies; 2) Intelligent parking equipment vendors; 3) municipal traffic control department; 4） BAT。At present, mainly startups and smart parking equipment vendors, BAT is only slightly involved.

　　Entrepreneurial companies:Internet parking is on the rise, and a large number of entrepreneurial companies are pouring in, such as parking knowledgeable person, ETCP, Tintin Parking, E-parking, etc. The resources of entrepreneurial companies are short-board, as long as the asset model is light.

　　Intelligent parking equipment vendor:Taking advantage of the east wind of "internet plus", the intelligent parking equipment supplier has transformed and upgraded from a simple intelligent parking software and hardware provider to a complete solution provider of "intelligent parking equipment+cloud platform +APP", which has the advantages of software and hardware technology, and at the same time, the settled parking lot customers constitute resource advantages. Such as worry-free parking, Jieshun Technology (Jieshun Parking), Anjubao, Cubic Holdings (Hangbai) and so on.

　　Municipal traffic control department:Municipal traffic control departments have mastered roadside parking spaces and off-street public parking spaces (taking Beijing as an example, the municipal government has mastered 16.65% of parking spaces), which has resource advantages, strong financial resources and strong integration ability, such as Shenzhen Road Traffic Management Affairs Center (suitable for parking) and Shanghai Municipal Transportation Commission (Shanghai Parking).

　　BAT：Unlike "taking a taxi in internet plus" which is monopolized by "Ali+Tencent", BAT is still slightly involved in "parking in internet plus". Tencent uses WeChat WeChat official account+WeChat Pay, Baidu uses Baidu Map+Baidu Wallet, and Ali uses Alipay+Gaode Map+Cube Holdings to cut into Internet parking, mainly integrating and embedding parking apps with maps, payment applications and traffic portal applications.

Five modes

　　At present, there are five modes of Internet parking: parking information sharing, whole process optimization, parking reservation B2C, parking sharing P2P and parking service.

　　Parking information sharing: light assets+integrated data+entry service, saving search cost.

　　This mode makes full use of the existing intelligent parking equipment in a light asset way, and connects the intelligent parking lot to the internet through the meter, intelligent parking management system, parking garage card issuing machine, etc., integrating real-time free parking information, breaking the information island, realizing the sharing of parking space information, providing users with parking space search recommendation and parking space navigation service, and saving the search cost (saved search cost = (vehicle cost per unit time+owner time cost) × saved parking space search time). In addition, static information of the parking lot is also collected, including name, location, total parking spaces, POI information of exit/entrance, business hours, charging standards, photos, etc. Some apps also integrate information of service facilities around the parking lot, such as car washing and charging piles. The core of this model is information, and the key is wide coverage, accurate and reliable real-time free parking space information.

　　Advantages: light assets, can be copied quickly at low cost. The bottleneck is that it is difficult to form wide coverage, accuracy and reliability of real-time parking space information: the intelligent level of parking lot is low, the data standards are different, and the integration is difficult; Parking lot operators are not willing to open data for free. Therefore, some apps predict and estimate the number of free parking spaces through algorithms, and calibrate and supplement the integrated data. At present, the accuracy of most APP static information needs to be improved, and the reliability of real-time spare car information is worrying.

　　Profit model: free sharing of parking space information; Cut into the parking space reservation from the approach service, and may charge trading commission in the future; Realize traffic realization through automobile aftermarket (such as parking in knowledgeable person); Provide real-time parking space data service to navigation and map merchants, and realize data realization (Parkme).

　　Typical cases: Parkme in the United States and parking in knowledgeable person in China.

　　Whole process optimization: emphasizing assets+paving equipment+process service, deeply involved in parking lot operation.

　　By laying intelligent parking equipment, this model realizes the intelligentization and internetization of parking lots, provides parking optimization services for C-end car owners in the whole process of empty parking space search/matching, parking space reservation/reservation, parking space navigation, reverse car search and quick payment (often focusing on the two major pain points of "parking space search, navigation" and "payment"), and at the same time, deeply intervenes in parking lot operation management, so as to increase the leakage for B-end parking lot users. Offline resources are exclusive, and the core of this model is standardized and rapid replication, robbing parking lot resources.

