\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Key investment points
On April 28, the company released the first quarter 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%, a net profit attributable to the parent of 156 million yuan, a year-on-year increase of 41.36%, and a non net profit attributable to the parent of 147 million yuan, a year-on-year increase of 53.12%.
All business lines are advancing rapidly, and investment continues to increase against the wind. During the reporting period, the company's three business lines continued to advance steadily, and the business of intelligent software / intelligent vehicle / Internet of things achieved revenue of RMB 380 / 355 / 418 million respectively, an increase of 24.6% / 50.4% / 67.2% respectively over the same period of last year, maintaining a steady and rapid growth momentum. At a time when the epidemic situation in China is repeated at many points and the downward pressure on the economy is becoming more and more obvious, the company still firmly invested. During the reporting period, the company's operating cost was 675 million yuan, a year-on-year increase of 57.43%, and the R & D cost was 189 million yuan, a year-on-year increase of 46.11%. At the same time, in early March, the company issued a fixed increase plan for 2022, and planned to raise 3.1 billion yuan to invest in the R & D related to vehicle operating system, edge computing, XR and distributed technology, so as to seize the industry opportunity, High investment layout seeks greater long-term space.
Establish a joint venture with horizon to accelerate the mass production of intelligent driving. Under the trend of "software defines automobile", the close service and close support from the original manufacturer of automobile intelligent chip and its software strategic partners are particularly important. On April 18, the company and horizon announced the establishment of a joint venture. The joint venture will be held by Thunder Software Technology Co.Ltd(300496) to focus on intelligent driving track, and provide high-quality intelligent driving software platform and algorithm services for OEMs and Tier1 and other enterprises around horizon vehicle specification AI chip, so as to jointly accelerate the large-scale mass production of intelligent driving. Similarly, it can not be ignored that the significance of this cooperation is not only in the automotive field. In the future, the two sides will expand their business to the pan Siasun Robot&Automation Co.Ltd(300024) field based on the joint venture and relying on their advantages in the operating system and chip field, enabling the intelligent transformation of more industries and fields outside the automotive industry.
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 38 / 28 / 20 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, etc
