\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: on the evening of April 13, 2022, the company announced the performance forecast for the first quarter of 2022, which exceeded the market expectation. During the reporting period, the net profit attributable to the shareholders of the listed company was 152 million yuan to 160 million yuan, an increase of 37.89% ~ 45.15% over the same period of the previous year. The net profit attributable to shareholders of listed companies after deducting non recurring profits and losses was 142 million yuan to 150 million yuan, an increase of 47.89% ~ 56.22% over the same period of last year.
Global R & D coordination + efficient organization and management smoothed the impact of the epidemic, and the year-on-year growth rate of revenue exceeded 45%. Relying on global R & D collaboration, customer stickiness and long-term accumulated organizational effectiveness, the company has minimized the impact of the epidemic on the company’s operation. In the first quarter of 2022, the company’s operating revenue increased by more than 45% over the same period of the previous year.
After excluding non recurring profits and losses, the growth rate of net profit attributable to the parent company is faster than that of income. During the reporting period, the impact of the company’s non recurring profits and losses on the net profit was about 10 million yuan, a decrease of about 4 million yuan compared with the same period of the previous year. Excluding the non-profit growth of the parent company, the year-on-year growth rate of non-profit profit was 22.89%, showing that the year-on-year growth rate of non-profit was 56.89%.
Release the fixed increase plan to rush the next generation of vehicle operating system and edge calculation. The company recently issued a fixed increase plan, and plans to raise no more than 3.1 billion yuan for R & D projects of vehicle operating system, R & D and industrialization projects of edge computing station, R & D and industrialization projects of extended reality (XR), and R & D projects of distributed computing network technology. Under the trend of software defined cars, the integration of cloud side and end of the Internet of things and the expansion of reality into the fast lane, the increase will help companies increase investment in product development, continue to expand potential markets, enhance product capabilities and improve product mix, further consolidate the leading position of the company in the intelligent Internet union automotive business and intelligent Internet of things business, and establish advanced technology and ecological barriers.
Core executives plan to increase their holdings of the company’s shares to demonstrate their confidence in long-term development. Senior executives including the company’s vice chairman, directors, chief financial officer, Secretary of the board of directors and deputy general manager plan to increase their holdings of the company’s shares within six months from March 9, with a total increase of no less than 15 million, demonstrating the core team’s confidence in the company’s future development and recognition of the company’s long-term investment value.
Maintain the “buy” rating. As a leading provider of intelligent operating system products and technologies, the company has a global vision, a deep customer base and a rich talent reserve. We expect the net profit attributable to the parent company from 2022 to 2024 to be 890 million yuan, 1156 million yuan and 1.525 billion yuan respectively. Maintain the “buy” rating.
Risk warning: macroeconomic downside risk; The risk of tight industrial supply chain; Intellectual property risk; The risk of continuous negative impact of the epidemic; There is risk of error in calculation and assumption.
