\u3000\u3000 Navinfo Co.Ltd(002405) (002405)
Event: on the evening of January 16, 2022, the company issued a performance forecast for 2021, which achieved a turnaround in the whole year. It is expected to achieve a net profit attributable to the parent company of 101 ~ 131 million yuan, yoy 132.65% ~ 142.45%, a net profit attributable to the parent company of 43 ~ 64 million yuan, yoy 112.35% ~ 118.46%, and a revenue of 2.9 ~ 3.1 billion yuan, yoy 35.03% ~ 44.34%. The performance forecast exceeded market expectations and the revenue side performed strongly.
In the fourth quarter, the revenue grew rapidly month on month / year on year, and the performance rebounded significantly, which verified the acceleration of growth again. According to the company’s performance forecast, the revenue in the fourth quarter is expected to be 1.037 ~ 1.237 billion yuan, with a month on month increase of 55.99% ~ 86.06% and a year-on-year increase of 67.83% ~ 100.18%. Under the background of the continuous high prosperity of intelligent driving track and the gradual slowdown of automotive electronic supply chain, the company’s performance recovery trend in the fourth quarter is very obvious.
The new business growth brought by the industrial trend of “new three modernizations” of automobile is obvious, the demand for network security / data compliance gives birth to marginal increment, and the traditional business remains stable. Business cooperation such as high-precision map, automatic driving solution and intelligent Internet connection for high-level automatic driving increased significantly year-on-year, ADAS, automatic driving business and Internet of vehicles increased significantly compared with the same period, the traditional vehicle compliance navigation business maintained growth, and the network security / data compliance restrictions brought by advanced automatic driving gave birth to new market demand. By the first half of 2021, the company has provided data hosting services for mass-produced vehicles and test vehicles for many vehicle manufacturers, completed the delivery of data hosting operation services, and accumulated project experience in data encryption, compliant storage and circulation, and automatic driving data security. According to several recent announcements of the company, it has successively won orders for high-precision maps of mass-produced vehicles, automatic driving data management, Internet of vehicles, LBS data compliance platform, etc. from Ford, Volvo, dailem and other car manufacturers.
Maintain the “buy” rating. We predict that from 2021 to 2023, the company will achieve revenue of RMB 2.968/39.35/5.022 billion, net profit attributable to parent company of RMB 125/4.26/651 million, and maintain the “buy” rating.
Risk warning: the risk that the technology iteration and R & D investment are less than expected; The risk of tight supply chain of automotive semiconductors; There is a risk of errors in key assumptions
