Sanya ha Ro Hotel

The three leading enterprises in the travel market meet on the way to the capital market.

Didi submitted an IPO prospectus to the US Securities and Exchange Commission (SEC) on June 10, which started the process of listing in the US. Prior to this, Dida Inc, which started as a hitchhiker, submitted its prospectus to HKEx again on April 13, and Hellobike, who successfully fought back in the cycling race, also submitted its prospectus to the SEC on April 24.

The tourism platform ushered in a wave of listing. Internet analyst Lin believes that "in recent years, the investment enthusiasm of the tourism industry has been decreasing, and related enterprises have been away from the last round of financing for a long time. Coupled with the impact of the epidemic, they need to go public to raise funds and ammunition. In addition, Hello has been established for nearly five years, and early investors have withdrawal needs. "

Developing business is still the focus of Didi.

At the beginning of 20 12, mobile phone taxi applications appeared in the domestic market, and companies such as Didi taxi came into being. In the following years, Didi merged with Kuai in February, 20 15, and merged with Uber China in June, 20 16, becoming a domestic head travel platform.

In recent years, Didi has continuously improved its travel ecology and expanded its business boundaries. It has successively entered the fields of taking a taxi, getting a car online, hitchhiking, * * enjoying a bicycle, * * enjoying a motorcycle, driving on behalf of others, car clothes, and autonomous driving. And constantly lay out take-away, running errands, freight forwarding, community group buying, internet finance and other businesses. By March, 20021year, Didi had established business in more than 4,000 towns in 15 countries, including China.

According to the prospectus, Didi became the world's largest travel platform on 20 18. According to the relevant data of the Ministry of Transport, Didi occupies a major share of the domestic online car market. The total revenue of Didi from 20 18 to 2020 is135.3 billion yuan,154.8 billion yuan and141700 million yuan respectively; Revenue in the first quarter of this year was 42.2 billion yuan.

Didi's profit in the first quarter of this year mainly came from the equity income of the spin-off subsidiary. According to the prospectus, the net investment income improved from a loss of 500 million yuan in the first quarter of 2020 to a profit of 654.38+0.24 billion yuan in 202 1 first quarter, mainly due to the split of community group buying business, from which a profit of 965.438+0 billion yuan was confirmed.

Internet analyst Lin believes that although Didi missed the peak of the travel industry in 20 18 years, the current business is still facing the pressure of epidemic aftermath and policy supervision, but it still maintains a far-ahead market share, and now is a good time for its listing. Didi valuation is mainly judged by the imagination of mobile travel, and splitting the loss-making business will make the listed financial report look better.

The development of various businesses is the topic that Didi needs more attention. Ding Daoshi mentioned that "autonomous driving is a big industry. At present, Didi's autonomous driving business lags behind Baidu. If it can be done well, the valuation is infinite. In addition, the optimization of community group purchase orange heart has been split, but the supply chain and performance ability still need to be strengthened. "

In addition, the emergence of the aggregation taxi platform will also be a force that cannot be ignored in stirring a pool of spring water. Recently, many users have reported that during the peak period, the response speed and waiting time of calling a car on the Gaode platform are better than those on the Didi platform. Gaode taxi is a relatively large-scale aggregation taxi platform at present.

Tick-tock "small and beautiful", storytelling ability is the weakness?

Compared with Didi, Didi is "small and beautiful". Ding Daoshi believes that "if the companies in an industry are too big, the market is meaningless, some challengers are needed, and some new opportunities and new products appear, then the market will be more dynamic."

On 20 14, dida company started from hitchhiking business. In June 5438 +2020 10, Dida Company submitted its prospectus to HKEx for the first time, becoming the first company in the tourism industry to announce its IPO. According to the data in the prospectus, Didi is the largest hitchhiking platform in China, ranking second in the online taxi market.

Hitchhiking is a typical representative of * * enjoying the economy, and it has more social attributes than online car riding. In 20 15, Didi Chuxing also entered the hitchhiking business. A year later, Didi Shunche accounted for about 69% of the carpooling market in China. However, after two safety accidents on 20 18, the hitchhiking business is on the verge of life and death.

Later, the hitchhiking market also experienced a reshuffle. Hellobike and Cao Cao conducted a ride nationwide, while Gao De resumed riding, and the first car about the car was also tested. As an old player in the industry, Didi has ushered in a period of rapid development. In April this year, Dida Company resubmitted its prospectus to the Hong Kong Stock Exchange, showing that from 20 18 to 2020, there were about 48.2 million rides,1790,000 rides and1460,000 rides respectively, and the total transaction amount in the same period was about/kloc-0.9 billion yuan and 8.5 billion yuan respectively.

The seemingly small hitchhiking market, Didi is alive and well. Tick-tock prospectus shows that the revenue from 201.1800 million yuan, 58 1 00 million yuan and 79 1 00 million yuan in 2020/8-2020 respectively, and the average service rate is about 6.3 from 20 19. According to the adjusted net profit, the company has achieved profit since 20 19. The adjusted net profit in 20 19 and 2020 is 3160,000 yuan and 343 million yuan respectively, and the adjusted net interest rate in the same period is 54.4% and 43.4% respectively.

