\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event overview
On April 28, 2022, the company disclosed the first quarterly report of 2022. In the first quarter of 2022, the company realized an operating revenue of 1.152 billion yuan, a year-on-year increase of 45.81%; The net profit attributable to the parent company was 156 million yuan, a year-on-year increase of 41.36%; Net profit deducted from non parent company was 147 million yuan, with a year-on-year increase of 53.12%.
Analysis and judgment:
Revenue performance maintained high growth, driven mainly by smart car & Smart Internet of things business
The growth rate of revenue exceeded 45%, the growth rate of net profit attributable to the parent company exceeded 40%, and the performance growth was in line with expectations. In terms of business, the growth mainly comes from the two wheel drive of intelligent vehicle business and aiot business. In the first quarter, the revenue of intelligent vehicle business was about 355 million yuan, with a year-on-year increase of about 50.4%; Aiot achieved revenue of about 418 million yuan, a year-on-year increase of about 67.2%; The mobile phone sector achieved revenue of about 380 million yuan, a year-on-year increase of about 24.6%. In the long run, the ceiling of automobile and aiot business is still high, and the high growth rate of these two businesses can better show the strong growth momentum of the company in the future. On the whole, the actual business of the company in the first quarter was not affected by the epidemic. On the one hand, the company’s business was more inclined to software R & D and did not rely on shipments; On the other hand, thanks to the company’s global layout (overseas revenue accounted for 38.38% in 2021), the local epidemic has little impact on the company as a whole.
Pay attention to ecological empowerment and cooperate more closely with ecological partners
1) automobile: establish a joint venture with horizon. On April 18, the company and horizon announced the establishment of a joint venture. The joint venture will be controlled by Thunder Software Technology Co.Ltd(300496) and focus on the intelligent driving track. It will provide high-quality intelligent driving software platform and algorithm services for OEMs, primary suppliers and other enterprises around the horizon vehicle specification AI chip, so as to jointly accelerate the large-scale mass production of intelligent driving. From the perspective of the company’s positioning, maintaining a good cooperative relationship with chip manufacturers is one of the company’s core competitiveness. The extensive ability accumulation of the underlying hardware platform will enable the company to continue to maintain its advantageous position.
2) in terms of aiot: the subsidiary Austrian thinking creates the industry release of openharmony. On April 15, the subsidiary Aosiwei signed an openharmony ecological enabling cooperation agreement with Huawei. Based on openharmony, Aosiwei will develop an openharmony industry distribution customized for smart home and industrial industries with its own technical strength and industry experience. Among them, Huawei will provide openharmony enabling services for aoxinli, so as to accelerate its digital upgrading in the fields of smart home and general industry. We believe that this cooperation will help the company use Hongmeng ecology to enter a wider range of intelligent scenarios.
Investment advice
The industry in which the company’s emerging business is located is developing rapidly, and the traditional software business is developing steadily, which will continue to promote the growth of the company. The profit forecast is as follows: maintain the company’s 22-24 year revenue forecast of RMB 6.048/87.01/12.184 billion; It is predicted that earnings per share (EPS) will be 2.21/3.16/4.39 yuan in 22-24 years, corresponding to the closing price of 82.8 yuan / share on April 28, 2022, and PE will be 38 / 26 / 19 times respectively, maintaining the “buy” rating of the company.
Risk tips
1) the risk that the development of intelligent automobile industry is less than expected; 2) The risk that the development of the Internet of things industry is less than expected; 3) Risk of changes in traditional mobile phone business model; 4) Macroeconomic downside risks.
