\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
In 2021, the company’s performance continued high growth and maintained the “buy” rating
The company is the world’s leading provider of operating system technology and products. Benefiting from the high prosperity of the industry, the company’s performance continued to grow rapidly in 2021. We raised the profit forecast for 20222023 and added 2024. It is estimated that the net profit attributable to the parent company in 20222024 will be 920, 1230 and 1626 million yuan (formerly 905 and 1210 million yuan), and EPS will be 217, 289 and 382 yuan / share, The current share price corresponds to 48.7, 36.4 and 27.5 times of PE, maintaining the “buy” rating.
Revenue accelerated in the fourth quarter, with high growth in Internet of things business
The company released the annual report of 2021. In 2021, the revenue reached 4.127 billion yuan, a year-on-year increase of 57.04%, and the revenue in the fourth quarter increased by 73% year-on-year; The net profit attributable to the parent company was 647 million yuan, a year-on-year increase of 45.96%. In terms of business, the revenues of smart phones, smart cars and the Internet of things were 1.63 billion yuan, 1.22 billion yuan and 1.27 billion yuan respectively, with growth rates of 40.3%, 58.9% and 82.9% respectively. Due to the continuous expansion of shipments of Siasun Robot&Automation Co.Ltd(300024) , smart vision and other products and the continuous expansion of customers, the Internet of things business still achieved high growth under the high base in 2020. In terms of gross profit margin, the overall gross profit margin of the company in 2021 was 39.40%, a year-on-year decrease of 4.82 percentage points. We judged that it was mainly due to exchange rate fluctuations and changes in income structure (the proportion of Internet of things increased).
The release of the fixed increase plan is expected to open a new chapter
The company issued a fixed increase plan for 2022 and plans to raise no more than 3.1 billion yuan from no more than 35 objects. The raised funds will be used for the R & D of vehicle operating system (HPC system components and mattrans operating system), the R & D and industrialization of edge computing station (edge computing station equipment, software platform and industry solutions), XR R & D and industrialization, and the R & D of distributed computing network technology. The funds to be raised are 650 million yuan, 100 million yuan, 360 million yuan and 190 million yuan respectively. Fixed growth will improve the company’s product structure, improve R & D level and provide power for future development.
The card position is high, and the strategy is clear, and the future can be expected
Intelligent vehicles are in a period of rapid development. According to the calculation of IHS Markit, the global market scale of intelligent cockpit is expected to reach US $68.1 billion in 2030. Under the general trend of software and hardware separation and cross domain integration, a unified and cross domain integration scheme may be formed in the future, and the value of software will be further highlighted. The company’s card operating system platform is in a leading position in the intelligent cockpit. Relying on its technical and ecological advantages, it plans to make efforts from the cockpit domain to the driving domain in the future to provide vehicle OS solutions, which is expected to fully benefit from the era of “software defined vehicle”.
Risk tip: the development of intelligent business is not as expected.
