北美機場警備機器市場：投資分析與成長機會

Research Overview

Frost & Sullivan's Aerospace Financial Benchmarking and Analysis (FBA) service presents a broad financial outline of the aerospace industry, highlighting major market and financial trends in key growth segments. It provides a comprehensive financial analysis of the leading aerospace firms to support the investment and financial analysis needs of decision makers in the aerospace arena. The current study within the service focuses on the North American airport security equipment industry, including the following key growth segments: access and perimeter control, alarms and sensors, biometrics, CCTV, digital surveillance, metal detectors, intercom and video door phones, x-ray and infrared ray equipment, fire explosives detection, and integration.

Smaller Companies Struggling to Keep Pace With Technology Innovation

It is estimated that the top ten companies in the airport security equipment industry account for almost 66% of the total research and development (R&D) expenditure in the market. Of the companies in Frost & Sullivan's Airport Security Equipment Universe, the large companies have reported higher R&D than their small counterparts.

Larger companies, such as L3 Communication and Bioscrypt, invest as much as 12-18% of their revenues on R&D. As a result, there is a significant challenge for the small companies (who have ventured in the market mainly post-9/11) to pick up the pace and invest higher amounts in R&D in order to ensure survival in an increasingly competitive market.

North American Market Shows Promising Potential

In 2005, it is estimated that 81.3 percent of the Transportation Security Administration's (TSA's) budget will be devoted to aviation security. Additionally, for 2006, the TSA has requested $4.98 billion from the federal government for the cause. As a result of this spending, there are various opportunities in the U.S. market, as it forms 40% of the $69 billion world market for aviation services.

Frost & Sullivan Growth Partnership Service

Based on extensive and in-depth research, real-world consulting work, and new theories tested in hundreds of companies across many industries, Frost & Sullivan has evolved its Growth Partnership Services (GPS) program that provides established and emerging firms with powerful growth visions. Moving beyond token mission statements, GPS provides an actionable vision to growth consulting partners by illustrating how key intelligence and strategic research based on defined goals can guide day-to-day behavior and overall company direction. The foundation of Frost & Sullivan's GPS includes:

• Assisting companies to reach their full potential in the core business
• Providing growth strategies to help companies expand into related businesses
• Preemptively redefining the core business during market turbulence
• Applying the Frost & Sullivan framework to identify and address common mistakes resulting from misaligned corporate strategies
• Recommending growth management strategies through continuous partnership

To maximize the potential for growth within a firm's internal and external environment, Frost & Sullivan consultants can facilitate the creation of strategic programs that deliver improved market success. Frost & Sullivan's strengths lie in combining strategic understanding with market expertise and applying these with absolute commitment to its clients' growth.

Benefits of this Service

Provides Comprehensive Market Coverage

Frost & Sullivan's Aerospace Financial Benchmarking and Analysis (FBA) service provides an in-depth coverage of the major market and financial trends in key growth segments of the North American airport security equipment industry.

Arms Financial Analysts with the Critical Information they Need

This FBA service takes into account the major performance indicators such as ratios, fixed cost analysis, valuation multiples and Growth Monitors, and also provides an in-depth analysis across the breadth and depth of the industry. The goal of the FBA service is to provide financial analysts and investment professionals with the tools and information needed to support financial analysis and investment decisions of all sorts.

Tracks Major Mergers and Acquisitions

This FBA service also tracks the changing complexion of the airport security equipment industry with regard to the notable mergers and acquisitions in the past 5 years.

Market Sectors

Expert Frost & Sullivan analysts thoroughly examine the following market sectors in this research service:

• Access and perimeter control
• Alarms and sensors
• Biometrics
• CCTV
• Digital surveillance
• Metal detectors
• Intercom and video door phone
• X-ray and infrared ray equipment
• Fire explosives detection
• Others and integration

Technologies

The following technologies are covered in this research:

