NavInfo(002405) Minsheng Securities·2024-11-01 06:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 10.20 yuan [3]. Core Views - The company achieved a revenue of 2.528 billion yuan in the first three quarters of 2024, reflecting a year-on-year growth of 9.06%. The net profit attributable to shareholders was a loss of 487 million yuan, while the operating cash flow was 136 million yuan [1]. - The growth in revenue is attributed to the synergistic development of four major business segments: intelligent driving, intelligent chips, intelligent cockpit, and intelligent cloud [1]. - The company has made significant advancements in research and development, launching the NI In Car series of intelligent driving products and a new integrated chip solution, which enhances its competitive position in the automotive intelligence sector [1]. - The company is focused on deepening collaboration within the industry ecosystem and promoting the localization of technology, achieving a localization rate of 70% for its integrated cockpit solution in the 100,000-level vehicle market [1]. - The company is expected to see revenues of 3.678 billion yuan, 4.822 billion yuan, and 6.587 billion yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-sales ratios of 7x, 5x, and 4x [1][2]. Financial Summary - For 2024, the company is projected to have a revenue of 3.678 billion yuan, a net loss of 778 million yuan, and an expected earnings per share of -0.33 yuan [2][4]. - The company’s gross margin is expected to improve from 34.01% in 2023 to 36.86% in 2024, indicating enhanced profitability [4]. - The total assets are projected to decrease from 12.412 billion yuan in 2023 to 11.764 billion yuan in 2024, while the debt ratio is expected to rise from 19.79% to 23.05% [5].