\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: on the evening of April 28, 2022, the company released the first quarterly report of 2022, realizing a revenue of 1.153 billion yuan (YoY 45.81%), a net profit attributable to the parent company of 156 million yuan (YoY 41.36%), and deducting a net profit not attributable to the parent company of 147 million yuan (YoY 53.12%).
Revenue in the first quarter grew by more than 45% year-on-year, showing strong resilience under the influence of the epidemic. Relying on 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 the first quarter of 2022, the company’s operating revenue increased by more than 45% over the same period of the previous year.
Focusing on the three major businesses of intelligent software, intelligent connected vehicle and intelligent Internet of things, the business of intelligent vehicle and intelligent Internet of things has grown rapidly. As the cornerstone business of the company, intelligent software business has achieved revenue of about 380 million yuan (YoY 24.6%) in 2022q1; The smart car business takes the operating system as the core and provides customers with leading smart car platform products and services. In 2022q1, the revenue is about 355 million yuan (yoy50.4%); The intelligent Internet of things business aims to become the world’s leading provider of intelligent Internet of things products and solutions, with a revenue of about 418 million yuan (YoY 67.2%) in 2022q1.
Release the fixed increase plan to rush the next generation of vehicle operating system and edge calculation. The company recently issued a fixed increase plan, and plans to raise no more than 3.1 billion yuan for R & D projects of vehicle operating system, R & D and industrialization projects of edge computing station, R & D and industrialization projects of extended reality (XR), and R & D projects of distributed computing network technology. 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, this fixed increase will help the company to increase investment in product research and development, continue to explore potential markets, improve product capabilities, improve product structure, further consolidate the company’s leading position in the intelligent connected automobile business and intelligent Internet of things business, and establish technical progressiveness and ecological barriers.
Maintain the “buy” rating. As a leading provider of intelligent operating system products and technologies, the company has a global vision, a deep customer base and a rich talent reserve. We expect the net profit attributable to the parent company from 2022 to 2024 to be 890 million yuan, 1156 million yuan and 1.525 billion yuan respectively. Maintain the “buy” rating.
Risk warning: macroeconomic downside risk; The risk of tight industrial supply chain; Intellectual property risk; The risk of continuous negative impact of the epidemic; There is risk of error in calculation and assumption.
