\u3000\u3000 Thunder Software Technology Co.Ltd(300496) (300496)
Event: on January 13, 2022, Thunder Software Technology Co.Ltd(300496) announced the performance forecast for 2021. In the whole year, the company expects to realize a net profit attributable to the parent company of 640 million yuan to 680 million yuan, with a year-on-year increase of 44.32% - 53.34%. Deduct non net profit of RMB 57.97 million to RMB 61.97 million, with a year-on-year increase of 56.04% - 66.97%.
Comments:
The company's operating revenue continued to grow rapidly. In 2021, the company's operating revenue is expected to exceed 4 billion yuan, an increase of more than 50% over the same period of last year. In the fourth quarter, the company's operating revenue is expected to exceed 1.3 billion yuan, an increase of nearly 60% over the same period last year, and a quarter on quarter increase of more than 35%. The net profit attributable to the parent company is expected to be 640 million yuan to 680 million yuan, with a year-on-year increase of 44.32% - 53.34%. Deduct non net profit of RMB 57.97 million to RMB 61.97 million, with a year-on-year increase of 56.04% - 66.97%. The company's equity incentive fee was about 104 million yuan, an increase of about 32 million yuan over the same period of last year; The amortization expense of intangible assets appraisal value-added arising from M & A is about 54 million yuan; The impact of non recurring profit and loss on net profit was about 70 million yuan, basically the same as that of the same period of last year.
The business growth of smart car and Internet of things is sustainable. The company has continuously expanded in the field of intelligent vehicles, acquired Fuyi airlines, the world's leading provider of automatic parking technology, and further extended in the field of automatic driving. Recently, the company released Thunder Software Technology Co.Ltd(300496) a new intelligent cockpit solution integrating intelligent parking and Qualcomm sa8295 hardware platform on ces2022. Thunder Software Technology Co.Ltd(300496) integrate intelligent parking and open up the two technical fields of cockpit and self driving. Based on the redundant computing power of cockpit, it can realize safe low-speed parking and reduce the cost of the scheme; At the same time, it integrates the traditional ultrasonic radar ranging algorithm with AI intelligent vision technology to improve the judgment and processing ability in complex parking environment. The company's intelligent Internet of things business has experienced early-stage technical investment and substantial growth in revenue. 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.
Continuously increase the technical layout in the field of intelligent vehicles. The company and Jia chenghehua, an enterprise controlled by the actual controller Mr. Zhao Hongfei, jointly funded the establishment of an intelligent driving platform company, which is positioned as an autopilot domain controller and a new generation CCU (central computing platform). The company expects that this will promote the company to enter the autopilot and future CCU Market. In December 2021, the company reached strategic cooperation with Huaqin technology. The company and Huaqin will establish a long-term and in-depth strategic cooperation relationship in the field of smart connected vehicles and smart phones to jointly promote the competitiveness of both sides in smart cockpit, automatic driving, HMI design, visual algorithm, smart connected and other emerging markets. In addition, the company granted 2032800 restricted shares to 240 incentive objects in October 2021. The smart car and Internet of things industries have a high prosperity and the market demand continues to grow. The incentive is expected to bind the company's core personnel and accelerate the release of the company's performance.
Investment suggestion: the company has a clear card position, excellent track, and has technical barriers and core competitive advantages. With the mitigation of factors such as core shortage, the high growth trend is expected to continue in the next few years. Considering the rapid improvement of prosperity, we slightly raised the operating revenue forecast. It is estimated that the revenue in 21-23 will be RMB 4099 million, RMB 5657 million and RMB 7637 million respectively, and the net profit attributable to the parent company will be RMB 671 million, RMB 953 million and RMB 1283 million respectively, with a year-on-year growth rate of 51.4%, 41.9% and 34.7%, maintaining the "buy" rating.
Risk tip: the development of intelligent driving and Internet of things industries is not as expected; Affected by the epidemic, economic growth declined; Industry competition intensifies.
