\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Core view
The company’s Q1 performance is close to the forecast ceiling and continues to maintain high growth. The company achieved an operating revenue of 1.153 billion yuan (+ 45.81%) in Q1 of 22 years, which is consistent with the 45 +% growth rate of revenue in the previous performance forecast; In Q1, the net profit attributable to the parent company was 156 million yuan (+ 41.36%), and the net profit attributable to the parent company in the performance forecast range was 152160 million yuan, with a year-on-year increase of 37.89% – 45.15%, close to the upper limit of the range; In Q1, the non net profit deducted was 147 million yuan (+ 53.12%), and the non net profit deducted in the performance forecast range was 142150 million yuan, with a year-on-year increase of 47.89% – 56.22%, close to the upper limit of the range.
Fearing the impact of the epidemic, the troika maintained steady growth. By sector, the company’s 22q1 smart software business revenue was 380 million yuan (+ 24.6%), smart car business revenue was 355 million yuan (+ 50.4%), smart Internet of things business revenue was 418 million yuan (+ 67.2%), and the troika of mobile phones, cars and Internet of things maintained steady growth. The company has more than 30 subsidiaries and R & D centers in various regions around the world. Relying on global R & D coordination, customer stickiness and long-term accumulated organizational effectiveness, the impact of the epidemic on the company’s operation has been minimized; From the perspective of business model, the company’s smartphone and automobile business is mainly project-based development, which has a low relationship with downstream sales of mobile phones and automobiles. The company’s business development is less affected by the epidemic, and the performance growth is in line with expectations.
Establish a joint venture with horizon to jointly build an intelligent driving ecology. On April 18, 2022, Thunder Software Technology Co.Ltd(300496) and horizon announced the establishment of a joint venture. Horizon is currently the only enterprise in China that produces large-scale front loading and mass production of vehicle specification AI chips. Horizon self-developed AI accelerator BPU has three generations of products, journey 2 (released in 2019), journey 3 (released in 2020) and journey 5 (released in 2021). Horizon will also launch journey 6 of 7Nm process with stronger performance in the future, with computing power exceeding 400tops. At present, the shipment volume of horizon journey series chips has exceeded 1 million. In the future, the joint venture will be controlled by Thunder Software Technology Co.Ltd(300496) and provide high-quality intelligent driving software platform and algorithm services for OEMs and primary suppliers around horizon vehicle specification AI chip, so as to jointly accelerate the large-scale mass production of intelligent driving and jointly build an intelligent driving environment.
Risk tip: the implementation of smart car policy is not as expected; The promotion of intelligent cockpit was less than expected.
Investment advice: maintain the “buy” rating. It is estimated that the revenue from 2022 to 2024 will be 5.846/80.92/10.897 billion yuan, with a year-on-year growth rate of 41.7/38.4/34.7%, and the net profit attributable to the parent company will be 8.86/11.58/1.443 billion yuan, with a year-on-year growth rate of 36.9/30.6/24.6%. The current stock price corresponds to PE = 40 / 30 / 24x, maintaining the “buy” rating.
