东软集团:汽车业务快速增长,新增订单覆盖多个主流车厂

（以下内容从天风证券《东软集团:汽车业务快速增长,新增订单覆盖多个主流车厂》研报附件原文摘录）
　　Neusoft Corporation (600718 CH) 汽车业务快速增长，新增订单覆盖多个主流车厂 Thriving automotive business with new orders from an array of mainstream automakers BUY (maintain) 投资要点/Investment Thesis 投资要点/Investment Thesis 事件：2022年8月26日，公司发布了2022年半年度报告。2022年上半年，公司实现营业收入33.83亿元，同比增长5.36%，实现归母净利润0.83亿元，同比增长13.93%；归属于上市公司股东的扣除非经常性损益的净利润0.12亿元，同比增长11.26%。 H1 revenue rose 5% to RMB3.38bn and net profit rose 14% to RMB83m Neusoft released 22H1 results on 26 August 2022 with revenue at RMB3.38bn, up 5.36% yoy. Net profit in the half-year arrived at RMB83m, up 13.93% yoy, while ex-nonrecurring net profit came to RMB12m, up 11.26% yoy. 点评：看好汽车智能化和软件定义汽车趋势下，公司对大汽车整体业务的加速布局。受益于汽车智能化与电动化的不断发展，公司汽车业务快速增长，上半年业绩增长可观。若不考虑公司新增的激励成本和东软医疗等创新业务公司对利润的负向影响，同口径下，公司H1实现净利润2.22亿元，同比增长41.12%。第二季度公司实现了营业收入21.05亿元，同比增长3.32%，环比增长64.62%。实现归母净利润1.13亿元，同比增长3.1%，环比增长476%。实现净利率5.35%，同比提升0.61pct，环比提升7.87pct，系软件公司回款周期存在细节性波动所致。毛利率方面，公司H1毛利率为32.26%，同比提升0.06pct，二季度公司的毛利率略有下降，为30.53%，环比减少4.57pct。研发方面，公司继续加大研发投入，研发费用为3.84亿元，同比增长2.19%。 Fast-growth auto business on auto intelligentization & software-defined vehicles ·Profit detail: Neusoft’s automobile business has grown rapidly amid a rising trend of automobile intelligentization and electrification, as reflected in its H1 results. Excluding the drag from additional incentive costs and innovation businesses such as Neusoft Medical, H1 net profit would have been RMB222m, up 41.12% yoy. Q2 revenue amounted to RMB2.11bn, up 3.32% yoy and up 64.62% qoq, while net profit was RMB113m, up 3.1% yoy and up 476% qoq. ·Margins: H1 net profit margin was 5.35%, an increase of 0.61ppt yoy and an increase of 7.87ppt qoq, due to a volatile payment cycle in the software business. H1 gross margin was 32.26%, up 0.06ppt yoy. Q2 gross margin narrowed slightly by 4.57ppt qoq to 30.53%. R&D investment increased and R&D expenses rose 2.19% yoy to RMB384m. 智能汽车互联业务占比不断提升，细分板块市场持续拓展。分板块看，东软的四大业务为智能汽车互联、智慧城市、医疗健康、企业互联及其他。其中，智能汽车互联板块收入占比进一步提升，来到39.98%，未来有望进一步提升。医疗健康板块继续保持市场占有率第一的位置，毛利率yoy+0.32%。智能汽车互联板块在上半年新获得多个头部车厂订单，若以上年同期扣除东软睿驰后的营业收入为基数，同口径下，汽车互联板块同比增长27.05%，增长潜力有望进一步挖掘。 Expanding market: rising proportion of smart vehicle connectivity business Neusoft’s four major businesses are: smart vehicle connectivity; smart city; medical and health care; and enterprise connectivity and others. The revenue proportion of smart car connectivity has grown to 39.98%, and we expect it will continue to rise. Health care dominates its business with a leading gross profit margin at yoy +0.32%. It received new orders in smart car connectivity in H1 from several leading automakers. If we were to take 21H1 revenue ex-Neusoft Reach as the base, the smart car connectivity segment would have grown 27.05% yoy, signaling potential growth to be harnessed. 