NavInfo(002405) Minsheng Securities·2024-10-11 10:38Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company has received a notification from a well-known multinational automotive company to provide HDLite and SD map data, as well as an online map editing platform, marking a significant step in its journey towards smart driving [2]. - The company is leveraging its extensive data experience to create a comprehensive map matrix for various applications in smart vehicles, integrating navigation, high-precision, auxiliary driving, and parking maps into a unified OneMap solution [2]. - The company is actively developing a vehicle-road-cloud integration solution, enhancing its capabilities in smart transportation through a comprehensive technical system that includes high-precision positioning and collaborative perception [2]. - Recent government policies are accelerating innovation and implementation in the smart driving industry, with the company participating in several smart vehicle demonstration zones across major cities [2]. - The company is expected to see revenue growth from 3.68 billion in 2024 to 6.59 billion in 2026, with corresponding price-to-sales ratios decreasing from 6 times to 3 times [2][3]. Financial Summary - Projected revenues for 2024, 2025, and 2026 are 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 expected to improve from -777 million in 2024 to 572 million in 2026, reflecting a significant turnaround [3][7]. - The earnings per share are projected to rise from -0.33 in 2024 to 0.24 in 2026, indicating a positive trend in profitability [3][7].