\u3000\u3000 Thunder Software Technology Co.Ltd(300496) (300496)
Fully benefit from the high prosperity of the industry and maintain the "buy" rating
The company is the world's leading provider of intelligent operating system technology and products. Benefiting from the high prosperity of the industry, it is in a period of rapid growth. Considering that the company's performance exceeded expectations, we raised our profit forecast. It is estimated that the net profit attributable to the parent company from 2021 to 2023 will be 666, 905 and 1210 million yuan (formerly 610, 817 and 1092 million yuan), EPS will be 157, 213 and 2.85 yuan / share, and the current share price corresponds to 89.3, 65.7 and 49.2 times of PE, maintaining the "buy in" rating.
The performance forecast exceeded expectations and maintained high growth throughout the year
The company issued the performance forecast for 2021. In 2021, the revenue is expected to exceed 4 billion yuan, with a year-on-year increase of more than 50%; The net profit attributable to the parent company is expected to be 640-680 million yuan, with a year-on-year increase of 44.32% - 53.34%; It is expected to realize a net profit of RMB 570-610 million, with a year-on-year increase of 56.04% - 66.97%. In the fourth quarter alone, the revenue is expected to exceed 1.3 billion yuan, a year-on-year increase of nearly 60%; The net profit attributable to the parent company is expected to be 190-230 million yuan, with a year-on-year increase of 25.2% - 51.6%; It is expected to realize a net profit of 170-210 million yuan, a year-on-year increase of 66.7% - 107.1%. The performance forecast exceeded expectations, the growth accelerated in the fourth quarter and maintained a high-speed growth throughout the year.
The prosperity of the industry continues, and the company is in a period of rapid growth
Smart cars are still in the upward stage of prosperity. From the Guangzhou auto show in November 2021, the new four modernizations of automobiles are still accelerating, and the intelligent cockpit has gradually become the standard configuration of various car manufacturers. IHS Markit white paper shows that in 2020, the penetration rate of new vehicles with intelligent cockpit configuration level in the Chinese market is about 48.8%, and the industry has entered the fast lane. It is expected that the global market scale of intelligent cockpit will reach US $68.1 billion in 2030, and the Chinese market scale will also exceed 160 billion yuan. Based on the cooperation of chip manufacturers and the card operating system platform, the company is in a period of rapid growth.
From the cockpit area to the driving area, the strategy is clear and the future can be expected
In September 2021, the company introduced industry expert Zhang Ping to take charge of the company's intelligent driving business; In November 2021, the company invested to establish an intelligent driving company to layout the intelligent driving and future vehicle computing platform market. The company aims to form an automatic driving open platform and ecosystem with full coverage of intelligent driving domain controller hardware platform, underlying software, operating system, middleware, software integration and testing. In the long run, the company relies on its technical and ecological advantages to make efforts from the cockpit domain to the driving domain and then to the vehicle computing platform, with a clear strategy and a promising future.
Risk tip: the business development of intelligent Internet connected vehicles is not as expected; Brain drain risk
