\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event overview: on March 3, the company officially released the annual report of 2021: during the reporting period, the operating revenue was 4.127 billion yuan, a year-on-year increase of 57.04%; The net profit attributable to the parent company was 647 million yuan, a year-on-year increase of 45.96%; The net profit after non deduction was 576 million yuan, a year-on-year increase of 57.29%.
The business continued to improve and the performance blossomed in an all-round way. From the perspective of business, intelligent software business: realized revenue of RMB 1.631 billion, with a year-on-year increase of 40.33%, including revenue from terminals of RMB 1.054 billion, with a year-on-year increase of 47.88%, and revenue from chips of RMB 369 million, with a year-on-year increase of 4.83%. We judge that the growth of this business is related to the high growth of 5g mobile phone shipments (high added value). According to the statistics of the Institute of information and communications, China’s 5g mobile phone shipments in 2021 were 266 million, with a year-on-year increase of 63.5%; Intelligent Internet connected vehicle business: the revenue was 1.224 billion yuan, a year-on-year increase of 58.91%, including software development and technical service revenue of 1.082 billion yuan, a year-on-year increase of 72.84%, and software license revenue of 142 million yuan, a year-on-year increase of 0.71%. We judge that the company has also actively expanded more automobile customers on the underlying platform, resulting in the continuous high growth of the business, while continuing the collaborative advantages of Qualcomm; Intelligent Internet of things business: the revenue was 1.272 billion yuan, a year-on-year increase of 82.87%. We judge that under the background of category expansion, the company has also actively expanded customers in Siasun Robot&Automation Co.Ltd(300024) , intelligent vision, XR, handheld terminals and other fields. If the growth of the business is judged by taking half a year as the definition, it can be clearly seen from the disassembly that whether it is intelligent software, intelligent connected vehicle or intelligent Internet of things, the business shows an upward trend year by year. Even compared with 2020h2 (generally the peak in the second half of the year), 2021h1 shows a stable growth, while 2021h2 shows a stable growth compared with the first half of the year The intelligent Internet of things business also continued to grow, increasing by 2.96 PCT, 45.49 PCT and 77.58 PCT respectively, and the industry remained in high prosperity. From the perspective of gross profit margin and per capita income generation indicators, the comprehensive gross profit margin of the company’s products in 2021 was 39.40%, a year-on-year decrease of 4.82%, mainly due to the impact on the cost side caused by the rise of hardware costs and raw materials, in which the technical services and software licenses decreased by 4.99% and 4.54% respectively; From the perspective of per capita income generation, by the end of 2021, the company had 4092 new employees, an obvious increase compared with the same period last year. We believe that the high increase in personnel also indicates the high growth of follow-up business to a certain extent, and the per capita income also increased slightly, reaching 359800 yuan.
We will increase aviation insurance and enhance long-term competitiveness. The company issued a fixed increase plan, which plans to issue no more than 85.01 million shares to specific objects and raise no more than 3.1 billion yuan for vehicle operating system R & D projects, edge computing station R & D and industrialization projects, extended reality (XR) R & D and industrialization projects, distributed computing network technology R & D projects and supplementary working capital. We believe that this fixed increase will help the company further improve its product structure, consolidate and strengthen its industry position, and provide impetus for future business development, so as to further build strong core competitiveness and sustainable profitability.
Investment suggestion: it is estimated that the company will achieve a revenue of 5.74/77.2/9.92 billion yuan and a net profit attributable to the parent company of 9.3/13.0/1.75 billion yuan from 2022 to 2024. The current market value corresponds to 59 / 43 / 32 times of PE from 2022 to 2024. We are optimistic about the layout and core competitiveness of the company in smart cars and iots, and are expected to fully benefit from 5g + AI, set off a new round of scientific and technological innovation, and maintain the “recommended” rating.
Risk tip: competition leads to lower gross profit margin, less than expected IOT and automobile business, and increased impact of core shortage.
