\u3000\u3000 Thunder Software Technology Co.Ltd(300496) (300496)
Event: on the evening of January 13, 2022, the company announced the forecast of 2021 annual report. 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. The net profit attributable to the parent company increased by 44.32% ~ 53.34% year-on-year, and the net profit attributable to the parent company after deduction increased by 56.04% ~ 66.97% year-on-year. The performance forecast slightly exceeded expectations.
The acceleration of the revenue side once again verifies the high vision of the intelligent industry. According to the analysis in our report "performance meets expectations, and intelligence will continue to promote the company's growth" on November 27, 2021, the month on month decline of the company's revenue in the single and third quarters is mainly due to the impact of the seasonal fluctuation of IOT business, In 2021, it is expected to maintain an annual revenue growth rate of 40% ~ 50% under the boost of IOT business (the equity incentive target is 40% of the annual revenue growth in 2021). This announcement predicts that the annual revenue growth in 2021 is expected to exceed 4 billion yuan and yoy exceeds 52%, which verifies the high prospect of the intelligent industry.
Ces2022, the company's smart car sector has frequent new products. According to WeChat official account, the company released a smart parking technology and solution on CES2022, which is based on the redundant computing power in the cabin area to achieve low speed parking and reduce the cost of the scheme. Meanwhile, it presents a immersive parking scene for users through the HMI tool KanziOne. The company also released an intelligent cockpit solution based on Qualcomm's sa8295 hardware platform, gave full play to the outstanding performance of sa8295 in computing power, graphics and image processing, and created a one core multi screen intelligent cockpit domain control including digital instruments, central control entertainment, front passenger entertainment, double rear seat entertainment, streaming media rearview mirrors and head up display, The new security & safety features of sa8295 bring all-round security protection for the intelligent cockpit, such as user data encryption, storage security, function security, car to cloud security and so on. The iterative innovation of intelligent vehicle product matrix is expected to continue to consolidate the company's R & D strength in the field of intelligent cockpit and realize the extension to the field of intelligent driving. Relying on the close cooperation with Qualcomm and other international chip giants, it is expected to win the first opportunity in the current wave of intelligent transformation of the automotive industry.
Maintain the "buy" rating. We estimate that the net profit attributable to the parent company from 2021 to 2023 will be RMB 668 million, RMB 927 million and RMB 1.321 billion respectively. Maintain the "buy" rating.
Risk warning: macroeconomic downside risk; The risk of tight industrial supply chain; Intellectual property risk; The risk of continuous negative impact of the epidemic; There is risk of error in calculation and assumption.
