Home Business Thundersoft (300496) is not afraid of the epidemic disturbance and standardized products to seize the opportunity | Qualcomm_Sina Finance_Sina.com

Thundersoft (300496) is not afraid of the epidemic disturbance and standardized products to seize the opportunity | Qualcomm_Sina Finance_Sina.com

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Thundersoft (300496) is not afraid of the epidemic disturbance and standardized products to seize the opportunity | Qualcomm_Sina Finance_Sina.com

ThundersoftIt is expected that in the first half of 2022, the net profit attributable to the parent will be 388 million yuan to 416 million yuan, a year-on-year increase of 40%-50%;Profits were 361-389 million yuan, a year-on-year increase of 41.01%-51.83%.

2022H1 performance continues to grow rapidly

From the perspective of revenue, the company’s revenue in the first half of 2022 increased by 45% year-on-year, and the single quarter of Q2 was roughly the same as that of Q1. Regardless of the disturbance of the epidemic, the company still maintained a relatively high growth rate of about 45%. We believe that the three tracks where the company operates have a high degree of prosperity, especially the continuous explosion of smart car and Internet of Things businesses, combined with long-term accumulated customer stickiness and organizational effectiveness, is an important factor for the continued high growth of its revenue. factor. From the perspective of profit, the company achieved a net profit of 388 million to 416 million yuan attributable to the parent in the first half of 2022, a year-on-year increase of 40%-50%, and the Q2 single-quarter growth rate was higher than 40%. Considering that the company increased equity incentive expenses by 10 million yuan in the first half of 2022 compared with the same period last year, we judge that after excluding the above effects, the company’s profit growth rate in the first half of the year is likely to be higher than 50%.

Accelerate the ecological layout of smart car business, from cockpit to smart driving, from software to integrated software and hardware solutions In 2022, we continue to be optimistic about the company’s growth in the smart car track. On the one hand, during the CES 2022 exhibition, the company released a new smart cockpit solution based on the Qualcomm SA8295 hardware platform and Kanzi one that supports the human-computer interaction design of a new generation of smart cockpits, further consolidating the advantages of smart cockpits. Furthermore, we believe that the subsequent growth logic of the company’s automotive business lies in: 1) Moving from smart cockpit to smart driving.With the acceleration of Qualcomm’s progress in the field of intelligent driving, such as the acquisition of Veoneer to integrate the Arriver platform, as well as the cooperation with BMW, GM and Great Wall, it is expected that the company, as an in-depth partner of Qualcomm, is expected to benefit from it first. , becoming a new round of growth in the company’s automotive businessdriving force. 2) From software to software and hardware integration. According to the information disclosed by the company, the company established a subsidiary Changxing Zhijia in Suzhou (invested by Qualcomm), focusing on the development of autonomous driving domain controllers and high-performance computing platforms, and is committed to providing software and hardware integrated autonomous driving solutions. We believe that the core of the company’s entry into the high-performance computing platform lies in the card position. By grasping the core hardware of intelligent driving, it can create a complete set of intelligent driving solutions of operating system and algorithm software. 3) From a single platform to multi-platform development. On April 18, 2022, the company announced the establishment of a joint venture with Horizon. With its capabilities in operating systems, middleware and other fields, as well as its rich experience in project implementation, the company will provide high-quality AI chips for OEMs and Tier 1s around Horizon’s automotive-grade AI chips. The intelligent driving software platform and algorithm services will accelerate the large-scale mass production of intelligent driving.

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Released a number of new products in the field of intelligent IoT

In the smart IoT channel, except inrobot, drones, smart cameras, VR/XR and other fields continue to expand product shipments and customer expansion, and the company has also begun to deploy in the field of edge computing. Following the release of the new cost-effective EB2 and high-performance EB6 edge smart station and ModelFarm algorithm training platform at the 2022 CES exhibition, the company also released TurboXC7230, C6490, CM4290/C4290 and other Qualcomm-based models during the International Security Exhibition. The intelligent module of the platform is used in industrial side and consumer side scenarios. At the same time, the company has also continued to expand its cooperation with Huawei in the field of edge computing, such as the launch of the Ascend-based TurboX Inspection Lite edge training & edge inference defect detection platform in the field of AI quality inspection. According to research by Gartner, it is predicted that by 2025, enterprise data generated and processed at the edge outside of traditional data centers and cloud platforms will jump from 10% in 2019 to 75% in 2025, and the demand for edge computing is expected to continue to expand. We believe that under the background of relatively strong demand side, the standardized products created by the company are expected to seize the opportunity and jointly drive the high growth of performance.

Investment Advice

The company has fully benefited from the wave of intelligence. With the operating system as the core, the product line for smart cars/mobile phones/Internet of Things has been continuously expanded, and the follow-up growth of the three major businesses has a clear logic. We estimate that the company’s revenue in 2022-2024 will be 5.93/8.18/10.95 billion yuan, respectively, and the net profit attributable to the parent will be 9.13/1.281/1.666 billion yuan, respectively, and maintain a buy-A investment rating. Since the company is still in the growth stage, we give 75 times PE of net profit in 2022, corresponding to a 6-month target price of 161.1 yuan per share.

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