Summary of events: on March 1, 2023, the company issued an announcement. Beijing Siwei Tuxin Technology Co., Ltd. received a fixed-point notice from Dongfeng Automobile Group Co., Ltd. Passenger cars. The company will provide products and development services such as high-precision maps, engines and man-machine co-driving machine rendering for the designated models of Dongfeng passenger cars that will be mass-produced and listed in 2024. The specific sales volume and amount depend on the sales volume of the new generation of designated models that Dongfeng passenger cars are mass-produced and listed.
Domestic core car companies in the next city, the company's own ability is fully reflected. In recent years, the company has comprehensively promoted technological innovation, continuously increased R & D investment, actively expanded new markets, and continued to increase its own layout in the era of self-driving.
The fixed-point notification of Dongfeng passenger car is the first time for the company to enter the Dongfeng passenger car supply system, and it is a reconfirmation of the company's technical strength, product performance and other comprehensive strength by important customers. fully demonstrated the company in high-precision maps, engines and man-machine driving and other areas of the core competitiveness, will further enhance the company's business development ability.
Important orders continue to land, maps and systems blossom at multiple points. 1) the company announced in February 2023 that the company will provide products and services such as ADAS Maps, HD Maps and LBS for the next generation of autopilot functions of BMW Group in the Chinese market.
2) in 2022, the company received a cooperation order from a domestic new energy vehicle B company. The company will work with the internal team of the depot to develop the software and hardware solution of the L2 autopilot assist system. Mass production will be achieved on several models from the end of 2022 to the end of 2024.
3) in 2022, the company received a successful selection notice from China first Automobile Co., Ltd., and the company cooperated with FAW Hongqi in high-precision maps, lane-level navigation application services, parking high-precision maps and automatic parking software modules. FAW Hongqi will provide high-precision maps, lane-level navigation application services, parking high-precision maps and automatic parking software modules for the new generation of FAW Hongqi models that will be put on the market from 2024 to 2029.
Maps and systems bloom at many points, and the omni-directional layout of the company reflects its strength and development potential in the era of self-driving.
Facing intelligent driving at L2 and above, the company can not only provide its core products with high-precision maps and complete self-driving solutions, but also support mass-produced models to achieve automatic emergency braking, adaptive cruise control, highway assistance, automatic parking assistance, traffic congestion assistance, navigation assistance, urban cruising, automatic valet parking and other functions. The future is expected to lay an important foundation for the development of the era of autopilot.
Investment advice: the company's high-precision map, compliance, autopilot and other businesses are in a critical stage of development, the landing of this order highlights the company's own strength, optimistic about the company's long-term development prospects. It is estimated that the company's homing net profit from 2022 to 2024 will be-3.26pm 130pm 286 million yuan respectively, and the corresponding PE for 2023max 2024 will be 243X and 110X respectively. The company has an important card position advantage in the field of self-driving, important orders will continue to land, short-term fluctuations will not change long-term expectations, and the "recommended" rating will be maintained.
Risk tips: the impact of fluctuations in the global car market; the process of business integration is not as expected; the process of new technology research and development is not as expected.