　　Advantages: heavy assets, high viscosity after entering the parking lot, and the real-time parking information obtained is more accurate and of high quality. The bottleneck is that the offline line is too heavy. Entering the parking lot needs to be broken through one by one. The negotiation of benefit sharing, the installation, renovation, maintenance and upgrade of smart equipment are slow, and it is difficult to standardize and copy, which requires a large number of push teams. Most domestic players (such as ETCP, worry-free parking, etc.) even adopt the strategy of giving away equipment for free to accelerate the penetration of parking lots, but they need strong capital support.

　　Profit model: free for C-end users; Assist the B-end parking lot operation management to improve operation efficiency, reduce labor costs, increase turnover rate and income, and it is expected that charging parking fees to the parking lot will be the main profit point; Extend to the category of "car life" including washing, maintenance and repair, and cut into the automobile aftermarket to realize traffic realization.

　　Typical cases: Streetline in the United States, ETCP in China, worry-free parking and suitable parking.

　　Parking Booking B2C: Parking Ctrip Mode

　　This model is similar to "Ctrip", which connects parking lots and provides parking reservation service. The parking lot operator publishes the information of the parking spaces that can be reserved through the platform, and the owner inquires and reserves on the platform to ensure that there are parking spaces. Because of the low level of intelligent parking lot in China, this mode is rarely used.

　　The profit model of B2C parking reservation: extracting the reservation service fee.

　　Typical case: JustPark in Britain.

　　Parking space sharing P2P: Sharing parking spaces and revitalizing idle parking resources.

　　This model provides docking service for car owners who have parking spaces and want to park by building a parking space sharing platform for car owners, which can revitalize the free time of parking spaces, improve the utilization rate of parking spaces, generate income for car owners and solve the parking problem for car owners. At present, there are two main routes: one is using light asset mode, such as Sweetch and MonkeyParking, and the other is using intelligent ground lock, Internet of Things parking lock +APP mode, such as Tintin parking and leisurely parking.

　　The problem of P2P parking sharing mode tends to rely on flexible social interaction, underestimating punctuality and unexpected situations, which can easily lead to poor customer experience, and it is difficult to regulate reasonable and unexpected emergencies. At the same time, the P2P mode of parking space sharing not only involves platforms and direct users, but also inevitably involves property and parking management companies, which constitutes the bottleneck of offline promotion. In addition, in the main application scenario, the two sides of high-frequency trading may collude to bypass the platform.

　　Profit model: participation in parking space sharing generates revenue sharing. Because it involves property and parking management companies, some apps also let property share some revenue (such as Tintin parking).

　　Typical cases: MonkeyParking in America and Tintin Parking in China.

　　Parking service: Artificial berthing has the clearest profit model.

　　In this mode, the parking agent is used for parking, which completely liberates the owner from parking difficulties, saves the owner’s time cost, and revitalizes the idle parking resources in the accessories of the parking agent, exchanging time for space.

　　Bottleneck of valet parking mode: The car has been out of the owner’s control for a long time, and the safety and trust problems are the main obstacles for the owner to accept parking service mode. Solving these two problems is the core of the promotion of this mode. The main cracking methods are: laying cameras for 24-hour all-round monitoring; After the parking is completed, take photos of the odometer and fuel gauge so that users can compare them when picking up the car; E Daibo independently developed the key storage system of the cloud cabinet car; Substitution insurance, etc.

　　Profit model: parking service model has the clearest profit model, charging parking service service fee directly, and its target customers are car owners with high time value and low price sensitivity. At the same time, the automobile aftermarket is also the focus of profit, so it is necessary to wash and maintain the car for the owner during the parking period.

　　Typical cases: LUXE and ZIRX in the United States, e-berthing and feibotong in China.