With the industry norms, the free ride market bid farewell to barbaric growth, and many latecomers died down. Although the drip ride has returned, its momentum is not as good as its heyday. The business of high-tech diversion, Cao Cao diversion and the first car about the car are also quiet.

The refined operation of hitchhiking business has brought sweetness to Didi Company, but it also faces the risk of insufficient understanding of hitchhiking format in society. Because hitchhiking is easy to be confused with online car, it often faces administrative fines. According to the prospectus, "the basis of the relevant authorities refers to the licensing system based on the network car service, and the platform currently has no relevant license. The ride platform has received 77 administrative fines ranging from 5,000 yuan to 30,000 yuan each, totaling 2.7 million yuan as of the final actual date. ? "

Internet analyst Lin believes that "the ride business has always been accompanied by security risks and policy supervision pressure, and the taxi business is also facing competition from big traffic portals such as Didi and Map App. According to the current business form, the moat of Dida Co., Ltd. is not solid. " Liu Feng believes that Didi is a down-to-earth enterprise, and its storytelling ability is not strong, or it suffers from market valuation.

Hello, motorcycle intelligence or opportunity?

Hellobike, the youngest of the three companies, is a company that enjoys riding. 2065438+In September 2006, Hellobike was established in Shanghai. Starting from * * * enjoying bicycle business, mobike and ofo bike-sharing were retaliated in the * * * enjoying bicycle war, becoming a dark horse in the industry. Now it has formed a "three-legged" trend with Didi Qingju and Meituan.

In addition to two rounds of business such as * * * enjoying bicycles and * * * enjoying motorcycles, Hellobike has also entered four rounds of business such as hitchhiking and online car rental. In recent years, Hellobike has also launched Hello Life, Hello Hotel, Hello Express and other services in the fields of testing electric vehicles, hotels, in-store group buying and running errands.

Ding Daoshi, an Internet observer, believes that "Hellobike, with his back against Ali, attacked mobike, ofo and other opponents on 20 18 and became a cyclist. Now the platform has set foot in many fields and has a certain imagination space. The four-round business is also in the layout, but it is still being explored. "

Hellobike's prospectus shows that the revenue from 20 18 to 2020 is 21.1400 million yuan, 4.823 billion yuan and 6.044 billion yuan respectively; The gross profit is-11470,000 yuan, 4190,000 yuan and 7150,000 yuan respectively. Both rounds of business started from Hellobike. From 20 18 to 2020, Hello * * enjoys two rounds of business revenue of 2 10 billion yuan, 4.5 billion yuan and 5.5 billion yuan respectively.

In addition, in 20 19 and 2020, the gross profit of Hellobike's * * * enjoyment business was 290 million yuan and 370 million yuan respectively, and the gross profit margin was 6.4% and 6.7% respectively. It can be seen that even under the influence of the COVID-19 epidemic in 2020, Hellobike * * * has experienced two rounds of rapid growth, and its gross profit has continued to increase.

Shuttle service is another major tourist service provided by Hello. According to the prospectus, Hellobike completed 94.5 million hitchhiking services in 2020, with a total transaction volume of 6.97 billion yuan, an increase of 6.5438+037.9% compared with 2.93 billion yuan in 2065.438+09, with a market share of 38%. According to the total transaction volume in 2020, the company has become the second largest free-rider trading platform in China.

Liu Feng said that after the safety incident of Didi Shunche, Didi Shunche did grab a lot of market share, but after the incident broke out, it also affected the operation scale of the Shunche industry. Hello SF, as a latecomer, needs to pay attention to security risks while seizing market share. After all, the tourism industry is not in the early stage of development.

Another imagination of Hellobike comes from the market of home smart two-wheeled electric vehicles. There are a large number of motorcycles in China. According to the data disclosed by China Bicycle Association at the end of 2020, the number of motorcycles in China is close to 300 million, making it an important choice for people to travel short distances.

In order to improve the safe driving and flame retardant performance of motorcycles, the new national standard for motorcycles was implemented in April of 20 19, and a transition period ranging from 2 to 3 years was set up in various places. 202 1 By 2022, from the first-tier cities to the second-and third-tier cities, the change summit will come gradually. Hellobike entered the domestic motorcycle market, and its intelligent upgrade has certain imagination space.

According to the prospectus of Hellobike, as of March 3 1 day, there were 1400 franchise stores in 100 cities that exclusively sold Hello electric vehicles. According to industry sources close to Hello electric vehicles, the cumulative number of stores of Hello electric vehicles "has far exceeded 2,000", and it has entered the first camp in the industry only in terms of the number of stores.

"Hellobike is good at intensive operation and has unique survival experience in third-and fourth-tier cities and counties. In addition to the overweight in the field of travel in the future, there may be opportunities for the digitalization of local life services. " Internet analyst Lin believes.