\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: the company released its annual report for 2021. During the reporting period, the company achieved an operating revenue of 4126742500 yuan, an increase of 57.04% over the same period of last year, and a net profit attributable to shareholders of listed companies of 647269100 yuan, an increase of 45.96% over the same period of last year.
The performance is in line with expectations and IOT business growth is strong Siasun Robot&Automation Co.Ltd(300024) , intelligent vision, XR, handheld terminals and other product areas have continuously expanded product shipments and customer expansion. During the reporting period, the company’s intelligent Internet of things business achieved an operating revenue of 1.272 billion yuan, yoy + 82.87%; At the same time, the company’s core advantages in the field of intelligent automobile OS continue to drive the rapid development of automobile business, realizing an operating revenue of 1.224 billion yuan, yoy + 58.91%. In addition, the intelligent software business achieved an operating revenue of 1.631 billion yuan, yoy + 40.33%.
The profitability fluctuated significantly, and R & D investment continued to increase. In 2021, the company’s comprehensive gross profit margin decreased by 4.82pct year-on-year, mainly due to the impact of short-term supply chain tension, the profitability of Internet of things business decreased significantly, and the gross profit margin of the company’s commodity sales business decreased by 8.43pct. R & D investment continued to increase, reaching 826 million yuan. In 2021, the company had 10350 R & D personnel, an increase of 52.21% over 2020.
Release the fixed increase plan and increase the business of automobile and Internet of things. The company has issued a new fixed growth plan at the same time, and plans to raise no more than 3.1 billion yuan for R & D projects of vehicle operating system, development and industrialization of edge computing station, R & D and industrialization of extended display (XR), R & D projects of distributed computing network technology and supplementary working capital, Further consolidate the leading position of the company in the intelligent connected vehicle business and intelligent Internet of things business.
Investment suggestion: according to the company’s annual report and business layout progress, we predict that the company’s net profit attributable to the parent company from 2022 to 2024 will be 919, 1193 and 1514 million yuan, EPS will be 216, 2.81 and 3.56 yuan, and PE will be 49, 38 and 30x, maintaining the company’s “buy” rating.
Risk warning: market competition intensifies the risk; Uncertainty risk of downstream Internet of things market; The shipment volume of intelligent Internet connected vehicles is lower than expected; The progress of product technology research and development is less than expected.
