\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event overview
On April 13, 2022, the company released the performance forecast. It is estimated that the net profit attributable to the shareholders of the listed company in the first quarter of 2022 will be 152 million yuan ~ 160 million yuan, with a year-on-year increase of 37.89% ~ 45.15%; The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses is expected to be 142 million yuan to 150 million yuan, with a year-on-year increase of 47.89% - 56.22%.
Analysis and judgment:
2022q1 achieved high growth in revenue and performance, and the performance was in line with expectations
The performance is in line with expectations and grows synchronously with revenue. According to the company's performance forecast, the company's performance in 2022q1 is in line with our previous expectations. The company's revenue in 22q1 increased by more than 45% year-on-year. The synchronous growth of revenue and performance shows the company's steady cost control and expense rate control. 22q1 still has a good performance under the disturbance of the epidemic, which also shows the core strength of the company. We believe that the overall revenue and performance growth of the company will continue to increase high this year. In addition, in the first quarter of this year, the amortization cost of intangible assets evaluation and appreciation caused by M & A was about 11 million yuan, and the equity incentive cost was about 33 million yuan, an increase of about 6 million yuan over the same period of last year; In the first quarter of this year, the impact of the company's non recurring profit and loss on the net profit was about 10 million yuan, a decrease of about 4 million yuan compared with the same period of last year.
Automobile business and IOT business blossom in many aspects, and extensive cooperation confirms the core strength
1. Automobile: Thunder Software Technology Co.Ltd(300496) become BlackBerry Jarvis ™ Jarvis, an officially certified partner, aims to improve software capabilities, ensure network security and resist hacker attacks. It will be applied in automotive, industrial and other fields.
2. IOT: 1) in early March, Chuangda joined hands with China United Network Communications Limited(600050) Research Institute to create the world's first 5g module end-to-end multi slice concurrency technical scheme, which is verified on the Internet. 2) At the end of March, the 2022 new turbox series intelligent modules will be released at the international security exhibition, which will be mainly used for smart cameras, industrial Siasun Robot&Automation Co.Ltd(300024) and other products. 3) At the end of March, nail video conference system was released. F2 video conference all-in-one machine adopted chuangtong Lianda turbox intelligent vision core solution. In addition, Polycom, an internationally renowned video conference solution manufacturer, is also a partner of Chuangda, confirming Chuangda's core strength in the video conference system track.
Investment advice
The industry in which the company's emerging business is located is developing rapidly, and the traditional software business is developing steadily, which will continue to promote the growth of the company. The profit forecast is as follows: maintain the company's 22-24 year revenue forecast of RMB 6.048/87.01/12.184 billion; The forecast of maintaining earnings per share (EPS) in 22-24 years is 2.21/3.16/4.39 yuan respectively, corresponding to the closing price of 83.73 yuan / share on April 13, 2022, and PE is 38 / 27 / 19 times respectively, maintaining the "buy" rating of the company.
Risk tips
1) the risk that the development of intelligent automobile industry is less than expected; 2) The risk that the development of the Internet of things industry is less than expected; 3) Risk of changes in traditional mobile phone business model; 4) Macroeconomic downside risks.
