\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Core view
Event: on March 3, 2022, Thunder Software Technology Co.Ltd(300496) released the annual report of 2021, and the company achieved revenue of 4.127 billion yuan in the whole year, with 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%.
The company's operating revenue continued to grow rapidly. In 2021, the company achieved an operating revenue of 4.127 billion yuan, an increase of 57.04% over the same period of the previous year. The three major businesses of intelligent software, intelligent connected vehicle and intelligent Internet of things all achieved rapid growth. In the fourth quarter, the company achieved an operating revenue of 1.455 billion yuan, an increase of 73.03% over the same period of last year, and a quarter on quarter increase of 48.76%. The company's annual gross profit margin was 39.40%, a year-on-year decrease of 4.82%, and the purchase cost of hardware products and materials increased by 138.68% year-on-year.
Intelligent software business has high user stickiness and deepening cooperation. The company's intelligent software business had an operating revenue of 1.631 billion yuan in 2021, an increase of 40.33% over the same period of last year, of which the revenue of terminal manufacturers was 1.054 billion yuan, a year-on-year increase of 47.88%. With its leading position in operating system platform products and technologies, the company maintains close cooperation with global end customers and chip manufacturers to provide customers with high-value technologies and solutions, thus establishing a comprehensive and in-depth customer stickiness, Thunder Software Technology Co.Ltd(300496) is expected to become the preferred strategic partner for customer software technology services. During the reporting period, the company obtained the certification of harmonyosconnectisv (Hongmeng Zhilian independent software supplier) and became a partner of harmonyosconnectisv; The company has reached a strategic cooperation with Xiaomi, established an ecological link of Mijia into the certification laboratory, and further in-depth cooperation with intelligent terminal manufacturers.
The company plans to raise no more than 3.1 billion yuan to increase the research and development of smart cars and edge computing technology. Relying on its core advantages in the field of intelligent automobile OS, the company continues to drive the rapid development of automobile business. In 2021, the company's smart car business revenue was 1.224 billion yuan, an increase of 58.91% over the same period last year. As a leading software manufacturer in the field of intelligent vehicles, in order to lay out the future intelligent vehicle market, the company will carry out research and development of vehicle operating system to build the company's sustainable competitiveness. On March 3, the company announced that it plans to raise no more than 3.1 billion yuan for 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), the R & D project of distributed computing network technology and supplementary working capital, which is expected to consolidate the leading position of the company in the intelligent connected vehicle business and intelligent Internet of things business.
The high growth rate of intelligent Internet of things business continues and will continue to penetrate the market in the future. Intelligent Internet of things is the strategic business of the company. The company has not only maintained multi-dimensional and continuous in-depth cooperation with head semiconductor manufacturers, but also further deepened its strategic cooperation with cloud manufacturers. The PAAS platform applied in the field of intelligent manufacturing has won the favor of head customers, consolidating the foundation for the explosive growth of cloud business. In 2021, the company's intelligent Internet of things business achieved an operating revenue of 1.272 billion yuan, an increase of 82.87% over the same period last year. Intelligent Internet of things business has a huge market scale and is still in the introduction period. The company has established professional market teams in different fields to strengthen communication and cooperation with customers and actively understand their needs.
Investment suggestion: the company has a clear card position, excellent track, and has technical barriers and core competitive advantages. With the mitigation of factors such as lack of core, the high growth trend is expected to continue in the next few years. At the same time, strengthening the technology research and development of intelligent vehicles and intelligent Internet of things will consolidate the leading advantage of the company in the industry. We estimate that the operating revenue of the company from 2022 to 2024 will be RMB 5.695 billion, RMB 7.688 billion and RMB 10.264 billion respectively, the net profit attributable to the parent company will be RMB 942 million, RMB 1.218 billion and RMB 1.603 billion respectively, and the EPS will be RMB 222 million, RMB 2.86 million and RMB 3.77 million respectively. Maintain buy rating.
Tips: less than expected development of the Internet of things and intelligent driving risks; Industry competition intensifies; Macroeconomic downturn.
