NaaS(NAAS) 盈立证券·2025-03-11 01:10Investment Rating - The report initiates coverage on NaaS (NAAS.US) with a "Buy" rating and a target price of 1.15 [4][3]. Core Insights - NaaS is positioned as a leading electric vehicle charging service platform in China, capitalizing on a vast market opportunity as the industry expands [5][8]. - The company has focused its strategy in 2024 on a light-asset business model, resulting in a significant increase in gross margin from 19% in Q4 2023 to 57% in Q3 2024, and a turnaround in net profit margin from -525% to 46% in the same period [3][22]. - The report anticipates that NaaS will achieve breakeven in 2025, transitioning from a startup valuation model to a growth company valuation model, with projected revenues of 1.83 billion, 2.29 billion, and 3.60 billion yuan for 2024-2026 [3][43]. Summary by Sections Company Overview - NaaS, established in 2019 and listed on NASDAQ in 2022, is the largest electric vehicle charging service provider in China, offering charging solutions and value-added services to electric vehicle owners and partners [8][9]. Market Growth - The electric vehicle market in China is rapidly expanding, with the number of electric vehicles expected to exceed 45 million by 2025, driven by policy support and technological advancements [17][18]. - The charging service market has developed a "car-pile synergy" model, with public charging stations expected to reach approximately 3.58 million by the end of 2024 [18][21]. Strategic Focus - In 2024, NaaS has strategically focused on its core charging service business, which now contributes over 95% of total revenue, with a notable increase in gross profit from 12 million yuan in Q4 2023 to 25 million yuan in Q3 2024 [22][24]. Competitive Landscape - The competitive environment is improving, with NaaS enhancing its bargaining power due to a fragmented supply market and a reduction in competition among peers [30][34]. - The company has seen its gross take rate increase from approximately 10% in 2023 to 16.1% in Q3 2024, indicating improved negotiation capabilities with charging station operators [33][29]. AI and Data Utilization - NaaS is leveraging its extensive transaction data to develop AI-driven solutions that enhance operational efficiency and user engagement, establishing a comprehensive ecosystem with various partners [39][40]. Valuation Transition - The report predicts a shift in NaaS's valuation from a startup model to a growth company model, with expected revenue growth and profitability improvements leading to a target price of $3.20 based on a 1.4x P/S ratio for 2025 [3][43].