ComNav Technology (SH:688592) Xin Lang Cai Jing·2025-09-14 12:30Core Insights - Company reported a revenue of 171 million yuan in the first half of 2025, an increase of 41.82% compared to the same period last year, marking two consecutive years of growth [1] - The net profit attributable to shareholders was -2.72 million yuan, with a significant increase in cash outflow from operating activities [1] - The company is expanding its market presence in high-precision satellite navigation and has secured a contract worth 145 million yuan for a GNSS/MET water vapor observation station project, expected to positively impact performance in 2025-2026 [1] Revenue and Profitability - Revenue for 2024 is projected at 413 million yuan, a slight increase of 0.28%, while net profit is expected to be -33.05 million yuan, a decline of 179.03% due to decreased gross margins and increased sales and R&D expenses [1] - In the first half of 2025, the company achieved a revenue of 171 million yuan, benefiting from market expansion and mature business models, despite a net loss of -2.72 million yuan [1] - Excluding the impact of share-based payments, the net profit would have been 6.13 million yuan, reflecting a robust profitability [1] Product and Market Development - The company offers a range of products including high-precision GNSS chips, core boards/modules, and data collection devices, with applications in smart driving and digital construction systems [2] - Continuous investment in emerging sectors such as drones, smart driving, and IoT, with notable advancements in high-precision positioning technology for various applications [2] - The company has developed modules for drones and smart driving that support precise operations in agriculture and logistics, integrating into the ecosystem of major automotive manufacturers [2] Future Projections - Revenue forecasts for 2025, 2026, and 2027 are 540 million, 690 million, and 850 million yuan respectively, with net profits projected at 14.92 million, 43.17 million, and 62.42 million yuan [3] - Earnings per share (EPS) are expected to be 0.19, 0.54, and 0.78 yuan for the respective years, with corresponding price-to-earnings (PE) ratios of 259, 89, and 62 [3] - The company is advised to be monitored due to its ongoing developments in new application areas and technology reserves, which are expected to broaden its user base and application scope [3]