1. From module to terminal, upgrade Thunder Software Technology Co.Ltd(300496) business model
The company’s Internet of things sector leads the upgrading of the company’s business model, extending from modules to terminal machines. At present, the Internet of things business has begun to take shape, with a revenue of 1.272 billion yuan in 21 years and a growth rate of 83% in 20 and 21 years. Continuously expand product shipments in Siasun Robot&Automation Co.Ltd(300024) , intelligent vision, XR, handheld terminals and other fields around the world, and provide customers with full scene intelligent products and solutions from module to whole machine. Edge computing is a necessary infrastructure for digital transformation. As a terminal developer, the company provides intelligent video monitoring, analysis and data storage capabilities to serve traffic retail and other scenes. At present, the product matrix has begun to take shape, and all cloud, edge and end-to-end products have been deployed.
2. Edge calculation: made in China, a high-quality track where demand and profit resonate
According to IDC data, the market scale of edge computing is expected to reach US $16.7 billion in 2025, corresponding to CAGR 36%. From the perspective of the scale and application capacity of the traditional Internet of things, it has gradually exceeded the significance of the traditional Internet of things. At the same time, the profitability of the edge all-in-one machine is strong, and the gross profit margin is expected to reach 50%. Therefore, we believe that this is a high-quality track where demand resonates with profitability.
China has the potential to lead the world in edge computing, and manufacturers’ products are expected to be exported to the world. Under the triple catalysis of broad market demand, leading core technology and complete industrial chain, domestic manufacturers are expected to export mature products polished in China to the world and occupy a higher market share.
3. Thunder Software Technology Co.Ltd(300496) : binding chip giant, the turning point of double increase in volume and profit has reached
Chuangda cooperated deeply with chip manufacturers such as Qualcomm and Intel to jointly promote the edge computing market, and the scale advantage was gradually highlighted. Qualcomm, Intel and other manufacturers provide AI chips and help promote products. Chuangda develops software and produces complete solutions. With the help of large manufacturers, we expect Chuangda to rapidly increase its market share and improve its product competitiveness in terms of price after establishing scale advantages.
As a scarce domestic software manufacturer with the conditions to go to sea, Chuangda has the greatest potential for globalization. Compared with overseas manufacturers, the company’s software gene gives edge products better soft power; China’s major competitors are limited by the list of entities. Therefore, from the perspective of product capability and feasibility, we believe that Chuangda has the greatest potential for globalization.
The benchmark project is implemented, and the global volume inflection point can be expected. At present, the company has established benchmarking cases in the retail scene and established a good reputation. We believe that this benchmarking case not only verifies the excellent product capability of Chuangda, but also looks forward to the arrival of large-scale products in the world.
Revenue forecast of Internet of things business: we predict that the revenue scale of Thunder Software Technology Co.Ltd(300496) Internet of things business will reach 2.226/3.561/5.342 billion yuan in 22 / 23 / 24 years, with a year-on-year growth rate of 75% / 60% / 50% respectively, a corresponding gross profit of 445 / 819 / 1335 million yuan and a corresponding gross profit margin of 20% / 23% / 25% respectively.
Risk tip: exchange rate fluctuation risk; The market prosperity is less than the expected risk; Risk of major changes in the international environment
