Recently, BDStar Navigation, a leading enterprise in satellite navigation industry, issued shares to specific targets, which was approved by China Securities Regulatory Commission for registration. The company plans to raise 945 million yuan this time, which will be invested in "Beidou/GNSS SoC Chip Development and Industrialization Project for Integrated PNT Application", "Vehicle Functional Safety and High Precision Beidou/GNSS SoC Chip Development and Industrialization Project", "R&D Condition Construction Project" and supplementary working capital.
The company said that this non-public offering focuses on the development of the main business, and through two industrialization projects, it further strengthens its competitive advantage in the field of high-precision positioning chips, fully meets the emerging application needs brought about by the construction of the national comprehensive PNT system, and the rapid development of automatic driving. The vehicle function is safe and high-precision positioning needs, and improves profitability and market share; Through the implementation of R&D condition construction projects, we will increase investment in research on cutting-edge basic technologies and fusion technologies of satellite navigation, achieve breakthroughs in key core technologies in the fields of intelligent processing of spatio-temporal data, high-precision multi-positioning, high-precision antennas, etc., effectively supplement and extend existing technologies, and enhance the forward-looking layout capability of products.
The implementation of the company's fundraising project will further consolidate the company's "location digital base" in the intelligent era. At present, the company has actively and accurately laid out the five-sub linkage business pattern of "chip, cloud service, antenna, inertia and automobile Zhilian", and provided the overall solution of "high-precision location data service + high-performance autonomous positioning chip + various convergence technologies, etc." based on "cloud + core", thus consolidating the company's position as the world's leading provider of "location digital base".
Comply with the trend of PNT system and improve the layout of accurate time and space service devices
PNT (Positioning, Navigation and Timing) is a collection of a series of technologies and systems, which can provide accurate, continuous and reliable information such as position, time and speed in all time domain and airspace. It is the cornerstone of national information construction and is widely used in the national economic field of national defense science and technology. According to the White Paper on the Development of China's Satellite Navigation and Location Service Industry in 2023, the overall output value of China's satellite navigation and positioning industry increased from 81 billion yuan in 2012 to 500.7 billion yuan in 2022, showing strong growth momentum. Among them, the high-precision navigation and positioning market segment showed steady and rapid growth, and the market scale increased from 1.1 billion yuan in 2010 to 18.3 billion yuan in 2022, with a compound annual growth rate of over 26%.
In order to overcome the limitation of GNSS (Global Satellite Navigation System), PNT system is developing in the direction of multi-system heterogeneous integration under the background of the development of new generation information technology, especially the development of high-precision navigation and positioning. According to the white paper "China Beidou in the New Era", the next generation Beidou system planned to be built in 2035 will build a high, medium and low-orbit navigation constellation. At the same time, with Beidou as the core, all emerging technologies related to time and space information, such as mobile communication, low-orbit communication and traditional inertial navigation, will become a more ubiquitous, integrated and intelligent national integrated positioning and navigation timing PNT system.
Specifically, the integrated access and converged application of multiple information sources including GNSS, LEO satellite, communication base station and sonar has become the main development trend of PNT service; GNSS, inertial devices, vision, radar and other multi-sensor fusion will become the mainstream direction of PNT application. In addition, micro PNT with multi-sensor integration, miniaturization and low power consumption has become the key technical means for the development of PNT system.
Under the background of this technology development, the industrial ecology of satellite navigation and location services is undergoing significant changes, and accurate space-time services are gradually replacing the current location services as the core direction of industrial development. According to the data, by 2025, it is expected that the integrated time and space service will directly form a chip and terminal market scale of 500-1 billion/year, and the overall output value is expected to reach 800-1 trillion yuan. By 2035, it is expected to build an intelligent information industry system, and the overall output value will exceed 3 trillion yuan.
"Beidou/GNSS Chip Development and Industrialization Project for Integrated PNT Application" conforms to the development trend of national integrated PNT system, develops Beidou/GNSS chip for national integrated PNT system, meets ubiquitous high-reliability and low-cost application requirements, and is suitable for different application requirements and many scenarios in the intelligent era. This will further consolidate the company's competitive advantage in the field of satellite navigation basic devices.
It is reported that this series of Beidou/GNSS chip products have the characteristics of high precision, high performance, high integration, high reliability and small size, mainly including three categories: "Beidou/GNSS chip and module products with single frequency point in the whole system", "Beidou/GNSS chip and module products with low cost and high precision" and "Beidou/GNSS chip and board products for positioning and timing application in complex environment".