• Perimeter and Access Control: This refers to simple barriers, fences, identity badges and others for intrusion control, as well as other devices that help in access control in airports.
• Biometrics: Biometrics refers to automated methods of establishing a person's identity. Identity can be established, for example, by means of face recognition, fingerprints and a scan of the iris of the eye.
• Closed-circuit Television (CCTV): CCTV, as a collection of surveillance cameras doing video surveillance, is the use of television cameras for close scrutiny and observation.
• Surveillance: The word surveillance is commonly used to describe observation from a distance by means of electronic equipment or other technological means.
• Digital Surveillance: This means real time surveillance and immediate information delivery.
• Video Door phone: Video door phone allows people to view callers at the door.
• Intercom: Intercoms provide a safe and convenient means to speak to someone who is at the door.
• Metal Detectors: The metal detectors in airports, office buildings, schools, government agencies and prisons help ensure that no one is bringing a weapon onto the premises.
• X-ray and Infrared Equipment: X-ray machines at airports screen carry-on baggage and people to detect any explosives or bombs they might be carrying.
• Explosive Detection: This is the detection and identification of improvised explosive devices and large vehicle bombs.

What's Included

• Macro level indicators
• North America's top 26 listed airport security equipment companies
• Growth monitors
• Valuation multiples
• Sector scorecards and company scorecards
• Industry economics

Table Of Contents

1.Executive Summary

1. Executive Summary

1. Executive Summary

2.Introduction and Methodology

1. Introduction

1. Introduction

2. Methodology

3.Industry Fundamentals and Growth Opportunities

1. Market Overview and Industry Fundamentals

1. Introduction

2. Market Overview

3. Industry Economics

2. Segment Analysis

1. Introduction

2. Perimeter and Access Control

3. Monitoring Equipment

4. Others and Multi-Segments

5. Fire and Explosives Detection

3. Investment Analysis and Growth Opportunities

1. Investment Themes

2. Value Chain Analysis

3. Sector Scorecard

4. Company Scorecard

5. Frost & Sullivan Growth Monitor

4.Financial Benchmarking Analysis

1. Frost & Sullivan Airport Security Universe

1. Industry Classification

2. Industry Profitability

1. Year Over Year Sales Growth (Y-O-Y)

2. Research and Development (R&D)

3. Operating Profit Margin

4. Operating Cash Flow

5. Return on Equity (ROE) and Return on Assets (ROA)

3. Industry Returns

1. CANSLIM model

4.Valuation

1. Historical Valuation Based On Sales & Profitability

2. Year-to-Date Stock Performance

3. Frost & Sullivan Airport Security Equipment Stock Index

4. Historical and Current Mergers & Acquisition (M&A) Valuation

5. EPS Impact

6. Industry Growth Outlook

7. Private Equity/Venture Capital Activity

List of Figures

Chapter 3

• Airport Security Equipment Industry: Sector Scorecard (North America), 2004
• Airport Security Equipment Industry: Company Scorecard (North America), 2004
• Airport Security Equipment Industry: Growth Monitor (North America), 2004

Chapter 4

• Airport Security Equipment Industry: Year-over-Year Sales Growth Across Different Companies and Segments (North America), 1998-2004
• Airport Security Equipment Industry: Research and Development to Sales Across Different Companies and Segments (North America), 1998-2004
• Airport Security Equipment Industry: Operating Profit Margin Across Different Companies and Segments (North America), 1998-2004
• Airport Security Equipment Industry: Operating Cash Flows Across Different Companies and Segments (North America), 1998-2004
• Airport Security Equipment Industry: Return on Equity for Different Companies and Segments (North America), 1998-2004
• Airport Security Equipment Industry: Return on Assets for Different Companies and Segments (North America), 1998-2004
• Airport Security Equipment Industry: Mergers and Acquisitions (North America), 1997-2005
• Airport Security Equipment Industry: EPS exposure and Impact (North America), 2005
• Airport Security Equipment Industry: EPS Guidance and PE Impact for Companies That Derive at Least 20 Percent of Their Revenues from Airport Security Equipment (North America), 2005
• Airport Security Equipment Industry: EPS Guidance for Next Fiscal Year (North America), 2005
• Airport Security Equipment Industry: Recent Venture Capital Deals in the Airport Security Equipment Industry (North America), March 2002 to October 2005