Development characteristics

　　1. The Internet parking market has a vast space.

　　Parking difficulties are gradually spreading from first-and second-tier cities to third-tier cities, which is universal. There are 35 cities with more than 1 million cars in China, and the total number of cars is over 60 million. It is expected that these 35 cities will become the core market for Internet parking penetration. If the per capita parking expenditure is 3,000 yuan/year, the parking industry fees in these 35 cities total more than 180 billion yuan. Internet parking permeates the whole parking process, and we believe that Internet parking service providers can get at least 10% of the cake of the whole industry. Regardless of the market increment created after internetization, the market space for Internet parking is more than 18 billion yuan.

　　2, multi-party separatist regime, national and regional players coexist.

　　Intelligentization is the premise of internet, and the level of intellectualization of parking lots in China is not high, which determines that the road of attaching importance to assets must be experienced. We believe that the whole process optimization model will develop first, and it is unlikely that there will be a winner-take-all situation. The future competition pattern will be: multi-party separatism, and national and regional players will coexist.

　　3. Map navigator, traffic portal platform or integrator.

　　Map navigators, traffic portal platforms or integrators will open up the "separatist regime" to form a complete urban parking puzzle. Internet taxis connect drivers and C-end users, while Internet parking needs to integrate B-end parking lots to provide services for C-end users. The key to Internet parking is offline. We believe that BAT will play the role of integrating and opening up parking apps by relying on traffic advantages, and it is unlikely to become a direct participant.

　　4. The key to success is resources and capital.

　　Grasping the resources of high-quality offline parking lot is the key. Different from internet taxi, internet parking is a hard project, and mastering huge and high-quality parking resources is the key. The value of parking APP to car owners increases exponentially with the scale of parking network. After Pang’s parking network is formed, it also constitutes a competitive barrier.

　　Capital support decides who can laugh last. Whether it is subsidizing the C-terminal, cultivating users’ habits, or building an intelligent parking network, it needs strong capital strength. Some players have pushed the speed-up equipment for free, which has raised the capital threshold. Backed by giants, introducing resources and flow is a lever. The mobile Internet traffic portal has been occupied by giants such as BAT. Backed by giants, access to resources and traffic import are important chips that stand out.

The Battle at Lake Changjin’s ＂Father’s Generation＂ and other heavy hits hit the National Day file!

Special feature of 1905 film network When the National Day movie hits in 2021, it is undoubtedly a matter of great concern to many viewers when they are looking forward to the holiday, whether they can make history, whether Zhu Yu’s previous glory can continue, whether he can achieve a counterattack full of youthful atmosphere, and how many parent-child movies will contribute a movie feast for everyone during the National Day holiday.

The National Day file brings movies back to hot search, in which the word "Hui" is the key word. Because of the repeated epidemic, the movie market has gradually slowed down since August. Both the cinema and the audience are waiting for one or even several explosive movies to stimulate the market and provide a reason to go to the cinema during the Golden Week leisure time. Then, is the movie on the National Day file expected to be searched on the screen? Which movies have the potential to be hot searched? Today’s Film Review invited Zhang Jinfeng, deputy editor-in-chief of China Film News, to look forward to the National Day file with you.

At the moment when the epidemic situation is repeated, whether the films of the National Day archives can be searched on the screen or not, and the topic before the return, will bring a movie-watching craze, which is of inspiring significance to China filmmakers. In this regard, Zhang Jinfeng believes: "I think it will, because the blockbuster itself has its own traffic and is a topic maker. The production cycle and publicity of The Battle at Lake Changjin and "My Father and I" have kept everyone’s appetite because of the repeated epidemic. These two films will create more hot searches while creating high box office, so that China films can return to the center of the audience. " Before the deadline, the total box office of movie screening and pre-sale in The Battle at Lake Changjin has exceeded 100 million.

