Behind the strong fundamentals, it is inseparable from the high growth of T3 Travel.
On the road to pursuing large-scale effects, T3 travel has fallen behind again.
A few days ago, T3 Travel was launched in Qiqihar, Urumqi, Suining, Bengbu, Luoyang and other eight places. With the rapid opening of the city, T3 Mobility's travel territory has expanded to 151 cities across the country.
With the continuous improvement of fundamental indicators such as the speed of opening the city and the scale effect, the capital attention of T3 Travel is also increasing. Previously, T3 Travel has been on the Hurun Unicorn list three times, and has received a number of large-scale financings in the context of tightening investment in the online car-hailing field in the primary market, such as the 7.7 billion yuan Series A financing in October 2021, setting a new record for the largest single financing amount that year.
Behind the speed of opening the city and the scale of financing outperforming the industry market, what is the investment value of this 5-year-old online car-hailing "national team" enterprise?
In the race to the city, the fundamentals of T3 travel are strong and the high growth is highlighted
For investors, fundamentals are the primary concern before betting on a company. T3 Travel, which is favored by capital, has reached the second place in the industry in terms of market share in only 5 years, and at the same time, its fundamental indicators such as opening speed, scale, and market coverage are still improving.
Among them, in terms of the speed of opening the city, T3 Travel has preliminarily completed the layout of key markets such as North China, East China, South China, Central China, Southeast China, Northeast China, and Southwest China. This time, it has successively expanded to 8 cities, not only in key provincial capitals, but also in many third- and fourth-tier cities.
In the planning timetable of T3 Travel, it intends to cover 200 cities across the country by the end of 2026, and insist on focusing on core cities and sinking markets. Judging from the current progress bar that has landed in 151 cities, this goal may be completed ahead of schedule.
Behind the strong fundamentals, it is inseparable from the high growth of T3 Travel.
After several rounds of subsidy wars, the industry has gone through several rounds of reshuffle, and the head pattern has begun to appear, and the belated T3 travel has played a good hand, and on the road of continuous pursuit of scale, it has broken out of the encirclement, made itself the head of the industry, and promoted the redivision of the market map.
Judging from the five-year report card of T3 Travel, its cumulative number of registered users and order volume are remarkable, exceeding 260 million and nearly 2.2 billion orders respectively. In the industry competition, its market share ranks second in the industry.
Ji Xuehong, director of the Automotive Industry Innovation Research Center of North China University of Technology, believes that 2023 will be a year for the online car-hailing industry to resume growth, and the number of online car-hailing orders will increase significantly compared with previous years. In addition, the order volume of the aggregation platform accounts for about 30% of the total order volume, and the situation of "one company dominating" in the past is changing.
Some industry insiders said that today's online car-hailing market is no longer the era of "one dominance" in the past, and the market share of T3 travel may still be a certain distance from Didi, which has been deeply involved in the industry for many years, but compared with many players in the same period, later players and even earlier, its scale advantage has been quite obvious.
"Having scale is equivalent to having the advantage of a platform economy." The above-mentioned industry insiders said: "Only when the scale is getting larger and larger, can the operating costs of enterprises be diluted, efficiency can be improved, and the subsequent profitability will continue to improve." ”
Large-scale models on the "car", technological innovation highlights the advantages of sustainability
According to the theory of competitive advantage proposed by Michael Porter, a professor at Harvard Business School in the United States, the sustainability advantages of a company relative to its competitors are mainly divided into differentiation advantages, cost advantages and focus advantages.
If we talk about the pursuit of scale, it will lay a cost advantage for T3 travel; Focusing on the improvement of travel efficiency and service quality, and the safety guarantee of drivers and passengers, it has laid its focus advantages; Then, spare no effort to carry out technological innovation, so that the T3 travel difference advantage is more prominent, the long board is longer, so that it can go further in the fierce market competition.
Previously, T3 Travel, together with China Telecom, took the lead in laying out an artificial intelligence model in the field of travel - Lingxing Qianmo. Entering the track of artificial intelligence, T3 Travel's original intention is very simple: it hopes to leverage industry reform with technical means, so that customer service can be handled more efficiently, drivers can take orders more quickly, and safety guarantees will be more intelligent, so as to promote the improvement of online car-hailing service quality.
In the future, T3 Travel will also launch a taxi intelligent assistant service for users, and innovatively launch functions such as voice call destinations to optimize the travel experience of passengers. The person in charge of T3 Travel said, "We will always focus on the online car-hailing business, and meet the diversified travel needs of users through large-scale development and large-scale model research and development applications." ”
Some senior industry experts believe that at a time when the competition in the online car-hailing market is becoming more fierce and user needs are constantly changing, continuous innovation is the way for enterprises to break the situation and the key to achieving sustainable development. Through advanced technologies such as big data and artificial intelligence, the intelligent level of the platform can be improved, accurate supply and demand matching and intelligent scheduling can be realized, operating costs can be reduced, and service efficiency can be improved.
