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Peng, Zhishun Investment Zhu Hekai, Zhixin Finance Wen Feihua, Chinese Min Li Jinyang, Chinese Shou Cui Hengxu, Zhang Xiang, China Galaxy Bu Jiajie, Zhongheng (Xiamen) Zheng Shaorong, CICC Feng Da, Chen Xingyu, Yu Zhonghai, China Finance Shi Liu Guoguo, China Europe Fund Feng Ludan, Zhongrong Huixin Zhu Yan, Zhongrui Heyin Ye Zhilin, Zhongtai Securities Wu Yanan, Xue Shaolong, She Yuqing, Fu Xin, Wang Fengjie, ZhongtianGuo Fu Liang Zhaojin, Zhongtian Securities Liu Dahai, CITIC Construction Wang Zhiyong, CITIC Construction Investment Yu Fangbo, Hu Tianyin, Meng Donghui, Zuo Shaoyi, Xia Yiran, Xu Bo, Zhang Yongmei, Yang Ruiqi, Cao Tianyu, Yan Guicheng, CITIC Securities Zhang Shuai, Jian Zhixin, Ding Qi, Luo Yichao, Liu Wenshu, Xu Yiqing, Xu Donghan, Chang Siyuan, Song Fangyun, BOC Fund Wang Jiaqi, China Post Fund Teng Fei, China Re Assets Jiang Tongxiao, Mao Wenjie, Zhonggang Capital Yuna, Suzaku Fund Jiao Meijiao and Zhuhai Zhaojin Zhang Liang investigated our company on October 18, 2021, and the survey was hosted by Zhang Ping, CEO of the autonomous driving business, Wang Huanxin, secretary of the board of directors and CFO, and Rick MI, assistant to the chairman and investment director.
The main contents of this survey are:
Interpretation of the first and third quarterly performance forecasts - the automobile business is mainly the world's well-known automaker customers and Tier1 customers. In the third quarter of this year, due to the Mid-Autumn Festival and National Day holidays, some projects will be delivered in the fourth quarter of 2021. These cause fluctuations in the company's quarterly revenue. However, everyone's industrial research in the upstream and downstream of the industrial chain is actually very clear, the company's customers in the automotive industry chain have corresponding settlement rules, and these revenues can be recovered on time in the fourth quarter. -The mobile phone business will continue to maintain stable and rapid growth - the Internet of Things business will have a certain degree of flexibility due to the large number of categories. Take a look back at IoT revenue every quarter. In 2020
Q1 and
At Q2, the revenue was about 100 million yuan. In 2020
Q3 revenue was $267 million, so in 2020
Q3 IoT revenue growth reached 147% sequentially, thus going up a level, and the base is very high. The characteristic of the company's Internet of Things business is that it will increase the volume as the customer's new products are gradually promoted. The company's Internet of Things business has achieved step-by-step development. The first step is the revenue scale of 100 million yuan in a single quarter. The second step is 2020
Q3 to 2021
Q2 during this period, a single quarter of more than 200 million revenue levels. Moreover, many of the new products of customers this year will be concentrated in the fourth quarter. - Exchange rate factors. Since a lot of the company's revenue is denominated in foreign currencies, mainly in US dollars and Japanese yen, the statement is denominated in Renminbi. -Outlook for the fourth quarter. The logic of the company's long-term growth is very certain and has never changed. As the world's leading operating system platform technology company, the company is constantly verifying the company's sustained high-speed growth process and business development trend from the perspective of the industry's prosperity and the company's own technology platform competitive advantage. Taking the automotive business as an example, the company's automotive business maintained rapid growth. At the same time, after the car forms a fixed customer, it is unlikely to replace the supplier. On the contrary, the scale of the fixed point will continue to expand because after getting the customer's first fixed-point model, not only in China, but also in the world, the scale of the fixed-point will be affected by the first order. The automotive business is only a temporary effect of some commercial terms. The mobile phone business will continue to maintain sustained and stable growth.
Second, the latest trend in the autonomous driving business Zhang Ping is the CEO of Chuangda Autonomous Driving. Former General Manager of SAICMOTOR and TTTech Joint Venture, senior expert in the intelligent driving industry, led the team to realize the first software and hardware platform in China to meet the ASILD, vehicle specification grade, mass production of intelligent driving domain controller software and hardware platform, with 16 years of automotive industry, including switchboard factory and intelligent driving Tier1 rich experience, many times won the China Automotive Industry Technology Innovation Award.
