\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
In the first quarter of 2022, the company achieved revenue of 1.153 billion yuan, with a year-on-year increase of 45.81%. The automobile and Internet of things business grew rapidly, laying the foundation for the high growth of annual performance. We keep the 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 the EPS will be 217, 2.89 and 3.82 yuan / share. The corresponding PE of the current stock price is 38.2, 28.6 and 21.6 times, maintaining the "buy" rating.
Event: the company released the first quarterly report of 2022
In the first quarter of 2022, the company achieved a revenue of 1.153 billion yuan, a year-on-year increase of 45.81%, of which the revenue of intelligent software was 380 million yuan, a year-on-year increase of about 24.6%; Smart car revenue was 355 million yuan, an increase of about 50.4% year-on-year; The revenue of intelligent Internet of things was 418 million yuan, a year-on-year increase of 67.2%, and the automobile and Internet of things businesses maintained rapid growth. The company realized a net profit attributable to the parent company of 156 million yuan, a year-on-year increase of about 41.36%; The net profit deducted from non parent company was 147 million yuan, with a year-on-year increase of 53.12%. The growth rate of deducted non profit was faster than that of revenue, and the profitability of the company continued to improve. 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, achieved brilliant performance and laid the foundation for high growth throughout the year.
It is planned to increase R & D investment to provide impetus for future development
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.
Establish a joint venture with horizon to accelerate the mass production of intelligent driving
In April 2022, the company announced the establishment of a joint venture with horizon, which will be controlled by the company. Horizon is the only enterprise in China to realize the mass production of vehicle specification AI chips, with a total shipment of 1 million journey series chips. As the "authorized software service provider" of horizon, the company will provide algorithm integration and optimization, software adaptation and development services for OEMs and Tier1 customers around the horizon vehicle specification AI chip, and expand its business to the pan Siasun Robot&Automation Co.Ltd(300024) field. The company and horizon are expected to accelerate the mass production of intelligent driving.
Risk tip: the development of intelligent vehicles is not as expected; Internet of things shipments were less than expected.
