NavInfo(SZ:002405) Minsheng Securities·2024-07-17 23:00Investment Rating - The report maintains a "Recommended" rating for the company [3][7]. Core Viewpoints - The company has become a key player in promoting the large-scale application of "vehicle-road-cloud integration" solutions, supported by favorable government policies and industry standards [2]. - The company is well-positioned in the "vehicle-road-cloud integration" space, leveraging its strengths in high-precision mapping, positioning, and digital twin engines to support collaborative development with ecosystem partners [2]. - The report anticipates significant investment opportunities as the penetration of smart connected vehicles increases and industry standards become clearer [2]. Financial Forecast and Key Metrics - Projected revenues for 2024, 2025, and 2026 are expected to be 3,678 million, 4,822 million, and 6,587 million respectively, with growth rates of 17.8%, 31.1%, and 36.6% [3][7]. - The net profit attributable to the parent company is forecasted to improve from -1,314 million in 2023 to 574 million in 2026, reflecting a substantial growth rate of 3578.9% in 2026 [3][7]. - The report projects a price-to-sales (PS) ratio of 4, 3, and 2 for the years 2024, 2025, and 2026 respectively [3][7]. - The company's gross margin is expected to improve from 34.01% in 2023 to 40.17% in 2026 [7]. - The report indicates a significant turnaround in net profit margin from -42.08% in 2023 to 8.71% in 2026 [7].