\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 released the performance forecast for the first quarter of 2022. It is estimated that the net profit attributable to the parent company in the first quarter will be 152160 million yuan (+ 37.89% – + 45.15%), deducting 142150 million yuan (+ 47.89% – + 56.22%).
The globalization strategy smoothed the impact of the epidemic, and the Q1 performance of the company achieved rapid growth. Adhering to the strategy of globalization, the company integrates into the local industrial chain and provides customers with localized technology landing services. In 2021, the company’s overseas revenue was close to 40%. With 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 2022q1, the company’s revenue increased by more than 45% year-on-year. In the first quarter, 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 the previous year. The growth range of the company’s deduction of non net profit was 47.89% – 56.22%, higher than the growth rate of revenue.
The high prosperity of smart car track is expected to continue. The company actively arranges vehicle OS and automatic driving related technologies. According to our recently released report “intelligent vehicle depth Series II: opportunities brought by on-board operating system and middleware”, we believe that with the continuous improvement of intelligent vehicle functions and operating system complexity, the value of single vehicle software IP licensing fee is expected to continue to rise; In addition, it is difficult for car companies to develop the full link of the operating system, and software suppliers can also provide solutions and customized services for car companies. With the gradual evolution of on-board operating system from cockpit OS to vehicle OS, the scale of the industry is expected to continue to grow. On February 26, the company reached a strategic cooperation with JAC group. The two sides will jointly establish a joint venture to focus on the fields of vehicle software, vehicle cloud platform and automatic driving. In addition to the investment of the company’s fixed increase plan in vehicle OS, the company is expected to continue to improve the technical layout in the field of intelligent vehicles.
The company will pay more attention to four R & D directions to enhance the company’s long-term competitiveness. Under the trend of “cloud edge end” integration of software defined automobile and Internet of things and expanding reality into the fast lane of development, the intelligent industry is changing rapidly. The company needs to continue to explore potential markets and improve product capabilities, so as to further consolidate the company’s leading position in intelligent connected automobile business and intelligent Internet of things business. In March this year, the company released the fixed growth plan for 2022, and plans to raise no more than 3.1 billion yuan for vehicle operating system R & D projects, edge computing station R & D and industrialization projects, extended reality (XR) R & D and industrialization projects, distributed computing network technology R & D projects, and supplement working capital. We believe that the plan shows the company’s determination to increase investment in intelligent connected vehicles and intelligent Internet of things, and helps to support the long-term development of the two businesses.
Profit forecast and investment suggestions
According to the company’s performance forecast for the first quarter of 2022, we predict that the company’s earnings per share from 2022 to 2024 will be 2.08, 2.92 and 4.11 yuan. With reference to the price earnings ratio of 58 times in 2022 given by comparable companies, the corresponding target price is 120.82 yuan, maintaining the buy rating.
Risk tips
The implementation of intelligent automobile is less than expected, the business expansion of intelligent Internet of things is less than expected, and the shortage of chips continues.
