Thunder Software Technology:Opening up new fronts

类别:公司研究 机构:中信建投(国际)金融控股有限公司 研究员:中信建投(国际)研究所 日期:2017-11-14

A leading provider of smart operating system solutions. While mobile chips are headline-grabbing, mobile operating systems play an equally critical part in the mobile Internet industry chain. Thundersoft, a leading provider of smart operating system solutions, enjoys a clear advantage in terms of operating revenues and gross margins compared with its A-share competitors. Moreover, it counts global chip giants Qualcomm and Spreadtrum as its shareholders. The two currently contribute to more than 20% of Thundersoft’s total operating revenue.

    Sustainablegrowth on transformation.To preempt a revenue plateau, Thundersoft launched the Strategic 2.0 initiative in 2012, featuring stand-alone software products and standardized modules and starting to charge customers based on volume instead of projects to unlock smart hardware growth potential and improve gross margins. Smart hardware was responsible for RMB128mn of Thundersoft’s operating revenue in 2016, a massive YoY growth of 373.85%.

    Acquiring into the in-vehicle system industry. Thundersoft bought out APPSYS and Huichi Technology in Apr. 2016 for RMB102.6mn in cash-both are experts in pre-installed IVI systems, and pushed deeper into the in-vehicle system market by taking over Rightware, a world famous producer of in-vehicle digital instrument clusters. Thundersoft’s in-vehicle system business brought in an operating revenue of RMB46.2031mn in 2016, up 68.88% YoY.

    Profitability forecast. We estimate Thundersoft will notch up an operating revenue of RMB1.07bn/1.316bn for FY17/18, corresponding to a net profit of RMB138mn/175mn and EPS of RMB0.35/0.43. Recommend an Outperform rating. Risk factor. Smart hardware partners’ shipments may fall short of expectations.

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