NavInfo (002405) Semi-annual Report Comment: Performance is in line with market expectations, optimistic about strategic business acceleration

NavInfo (002405) Semi-annual Report Comment: Performance is in line with market expectations, optimistic about strategic business acceleration

The company disclosed 夜来香体验网 the semi-annual report and realized a total operating income of 10.

84 ppm, an increase of 9 in ten years.

43%, achieving net profit attributable to mother 0.

86 ‰, a decrease of 47 per year.

56%.

The performance is mainly affected by the automobile market environment. It is expected that the overall improvement of the company’s performance will be mainly affected by two aspects. One is that the weak automobile market affects the operation of the headquarters and Jiefa Technology.

1.2 billion).

From a breakthrough perspective, the core business navigation business revenue increased7.

36%.

Taking into account the car navigation map industry (weak auto market, expected negative growth), and the company’s revenue growth, we expect the company’s size to increase.

The results of the company’s positioning in the high-end market are expected to be further reflected.

The gross profit margin of the navigation map is reduced, which is mainly related to the increase in data collection costs, and the size impact is limited.

The cost control situation is good. It is expected that Jiefa Technology’s 19-year goodwill impairment probability is low and the company’s management and sales expense ratios will decrease by 2 respectively.

04 and 1.

24 singles, reflecting the continuous improvement of the company’s cost control.

Jiefa Technology achieved a net profit of 0 in the first half of the year.

320,000 yuan (1 period in the first half of last year.

00 trillion), we expect mainly due to the weak car market and increased competition.

Considering that the goodwill impairment provision has been made in 18 years and the subsequent situation is estimated, we expect that the probability of re-acquisition in 19 years is low.

According to the announcement, Jiefa Technology’s next-generation 4G car networking chip has completed customer samples, and automotive-grade MCUs are continuing to cooperate with OEM customers.

Maintaining the level of overweight, optimistic about the acceleration of strategic business landing The core value of the company lies in the high-precision map business, the necessary infrastructure under 5G autonomous driving and connected cars.

Considering the development progress of head car companies and T1 such as Huawei, we expect the business to accelerate to land.

Considering the weak auto market, lowering 2019?
Net profit in 2020 from 4.

44/5.

52 to 4.

16/4.

5.3 billion.

The value of scarce industries is worthy of assessment, and we maintain the rating of overweight.

Risk Warning: Chip business development progress exceeds expectations, advanced map business progress exceeds expectations

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