Landscape of NAAS Leadership and Growth in EV Sector:
- NAAS holds a leadership position globally in terms of user scale and network reach. As of 3Q2024, NAAS conducted a total of over 13.7 million transaction users through its platform, and managed more than 96,000 charging stations and 1,146,000 chargers. In 2023, the NAAS network facilitated 4,958 GWh of electricity, accounting for 7% of China’s total EV charging volume and 13% of the electricity delivered through public charging infrastructure, which significantly outpaced overseas competitors — who recorded electricity consumption of 400-500 GWh in 2023.
- Pure-play business model focusing on strategic charging network expansion and AI. NAAS is transforming the EV charging experience by connecting a fragmented network of charging stations with EV users through its platform. This asset-light model allows NAAS to grow rapidly while keeping costs under control: 3Q2024 results show that NAAS has achieved a record high 73% of orders with positive net take rates. In addition, NAAS’ strategic initiatives and investment into AI positions itself at the forefront of innovation for intelligent site selection, charging station efficiency, revenue forecasting, operational scheduling, and maintenance, in fulfilling the ever-evolving EV charging ecosystem. In this perspective, NAAS can be considered as “Meituan of EV charging.”
- China’s explosive EV sector growth incur infrastructure gaps. China’s EV market has seen rapid expansion, accounting for over 70% of global EV sales in 2024, with over 12 million EVs sold within the year. However, the sharp rise in EV adoption has underscored a major shortfall in charging infrastructure. Despite deploying 12.8 million charging points as of 2024 — the largest global network — the infrastructure still lags behind China’s massive EV fleet of over 31 million vehicles. This imbalance creates significant growth opportunities for charging operators and third-party service providers like NAAS.
- NAAS supported by experienced management team and parent company, as well as trusted by a diverse group of customers and partners within the EV ecosystem, including State Grid, China Southern Power Grid, Li Auto (LI.US), Xiaopeng Motors (XPEV.US), Cargo Lala.
- NAAS delivers sustainable charging revenue but still trades at a discount to peers. NAAS stands out for its sustainable growth trajectory compared to its peers, but its stock currently trades at 1.28 per ADS, translating to P/S multiple of 0.6x, far below the peer group P/S multiple of 2.2x for year 2025. This highlights NAAS’ growth potential while being undervalued relative to its competitors. NAAS financial achievements include:
1/Gross profit margins reached 57% in 3Q2024, a testament to its operational efficiency
2/Customer acquisition costs declined by 80% year-on-year in 3Q2024, primarily due to the Company’s technology- and data-driven operations as well as the scale of economies.
3/Profitability: while its peer still depends on customer subsidies, NAAS has already transitioned to a sustainable model with its strong net take rates
Although currently undervalued compared to its peers, NAAS presents a compelling opportunity for investors seeking exposure to the rapidly evolving EV market. As the EV market continues to grow, NAAS is positioned to deliver exceptional value to both its customers and investors.
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