\u3000\u3000 Neusoft Corporation(600718) (600718)
Event: the company recently released the performance forecast for 21 years. In 2021, the company realized the net profit attributable to the parent company of 1.03 ~ 1.22 billion yuan, yoy + 686% ~ + 823%. It is expected to deduct the net profit not attributable to the parent company of 20 ~ 50 million yuan, yoy + 113% ~ + 133%.
Comments: high growth of smart car business and improvement of Q4 performance. In 2021, the company realized a net profit attributable to the parent company of 1.03-1.22 billion yuan, yoy + 686% ～ + 823%. It is expected to deduct a net profit not attributable to the parent company of 20-50 million yuan, yoy + 113% ～ + 133%. Among them, the non recurring profit and loss brought by Neusoft Ruichi’s introduction of investors that will not be included in the scope of consolidated statements after the completion of delivery is about 800 million yuan. Looking at Q4 alone, the company deducted 18-48 million yuan of non parent net profit in 21q4. Excluding the impact of equity incentive expenses, it is expected that the deduction of non parent net profit in 21q4 will be 52-82 million yuan, reversing the loss year-on-year and month on month. The deduction of non parent net profit in 20q4 / 21q3 is – 65 / – 08 million yuan. The rapid growth of the company’s performance benefits from the rapid growth of its main businesses such as smart car interconnection. At the same time, the company pays attention to performance management and has set up key performance indicators (KPI) and personal business commitment (PBC) performance management system to promote the improvement of the company’s operation and management efficiency.
Taking the lead in the layout of automotive basic software, neusar continues to upgrade, which is expected to deeply benefit from the strengthening trend of software defined vehicle (SDV). With the deepening of automobile intelligence and the decoupling of software and hardware, middleware, as the bottom layer of hardware and the intermediate connection layer of application, has further highlighted its importance and broad growth space. Under the trend of SDV, the role transformation of software suppliers (tier2-tier1 / tier0.5) and the innovative cooperation mode of automobile enterprises are expected to further drive the innovation of Automobile Industry & Accelerating the iteration of technological upgrading. Neusoft Ruichi took the lead in the layout of basic software, and launched the basic software platform neusar1 based on AUTOSAR architecture in 2018 0, which can effectively realize the separation of software and hardware, build an upper software platform based on neusar basic software, convert the core functions and algorithms in its products into SOA services, and provide them to upper application developers through standardized interfaces to support flexible application development modes. At present, neusar has been upgraded to version 3.0, which is compatible with the latest AUTOSAR standard. It not only supports the development of traditional ECU, but also provides rich basic software, middleware and development tools for software development based on domain controller and new EE architecture. Continue to be optimistic about the overall business layout of the company’s large cars under the trend of software defined cars. Neusoft automotive business is closely arranged according to the development trend of software defined vehicles, forming a large automotive sector composed of automotive electronic solutions division, leading products division, network security division and Neusoft Ruichi.
It can provide customers with solutions from hardware, basic software, application software to car cloud integrated platform. At the hardware level, Neusoft and mainstream chip platforms at home and abroad jointly build high-performance hardware platforms such as intelligent cockpit, intelligent driving, general domain controller and intelligent communication; In the software layer, Neusoft takes the automotive basic software platform neusar as the core and based on the SOA development and design concept to create vehicle level software products and solutions covering the whole stack and whole domain. In the application cloud, driven by the scene engine through the vehicle cloud integrated platform, Neusoft maintains the continuous “online” of vehicle product power.
Investment suggestion: maintain the profit forecast of net profit of 450 / 590 million yuan in 22 / 23.
Risk warning: the company’s performance forecast is the preliminary calculation, subject to the 21-year annual report issued by the company, the intellectualization of vehicles and networking are less than expected, and the company’s technical iteration is less than expected
