\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Event: the company released the first quarterly report of 2022, and achieved an operating revenue of 1.153 billion yuan in 2021, with 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%; The net profit attributable to the parent company after non deduction was 147 million yuan, a year-on-year increase of 53.12%.
The performance is in line with expectations. In the first quarter of 2022, the company’s overall gross profit margin was 39.40%, a decrease of 4.82 percentage points compared with last year; The overall net interest rate was 15.27%, a decrease of 1.84 percentage points compared with last year. Mainly due to the decline in gross profit margin of commodity sales and other businesses. In terms of business: the revenue of smart phone business was 380 million yuan, a year-on-year increase of 24.6%; The revenue of intelligent vehicle business was 355 million yuan, a year-on-year increase of 50.4%. The business revenue of intelligent Internet of things was 418 million yuan, a year-on-year increase of 67.2%.
Cooperate with horizon to further strengthen the ability of automatic driving. In April 2022, 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 intelligent driving track. It will provide high-quality intelligent driving software platform and algorithm services for OEMs, primary suppliers and other enterprises around horizon vehicle specification AI chip.
Add fixed code smart car and edge calculation. The fixed increase plan will raise no more than 3.1 billion yuan, which is mainly invested in the R & D project of vehicle operating system, the R & D and industrialization project of edge computing station, the R & D and industrialization project of extended reality (XR), and the R & D project of distributed computing network technology. The vehicle operating system project aims to develop the next generation of vehicle operating system for the company to adapt to the centralization of the new generation of electronic and electrical architecture. Edge computing aims to provide edge computing station equipment, develop cloud edge collaboration software platform and form solutions for multiple industries.
Investment suggestion: the company is expected to fully enjoy the industry dividend by superimposing the industry wave of smart car and smart Internet of things. We expect the company’s EPS from 2022 to 2024 to be 2.27 yuan, 3.06 yuan and 4.02 yuan respectively, maintaining the “buy” rating.
Risk warning: the landing of intelligent vehicle is not as expected; Industry competition intensifies.
