Recently, Navinfo Co.Ltd(002405) disclosed the annual report of 2021, and the company’s long-term high R & D investment entered the harvest period. In 2021, the operating revenue reached 3.06 billion yuan, a year-on-year increase of 42.5%, a new high since the listing; The net profit attributable to the shareholders of the listed company reached 120 million yuan, a year-on-year increase of 139.5%, and the performance inflection point was established. Although the company continued to increase its R & D investment, and the R & D expenses increased by 13% over the previous year, it still realized that the net profit after deducting non profits turned positive and turned losses into profits.
In 2021, Navinfo Co.Ltd(002405) relying on its industrial capacity and core advantages, formed a new business system of smart cloud, smart drive, smart cabin and smart core through the whole stack layout, and preliminarily completed the strategic transformation to intelligent travel technology company, realizing the successful expansion to the intelligent city of the second track.
Based on the advantages of map data base and cloud integrated service capability accumulated in recent 20 years, Navinfo Co.Ltd(002405) faces the application needs of intelligent travel, intelligent driving and smart city, and provides customized and scene Maas solutions for customers. As the company’s core business segment, Zhiyun business contributed nearly 2 billion revenue to the company in 2021, an increase of 54% over the same period of last year.
In 2021, Navinfo Co.Ltd(002405) not only continued to cooperate with BMW, Daimler and other car manufacturers in the mass production and development of high-precision maps, but also joined hands with the overall solution of Volvo, Ford and other car manufacturers’ layout compliance platform, continuously optimized the “data collection distribution” whole chain service system in line with national safety standards, and provided important strategic customers such as FAW Volkswagen, SAIC Volkswagen and Volkswagen global with electronic map data, online services NDS compilation and other services.
In 2021, Navinfo Co.Ltd(002405) 1 became the appointed supplier of Kaiyi automobile multi-level auto drive system for the first time as a Tier-1, and will provide its mass-produced models with l0 to L2, including parking area and driving area 9-level automatic driving software and hardware integrated full stack solution. Compared with 2020, the company’s commercial mass production cooperation in intelligent driving business has been increasing, and the relevant revenue has increased by 11%.
For the requirements of human-computer interaction and safe driving in the cockpit, Navinfo Co.Ltd(002405) smart cabin business provides front and rear intelligent networking terminal equipment and integrated software and hardware solutions, big data operation platform and scenario application solutions for major vehicle manufacturers, which can meet the application requirements of different scenarios of passenger cars and commercial vehicles at the same time. As the second largest revenue segment of Navinfo Co.Ltd(002405) , the smart cabin business brought the company 680 million yuan of revenue in 2021, with a year-on-year increase of 33%.
At the passenger car end, the company’s intelligent cockpit software and hardware integration platform products and solutions have been continuously recognized and affirmed by car factory customers. In 2021, the company signed heavyweight mass production orders with China’s head independent OEM as Tier-1 for the first time, and the revenue increased by 75% compared with 2020. Among them, relevant models equipped with Toyota intelligent assistant provided by Navinfo Co.Ltd(002405) have been officially launched in November 2021.
On the commercial vehicle side, while stabilizing the leading market share and expanding customer cooperation in depth, the company actively promotes the exploration and expansion of front mounted products to subdivided fields such as special commercial vehicles and medium / light trucks.
The company’s smart core business mainly refers to the design, research, development, production and sales of automotive electronic chips and the provision of highly integrated and hardware and software integrated system solutions for the use scenarios and mass production requirements of automobile body control domain, intelligent driving domain, intelligent cockpit domain, chassis domain and power domain. Affected by the contradiction between supply and demand and the epidemic, the overall revenue of smart core business segment was 350 million yuan in 2021, an increase of 16% over 2020.
While maintaining the leading position in China’s aftermarket, the company’s SOC chip continues to actively expand the aftermarket. The new generation of intelligent cockpit chip ac8015 has been shipped on mass-produced models of many customers. It is expected that the shipment volume will exceed one million by the end of 2022. The shipment volume and revenue contribution of vehicle specification MCU chips have increased by more than ten times compared with 2020, breaking the market monopoly of foreign manufacturers for many years. At present, OEMs that have direct cooperation with Navinfo Co.Ltd(002405) in MCU chip products include SAIC, FAW, Byd Company Limited(002594) , Chang’an and other Chinese head car factories and new power enterprises. Up to now, the first MCU chip 7840 that meets the functional safety requirements of vehicle specification level has also been lit up in Q1 in 2022, and the application of domestic MCU in the field of automotive electronics will be further expanded in the future.