The above-mentioned experts also pointed out that T3 Travel's leading edge in technology benefits from its forward-looking large-scale layout, and more cities and orders are conducive to its subsequent technological development, such as more data collection, so that the development of the Qianmo large model is more accurate under more data training, and then promotes more intelligent safety assurance, more convenient customer service disposal, and faster driver orders, etc., which is also conducive to improving the driver and passenger experience and realizing a virtuous cycle of rapid business development.
Deeply cultivate the smart travel track, and forward-looking layout of the second growth curve
"There is only one moat in this world, and that is that entrepreneurs are constantly innovating and constantly crazy to create long-term value." Zhang Lei, founder and CEO of Hillhouse Capital, once said in a public speech. As the godfather of China's "value investment", Zhang Lei has always emphasized sticking to long-term value investment and not aiming for short-term profits.
T3 travels, obviously knows its way. Facing the future, while embracing the artificial intelligence model, T3 Mobility is also making great strides in the field of autonomous driving to create greater long-term value.
According to public information, T3 Travel has carried out a lot of forward-looking layouts in the autonomous driving track: in addition to joining hands with more than 30 partners such as Suzhou High-speed Rail New Town, vehicle companies, and technology companies, it has taken the lead in establishing the "Aotou Alliance", a domestic autonomous driving ecological operation alliance, to provide travel scenarios and data for the localization of autonomous driving, and has also joined hands with Mianyang Science and Technology City New District to cooperate in the commercial operation of autonomous driving and other fields.
Up to now, the T3 travel autonomous driving business is fully open to the public, with a total of more than 500,000 kilometers traveled, and more than 100,000 user trips have been served.
Wang Bo, research manager of IDC China, once said that the layout of Robotaxi can contribute to the improvement of autonomous driving technology through data collection, because the more cars and the more mileage run, the more data it collects. The more data collected from different countries, the more data from different countries, the more accurate the autonomous driving training model will be.
Enabled by the scale effect, T3 Travel has accumulated a large amount of data before, which will provide strong support for autonomous driving algorithm training and technology change. At the same time, thanks to its "rooted" background, the platform is also more secure in terms of data security.
From the perspective of the shareholders of T3 Travel, behind it is not only Internet giants such as Ali and Tencent, but also backed by FAW, Dongfeng and Changan, the three major automobile central enterprises, which not only have Internet traffic advantages, but also carry a deep "state-owned" brand. In other words, while taking into account the massive amount of data, it also builds a strong line of security.
China Securities Securities, the investor of T3 Travel, previously pointed out that the reason for investing in T3 Travel is because of T3 Travel's emphasis on data security. According to the data, T3 Travel is currently one of the few platforms in the online car-hailing industry that has obtained the certification of the Ministry of Public Security's "Level 3 Filing of Information Security Classified Protection".
"The core positioning of T3 Mobility is the core operator in the era of autonomous driving." The relevant person in charge of T3 Travel said that this positioning was also the mission and original intention of the three major ministries and commissions of the State-owned Assets Supervision and Administration Commission, the Ministry of Industry and Information Technology and the Ministry of Science and Technology at that time, as well as the three major central enterprises of FAW, Dongfeng and Changan.
Based on this positioning, T3 Travel has previously formulated a three-step strategy: the first step is to focus on the operation of online car-hailing, achieve scale, and achieve the second place in the industry in three to four years; The second step is to gradually expand the entire ecological chain above the scale and develop the derivative service industry; Finally, it is necessary to achieve a breakthrough in autonomous driving and become a leader in smart travel and a promoter of smart cities.
Today, T3 Mobility is well on its way to achieving this goal. If focusing on traditional ride-hailing operations is the first growth curve of T3 Mobility, then the ecological layout of travel such as derivative business creation and autonomous driving based on ride-hailing is the second growth curve and future development space of T3 Mobility.
Throughout the more than ten years of online car-hailing turmoil, from the initial "Hundred Group War", to the later "One Giant", and then to the current group of heroes competing for hegemony and multi-legged dominance, the head players represented by T3 Travel are constantly promoting the transformation and high-quality development of the industry with practical actions. Extending the timeline, constantly pursuing scale, constantly embracing technological innovation, actively exploring the second growth curve, and taking multiple measures, T3 Travel will also win more "votes" in the terminal and capital market, and harvest a more promising future.