This project is mainly applied to the markets of vehicle-mounted automatic driving, positioning monitoring and smart wear for vehicle-mounted front-loading applications, low-cost and high-precision markets such as consumer drones, home mowing robots and handheld GIS terminals, and industrial application directions such as base station timing. The company's existing customers basically cover the leading enterprises in the aforementioned fields, such as automotive electronics manufacturers such as Desay SV and Hangsheng Electronics in the vehicle market, mobile robot manufacturers such as Segway-Ninebot, Internet of Things module manufacturers such as Quectel Wireless Solutions, agricultural machinery automatic driving manufacturers such as AllyNav Technology and FJ Dynamics , and base station suppliers such as mobile communication, etc., which have accumulated a good market reputation and high-quality customer resource groups.
Grasp the first-Mover advantage and meet the safety requirements of high-level automatic driving functions
Whenever a serious road traffic accident of "throttle as brake" occurs in new energy vehicles, it always attracts great attention and discussion from the whole society. This shows that safety is an important prerequisite for the sustainable and healthy development of intelligent networked vehicles.
Functional safety of road vehicles mainly refers to minimizing the possibility of failure of electronic and electrical systems. Even if failure occurs, the system can prevent danger by starting protection or correction devices, or provide mitigation measures to reduce injuries when danger occurs. According to the Opinions on Strengthening the Access Management of Intelligent Networked Automobile Manufacturers and Products issued by the Ministry of Industry and Information Technology in July 2021, electronic components related to L3-L5 high-level automatic driving system must meet the process guarantee requirements such as functional safety.
One of the projects raised in this issue, "Development and Industrialization Project of Vehicle Functional Safety High Precision Beidou/GNSS SoC Chip", will be a vehicle-level high precision Beidou/GNSS SoC chip designed and developed according to the international standard for road vehicle functional safety ISO 26262, which is adapted to PPP-RTK algorithm required for high-level automatic driving, and based on this chip, high-performance, high-precision and low-cost modules and boards will be developed. It is used to be loaded on the automatic driving domain controller of intelligent driving vehicles, providing high-precision absolute positioning capability with satellite navigation as the core for high-level intelligent driving of L3 level and above, and can provide information such as speed, position and attitude.
Data show that in the last three years, the development of intelligent networked vehicles in China has shown an accelerated trend, and the demand for automotive grade functional safety chips has also risen. According to IDC data, the assembly rate of intelligent networked system in China's automobile industry is expected to reach 83% in 2025, corresponding to the shipments of intelligent networked vehicles reaching 24.9 million vehicles, with a compound growth rate of 16.1% from 2021 to 2025. According to the above trend forecast, if the sales volume of L2 and L3 intelligent networked vehicles reaches 50% by 2025, and the configuration rate of functional safety products accounts for 50% of L2 and L3 vehicles, the number of vehicles covered by functional safety products will reach 6 million.
This project plans to develop SoC chips and form related industrialized products for the safety requirements of automotive grade intelligent driving functions at L3 level and above. The existing main products of the company are Ufirebird II chips and their modules, which have been applied in L1 and L2 intelligent driving fields on a large scale. Facing the demand of high-level intelligent driving at L3 level and above for high-precision absolute position information, the company needs to develop high-precision products focused on automatic driving domain controllers. As an important automobile sensing system module, it provides high-precision satellite navigation and positioning data, ensures the safety and effectiveness of positioning functions in intelligent driving scenes, and supports the perception and decision-making of high-level intelligent driving.
In terms of competitive structure, at present, the only comparable companies in the market that complete development work according to ISO 26262 standard are intentional STMicroelectronics and U-Blox. Through this project, the company will develop high-precision GNSS SoC chips and other products that meet the requirements of international standards for road vehicle functional safety, and gradually establish an automobile functional safety management system that meets the requirements of ISO26262 ASIL-D, and will actively build a first-Mover advantage in the market.
Rich and high-quality customer resources are the market starting point for project implementation. The company has accumulated customer resources of well-known brands and auto parts suppliers at home and abroad such as Hyundai Motor, Nissan Motor, Changan Automobile, XPeng, Desay SV and Hangsheng Electronics; NIO, SAIC Motor, Guangzhou Automobile and other car factories have clearly put forward the requirements of satellite navigation function safety chips and modules for high-level intelligent driving. From 2020 to 2022, the company's operating income related to vehicle-mounted functional safety was 65.13 million yuan, 108.18 million yuan and 64.63 million yuan respectively.
It is worth noting that the "R&D Condition Construction Project" in the fundraising projects will provide the key basic support for the company to promote the development of the above two fundraising projects and provide technical pre-research and technical research. By building a product research and development center and testing and verification environment with first-class research and development conditions in the industry and reaching the leading level in China, this project develops basic technology of intelligent processing of spatio-temporal data, anti-interference high-precision positioning technology in complex environment, multi-source sensor fusion positioning technology, key technology of next-generation high-precision antenna, and research and development of trusted positioning technology for typical needs, providing basic support for pre-research and technical research of cutting-edge core technologies; Improve the company's product research and development and core technology innovation system.
BDStar Navigation: Non-public Offering of Shares was Approved to Build a World-leading Position Digital Base-China.exportsemi.com
