\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event overview
On March 3, 2022, the company disclosed the annual report of 2021. In 2021, the company realized an operating revenue of 4126742500 yuan, a year-on-year increase of + 57.04%, and a net profit attributable to shareholders of listed companies of 647269100 yuan, a year-on-year increase of + 45.96%; Deduction of net profit not attributable to parent company + 57.29% year-on-year. In addition, the company issued a stock issuance plan, which plans to raise no more than 3.1 billion yuan.
Analysis and judgment:
In 2021, the revenue grew rapidly, and the net profit deducted from non parent company kept pace with the growth of revenue
1. The growth rate of the company’s net profit deducted from non parent company is the same as that of revenue, and the growth rate of net profit attributable to parent company is slightly lower than that of revenue. The main reason is that the government subsidy of the company in 2021 is about 70 million yuan lower than that in 2020.
2. The decline in gross profit margin may be due to the rapid development of the company’s Internet of things business: the company’s gross profit margin was about 39% in 2021, with a year-on-year increase of -4.82pct. Among them, the hardware procurement cost was + 138.68% year-on-year, or directly related to the increase in the proportion of the company’s Internet of things business and the increase in the chip cost of Internet of things products last year.
3. Expense rate: the company’s management expense rate and financial expense rate in 2021 remained relatively flat compared with last year, 9.85% and 0.28% respectively; The sales expense rate and R & D expense rate decreased, of which the sales expense rate was 3.12%, with a year-on-year decrease of 1.03 PCT, and the R & D expense rate was 12.43%, with a year-on-year decrease of 2.89 PCT. The decline of R & D expense rate and sales expense rate may be due to the scale effect of the company’s business.
The automobile business maintains high growth and vigorously enters into high-level intelligent driving
1. Automobile business increased by + 58.9% year-on-year, and new business expanded rapidly. The company’s intelligent Internet connected vehicle business achieved an operating revenue of 1224032100 yuan, an increase of 58.91% over the same period last year, accounting for 30% of the company’s total revenue. Among them, the proportion of license revenue is about 11.6%, which is slightly lower than that in previous years. We think it may be due to the increase of new automobile business in 2021 and the rapid growth of software service revenue in automobile business, which squeezed the proportion of license revenue.
2. Both cockpit and intelligent driving grow, and vigorously develop high-level intelligent driving products. Chuangda intelligent cockpit is based on the AVM and APA interface of intelligent parking created by kanzione, which integrates the HMI tool chain of one-stop intelligent cockpit, so as to realize the separation of software and hardware architecture, and the moped factory can easily Ota. In terms of automatic driving, it has formed the dual scene capability of low speed + high speed: 1) in the field of low-speed driving, the company integrates the cross domain innovation of cockpit and low-speed driving, and supports the whole chain products, technologies and solutions from AVM, APA, RPA, HPA to AVP. 2) In the field of high-end driving, the company has laid out intelligent driving platforms across the board to enter the intelligent driving and future vehicle computing platform market. Form an automatic driving open platform and ecosystem covering intelligent driving domain controller platform, underlying software, operating system, middleware, software integration and testing.
The growth of intelligent software business was higher than expected, and the Internet of things maintained high growth in shipment and customer expansion
1. The growth rate of intelligent software business was higher than expected: the company’s intelligent software business achieved an operating revenue of 1630875100 yuan, an increase of 40.33% over the same period of last year, accounting for 40% of the company’s total revenue. The growth mainly comes from terminal manufacturers, and the growth rate is higher than expected. We think this fully reflects the scalability + sustainability of the intelligent software business. The company’s intelligent software business is to provide intelligent operating system software services and technical solutions for intelligent terminal devices, and its products include smart phones, tablets, handheld terminals, notebooks and POS devices, Industry space is far from reaching the ceiling. In 2021, the company obtained the certification of harmonyos connect ISV (Hongmeng Zhilian independent software supplier) and became a partner of harmonyos connect ISV. At the same time, the company has reached a strategic cooperation with Xiaomi, established an ecological link into the certification laboratory, and met the needs of high-quality and fast access of intelligent devices to Xiaomi platform with excellent certification service ability.
2. Sustained and high growth of Internet of things business: in 2021, the company’s intelligent Internet of things business achieved an operating revenue of 12718352 million yuan, an increase of 82.87% over the same period of last year, accounting for 30% of the company’s total revenue. The company has made breakthroughs in many market regions and intelligent hardware categories around the world, and continuously expanded product shipments and customer expansion in Siasun Robot&Automation Co.Ltd(300024) , intelligent vision, XR, handheld terminals and other product fields.
Release the additional issuance plan and continue to cultivate the growth of core technology
The company intends to raise no more than 3100 million yuan by issuing shares to specific objects this time, which will be used 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. It is expected that more than half of the funds raised will be used for the research and development of edge computing stations and vehicle operating systems, indicating the company’s determination to explore new technologies and its investment in business development in the fields of Internet of things and intelligent vehicles.
Investment advice
The industry in which the company’s emerging business is located is developing rapidly, and the traditional software business is developing steadily, which will continue to promote the growth of the company. The company’s annual revenue forecast was raised to RMB 12.85 billion-2.47 billion, and the company’s annual revenue forecast was raised to RMB 12.85 billion-2.47 billion; Raise the forecast of earnings per share (EPS) of 2.20/3.09 yuan in 22-23 years to 2.21/3.16/4.39 yuan in 22-24 years, corresponding to the closing price of 130.19 yuan / share on March 3, 2022, and PE of 59 / 41 / 30 times respectively, maintaining the “buy” rating of the company.
Risk tips
1) the risk that the development of intelligent automobile industry is less than expected; 2) The risk that the development of the Internet of things industry is less than expected; 3) Risk of changes in traditional mobile phone business model; 4) Macroeconomic downside risks.
