( )
四维图新:高精度地图普及推动利润增长
四维图新 002405
研究机构:国泰君安 分析师:王炎学 撰写日期:2015-09-08
投资要点:
给予“中性”评级。公司毛利率有望随高精度地图普及而回升,维持2015/2016年0.24元/0.31元预测不变,维持目标价27元。
高精度地图普及将带动公司毛利润回升:目前整车厂已经要求新搭载地图全部为高精度地图,高精度地图利润较传统地图明显提升,毛利率有望恢复。地图市场份额占主导地位,导航地图占前装65%-70%市场份额,将显著受益于高精度地图普及。
交通信息大数据业务是核心优势:数据自2009年开始积累,人才和算法,经验积累在市场中具有较强领先优势,目前已经接入百度,滴滴,腾讯,出租车都数据源,已经可以预测5-10分钟以后的交通情况,未来市场应用空间广阔。
催化剂:高精度地图搭载率上升,无人驾驶普及风险提示:无人驾驶普及速度不及预期
基金名称 | 持股数(万股) | 持股比例 | 持仓变化(万股) | 持股市值(万元) | 占净值比例 | 占个股流通市值比例 |
106.00 | 1.45 | 106.00 | 4642.80 | 0.88 | 0.16 | |
36.99 | 3.36 | 36.99 | 1620.25 | 3.20 | 0.06 | |
11.08 | 0.26 | 11.08 | 485.23 | 0.22 | 0.02 | |
70.00 | 10.68 | 70.00 | 3065.87 | 2.34 | 0.11 | |
55.88 | 5.25 | -109.11 | 2447.54 | 2.29 | 0.09 | |
2.28 | 0.01 | 2.28 | 99.86 | 0.01 | 0.00 | |
554.19 | 7.03 | 554.19 | 24273.32 | 5.72 | 0.86 | |
28.51 | 6.83 | 28.51 | 1248.74 | 4.72 | 0.04 | |
0.00 | 0.00 | 0.00 | 0.11 | 0.00 | 0.00 | |
349.99 | 4.97 | 0.00 | 15329.47 | 2.84 | 0.54 | |
20.00 | 4.81 | 20.00 | 876.00 | 3.88 | 0.03 | |
183.35 | 0.99 | 183.35 | 8030.87 | 0.96 | 0.28 | |
15.16 | 0.42 | 15.16 | 664.02 | 0.33 | 0.02 | |
50.00 | 3.37 | 50.00 | 2190.00 | 2.51 | 0.08 | |
1.41 | 0.30 | 1.41 | 61.76 | 0.24 | 0.00 | |
112.65 | 0.91 | 112.65 | 4933.93 | 0.85 | 0.17 | |
16.46 | 8.38 | 8.46 | 720.95 | 47.56 | 0.03 | |
47.21 | 4.19 | 47.21 | 2067.80 | 1.30 | 0.07 | |
0.28 | 0.42 | 0.28 | 12.44 | 0.40 | 0.00 | |
17.29 | 0.60 | 17.29 | 757.20 | 0.48 | 0.03 | |
28.97 | 4.03 | 0.00 | 1269.03 | 0.89 | 0.04 | |
30.67 | 6.53 | 30.67 | 1343.21 | 1.27 | 0.05 | |
95.39 | 4.35 | 95.39 | 4177.94 | 1.43 | 0.14 | |
50.00 | 1.33 | 50.00 | 2190.00 | 1.27 | 0.08 | |
68.83 | 0.63 | -11.16 | 3014.76 | 0.49 | 0.11 | |
5.00 | 6.00 | 5.00 | 219.00 | 4.12 | 0.01 | |
298.94 | 5.15 | -62.33 | 13093.39 | 4.34 | 0.46 | |
120.00 | 3.96 | 120.00 | 5256.00 | 3.22 | 0.19 | |
85.00 | 5.25 | 85.00 | 3723.00 | 3.23 | 0.13 | |
517.20 | 5.71 | 517.20 | 22653.36 | 5.68 | 0.80 | |
8.40 | 5.95 | 8.40 | 367.92 | 2.27 | 0.01 | |
43.99 | 0.79 | 43.99 | 1926.76 | 0.72 | 0.07 | |
200.00 | 4.24 | 200.00 | 8760.07 | 4.15 | 0.31 | |
233.34 | 6.98 | 233.34 | 10220.44 | 4.49 | 0.36 | |
8.00 | 100.00 | 8.00 | 350.40 | 1.09 | 0.01 | |
36.45 | 1.24 | -64.17 | 1596.51 | 0.67 | 0.06 | |
