\u3000\u3000 Thunder Software Technology Co.Ltd(300496) (300496)
Event overview
On January 13, 2021, the company disclosed the performance forecast of 2021. In 2021, the revenue increased by more than 50% year-on-year, and the net profit attributable to the parent company increased by + 44.32% - 53.34% year-on-year; Net profit attributable to parent company after deduction of non profit + 56.04% - 66.97% year on year.
Analysis and judgment:
In 2021, the annual revenue increased by more than 50% year-on-year, and the performance grew simultaneously
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. Q4 single quarter revenue growth further accelerated compared with the first three quarters, and is expected to achieve more than 1.3 billion yuan, close to 60% year-on-year. It is estimated that the net profit attributable to the parent company will be about 640-680 million yuan in 2021 (year-on-year + 44.32% - 53.34%). The net profit attributable to the parent company after deduction was about 570-610 million yuan, a year-on-year increase of + 56.04% - 66.97%. In addition, in the whole year, the company's intangible assets appraisal and value-added amortization expense arising from M & A was about 54 million yuan, about - 24% year-on-year; In 2021, the cost of equity incentive was about 104 million yuan, an increase of about 32 million yuan over the same period of last year, about + 44% year-on-year; The impact of the company's non recurring profits and losses on the net profit was about 70 million yuan, basically the same as that of the same period of the previous year.
Strong determination to enter intelligent driving will open the second growth curve of the company
1. Follow the growth of Qualcomm ride platform and open the business space of intelligent driving. Snapdragonride, Qualcomm's intelligent driving chip platform, will be mass produced in 2022. With years of cooperation with Qualcomm chips, Chuangda will continue to serve car factories using ride platform. The company's related development business is expected to replicate the cockpit and usher in a new outbreak period.
2. Set up an intelligent driving platform, and the company will drive freely and enter the full coverage scheme of automatic driving, indicating the company's determination to enter intelligent driving. On November 3, 2021, the company announced that it plans to jointly invest with the enterprise controlled by the actual controller to set up an intelligent driving platform, Changxing intelligent driving. The new company is positioned as an automatic driving domain controller and a new generation CCU (central computing platform), carrying the company into the automatic driving and future CCU market, and can provide customers with underlying software, operating system, middleware Automatic driving scheme with full coverage of software integration and test.
Smart cockpit and Internet of things business release a variety of new products & solutions, and innovation is the first growth driving force of the company
1. Release Qualcomm 8295 intelligent cockpit solution to maintain the card position advantage formed by cooperation with Qualcomm. During the ces2022 exhibition, Thunder Software Technology Co.Ltd(300496) released a new intelligent cockpit solution based on Qualcomm sa8295 hardware platform. The solution gives full play to the performance of sa8295, realizes the integration of low-speed assisted driving and cockpit domain, and reduces the cost of the solution based on the redundant computing power of cockpit domain.
2. In terms of Internet of things, in ces in January 2022, the company released several latest products: two new edge intelligent products Eb2 and EB6 edge intelligent stations, and modelfarm algorithm training platform, which enriched its edge series product matrix. Product innovation is the first driving force for Chuangda's growth.
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. Based on the company's performance forecast and the higher than expected R & D expenses caused by the company's continuous increase in investment and innovation, we raised the forecast of the company's revenue of RMB 3.74/50.8/6.62 billion in 21-23 to RMB 3.98/56.5/7.97 billion, and lowered the forecast of earnings per share (EPS) of RMB 1.81/2.42/3.30 in 21-23 to RMB 1.55/2.20/3.09, corresponding to the closing price of RMB 139.95/share on January 13, 2022, with PE of 90 / 64 / 45 times respectively, Maintain the company's "buy" rating.
Risk tips
1) risk that the development of intelligent vehicle industry is less than expected; 2) The risk that the development of the Internet of things industry is less than expected; 3) Risk of changes in traditional mobile phone business model; 4) Macroeconomic downside risk.
