Start-up period<\/p>\n
At this time, the company often has not yet made large-scale revenue. It mainly depends on the scarcity of the company in the industry chain, whether the technical route is correct, whether the team is reliable, whether there is preliminary flight verification to prove feasibility, etc.<\/p>\n
1. The scarcity of enterprises in the industrial chain: Is it “I have it when others don’t have it” or “I have it when others have it”.<\/p>\n
2. Whether the technology is leading and whether the key performance indicators of the product are superior: Check whether the key performance indicators of the product are significantly different from those of domestic and foreign mainstream competitors. Also be wary of “solely superior performance”. On satellites, volume, weight, power consumption, cost and performance are equally important.<\/p>\n
3. Whether the team is reliable: Mainly look at whether the team is highly professional, rich in experience, and capable of technological innovation. Aerospace is an industry with extremely low error tolerance. Whether the core team has experience from traditional aerospace institutes, whether it has completely led the research and development and on-orbit delivery of at least one generation of products, and whether it can continue to keep up with or even lead technological development. At the same time, we must also look at whether the founding team owns the intellectual property rights of the core technology, whether there will be intellectual property disputes with institutions within the system, and how to bind the core technology backbone. Usually, there are technical experts from aerospace institutes within the traditional system who are well versed in reliability systems and supply chain management, as well as commercial talents with market-oriented thinking and cost control capabilities, which is an ideal team combination.<\/p>\n
4. Whether the product has been successfully verified in orbit: “Successfully flying in the sky” is the hard currency in the aerospace field. On-orbit verification means that the product has not only passed the ground simulation test, but also experienced the mechanical vibration, vacuum environment, temperature alternation and radiation test in real space during launch.<\/p>\n
growth period<\/p>\n
At this time, the technology has been initially verified, and the focus is to see whether it can be delivered in batches, whether the product can be put on the shelf, and whether it can meet the cost and cycle requirements of commercial customers.<\/p>\n
1. Whether product engineering is mature: Engineering maturity is mainly reflected in three aspects. One is process stability (high product consistency and controllable yield), and the other is supply chain controllability (such as the relationship between the promotion system company and the 18th Institute of Electrical Engineering, and the impact of other people\u2019s production capacity and rhythm on the company\u2019s How big is the impact?), and the third is cost control capabilities (under the premise of meeting reliability, can costs be significantly reduced, and what is the way to reduce costs, whether by accepting a large number of orders and establishing batch production capabilities, reducing costs as the volume increases, or by using industrial-grade components, etc.).<\/p>\n
2. Whether the product system is complete and whether a pedigree of engineering models covering different application scenarios has been formed: If a company only has one or two “star products” and they have to be customized every time, it may still be in the project system stage. However, if it can provide serialized and tailorable product shelves for different tracks, different platforms, and different application scenarios, it means that the company has relatively large gross profit margin and expansion potential. Under the current development situation, we must be wary of companies with “perfect technology but high costs” or “advanced technology but unable to mass-produce”, because in the current large-scale networking of satellite Internet constellations, the evaluation criteria for supporting suppliers have shifted from simply “technologically optimal” to “comprehensive cost performance and delivery reliability under the premise of meeting technical indicators.”<\/p>\n
3. Whether it has the ability to quickly form commercial services: This tests the company’s delivery rhythm and service awareness, whether it can complete the entire process from order to delivery within the cycle required by the customer, whether it has standard business processes, clear technical support plans, etc.<\/p>\n
mature stage<\/p>\n
At this time, the company should have established a solid industry position. It mainly depends on whether the company has entered the national major project supporting system and whether it can ensure stable income with diversified head customers as the “basic base”.<\/p>\n
1. Whether the product has entered the supporting system of major national projects: The screening of products for major national projects is extremely strict. Being able to enter the supporting system of major national projects is a strong qualification endorsement. It is not only the most direct proof of the company’s technical strength, but also represents the company’s systematic capabilities and stability. It means that the company has passed the highest level of review in terms of quality management, reliability assurance, confidentiality qualifications, supply chain control, etc., which will also help the company develop potential customers.<\/p>\n
2. Customer structure and order visibility: Does the company only rely on one customer, or does it have a diversified top customer base? What is the customer’s continued purchasing intention? If the same customer continues to purchase products from a supplier multiple times, it is definitely a very valuable evidence. Customers are not fools and may be fooled once, but they will never use their own money and products to continue to support the supplier. Let\u2019s take another look at the company\u2019s order amount and delivery lead time, which is far more telling than financing. However, we should also pay attention to distinguishing between the contract amount and the intention contract amount here, and be wary of companies that only have intention agreements but no formal contracts, advance payments, and delivery records.<\/p>\n
Aspects that need attention throughout<\/p>\n
1. Financial stability: The aerospace industry is extremely cash-intensive. Whether cash flow is healthy and whether it has the ability to continue to obtain high-quality capital is crucial to corporate development.<\/p>\n
2. Talent stability: The turnover rate of core technical personnel is very worthy of attention. A stable and experienced technical team is the core driving force for the company’s continuous innovation and development.<\/p>\n","protected":false},"excerpt":{"rendered":"
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