30.00 | 9.69 | 30.00 | 1314.00 | 1.12 | 0.05 | |
20.00 | 4.78 | -180.98 | 876.00 | 1.53 | 0.03 | |
21.80 | 16.66 | 0.00 | 954.84 | 3.10 | 0.03 | |
30.00 | 14.17 | 30.00 | 1314.00 | 5.02 | 0.05 | |
88.40 | 4.57 | 88.40 | 3871.77 | 3.02 | 0.13 | |
362.86 | 7.63 | 362.86 | 15893.40 | 3.10 | 0.56 | |
26.03 | 8.00 | 26.03 | 1139.97 | 4.39 | 0.04 | |
1.27 | 0.67 | 0.85 | 55.45 | 0.51 | 0.00 | |
819.48 | 8.15 | 495.91 | 35893.40 | 5.94 | 1.24 | |
84.32 | 1.74 | 84.32 | 3693.40 | 1.45 | 0.13 | |
0.40 | 2.16 | 0.40 | 17.52 | 0.03 | 0.00 | |
829.57 | 5.33 | -34.55 | 36335.35 | 4.20 | 1.26 | |
42.24 | 9.84 | -16.64 | 1849.91 | 2.94 | 0.07 | |
0.64 | 0.62 | -0.12 | 28.12 | 0.50 | 0.00 | |
1.35 | 0.61 | 0.03 | 58.93 | 0.48 | 0.00 | |
140.00 | 7.21 | 140.00 | 6132.00 | 3.51 | 0.22 | |
107.60 | 6.62 | 107.60 | 4712.78 | 2.87 | 0.16 | |
186.87 | 9.33 | 186.87 | 8184.91 | 2.85 | 0.29 | |
32.29 | 20.00 | 32.29 | 1414.51 | 0.35 | 0.05 | |
221.05 | 3.96 | -14.24 | 9682.06 | 2.83 | 0.34 | |
527.09 | 2.82 | 366.50 | 23086.45 | 2.36 | 0.81 | |
126.26 | 3.05 | 69.20 | 5530.39 | 2.93 | 0.20 | |
26.18 | 5.26 | 26.18 | 1146.68 | 5.03 | 0.04 | |
7.95 | 2.73 | 0.00 | 348.00 | 2.00 | 0.01 | |
11.51 | 0.65 | 5.90 | 504.04 | 0.50 | 0.02 | |
0.21 | 0.00 | 0.21 | 9.14 | 0.00 | 0.00 | |
173.34 | 2.87 | 173.34 | 7592.26 | 2.48 | 0.27 | |
1.43 | 0.65 | 1.43 | 62.57 | 0.60 | 0.00 | |
0.35 | 0.03 | 0.35 | 15.40 | 0.02 | 0.00 | |
217.25 | 3.25 | 217.25 | 9515.45 | 2.97 | 0.34 | |
273.81 | 8.10 | 273.81 | 11992.69 | 6.93 | 0.42 | |
0.21 | 1.70 | 0.00 | 9.30 | 1.32 | 0.00 | |
99.07 | 1.96 | 99.07 | 4339.45 | 1.84 | 0.15 | |
14.13 | 1.09 | 14.13 | 618.89 | 0.41 | 0.02 | |
0.45 | 0.35 | 0.45 | 19.60 | 0.30 | 0.00 | |
0.26 | 0.27 | 0.26 | 11.39 | 0.21 | 0.00 | |
0.01 | 0.00 | 0.01 | 0.30 | 0.00 | 0.00 | |
0.00 | 0.00 | 0.00 | 0.19 | 0.00 | 0.00 | |
6.77 | 0.32 | 6.77 | 296.32 | 0.32 | 0.01 | |
0.78 | 0.62 | 0.78 | 33.97 | 0.49 | 0.00 | |
68.61 | 1.64 | 68.61 | 3005.25 | 1.36 | 0.11 | |
1.40 | 58.97 | 1.40 | 61.32 | 0.02 | 0.00 | |
105.00 | 5.16 | 105.00 | 4599.00 | 3.20 | 0.16 | |
302.18 | 4.54 | 302.18 | 13235.57 | 3.22 | 0.47 | |
24.54 | 2.62 | 24.54 | 1074.85 | 2.14 | 0.04 | |
0.06 | 0.48 | 0.06 | 2.70 | 0.11 | 0.00 | |
82.71 | 1.84 | 82.71 | 3622.87 | 1.56 | 0.13 | |
