光庭信息: 全域全栈的智能汽车软件供应商,“软件工厂”打造新生态

（以下内容从天风证券《光庭信息: 全域全栈的智能汽车软件供应商,“软件工厂”打造新生态》研报附件原文摘录）
　　Wuhan Kotei Informatics (301221 CH) 全域全栈的智能汽车软件供应商，“软件工厂”打造新生态 Initiating coverage: Kotei’s full-domain, full-stack software solutions create new ecosystems for smart cars TP:RMB70.00 BUY (Initiation) 投资要点/Investment Thesis 投资要点/Investment Thesis 1、智能汽车软件解决方案提供商，营收加速增长 公司专注于提供智能网联汽车软件创新和解决方案，目前公司业务包括智能座舱、智能电控和智能驾驶等领域，并建立了智能网联汽车测试服务体系与移动地图数据服务平台，主要客户包括日本电产、延锋伟世通、佛吉亚歌乐、电装等全球领先Tier1，以及日产、上汽、长安等国内外知名的汽车整车厂。2021年公司营收4.32亿元，同比增长29.3%，营收加速增长；实现归母净利润7326万元，同比增长0.34%。 Smart car software solutions provider driving a revenue growth uptrend Kotei provides software innovations and solutions for smart car internet connectivity, covering intelligent cockpits, intelligent electronic controls and intelligent driving. It established a smart car connectivity testing service system and mobile map data service platform. Key customers include global tier-1 companies like Nidec, Yanfeng Visteon, Faurecia Clarion and Denso, and renowned automakers like Nissan, SAIC and Changan. Revenue growth accelerated to RMB432m in 2021, up 29.3% yoy, and net profit amounted to RMB73.26m, edging up 0.34% yoy. 2、软件定义汽车时代到来，汽车软件价值量提升 E/E架构集中化为汽车智能网联化提供硬件基础，汽车向移动智能终端与计算平台进化，智能汽车五大DCU中座舱域、驾驶域是智能化关键，汽车软件与硬件分层解耦，软件价值将更加凸显。根据高工智能汽车数据，2021年中国新车前装标配联网智能座舱上险量277.57万辆，搭载率13.61%，同比提升4pct，中国市场新车搭载前向ADAS上险量807.87万辆，同比增长29.51%，各主要L1/L2自动驾驶功能搭载率均有所提升。随着智能座舱、智能驾驶搭载率提升与技术升级，预计未来10年汽车软件成本占比将持续提升，汽车软件市场持续增长。 Era of software-centered cars: rising value of software in the automotive market The centralized vehicular electric-electronic architecture forms the hardware foundation for smart car connectivity. The car has evolved into a mobile smart terminal and computing platform. Out of its five major domain control units, smart cockpits and smart driving are the two that provide the key to vehicle intelligentization. The value of automotive software would rise. Gaogong Intelligent Vehicles data shows that 2.78m new vehicles in China had insured front-mounted smart cockpits in 2021, an installation rate of 13.61%, up 4ppt yoy. And 8.08m new vehicles had insured front-ADAS, up 29.51% yoy; with installation rates rising for both levels 1 and 2 systems. Along with tech advances and rising adoption of smart cockpits and smart driving, we expect the software portion of automotive cost to keep growing over the next 10 years, driving automotive software market growth. 3、长期合作优质客户，“软件工厂”提供高品质软件开发 公司客户集中度较高，多为全球知名Teir1与整车厂优质客户。公司通过成立合资公司、建设离岸开发中心等方式深度绑定客户，且在日本设立子公司为日本客户提供服务，日本电产、佛吉亚歌乐、电装等主要客户稳定贡献收入。公司具备汽车电子软件的全域全栈开发能力，通过“软件工厂”提供高品质软件开发和交付，同时公司建有先端技术、事业部两级研发体系，同时满足市场共性、个性化需求。2021年末公司员工数量1904人，同比增长约54%，其中技术人员占比91.8%，软件工程师占比80%，我们预计公司2022年员工数量继续高增，公司营收具备高增长基础。 