\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
In the first quarter of 2022, the performance continued to grow rapidly and maintained the “buy” rating
The company is the world’s leading provider of operating system technology and products. Benefiting from the high prosperity of the industry, the performance in the first quarter of 2022 continued to grow rapidly. We maintained our profit forecast unchanged. It is estimated that the net profit attributable to the parent company from 2022 to 2024 will be 920, 1230 and 1626 million yuan, and EPS will be 217, 2.89 and 3.82 yuan / share. The current share price corresponds to 41.8, 31.3 and 23.7 times of PE, maintaining the “buy” rating.
Event: the company released the performance forecast for the first quarter of 2022
In the first quarter of 2022, the company’s revenue increased by more than 45% year-on-year, realizing a net profit attributable to the parent of 152160 million yuan, a year-on-year increase of about 37.89% – 45.15%, deducting a net profit not attributable to the parent of 142150 million yuan, a year-on-year increase of 47.89% – 56.22%, and the impact of non recurring profits and losses on the net profit was about 10 million yuan, a year-on-year decrease of about 4 million yuan. In the first quarter, relying on global R & D collaboration, customer stickiness and long-term accumulated organizational effectiveness, the company minimized the impact of the epidemic on its operation, and its performance was brilliant, laying the foundation for high growth throughout the year. Among them, the growth rate of deduction non-profit was faster than that of revenue, and the profitability of the company continued to grow.
The release of the fixed increase plan is expected to open a new chapter
In March 2022, the company issued a fixed increase plan, which plans to raise no more than 3.1 billion yuan from no more than 35 objects. The raised funds will be used for the R & D of vehicle operating system (HPC system components and mattrans operating system), the R & D and industrialization of edge computing station (edge computing station equipment, software platform and industry solutions), XR R & D and industrialization, and the R & D of distributed computing network technology. The funds to be raised are 650 million yuan, 100 million yuan, 360 million yuan and 190 million yuan respectively. Fixed growth will improve the company’s product structure, improve R & D level and provide power for future development.
The card position is high, and the strategy is clear, and the future can be expected
Intelligent vehicles are in a period of rapid development. According to the calculation of IHS Markit, the global market scale of intelligent cockpit is expected to reach US $68.1 billion in 2030. Under the general trend of software and hardware separation and cross domain integration, a unified and cross domain integration scheme may be formed in the future, and the value of software will be further highlighted. The company’s card operating system platform is in a leading position in the intelligent cockpit. Relying on its technical and ecological advantages, it plans to make efforts from the cockpit domain to the driving domain in the future to provide vehicle OS solutions, which is expected to fully benefit from the era of “software defined vehicle”.
Risk tip: the development of intelligent business is not as expected.
