\u3000\u3000 Navinfo Co.Ltd(002405) (002405)
Event overview
According to the official website of Navinfo Co.Ltd(002405) , jiefa technology, a wholly-owned subsidiary of Navinfo Co.Ltd(002405) , launched the intelligent cockpit chip ac8015 in 2021. At present, more than 20 model projects have been implemented, and it is planned to ship more than one million in 2022.
Analysis and judgment:
Jiefa cockpit chip ac8015 plans to ship more than one million this year
1. Navinfo Co.Ltd(002405) official website disclosed that ac8015 achieved mass production of front loading for the first time in March 2021, aiming at the entry-level intelligent cockpit market. Outstanding product capability, rich schemes and high cost performance. Integrating AVM and DMS algorithms developed by jiefa, ac8015 has significant cost performance advantages compared with similar competitive products. It breaks the situation that the intelligent cockpit is only carried by medium and high-end models. In addition, jiefa's rich capabilities can reduce customer development cycle and cost.
2. According to zoth automotive research, ac8015's cumulative supply exceeded 200K, and application OEMs include SAIC mingjue, GAC motor, GAC Mitsubishi, etc. The fixed-point models in the early stage have begun to be sold, and the company expects that the shipment volume will exceed the target of one million by the end of 2022.
3. According to zoth automotive research, jiefa plans to launch the second generation of cockpit chip in 2022, positioning at the middle and high end. It is expected that the sixth generation soc-ac80252 will be launched, and the first samples will be provided to customers for product development in 2002. AC8025 will be oriented to medium and high-level intelligent cockpit, and will significantly improve the performance of CPU, GPU and NPU. It has stronger computing power, complies with iso26262 functional safety certification, and supports the requirements of more intelligent cockpit interactive application scenarios.
Space improvement of automobile MCU + localization urgently needs to be made, and jiefa has unlimited potential
1. Under the new four modernizations of automobile, the number of single chip has increased significantly and the space is broad. The proportion of automotive semiconductor in the BOM of vehicle material cost will increase from 4% in 2019 to 12% in 2025 and to 20% in 2030. As new energy vehicles are included in the seven strategic emerging industries accelerated by the state, it is expected that the growth potential of automobile MCU industry will be further released.
2. The localization rate of Chinese automotive chips is less than 5%, and the capacity of domestic chips needs to be improved. The competition pattern of vehicle chip suppliers is dominated by overseas manufacturers. The core shortage event since 2021 may open an opportunity window for the rise of domestic vehicle chips.
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 usher in a reversal, and the data compliance platform will bring incremental growth. We are optimistic about the growth capacity and space of Navinfo Co.Ltd(002405) . Maintain profit forecast: it is estimated that the operating revenue of the company from 2021 to 2023 will be RMB 2.68/3.28/3.99 billion, the net profit attributable to the parent company will be RMB 0.75/1.69/369 billion, the earnings per share (EPS) will be RMB 0.03/0.07/0.16, corresponding to the closing price of RMB 16.20/share on January 12, 2022, and the PE will be 513.8/227.8/104.3 times respectively; The PS is 14.4 / 11.7 / 9.6 times respectively, which is strongly recommended to maintain the "buy" rating.
Risk tips
1) risk that the promotion of new products is less than expected. 2) The risk of tight global supply of automotive chips. 3) Macroeconomic downturn risk.
