\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
On April 13, the company released the performance forecast for the first quarter of 2022. In the first quarter of 2022, the company expects to realize a net profit attributable to the parent company of 152160 million yuan, a year-on-year increase of 37.89% – 45.15%, and a non net profit attributable to the parent company of 142150 million yuan, a year-on-year increase of 47.89% – 56.22%.
Smooth the impact of the epidemic, actively promote business, and 22q1 has excellent performance. Since 2022, the counterattack of the epidemic in China has had a certain impact and interference on the overall economy. With the global coordination of its business layout and R & D, long-term accumulated organizational effectiveness and the stickiness of customers around the world, the company has effectively dispersed business risks and minimized the impact of the epidemic on the company’s operation. The company’s operating revenue also achieved a year-on-year increase of 45% + in the reporting period. Meanwhile, the impact of the company’s non recurring profit and loss on the net profit during the reporting period was about 10 million yuan, a decrease of about 4 million yuan compared with the same period of the previous year, which also effectively improved the profit quality of the company.
The increase of senior executives’ holdings shows their confidence in long-term development. On March 9, the company announced that Zou Pengcheng, vice chairman of the company, Wang Huanxin, director, chief financial officer and Secretary of the board of directors, and Sun Tao, deputy general manager, planned to increase their holdings of the company’s shares within six months from the date of the announcement. Among them, Zou Pengcheng, vice chairman of the company, Wang Huanxin, director, chief financial officer and Secretary of the board of directors each increased their holdings of shares by no less than 6 million yuan, while Sun Tao, deputy general manager, increased their holdings of shares by no less than 3 million yuan. Combined with the large fixed increase plan disclosed during the release of the company’s annual report, the shareholding increase plan of the core executives once again demonstrates the executives’ confidence in the company’s future development and further recognition of the company’s long-term investment value.
New products and new cooperation have been continuously promoted, product lines have been continuously enriched, and product strength has been continuously confirmed. During the reporting period, the company made many breakthroughs in product release and industrial cooperation. In terms of products, the subsidiary chuangtong Lianda released turbox c7230, c6490, cm4290 / c4290 intelligent modules and t625g communication modules during the international security exhibition, which enriched its module product matrix in the three fields of intelligent vision, mobile terminal and 5g communication, and provided more choices for enterprise users’ intelligent transformation and upgrading; From February 15 to March 1, the company and China United Network Communications Limited(600050) Research Institute jointly created the world’s first 5g end-to-end multi slice scheme and completed the verification of the current network. In terms of cooperation, blackberry announced at the end of March that it would become its Jarvis 2 0 is one of 13 officially certified partners in the Asia Pacific region. Jarvis’s multiple security static analysis functions can help automobile manufacturers scan pre installed binary programs to ensure software security. Under this cooperation, the two sides will work together to promote the deployment of Jarvis in the Asia Pacific region. During the reporting period, the company continued to make breakthroughs in product side and cooperation. On the one hand, it enriched the company’s product and business matrix. On the other hand, the company’s strong product strength was constantly reflected and confirmed.
Investment suggestion: we estimate that the company’s revenue from 2022 to 2024 will be 6.06/82.03/10.737 billion yuan, the net profit attributable to the parent company will be 9.24/12.36/1.717 billion yuan, the EPS will be 2.17/2.91/4.04 yuan, and the PE corresponding to the current stock price will be 41 / 31 / 22 times respectively, maintaining the “buy” rating of the company.
Risk warning events: 1) 5g promotion and application is not as expected; 2) The supervision of landing was tightened and the promotion of automatic driving was less than expected; 3) Chip iteration and supply are not as expected; 4) The entry of emerging Internet forces and the intensification of industry competition; 5) The risks of technological blockade and transaction obstacles caused by China US scientific and technological confrontation and geopolitical turbulence; 6) The risk that the progress of the fixed increase project is less than expected.