Quality customer ties; ‘software factory’ drives quality software development Kotei has a highly concentrated customer portfolio, with the majority being world-renowned tier 1 companies and OEMs. Its strong relationships with quality customers are formed through JVs and offshore development centers. For example, its subsidiaries in Japan service its Japanese customers. Revenue stability is contributed by major customers like Nidec, Faurecia Clarion and Denso. Kotei has full-domain and full-stack development capabilities in automotive electronics and software, and its “software factory” allows quality software development and deliveries. The company’s dual focus on frontier technology and enterprise R&D allow it to fulfill common and individual market requirements. It had 1,904 employees as of end-2021, up about 54% yoy, of which technicians accounted for 91.8% and software engineers accounted for 80%. We expect the staff count to increase in 2022E, based on fundamentals like high revenue growth. 投资建议/Investment Ideas 盈利能力与投资建议：我们认为，汽车网联化、智能化、电动化程度持续提升，智能座舱、智能驾驶高景气度，公司长期合作优质客户且将持续拓展，我们预计公司2022-2024年营收分别为6.50/9.04/12.16亿元，净利润分别为1.14/1.70/2.43亿元，对比可比公司，2022年目标市值65亿元，目标价70元，首次覆盖给予“买入”评级。 Investment summary and risks: As vehicle connectivity, intelligentization and electrification gain traction, prospects become rosier for smart cockpits and smart driving. We believe Kotei’s long-term relationships with quality customers will continue to help the company expand. We project revenue of RMB650m/904m/1.22bn and net profit of RMB114m/170m/243m in 2022/23/24E. Relative to its peers, Kotei’s target market cap is at RMB6.5bn with a target price of RMB70 for 2022E. Hence, we initiate coverage with a BUY rating. 风险提示：人力成本上升毛利率下降风险；公司客户集中度较高的风险；研发进展不及预期的风险；汇率波动造成汇兑损失的风险；下游汽车行业波动风险；市场竞争加剧风险。 Risks include: gross margin decline due to rising labor costs; high customer concentration risks; weaker R&D advances than expected; FX losses due to exchange rate volatility; downstream automotive industry volatility; and intensifying competition. 以下为研报节选，查看更多请联系天风国际销售团队或访问天风国际研报网页。 The following is an extract. For the full report, please contact our sales team or visit the TFI report website. Email: equity@tfisec.com TFI research report website: (pls scan the QR code) 本文件由天风国际证券集团有限公司, 天风国际证券与期货有限公司（证监会中央编号：BAV573）及天风国际资产管理有限公司（证监会中央编号：ASF056）（合称“天风国际集团”）编制，所载资料可能以若干假设为基础，仅供专业投资者作非商业用途及参考之用途，会因经济、市场及其他情况而随时更改而毋须另行通知。任何媒体、网站或个人未经授权不得转载、链接、转贴或以其他方式复制发表本文件及任何内容。已获授权者，在使用本文件或任何内容时必须注明稿件来源于天风国际集团，并承诺遵守相关法例及一切使用的国际惯例，不为任何非法目的或以任何非法方式使用本文件，违者将依法追究相关法律责任。本文件所引用之数据或资料可能得自第三方，天风国际集团将尽可能确认资料来源之可靠性，但天风国际集团并不对第三方所提供数据或资料之准确性负责。且天风国际集团不会就本文件所载任何资料、预测及／或意见的公平性、准确性、时限性、完整性或正确性，以及任何该等预测及／或意见所依据的基准作出任何明文或暗示的保证、陈述、担保或承诺而负责或承担任何法律责任。本文件中如有类似前瞻性陈述之内容，此等内容或陈述不得视为对任何将来表现之保证，且应注意实际情况或发展可能与该等陈述有重大落差。本文件并非及不应被视为邀约、招揽、邀请、建议买卖任何投资产品或投资决策之依据，亦不应被诠释为专业意见。阅览本文件的人士或在作出任何投资决策前，应完全了解其风险以及有关法律、赋税及会计的特点及后果，并根据个人的情况决定投资是否切合个人的投资目标，以及能否承担有关风险，必要时应寻求适当的专业意见。投资涉及风险。敬请投资者注意，证券及投资的价值可升亦可跌，过往的表现不一定可以预示日后的表现。在若干国家，传阅及分派本文件的方式可能受法律或规例所限制。获取本文件的人士须知悉及遵守该等限制。 阅读原文 立即开户

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