14.99 | 0.43 | 14.99 | 656.56 | 0.33 | 0.02 | |
13.26 | 0.08 | 13.26 | 580.66 | 0.06 | 0.02 | |
115.32 | 0.88 | 115.32 | 5051.19 | 0.75 | 0.18 | |
37.93 | 6.68 | -22.07 | 1661.19 | 2.41 | 0.06 | |
398.36 | 6.98 | 398.36 | 17448.14 | 3.09 | 0.62 | |
166.66 | 9.48 | 51.94 | 7299.56 | 5.21 | 0.26 | |
1.72 | 1.47 | 1.72 | 75.34 | 0.97 | 0.00 | |
282.72 | 3.76 | 282.72 | 12383.18 | 3.35 | 0.44 | |
116.08 | 1.46 | 116.08 | 5084.27 | 1.12 | 0.18 | |
46.35 | 9.19 | -22.87 | 2030.13 | 4.65 | 0.07 | |
47.78 | 2.92 | 47.78 | 2092.84 | 2.53 | 0.07 | |
0.31 | 0.13 | 0.31 | 13.78 | 0.11 | 0.00 | |
184.68 | 18.60 | 184.68 | 8088.90 | 9.55 | 0.29 | |
3.07 | 0.32 | 3.07 | 134.39 | 0.31 | 0.00 | |
6.90 | 1.15 | 6.90 | 302.22 | 0.70 | 0.01 | |
4.65 | 4.32 | 4.65 | 203.67 | 2.55 | 0.01 | |
0.01 | 0.00 | -57.00 | 0.30 | 0.00 | 0.00 | |
0.48 | 2.99 | 0.48 | 21.02 | 0.33 | 0.00 | |
10.00 | 4.27 | 10.00 | 438.00 | 2.89 | 0.02 | |
41.46 | 3.63 | 41.46 | 1815.88 | 3.13 | 0.06 | |
0.50 | 1.17 | 0.50 | 21.90 | 0.01 | 0.00 | |
0.94 | 1.09 | 0.94 | 41.31 | 0.91 | 0.00 | |
0.08 | 0.08 | 0.08 | 3.50 | 0.00 | 0.00 | |
1.50 | 0.03 | 1.50 | 65.70 | 0.02 | 0.00 | |
1.00 | 1.29 | 1.00 | 43.80 | 0.19 | 0.00 | |
35.74 | 1.03 | 35.74 | 1565.62 | 0.83 | 0.06 | |
2.00 | 3.69 | 2.00 | 87.60 | 2.74 | 0.00 | |
151.93 | 11.97 | 151.93 | 6654.40 | 8.43 | 0.23 | |
4.00 | 6.86 | 4.00 | 175.20 | 0.49 | 0.01 | |
80.00 | 6.58 | 80.00 | 3504.00 | 55.37 | 0.12 | |
10.74 | 1.91 | 10.74 | 470.58 | 1.65 | 0.02 | |
19.33 | 11.85 | 19.33 | 846.74 | 7.27 | 0.03 | |
31.70 | 4.83 | 31.70 | 1388.46 | 3.46 | 0.05 | |
70.00 | 7.55 | 70.00 | 3066.00 | 4.74 | 0.11 | |
7.00 | 1.84 | 7.00 | 306.60 | 0.41 | 0.01 | |
0.13 | 1.24 | 0.00 | 5.69 | 0.92 | 0.00 | |
61.73 | 2.43 | 61.73 | 2703.83 | 1.84 | 0.10 | |
648.46 | 4.16 | -76.79 | 28402.71 | 3.21 | 1.00 | |
1.44 | 1.09 | 1.44 | 62.99 | 0.93 | 0.00 | |
0.49 | 0.29 | 0.49 | 21.46 | 0.23 | 0.00 | |
116.38 | 0.75 | 116.38 | 5097.50 | 0.58 | 0.18 | |
8.35 | 2.42 | 8.35 | 365.83 | 1.84 | 0.01 | |
0.41 | 1.15 | 0.41 | 17.77 | 0.93 | 0.00 | |
108.49 | 5.85 | 108.49 | 4751.69 | 5.13 | 0.17 | |
1.37 | 0.40 | 1.37 | 59.83 | 0.27 | 0.00 | |
4.82 | 1.87 | 4.82 | 211.15 | 1.62 | 0.01 | |
124.95 | 4.96 | 62.10 | 5472.81 | 3.72 | 0.19 | |
