\u3000\u3000 Thunder Software Technology Co.Ltd(300496) (300496)
Event: on January 13, 2022, Thunder Software Technology Co.Ltd(300496) released the performance forecast for 2021. It is estimated that the net profit attributable to the shareholders of the listed company is 640-680 million yuan, with a year-on-year increase of 44.32% – 53.34%, and the net profit attributable to the parent company after deduction increased by 56.04% – 66.97%, which exceeded our expectations.
Q4’s revenue reached a new high and its annual performance increased rapidly and steadily: Thunder Software Technology Co.Ltd(300496) as a leading operating system software manufacturer in the world, it has deeply cultivated the field of intelligent operating system. At present, it has formed a continuous R & D, leading technology and ecological barrier around intelligent operating system technology. At the same time, under the wave of intelligent industry, The intelligent Internet connected vehicle business and intelligent Internet of things business have achieved rapid growth. According to Thunder Software Technology Co.Ltd(300496) 2021 annual performance forecast, it is expected to achieve an operating revenue of more than 4 billion yuan in 2021, with a year-on-year increase of more than 50% compared with 2020, of which Q4 is expected to achieve an operating revenue of more than 1.3 billion yuan, with a year-on-year increase of nearly 60% compared with 2020, and a quarter on quarter increase of more than 35%, setting a new high of single quarter revenue.
Significant technical advantages, continuous breakthroughs in intelligent Internet of things and intelligent network connected vehicle business: Thunder Software Technology Co.Ltd(300496) based on the leadership of intelligent operating system technology and the vertical integration ability of operating system technology manufacturers, continuously consolidate the advantages of technical level industrial chain; Firstly, in the field of intelligent networked vehicles, a comprehensive product and technology layout such as intelligent cockpit and intelligent driving was formed. At ces2022 exhibition, a new intelligent cockpit solution with Qualcomm sa8295 hardware platform was released. Thunder Software Technology Co.Ltd(300496) rightware, a wholly-owned subsidiary, released the integrated automobile HMI tool chain kanzione to help create a new experience of intelligent cockpit. At the same time, it established an intelligent driving platform company to locate the automatic driving domain controller and the new generation CCU; We believe that based on the core technology and rich experience, Thunder Software Technology Co.Ltd(300496) has the technical and ecological advantages from cockpit to automatic driving, and the future performance growth can be expected. Secondly, in terms of intelligent Internet of things business, relying on operating system technology and localization service capabilities, it provides one-stop solutions for OEM / ODM, enterprise level and developer customers. At present, intelligent Internet of things products have been widely used in Siasun Robot&Automation Co.Ltd(300024) , smart cameras, AR / VR glasses, wearable devices, smart speakers, smart retail, smart industry and many other fields, We expect that with the steady progress of the Internet of things industry, Thunder Software Technology Co.Ltd(300496) pay close attention to the industrial wave and have full performance power.
Profit forecast and investment rating: with the continuous improvement of the Internet of things and automotive intelligent landscape, we raised the company’s net profit attributable to the parent company in 2021 from RMB 623 / 843 / 1109 million to RMB 643 / 924 / 1219 million, corresponding to the EPS forecast from RMB 1.47/1.98/2.61 to RMB 1.51/2.17/2.87 in 2021-2023. The PE valuation corresponding to the current market value is 99 / 69 / 52 times. Considering that Thunder Software Technology Co.Ltd(300496) vigorously promotes the business of intelligent network connected vehicles and intelligent Internet of things, maintain the “buy” rating.
Risk tip: the progress of intelligent vehicle industry is less than expected; The progress of intelligent networking industry is less than expected; The company’s product technology iteration is not as expected; Industry competition intensifies risks.
