\u3000\u3 China Vanke Co.Ltd(000002) 405 Navinfo Co.Ltd(002405) )
Event overview
Navinfo Co.Ltd(002405) April 6 announced that the company and Honeywell sensor control (China) Co., Ltd. signed the strategic cooperation framework agreement. The two sides will deepen business cooperation and build a strategic partnership in the direction of automotive electronic chip, automatic driving and intelligent network connection.
Analysis and judgment:
Navinfo Co.Ltd(002405) automotive chip is recognized by sensor giant Honeywell
According to the announcement, the company’s MCU chip will be preferentially selected in Honeywell’s current sensors and other products. The two sides will strengthen cooperation in automotive electronic chips, Navinfo Co.Ltd(002405) will continue to provide Honeywell with various vehicle specification level professional chips for the automotive market. In terms of chips, in addition to China Shanxi Guoxin Energy Corporation Limited(600617) automobile market, Navinfo Co.Ltd(002405) and Honeywell are also carrying out overseas projects in Europe, and high-end industry 4.0 and medical treatment will also be the areas to be expanded by both sides. Automotive electronic chips are the first step of cooperation. In addition to chips, the company will also cooperate with Honeywell in the direction of automatic driving and new energy.
Jiefa chip will enter the battery product supply chain with the help of Honeywell
Honeywell is an international sensor giant. In terms of new energy vehicles, Honeywell focuses on providing battery safety sensor series products to provide safety guarantee for the battery system of new energy vehicles. Honeywell has a comprehensive layout in the direction of battery safety and leading technology. Its current sensor products can be used in BMS system and motor control system. With the help of Honeywell’s channels, it is helpful for Navinfo Co.Ltd(002405) to enter jiefa MCU into the battery product supply chain of major car manufacturers and further expand the shipment scale.
Jiefa MCU shipment enters the acceleration channel
Jiefa has the leading technology in domestic vehicle specification MCU and has been widely recognized by customers. The self-developed ac781x series and ac7801x vehicle gauge MCU produced by jiefa have ushered in explosive growth, and the monthly shipment of vehicle gauge MCU has exceeded one million. We believe that jiefa technology will accelerate its growth and have unlimited potential in the next five years due to the double advantages of automobile MCU market scale growth + domestic substitution and the golden window period of domestic chips given by the superposition of lack of core.
Investment advice
The company’s chip business is expected to break out, and the data compliance platform will bring incremental growth. We are optimistic about the growth ability and space of Navinfo Co.Ltd(002405) . The maintenance profit forecast is as follows: it is estimated that the operating revenue of the company from 2021 to 2023 will be 3.06/39.7/5.21 billion yuan, and the earnings per share (EPS) will be 0.05/0.20/0.36 yuan, corresponding to the closing price of 14.59 yuan / share on April 8, 2022. PE will be 285 / 74 / 40 times and PS will be 11 / 9 / 7 times respectively, maintaining the “buy” rating of the company.
Risk tips
The sales volume of new energy vehicles is lower than expected; The promotion of new products is less than expected; The risk of tight global supply of automotive chips; Macroeconomic downturn risk.