0.73 | 0.19 | -29.27 | 31.97 | 0.08 | 0.00 | |
15.87 | 1.83 | -19.14 | 694.95 | 0.29 | 0.02 | |
2.07 | 0.39 | 2.07 | 90.67 | 0.28 | 0.00 | |
0.50 | 0.02 | 0.50 | 21.80 | 0.02 | 0.00 | |
25.00 | 4.64 | 25.00 | 1094.91 | 2.78 | 0.04 | |
0.06 | 3.73 | 0.06 | 2.63 | 0.02 | 0.00 | |
34.88 | 2.12 | 34.88 | 1527.60 | 1.59 | 0.05 | |
1466.37 | 1.77 | 468.47 | 64226.86 | 1.44 | 2.23 | |
1.28 | 0.66 | 1.28 | 56.02 | 0.55 | 0.00 | |
0.85 | 6.97 | 0.02 | 37.27 | 0.46 | 0.00 | |
0.22 | 0.11 | 0.22 | 9.64 | 0.02 | 0.00 | |
29.24 | 0.64 | -6.72 | 1280.70 | 0.49 | 0.04 | |
42.37 | 2.23 | 42.37 | 1855.77 | 1.86 | 0.06 | |
17.00 | 5.82 | 17.00 | 744.60 | 2.21 | 0.03 | |
1.21 | 1.01 | 1.21 | 53.13 | 0.89 | 0.00 | |
0.07 | 0.01 | 0.07 | 2.93 | 0.01 | 0.00 | |
1.00 | 0.95 | 1.00 | 43.80 | 0.52 | 0.00 | |
11.92 | 0.40 | 11.92 | 522.08 | 0.22 | 0.02 | |
79.99 | 1.75 | 79.99 | 3503.64 | 1.57 | 0.12 | |
14.44 | 2.78 | 14.44 | 632.42 | 2.36 | 0.02 | |
79.58 | 2.49 | 79.58 | 3485.80 | 1.52 | 0.12 | |
23.83 | 2.39 | 23.83 | 1043.78 | 1.52 | 0.04 | |
88.45 | 1.00 | 88.45 | 3874.23 | 0.86 | 0.13 | |
0.60 | 1.00 | 0.60 | 26.28 | 0.10 | 0.00 | |
138.09 | 2.40 | 138.09 | 6048.45 | 1.63 | 0.21 | |
49.99 | 0.30 | 49.99 | 2189.61 | 0.22 | 0.08 | |
5.17 | 0.23 | 5.17 | 226.45 | 0.20 | 0.01 | |
19.02 | 1.23 | 19.02 | 833.08 | 1.08 | 0.03 | |
0.25 | 0.68 | 0.02 | 10.95 | 0.02 | 0.00 | |
0.29 | 1.33 | 0.29 | 12.50 | 1.07 | 0.00 | |
10.62 | 0.57 | 0.94 | 465.09 | 0.45 | 0.02 | |
3.99 | 5.21 | 3.99 | 174.85 | 0.54 | 0.01 | |
316.68 | 6.24 | 316.68 | 13870.40 | 2.45 | 0.48 | |
4.00 | 3.30 | 4.00 | 175.20 | 2.63 | 0.01 | |
162.08 | 5.12 | -193.58 | 7099.20 | 2.17 | 0.25 | |
39.33 | 3.04 | 39.33 | 1722.68 | 2.01 | 0.06 | |
2.92 | 0.63 | 2.92 | 127.68 | 0.52 | 0.00 | |
3.60 | 0.95 | 3.60 | 157.68 | 0.85 | 0.01 | |
1.20 | 0.57 | 1.20 | 52.56 | 0.49 | 0.00 | |
29.99 | 1.05 | 29.99 | 1313.58 | 0.75 | 0.05 | |
15.72 | 0.28 | 15.72 | 688.54 | 0.26 | 0.02 | |
0.03 | 0.56 | 0.03 | 1.31 | 0.02 | 0.00 | |
1.07 | 0.51 | 1.07 | 47.08 | 0.44 | 0.00 | |
32.60 | 2.87 | 32.60 | 1427.88 | 2.15 | 0.05 | |
67.29 | 2.21 | 67.29 | 2947.30 | 1.65 | 0.10 | |
6.06 | 4.47 | 6.06 | 265.43 | 0.02 | 0.01 | |
0.36 | 0.61 | 0.36 | 15.72 | 0.48 | 0.00 |