Teacher Zhang Jinfeng once said: "The explosion may be late, but it will never be absent." Many films in this year’s National Day archives have the ability to board the hot search, and the possible hot search entries also highlight the selling points and characteristics of the films. For example, what hot search terms may appear in The Battle at Lake Changjin, which is highly anticipated? Zhang Jinfeng mentioned: "First of all, can The Battle at Lake Changjin surpass the box office and the total box office of participating movies become the highest among all actors. Other acting skills, as well as his sacrifice and dedication for the film, will also become a hot topic for everyone. Jason Wu and Jackson Yee play a pair of brothers, and their brotherly love may get a hot search. Finally, there is "urine point", because the film lasts for nearly three hours, and many viewers can’t last for three hours. Where is its "urine point" will also be a hot topic for the audience. "

As the third work of "Me and Me" series, "Me and My Father" has a directing tube, which I believe will give fans more freshness and is also one of the main forces to board the hot search topic. Zhang Jinfeng said: "Zhang Ziyi and Shen Teng will definitely become the key words of hot search. As the only director who participated in the whole series, the fragments he directed in the first two films have won the welcome of many audiences; In his directing part, Jason Wu is also a subject of military war that he is good at. By desperately performing Saburo, he shows a particularly masculine temperament, which will also become the focus of hot discussion. In The Battle at Lake Changjin, Jason Wu and Jackson Yee play a pair of brothers, and in My Father and I, Jason Wu plays the father. These three people will have a series. What is the relationship between Leo and Jackson Yee? I think it is very fun. Jackson Yee and Leo may wish to have a dialogue from a distance during the National Day. "

In addition to the above two heavyweight blockbusters, there is actually a youth-themed film in the National Day file, that is, "Five Boys Who Save the Water". In the case that The Battle at Lake Changjin and My Father and I may occupy the largest proportion of the National Day movies and box office, the space left for other movies is very small. Whether Five Boys Who Drove the Water can become a dark horse in the fierce National Day movie schedule and board the hot search by strength is also concerned by many people.

Zhang Jinfeng’s prospect: "As a theme of youth and sports, if the film can win the popularity of young mainstream audiences, then the film arrangement will definitely become the key word. Fans will form tap water for the film arrangement, become a hot search, and slowly seize the market space of those two blockbusters. I believe that "Five Boys Drowning in the Water" can achieve a counterattack of our market expectations in the National Day file, and some elements of this film are very in line with the National Day file. The soundtrack of the synchronized swimming team is "March of Steel Torrents" during the National Day military parade, which matches the atmosphere of the National Day. In fact, as long as it is a good film, the market and the audience will not live up to it. "

In addition to the above three films, there are many parent-child movies in the highly competitive National Day, which often have a fixed audience. Zhang Jinfeng said: "It was created in the 1990s, and Zheng Yuanjie himself is a writer with his own hot search body. When he expresses some opinions on Weibo, he always gets on the hot search. Then I think this time his film is released, he may often have something to say during the release, and this film will also be one of the strong contenders for hot search words."

The hot search terms predicted for the National Day films are actually the expectations of these films. At present, the epidemic is not completely over, so we can’t be blindly optimistic now, and filmmakers need to continue to overcome difficulties with everyone. China movies have experienced so many twists and turns since last year. The road is tortuous, but the future is bright. If we can do a good job in the film content, we will definitely be able to return to the high point that China movie market should have after the epidemic is over.

Today’s film reviewDirector observation

This year, the movie market is so deserted that everyone is particularly looking forward to the arrival of the National Day file. The National Day file is indeed an arduous task. I also hope that several films can live up to expectations, so that the hot search terms predicted in this program can come true and the movies will become the topic of everyone’s leisure time again. (Director of Ma Hongyu’s Today’s Film Review)

Accelerated reshuffle of entertainment industry in winter： the rise of video websites and the reconstruction of industrial value chain

　　In the past, the entertainment industry has not had a good time. Whether it is film and television dramas, movies, games or even artists, the upstream and downstream of the industry have been more or less affected. Under the cold winter, the prospects of the entertainment industry are also confused. How to get out of the cold winter?