智能汽车互联业务新签车厂定点再创新高，智能座舱等汽车电子业务快速增长。在智能汽车互联领域，根据高工智能汽车研究院数据显示，公司在2020年智能网联座舱一级供应商前装市场份额位列第二。2022年上半年，东软持续获得头部车厂订单，2022年上半年公司新增的定点订单覆盖比亚迪、长城、奇瑞、吉利、一汽、智马达（smart）、上汽、宝腾、日产、宝马等车厂，其中多个定点订单为平台型项目，将覆盖车厂面向全球销售的多款主力车型。东软T-Box/5G Box产品搭载于已上市发售的新一代纯电动车smart精灵#1车型，真正实现车辆全场景覆盖的数据互通。 Record highs for new automaker signings; smart cockpit products growing fast In terms of smart car connectivity, Neusoft has the second largest market share among first-tier suppliers of smart network cockpits as of 2020, according to Gaogong Intelligent Automobile Research Institute data. Neusoft continued to receive orders from leading car manufacturers in H1. Firm new orders came from BYD, Great Wall, Chery, Geely, FAW, Smart, SAIC, Proton, Nissan, BMW and other car manufacturers. Many of the firm orders are for platform-type projects covering a variety of their major models sold globally. For example, Neusoft’s T-Boxes/5G T-Boxes are installed in Smart’s new-gen pure-electric Genie #1 model that has been launched on the market, realizing full-coverage vehicle data connectivity. 拥有全部自主知识产权的车路协同全栈产品，厚积技术壁垒，有望充分受益。东软集团拥有完整的车路协同解决方案及端到端C-V2X车联网产品，且深度参与了40余项C-V2X行业标准的讨论与制定。公司已与宸芯、Autotalks、国汽智联、赛迪等达成战略合作，形成生态合作伙伴30家以上，参与10家以上产业联盟。已为包括一汽红旗、长城等多个车厂的量产车型提供规模化C-V2X智能终端产品。 Full-stack vehicle-to-road products: proprietary IP sharpens Neusoft’s tech edge Neusoft provides a full suite of vehicle-to-road synergy solutions and end-to-end C-V2X (cellular vehicle-to-everything) products. It is involved in the formulation of over than 40 C-V2X industry standards. Including Morningcore, Autotalks, CICV and CCID, it has established strategic cooperation ties with over 30 ecosystem partners, as well as joined more than 10 industry alliances. Its large-scale C-V2X smart terminal products are deployed in the mass-production models of many automakers, including FAW Hongqi and Great Wall. 投资建议/Investment Ideas 投资建议：看好汽车智能化和软件定义汽车浪潮下公司大汽车整体业务的广阔前景，汽车互联板块高速增长，智能座舱等汽车电子产品需求量上涨，预测公司2022/23/24年实现营业收入98.70亿元、113.51亿元、130.54亿元，归母净利润2022-2024年预计为3.64亿元、4.76亿元、6.17亿元，维持“买入”评级。 Forecast and risks We like Neusoft’s broad automotive business prospects amid the rise of automobile intelligentization, software-defined vehicles and a fast-growing automotive connectivity sector, fueling demand for smart cockpit and other automotive electronic products. We forecast revenue of RMB9.87bn/11.35bn/13.05bn in 2022/23/24E, with net profit at RMB364m/476m/617m. We maintain our BUY rating. 风险提示：汽车智能化、网联化不及预期、汽车缺芯影响产业链增速、公司技术迭代不及预期 Risks include: weaker automotive intelligence and network connectivity markets than expected; automotive core shortage dragging supply chain growth rates; and less technological iteration than expected at Neusoft. 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