Navinfo Co.Ltd(002405) (002405)
1、 Event overview
Navinfo Co.Ltd(002405) issued an announcement on December 24 to obtain the purchase order of Ford's lbs data compliance platform. In the next year, the company will provide customized lbs data compliance solutions for Ford.
2、 Analysis and judgment
What is "lbs data compliance platform"?
Prior to this order, the company has issued relevant orders with Daimler and Volvo. Taking Volvo as an example, the order release of "Internet of vehicles cloud compliance platform - high-precision map - automatic driving service platform" comprehensively and clearly shows the business closed loop behind this relevant order, That is to realize the home run from "information compliance - Data Modeling - base map verification - function display - positioning assistance". Prior to Zhuyu, we believe that Ford's "lbs data compliance platform" may only be the "first launch", and its cooperation content may be consistent with Volvo's "Internet of vehicles cloud compliance platform", that is, to realize the compliant processing of on-board geographic information data.
As the "national team" of automobile data security, the company has already formed "all-round advantages" on high-precision maps. The three core links of high-precision maps can be divided into: base map collection, real-time update and RTK Positioning. At present, the company has "all-round advantages", among which, Base map: scarce surveying and mapping qualification (Surveying and mapping class a qualification) and surveying and mapping "completion" (covering 320000 km) is the cornerstone of the company's business; real time: it has been deeply bound with many vehicle enterprises / travel service enterprises, and in the future, the cooperative vehicles will be equipped with the collection and processing platform of on-board sensor data and realize data sharing, which also makes the company "unique" in the high-precision map business Data ecological advantages; RTK: the core function of RTK Technology for high-precision map is to ensure the consistency between the actual position of the vehicle body and the map position, and its important technical support is mainly limited by the number of foundation stations. Liufen technology of the company is establishing more than 2200 reference stations, which has solid barriers.
"Compliance + map + positioning", butterfly change of profit model
Referring to the Volvo related platform orders undertaken by the company recently, we believe that these projects are not only platform construction, but also the deeper change in their profit model comes from the "data management service", that is, the "compliance + map + positioning" model, which makes the annual fee of a single car expected to increase from less than 100 yuan to 400 yuan. At present, the number of cars in China is 281 million, Optimism is expected that by 2025, the number of L2 and above levels of autopilot cars will increase from about 6000000 to 50 million. Only considering the most needed L2 and above auto driving data annual fee (i.e. cloud services) market will reach more than ten billion yuan in 2025.
3、 Investment advice
It is estimated that the company will realize a net profit attributable to the parent company of 120 / 3.6 / 550 million yuan in 21-23 years, and the current market value corresponds to 95 / 62 times of PE in 22 / 23 years. Considering the business map of Navinfo Co.Ltd(002405) , Westone Information Industry Inc(002268) is selected as a comparable company. At present, the PE level of the company in 22 / 23 years is lower than 105 / 77 times that in Westone Information Industry Inc(002268) 22 / 23 years. We believe that the company has the status of "national team" of automobile data security. Compared with Westone Information Industry Inc(002268) , the smart car market where the company is located has higher barriers in the fields of industry scale, entry threshold and so on. Therefore, the "recommended" rating is maintained.
4、 Risk tips
Impact of global auto market fluctuation; Upstream demand recovery is less than expected; The R & D process of new technology did not meet expectations
