\u3000\u3000 Thunder Software Technology Co.Ltd(300496) (300496)
Event:
The company issued the 2021 annual performance forecast on the evening of January 13, 2022.
Comments:
It is expected that the revenue will increase by more than 50% year-on-year, and the net profit attributable to the parent company will increase by 44% – 53% year-on-year
In 2021, the company expects to realize a net profit attributable to the parent company of 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 571-611 million, with a year-on-year increase of 56.04% – 66.97%. The main reasons for the rapid growth of performance include: 1) the rapid growth of the company’s operating revenue. In 2021, the company’s operating revenue is expected to exceed 4 billion yuan, a year-on-year increase of more than 50%. In the fourth quarter, the company’s operating revenue is expected to exceed 1.3 billion yuan, with a year-on-year increase of nearly 60% and a quarter on quarter increase of more than 35%; 2) The company’s intangible assets appraisal value-added amortization expense arising from M & A is about 54 million yuan; 3) 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; 4) 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.
Set up an intelligent driving platform company to Nuggets auto driving 100 billion blue ocean market
On November 3, the company announced that it plans to jointly invest in the establishment of an intelligent driving platform company with Beijing jiachenghehua Technology Co., Ltd., an enterprise controlled by Mr. Zhao Hongfei, the actual controller, which is conducive to the company’s entry into the intelligent driving and future vehicle computing platform market, and form the intelligent driving domain controller hardware platform, underlying software, operating system, middleware Software integration and testing of fully covered automatic driving open platform and ecology. According to China’s autonomous driving market and future travel market outlook released by ihsmarkit, the penetration rate of level L3 and above autonomous driving will reach 10% in 2025 and is expected to increase to 31% in 2030. Roland Berger predicts that the market scale of China’s autonomous vehicle end system will reach 500 billion yuan in 2030.
Release intelligent cockpit solution based on Qualcomm sa8295 hardware platform in ces2022
According to WeChat official account, the company launched a new intelligent cockpit solution based on Qualcomm SA8295 hardware platform during the CES2022 exhibition. The company’s new intelligent cockpit solution realizes the integration of low-speed assisted driving and cockpit domain through sa8295’s excellent AI computing power and multi camera support ability, so as to better support 360 ° look around and intelligent parking functions; 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. Kanzione, the latest product launched by rightware, a wholly-owned subsidiary of the company, brings 3D design of movie level visual effects and unprecedented human-computer interaction experience to this version of intelligent cockpit solution.
Investment advice and profit forecast
The company has the world’s leading technology in the field of intelligent operating system and has broad growth space in the era of interconnection of all things. At present, the intelligent automobile industry is in the stage of rapid development, and the company’s performance can grow continuously and rapidly. Slightly increase the company’s operating revenue forecast from 2021 to 2023 to RMB 401, 5442 and 7171 million, slightly increase the net profit attributable to the parent to RMB 660, 910 and 1236 million, EPS to RMB 155, 214 and 2.91/share, corresponding to 96.49, 69.99 and 51.53 times of PE. In the past three years, the company’s PE has mainly operated in the range of 60-160 times. It is predicted that the net profit attributable to the parent company in the next three years will be 40.75%. Considering the high outlook of the industry, the valuation level is expected to be maintained, maintain the company’s target PE of 90 times in 2022, with the corresponding target price of 192.60 yuan, and maintain the “buy” rating.
Risk tips
Covid-19 recurrent pneumonia; The effect of R & D investment is less than expected; The business demand of intelligent Internet connected vehicles is lower than expected; The business expansion of intelligent Internet of things is less than expected; Market competition intensifies.
