\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: the company released its 2021 annual report. In 2021, it realized an operating revenue of 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 attributable to the parent company after non deduction was 576 million yuan, a year-on-year increase of 57.29%. The company announced the plan for issuing A-Shares to specific objects in 2022.
The performance is in line with expectations. In 2021, the company's overall gross profit margin was 39.40%, a decrease of 4.82 percentage points compared with last year; The overall net interest rate was 15.27%, a decrease of 1.84 percentage points compared with last year. Mainly due to the decline in gross profit margin of commodity sales and other businesses. In terms of business: the revenue of smartphone business was 1.631 billion yuan, a year-on-year increase of 40%; The smart car business realized a revenue of 1.224 billion yuan, a year-on-year increase of 59%. The business revenue of intelligent Internet of things was 1.272 billion yuan, a year-on-year increase of 83%.
Add fixed code smart car and edge calculation. The fixed increase plan will raise no more than 3.1 billion yuan, which is mainly invested in the R & D project of vehicle operating system, the R & D and industrialization project of edge computing station, the R & D and industrialization project of extended reality (XR), and the R & D project of distributed computing network technology. The vehicle operating system project aims to develop the next generation of vehicle operating system for the company to adapt to the centralization of the new generation of electronic and electrical architecture. Edge computing aims to provide edge computing station equipment, develop cloud edge collaboration software platform and form solutions for multiple industries.
Products continue to push through the old and bring forth the new. In 2022, CES released a new intelligent cockpit solution based on Qualcomm sa8295 hardware platform and intelligent parking technology and solutions. In terms of cooperation with Huawei, the company became the first enterprise in the industry to complete the integration and adaptation of harmonyos connect, joined the open atom open source foundation, and became a member of the openharmony project group.
Investment suggestion: the company is expected to fully enjoy the industry dividend by superimposing the industry wave of smart car and smart Internet of things. We expect the company's EPS from 2022 to 2024 to be 2.27 yuan, 3.06 yuan and 4.02 yuan respectively, maintaining the "buy" rating.
Risk warning: the landing of intelligent vehicle is not as expected; Industry competition intensifies