　　Recently, at the Iqiyi World Conference, Iqiyi released a number of entertainment industry support plans, involving movies, film and television dramas, games, animation, online texts, artists’ brokers, etc., which seemed to set a fire in the cold winter of the entertainment industry. Even Hou Hongliang, president of Noon Sunshine Film, lamented: "Winter has passed and summer has arrived." If, as Hou Hongliang said, winter has passed and summer is ushered in with the help of video websites, then, under the cold winter of this round of entertainment industry, the video websites under the control of the BAT Big Three have undoubtedly become the biggest winners, and their dominance in the entertainment industry has further expanded. Many years ago, Bona Film President Yu Dong’s statement that "all film and television companies will work for BAT" is also becoming a reality.

　　Entertainment industry accelerates reshuffle in winter.

　　Wind data shows that during the four years from May 2015 to May 2019, the investment in the film and entertainment industry showed an obvious cliff-like downward trend, with two obvious lows in 2016 and this year. In 2015, the investment amount of the industry was 13.091 billion yuan, which was reduced to 6.452 billion yuan in the following year, which was more than half. Then it entered the fast lane of rising. In 2018, the investment amount reached 53.777 billion yuan, which will be more than half this year, and the investment amount is only 262 million yuan.

　　Affected by the cold winter, in 2018, the number of repertoires publicized by filing in China continued to decline, with a total of 1,061 and 41,887 episodes, down by 9.7% and 10.3% respectively compared with 2017. And short videos began to flood people’s lives, and the fragmentation time was gradually filled, and the market space was further narrowed.

　　The performance of film and television listed companies is also not optimistic. Even Huace Film and Television (300133.SZ), the leading film and television drama, earned 5.797 billion yuan last year, up 10.52% year-on-year, with a net profit of 211 million yuan, down 66.71% year-on-year, and deducted non-net profit of 121 million yuan, down 78.22% year-on-year. More than half of the film and television listed companies, such as Huayi Brothers (300027.SZ), Ciwen Media (002343.SZ), Huawei Culture (002502.SZ), Tang De Film and Television (300426.SZ) and Hualu Baina (300291.SZ), all suffered losses last year, among which the former "film brother". A large number of game listed companies released loss-making financial reports, among which, the "loss king" Tianshen Entertainment had a pre-loss amount of 7.8 billion yuan, of which 4.9 billion yuan was accrued for goodwill impairment.

　　"Behind the decline of the film and television industry is the outbreak of some industry problems under the rapid development for many years, mainly focusing on the two elements of over-reliance on IP and stars. As a result, the value of stars and IP is rising, and video websites are constantly posting money. However, with the high pay of star artists corrected by all parties last year, IP has repeatedly failed, and the original industrial value chain model is no longer suitable, so it is necessary to build a new industrial value chain." Zhou Chen, an entertainment industry analyst, said.

　　According to statistics, among the TV dramas with TOP45 broadcast volume of Tencent Video in 2018, TV dramas with non-big IP and non-traffic stars accounted for 62.22%; In TOP35′ s variety show, the proportion of non-big IP and non-traffic stars is as high as 54.17%. Wang Juan, editor-in-chief of Tencent Video, said that with the ebb tide of big stars and big IP, users will be more critical, and good works in the future will need to meet users’ psychological demands, be well-made and be innovative.

　　Since last year, three major video websites, Youku, Iqiyi and Tencent Video, have jointly issued a document to boycott the high pay of stars. IP failure has also aggravated the cold winter of the film and television industry. Wang Xiaohui, chief content officer of iQiyi, said that the previous big IP model was shattered. Typical examples are Tian Sheng Chang Ge and Wu Dong Gan Kun, which are far below the expected results.

　　The cold winter of the entertainment industry is mainly reflected in the upper reaches of the industrial chain, but video websites have not been affected too much. On the contrary, the influence of online channels is constantly expanding. According to the China TV Drama Industry Development Report 2019, 382 new dramas were broadcast in 2018, of which the number of webcasts is more than twice that of Shangxing dramas, accounting for over two-thirds, and the quality of online dramas is getting stronger and stronger.

