\u3000\u30 Beijing Telesound Electronics Co.Ltd(003004) 96 Thunder Software Technology Co.Ltd(300496) )
Qualcomm 8155 car tracking: or will usher in an inflection point
8155 chip will be on the bus for the first time in the first half of 2020, and the tide of getting on the bus will start in the second half of 2021. According to our statistics, as of March this year, there were about 15 Qualcomm 8155 cockpit models listed in China and delivered in mass production. The sales performance of some models was excellent, and the market share of 8155 mass-produced vehicles increased rapidly. According to our estimation, the market share of 8155 mass-produced vehicles increased from 8% in 21q3 to 18% in 22q1, and the market share of sales increased by 10PCT within half a year. 8155 platform has obvious competitiveness and has become a “business card” of relevant models. We selected traditional car companies with leading passenger car sales in China in 2021 and new energy brands with great market attention and influence to conduct research, and counted the chip platforms equipped with their new generation of flagship smart cars. It was found that the market share of 8155 platform was far ahead. According to our statistics, the share of Qualcomm cockpit platform in medium and high-end intelligent vehicles will further increase, or from about 60% in 2021h2 to 80%.
Thunder Software Technology Co.Ltd(300496) : optimistic about the further increase of royalty’s income
Through acquisition, the company has accumulated a large amount of IP in the automotive field. In January this year, rightware, a wholly-owned subsidiary of the company, officially released the first integrated automobile HMI tool chain Kanzi one. We believe that the company will accumulate more IP through further cultivation in the automotive industry. Through customer expansion and large-scale production of relevant intelligent models, royalty’s revenue will continue to increase. In addition, the company’s in-depth understanding of Qualcomm chips is one of its core competitiveness. With the help of Qualcomm cockpit project, it is conducive to the mass production of automotive IP accumulated by the company. At present, Qualcomm 8155 cockpit platform models have ushered in an inflection point in volume. The company may benefit from this and further improve royalty revenue.
Investment advice
The industry in which the company’s emerging business is located is developing rapidly, and the traditional software business is developing steadily, which will continue to promote the growth of the company. The profit forecast is as follows: maintain the company’s 22-24 year revenue forecast of RMB 6.048/87.01/12.184 billion; The predicted earnings per share (EPS) for 22-24 years is 2.21/3.16/4.39 yuan respectively, corresponding to the closing price of 104.46 yuan / share on May 20, 2022, and the PE is 47 / 33 / 24 times respectively, maintaining the “buy” rating of the company.
Risk tips
1. The sales volume of smart cars is lower than expected. 2. The promotion of automobile intellectualization is less than expected. 3. The risk of tight global supply of automotive chips. 4. Macroeconomic downturn risk.
