\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: on the evening of March 3, 2022, the company released its annual report for 2021. In 2021, the company realized revenue of 4.127 billion yuan, yoy + 57.04%, net profit attributable to parent company of 647 million yuan, yoy + 45.96%, net profit attributable to parent company of 576 million yuan after deduction, yoy + 57.29%. The annual report met market expectations. At the same time, the company issued the fixed increase plan, which plans to raise no more than 3.1 billion yuan, and issued the core employee follow-up investment and innovation business system (Draft), so as to further stimulate the innovation vitality of employees.
The three sectors keep pace, and the acceleration of the income side verifies the high outlook of the industry again. The scale effect is expected to be gradually improved in the future. It is proposed to increase the intelligent industrial layout by no more than 3.1 billion yuan. According to the company’s revenue growth rate of 7.03% in Q4 in 2021, and the revenue growth rate of 32.54% in Q3 significantly increased month on month. The year-on-year revenue growth rate of 57.04% in 2021 verified the high prospect of the intelligent industry. In 2021, the revenue growth rates of smart phones, smart cars and smart Internet of things were about 40.33%, 58.91% and 82.87% respectively. The smart phone sector increased significantly in Q4 in 2021. In terms of income / number of employees at the end of the period, the per capita output in 2021 is about 360000 yuan, with a year-on-year increase of about 4000 yuan. In the current stage of industrial intelligence, with the accumulation of industry know-how, the scale effect is expected to gradually increase in the future. The company’s net operating cash flow in 2021 was 139 million yuan, a year-on-year decrease of about 202 million yuan, mainly due to the company’s substantial increase in raw material reserves in 2021, reaching 240 million yuan at the end of the period, an increase of 172 million yuan over the beginning of the period, in response to the disturbance of the supply chain. In addition, the contract performance cost also increased by about 111 million yuan at the end of the period, and the proportion of cash collection in 2021 was still as high as 98.96%, The bargaining power of the industrial chain is still strong. At the same time, the company released the fixed growth plan for 2022, and plans to raise no more than 3.1 billion yuan to invest in the vehicle operating system, edge computing station, extended reality (XR), distributed computing network technology and flow supplement, so as to further consolidate and expand the R & D product line and meet the wave of intelligent industry.
Ces2022, the company’s smart car sector has frequent new products. According to WeChat official account, the company released a smart parking technology and solution on CES2022, which is based on the redundant computing power in the cabin area to achieve low speed parking and reduce the cost of the scheme. Meanwhile, it presents a immersive parking scene for users through the HMI tool KanziOne. The company also released an intelligent cockpit solution based on Qualcomm’s sa8295 hardware platform, giving full play to the outstanding performance of sa8295 in computing power, graphics and image processing, and creating a one core multi screen intelligent cockpit domain control including digital instruments, central control entertainment, passenger seat entertainment, double rear seat entertainment, streaming media rearview mirrors and head up display, The new features of sa8295 in security & safety bring all-round security protection for the intelligent cockpit, such as user data encryption, storage security, function security, car to cloud security and so on. The iterative innovation of intelligent vehicle product matrix is expected to continue to consolidate the company’s R & D strength in the field of intelligent cockpit and realize the extension to the field of intelligent driving. Relying on the close cooperation with Qualcomm and other international chip giants, it is expected to win the first opportunity in the current wave of intelligent reform in the automotive industry.
Maintain the “buy” rating. We expect the net profit attributable to the parent company from 2022 to 2024 to be 890 million yuan, 1156 million yuan and 1.525 billion yuan respectively. Maintain the “buy” rating.
Macroeconomic downside risk; The risk of tight industrial supply chain; Intellectual property risk; The risk of continuous negative impact of the epidemic; There is risk of error in calculation and assumption.