　　Hou Hongliang said: "The emergence of online video has subverted the traditional TV play mode and industrial model, and the online channel has natural advantages. Take online drama as an example, online drama should be consistent with its communication form, viewing scene, revenue model and user’s demands, instead of simply premiering on the online platform. In traditional TV dramas, every creation must strive for the largest number of viewers, so that it is possible to obtain better viewing data from a small number of sample households. The choice of paying users of online dramas is very clear. It is very important to study the demands of target audiences and accurately locate works. Therefore, the direction of online drama creation must be market segmentation, typology of themes, and whose strategy and content are more accurate. "

　　The rise of video websites to build a new world of entertainment

　　From the initial second-round broadcast platform of movies and TV series, to the linkage between Internet and TV stations, and then to the solo broadcast of self-made TV dramas, the voice of video websites is constantly improving, and video websites have also paid a lot of financial costs. In this case, video websites need to strengthen the control of upstream and downstream to better control costs and expand profit models.

　　Wang Xiaohui said: "The copyright of new media has dropped from 18 million to 8 million now, and most of them are at 3 million." On the other hand, build your own IP, stars and related TV dramas. Last year, Gong Yu, the founder and CEO of Aiqiyi, put forward the vision of "Apple Orchard", that is, to expand the content ecology of Aiqiyi from video to pan-entertainment fields such as literature, animation, live broadcast, games, e-commerce, ticketing and artist brokerage.

　　At the Iqiyi World Conference, iQiyi systematically displayed 21 application service product brand matrices including iQiyi main station, Chibabu, iQiyi bubble, iQiyi sports and iQiyi VR for the first time. At the same time, the two innovative directions of iQiyi original film plan and interactive content technical standards were officially released, aiming at providing solutions to the problems currently faced by the partners in cinema films and multi-content fields through business model innovation and technology and content combination innovation.

　　The increasing dominance of video websites means that video websites will continue to strengthen content control, and a number of external entertainment companies will also be embedded in the industrial chain of video websites to strengthen cooperation.

　　Then, when there are problems with stars and IP, can video websites lead content creation to reduce industry risks and build a healthier industry ecology? In Gong Yu’s view, video websites have three magic weapons: one fish eats more, original content and technical support. Content originality is the basis for video websites to integrate internal and external resources to create high-quality content, while technical capability support is to continuously reduce the risk of film and television investment and improve the ability to create explosions through artificial intelligence, big data and even the latest film and television technology such as interactive video technology. The mode of eating more than one fish is to help maximize the value of entertainment content, and only a few major video websites can achieve these three points at present.

　　After the cold winter is a new round of rapid development of the entertainment industry, and the dominant players will become video website giants.

　　In the face of the cold winter, Wang Xiaohui believes that the superposition effect of the emerging generation with different consumption views and wealth after the 1980 s and the Internet users after the 1990 s has brought stronger impetus to the entertainment industry. "Users have a stronger demand for high-quality content and a stronger demand for high-quality content that is suitable for their own personalized content. After 80, you can pay for the game, and after 90, you can pay for The Avengers. The locomotive of this industry is the Internet, which has revolutionized all industries, including our entertainment industry. In the current era, the trend of the entertainment industry and our update cycle and frequency of fresh content are getting shorter and faster. " Wang Xiaohui said.

　　A large part of the growth of the entertainment industry is the growth of the content payment market, which is a big plus for video websites. In 2018, the number of subscriptions of global streaming media surpassed that of cable TV, and the number of online video members in China surpassed that of cable TV. In 2018, the iconic paid income of iQiyi became the largest source of income.

　　No matter who dominates, it is basically centered on the audience. Hou Hongliang said: "In the process of constantly exploring the mode, type and differentiation of entertainment content, the most correct thing to do is not to despise the audience, not to give up the creative subject, not to lower the production level and awe of creation, and to constantly present it with more professional images and expressions."