Last week (from February 28 to March 4), the three major A-share indexes were green, the Shanghai index fell 0.11%, the Shenzhen index and the gem index fell 2.93% respectively
\u3000\u Shenzhen Capchem Technology.Ltd(300037) 5%。 By industry (shenwanyi level), the coal industry had the largest weekly increase, up to 10.25%. Traditional industries such as transportation, agriculture, forestry, animal husbandry and fishery also led the increase. Automobile, electronic and power equipment decreased significantly.
In the depressed market, the institutional research heat continued to fall month on month. A total of 132 companies in Shanghai and Shenzhen disclosed the records of investor relations activities. Judging from the popularity of individual stock research, the smart auto parts providers Thunder Software Technology Co.Ltd(300496) and Foryou Corporation(002906) with a large correction in stock prices last week have attracted the most attention.
Among them, there are more than 500 reception institutions in Thunder Software Technology Co.Ltd(300496) a week Thunder Software Technology Co.Ltd(300496) is also the stock with the largest decline in the week, falling 23.43% to 105.36 yuan / share, with a current market value of about 44.8 billion yuan.
The company’s operating income reached RMB 3004.7 billion on March 2024, with a year-on-year increase of RMB 3004.7%; The net profit attributable to the parent company was 647 million yuan, a year-on-year increase of 45.96%. The company also announced that it plans to 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.
However, after the publication of the annual report with double increase in revenue and net profit, there were still differences in the interpretation of Thunder Software Technology Co.Ltd(300496) performance in the market. Many securities companies expressed optimism, and some even gave strong recommendation ratings. However, there are also views that the company’s operating cash flow and gross profit margin have declined, which is lower than expected. The next day (March 4), Thunder Software Technology Co.Ltd(300496) opened low and went low, with a sharp drop of more than 19%, and the market value evaporated more than 10 billion yuan a day. On the same day, Gaoyi assets, Sequoia Capital, Jingshun Great Wall, Harvest Fund, which heavily invested in the company, and other well-known institutions from many countries quickly investigated the company.
In the latest research activities, Thunder Software Technology Co.Ltd(300496) explained the decline of gross profit margin and cash flow in the company’s annual report. The company said that the core reason for the decline in gross profit margin was the impact of exchange rate. Excluding the impact of exchange rate, the gross profit margin of Internet of things is basically the same as that in 2020.
In terms of cash flow, Thunder Software Technology Co.Ltd(300496) said that the Internet of things has a great impact on cash flow. First, the reason for the accounting period. At present, the billing period of Internet of things business collection is about 60 days, but the billing period of payment is only about 30 days. This situation means that the advance of Internet of things business is about the level of one month’s income, which has a great impact on cash flow. According to the calculation, the occupation of cash flow of Internet of things business reached 240 million yuan by the end of the year, and reached 340 million yuan at the middle peak of the year. In addition, due to the rapid development of Internet of things business, the annual revenue of Internet of things increased by 82.87% in the same period in 2021. In the first quarter of 2021, the revenue of Internet of things was about 100 million yuan, while in the fourth quarter, the revenue of Internet of things had exceeded 400 million yuan.
Thunder Software Technology Co.Ltd(300496) also expressed confidence that the rapid growth of Internet of things business and the large-scale effect of shipments will drive the increase of gross profit margin. Although the gross profit margin of the Internet of things business is relatively low compared with the software business, the Internet of things operating system and its software are the core of the software and hardware integrated Internet of things products, which not only drives breakthroughs in multiple market regions and multiple intelligent hardware categories around the world, but also creates unique and differentiated products compared with other hardware based manufacturers Value of Internet of things products driven by software. In addition, the company’s Internet of things business form has also moved from terminal to end edge cloud integration, providing global customers with full scene intelligent products and solutions from module to whole machine. The company said that in the future, with the continuous increase of categories, the profit scale will continue to grow and the barriers will continue to strengthen.
In addition, smart cockpit leader Foryou Corporation(002906) was also investigated by institutions last week. From March 2 to 3, more than 300 institutions including Harvest Fund, Wells Fargo fund, Shanghai Investment Morgan and Gaoyi assets investigated the company, and the company’s share price fell by more than 11% this week.
Foryou Corporation(002906) revealed in the investigation that the company w-hud1 0、W-HUD2. 0 and ar-hud products have been mass produced, and new orders have been mass produced in the early stage. Since this year, the shipment has increased significantly year-on-year. The company’s HUD new order development continues to improve. At present, it has obtained fixed-point projects from more than 10 auto enterprises; Since this year, it has undertaken the new fixed-point projects of many auto enterprises such as great wall, Dongfeng and Jinkang Salis; HUD of the company has entered the supplier system of many international brand automobile enterprises and is in continuous communication with Shanxi Guoxin Energy Corporation Limited(600617) automobile enterprises in China.
It is worth mentioning that from the perspective of the industry, some market views believe that the sales volume of new energy vehicles has decreased month on month since 2022. In February, the delivery volume of many new energy vehicle representative companies such as Weilai, Xiaopeng, ideal and Nezha fell, coupled with the pressure of the price rise of upstream raw materials, Therefore, the market is worried about the pressure on the profits of the parts manufacturing end in the middle of the new energy vehicle industry chain.
