\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event:
After closing on March 3, 2022, the company issued the annual report of 2021 and the plan for issuing A-Shares to specific objects in Thunder Software Technology Co.Ltd(300496) 2022.
Comments:
The operating revenue increased by 57.04% year-on-year, and the net profit attributable to the parent company increased by 45.96% year-on-year
In 2021, the company achieved 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 operating cash flow decreased by 59.25% year-on-year, mainly due to the growth of Internet of things business and the increase of raw material preparation. In terms of business: 1) the revenue of intelligent software business was 1.631 billion yuan, a year-on-year increase of 40.33%. Among them, the revenue from terminal manufacturers was 1.054 billion yuan, a year-on-year increase of 47.88%; The revenue from chip manufacturers was 369 million yuan, a year-on-year increase of 4.83%. 2) The intelligent Internet connected vehicle business realized a revenue of 1.224 billion yuan, a year-on-year increase of 58.91%. Among them, the income from software development and technical services is 1.082 billion yuan; Revenue from software licensing was 142 million yuan. 3) The revenue of intelligent Internet of things business was 1.272 billion yuan, a year-on-year increase of 82.87%.
Focus on the technological innovation of the three core sectors, and continue to launch new products in the field of intelligent vehicles
The company insists on focusing on the technical research and development of intelligent operating system, and carries out productization and technological innovation in three core fields: intelligent software, intelligent connected vehicle and intelligent Internet of things. In 2021, the R & D investment of the company was 826 million yuan, accounting for 20.02% of the operating revenue, with a year-on-year increase of 1.75 percentage points; The number of R & D personnel increased from 6800 at the end of 2020 to 10350. At the recently held CES 2022 exhibition, the company released intelligent cockpit solutions and integrated parking technologies and solutions based on Qualcomm 8295 platform. In addition, rightware, a wholly-owned subsidiary of the company, also launched the integrated HMI tool chain Kanzi one, which provides strong support for the diversified intelligent development of vehicles.
It is proposed to raise 3.1 billion yuan through fixed raising for the R & D of vehicle operating system and other projects
The company plans to issue no more than 85011600 shares (including this number) to specific objects, and the proposed fund-raising is no more than RMB 3.1 billion (including this number). After deducting the issuance expenses, the net amount will be used for the R & D project of vehicle operating system (RMB 650 million), the R & D and industrialization project of edge computing station (RMB 1.005 billion) Extended reality (XR) R & D and industrialization project (360 million yuan), distributed computing network technology R & D project (185 million yuan), supplementary working capital (900 million yuan). The development of vehicle operating system has become an important trend in the development of the industry. As a leading software manufacturer in the field of intelligent vehicles, the company’s research and development of vehicle operating system is an important choice to layout the future intelligent vehicle market and build the company’s sustainable competitiveness.
Investment advice and profit forecast
The company has the world’s leading technology in the field of intelligent operating system and has broad growth space in the era of Internet of all things. At present, the intelligent automobile industry is in the stage of rapid development, and the company’s performance can grow continuously and rapidly. It is predicted that the operating revenue of the company from 2022 to 2024 will be 5.442, 7.171 and 9.283 billion yuan, the net profit attributable to the parent company will be 886, 1.187 and 1.584 billion yuan, the EPS will be 208, 2.79 and 3.73 yuan / share, and the corresponding PE will be 50.54, 37.73 and 28.28 times. In the past three years, the PE of the company has mainly operated in the range of 60-160 times. It is predicted that the CAGR of the net profit attributable to the parent company in the next three years will be 34.75%. Considering the high prospect of the industry and the current valuation level of the company, the target PE of the company in 2022 will be adjusted to 85 times, and the corresponding target price will be 176.80 yuan. Maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The effect of R & D investment is less than expected; Less than expected demand of smart car service; The business expansion of intelligent Internet of things is less than expected; Market competition intensifies.
