\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: Thunder Software Technology Co.Ltd(300496) disclosure of 2021 annual report. In 2021, the company achieved a 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%; Deduct non net profit of 576 million yuan, with a year-on-year increase of 57.29%. Among them, the business income of intelligent software was 1.631 billion yuan, a year-on-year increase of 40.33%; The business income of intelligent vehicles was 1.224 billion yuan, a year-on-year increase of 58.91%; The business revenue of intelligent Internet of things was 1.272 billion yuan, a year-on-year increase of 82.87%.
In the fourth quarter, the intelligent software business achieved great growth, and the demand for intelligent operating system was strong. In the fourth quarter, all major businesses of the company achieved rapid growth, among which the revenue of intelligent software business increased significantly, reaching about 576 million yuan, a year-on-year increase of about 77%; The growth of smart car business slowed down slightly, with a revenue of about 443 million yuan, a year-on-year increase of about 52%; The business of intelligent Internet of things maintained rapid growth, with a revenue of about 446 million yuan, a year-on-year increase of about 88%. Through further splitting, we can find that the revenue growth of the company in 2021 mainly comes from the software development business and commodity sales business closely related to intelligent terminals, which shows the strong demand for intelligent operating systems and Internet of things products. We believe that this reflects the gradual recovery of the global market and the continuous deepening of consumers' acceptance of various intelligent terminals. In 2021, the company obtained the certification of Hongmeng Zhilian independent software supplier, and also reached a strategic cooperation with Xiaomi to establish an ecological link into the certification laboratory, which shows the strong strength of the company in the field of intelligent operating system. Therefore, it is expected that the company will continue to benefit from the release of demand for intelligent terminals.
The new round of financing plan will add weight to smart cars and the Internet of things. The company disclosed a new round of financing plan and proposed to increase 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 supplement working capital. This round of fixed increase focuses on overweight automotive intelligent operating system, edge computing, XR and other Internet of things technologies, which shows that the company attaches importance to the fields related to intelligent operating system.
Profit forecast and rating. It is estimated that the operating revenue of the company from 2022 to 2024 will be 5.925 billion yuan, 7.925 billion yuan and 10.035 billion yuan respectively, the net profit attributable to the parent company will be 899 million yuan, 1.247 billion yuan and 1.596 billion yuan respectively, and the EPS will be 211 million yuan, 2.93 million yuan and 3.76 million yuan respectively. With reference to the unanimous expectations of comparable companies upstream and downstream of the industrial chain and taking full account of Thunder Software Technology Co.Ltd(300496) relatively high growth, the company is given a reasonable valuation range of 60-70xp / E in 2022, corresponding to a reasonable stock price range of about 127148 yuan in 2022, maintaining the "recommended" rating.
Risk warning: the technology development is less than the expected risk; Downstream demand is less than expected risk.
