\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
[key points of investment]
The company released its 2021 annual report. In 2021, the revenue was 4.127 billion yuan, a year-on-year increase of 57.04%, which fell to the median of the performance forecast range. In the whole year, the net profit attributable to the parent company was 647 million yuan, a year-on-year increase of 45.96%, and the deduction of non net profit was 576 million yuan, a year-on-year increase of 57.29%. 21q4 achieved a revenue of 1.455 billion yuan in a single quarter, a month on month increase of + 48.76% and a year-on-year increase of + 73.03%; In Q4, the net profit attributable to the parent company and the net profit deducted from non net profit in a single quarter were 197 million yuan and 170 million yuan respectively.
The Internet of things business grew significantly, and the smart car business grew rapidly. In terms of business, the company’s intelligent software business achieved a revenue of 1.631 billion yuan (+ 40.33%), including 1.054 billion yuan (+ 47.88%) from terminal manufacturers and 369 million yuan (+ 4.83%) from chip manufacturers; The business income of Internet and software development (+ 1.291 billion yuan, including 1.091 billion yuan of smart software license revenue); The business income of intelligent Internet of things was 1.272 billion yuan (+ 82.87%), with a significant increase. In terms of overall revenue composition, software development revenue was 1.505 billion yuan (+ 57.70%), technical service revenue was 1.355 billion yuan (+ 41.48%), software licensing revenue was 128 million yuan (+ 11.26%), commodity sales and other business revenue was 1.139 billion yuan (+ 89.53%).
The change of income structure and the pressure of upstream raw materials led to a slight decline in gross profit level. In 2021, the company’s overall gross profit margin was 39.40%, with a year-on-year decrease of 4.82 PCT, of which the gross profit margin of technical services decreased by 4.99 PCT, the gross profit margin of software licensing business decreased by 4.54 PCT, and the gross profit margin of commodity sales business decreased by 8.43 PCT. Due to the significant increase in the proportion of commodity sales business, the gross profit margin fluctuated slightly due to the adjustment of business structure. In terms of cost items, the cost of hardware products increased by 138.68% year-on-year, corresponding to the year-end inventory balance of 715 million yuan and 400 million yuan at the end of 20 years. In terms of expenses, the size of the company’s employees increased to 11467, and the management expenses were 406 million yuan, a year-on-year increase of 55.14%. Affected by the increase of exchange gains and losses, the financial expenses increased by 84.14%, and the sales expenses and R & D expenses increased by 17.99% and 27.36% respectively. The company’s R & D expenditure is 826 million yuan, including 513 million yuan of R & D expenditure, 313 million yuan of capitalized R & D expenditure, with a capitalization rate of 37.91%, and the proportion of capitalized R & D expenditure in the current net profit is 49.69%. In 2021, the net operating cash flow was 139 million yuan, a year-on-year decrease of 59.25%, mainly due to factors such as increasing the intensity of goods preparation.
Issued a fixed increase plan of 3.1 billion yuan and invested in edge computing and other projects. The company issued a fixed growth plan, and the bank plans to raise a total of no more than 3.1 billion yuan. The issuance object is no more than 35 (including 35) specific investors to invest in vehicle operating system R & D projects, edge computing station R & D projects, XR R & D and industrialization projects, distributed computing network technology R & D projects and supplement working capital, aiming to lay out the era of the Internet of things, Realize the first card position.
[investment suggestions]
Benefiting from the development of smart cars and the Internet of things, the company issued a fixed increase plan to block the Internet of things track. We raised the forecast of the company’s operating revenue from 2022 to 2023, slightly lowered the forecast of the company’s net profit attributable to the parent company from 2022 to 2023 due to the fluctuation of gross profit level caused by business structure adjustment, and introduced the forecast of the company’s profit in 2024. It is estimated that from 2022 to 2024, the operating revenue of the company will be 5.669/76.81/10.188 billion yuan respectively, the net profit attributable to the parent company will be 9.11/12.35/1.620 billion yuan respectively, the EPS will be 2.14/2.91/3.81 yuan respectively, and the corresponding PE will be 46 / 34 / 26 times respectively, maintaining the “overweight” rating.
[risk tips]
The return of the Internet of things project is less than the expected risk;
Exchange rate fluctuation risk;
Risk of continuous shortage of upstream raw material supply.