1. Zhang Ping's personal summary and the reason for joining Chuangda Answer: It is to join Chuangda in September 2021, and now it is mainly responsible for the company's autonomous driving business, and the goal should be to provide software and hardware platforms. There are three reasons to join Chuangda: (1) Software is the core of autonomous driving, and the company has been deeply involved in the automotive operating system for many years, with core technology and rare high-tech talents in the automotive industry. As a result, the core genes of technology from the cockpit to autonomous driving are available. (2) The company's ecology, because the company is an operating system product, thus forming a good ecological cooperation with chip manufacturers around the world. The future of automatic driving on the one hand is a software computing platform, on the other hand, the large computing chip is the core. For example, in terms of cooperation between the company and Qualcomm, in the layout of the field of automatic driving, Qualcomm and the company should join hands to deepen this field. At the same time, the company and other chip manufacturers also have in-depth cooperation. (3) Talent and corporate culture. The company is not only a giant in the field of high technology, but also a provider of strong engineering solutions and solutions in the automotive field. In summary, we can see the broad future of the company, so we chose to join Chuangda.
2. Qualcomm's acquisition of Vineninger, what are the main differences between the company and Vineninger? A: Qualcomm's acquisition of Vinenell mainly focuses on the architecture of Arriver software, and will integrate the overall framework into the Qualcomm platform. It is a natural integration for the company. The company's focus is on the entire autonomous driving software platform below the application layer algorithm to provide a better software computing power platform for the main engine factory. It can be fully combined with Arriver's framework completely and effectively, further strengthening the future cooperation model.
3. The progress and maturity of Qualcomm's Ride platform Answer: Whether in software development or software integration, the company is an important force in Qualcomm Ride. The first leading enterprise in China has announced the mass production time of Ride in about the third quarter of 2022. The whole development progress is relatively smooth, and it can basically achieve the expected goals. In the project the company has also played a good role in the Integration of Qualcomm platforms, including AI frameworks, familiarity throughout the chip, and software integration. In addition, the company and domestic head enterprises are talking about Ride cooperation, which will be landed in the second half of 2022.
4. In addition to the Ride platform, the layout of other chip platforms Answer: As we all know, the company is a software platform manufacturer, and it has always been the core positioning of the company, whether in the cockpit domain or the driving domain. So the company has always been able to support all SoC vendors. For example, QNX's underlying software, the development of toolchains, and the company's products and technologies adapt to all platforms.
3. Questions and answers
1. The mainstream trend of the future of autonomous driving, and how long will it take for the Qualcomm Ride platform to catch up with the productivity of the software platform? A: The two schools of NVIDIA GPUs and Mobileye have a tendency to merge, and from the trend point of view, the two will exist in parallel. NVIDIA GPUs have a certain ecology, Mobileye chips are relatively closed, will produce a new division of labor in the cooperation model. But for Qualcomm platforms, this problem will not exist. Because Qualcomm chip is leading the world in the process, Ride reaches 5 nanometer technology. TOPS leads the world in power consumption. And it can combine the good ecology on the mobile phone into the field of automatic driving. Regarding the maturity of the Ride platform, Qualcomm's next-generation 8540 can SOP in the second quarter of next year
2. The attitude of the main engine factory to third-party manufacturers in automatic driving, as well as the challenge from the cockpit domain to the driving domain Answer: From the perspective of software layering, the application layer is the closest to the customer, and it is also the customer who can feel the value the most, and it is easiest to get direct feedback from the customer. Therefore, the application layer software is under the control of the main engine factory. The platform software is under the application layer, the volume is huge and the gold content is also very high, and it can explore many different ecology and product forms. It is difficult for an OEM to fully control this area. It must be relying on the cooperation of platform manufacturers such as Chuangda who have strength and have been deeply involved in the operating system field for many years, and the main engine factory runs on the ecology on top of this basic platform, which is the best way to cooperate. Some of the software links in the cockpit and autopilot software are the same and can be reused. But in high real-time, high safety, low latency and other characteristics that require autonomous driving software. Two or three years ago, the company has been doing the underlying development of automatic driving software, the integration of autonomous driving software, the existing experience in the QNX operating system, etc., accumulating a solid foundation on the organizational framework and the underlying base, but it is time to present.
3. What is the future trend for the cooperation of domestic chips such as Qualcomm and Horizon? A: Starting from 2021, it is the first year of the beginning of high-end intelligent driving, and a huge market will be formed by 2030. Domestic OEMs are both domestic and international routes to take. In the future, there will be two international, one or two domestic chips, competition and integration coexist. At the core of the company's software platform is a common software platform that allows all application algorithms to be seamlessly migrated to different chip platforms. Therefore, different chip platforms have no big impact on software platform manufacturers like the company.
4. How to view the progress of qualcomm Ride platform in the development of toolchains and collaborative solutions Answer: From the current point of time, in the autonomous driving ecosystem, NVIDIA's ecology is leading. But Qualcomm is also working in two ways. On the one hand, the acquisition of Vinenell integrates Arriver's software framework to supplement and improve the convenience of software to the chip platform. On the other hand, as a platform software manufacturer, Chuangda can help Qualcomm improve the entire editor and tool chain, because the company can open up the entire integrated software and the entire tool chain in cooperation with Qualcomm, which is also the technical ability we have embodied in the past cooperation with Qualcomm. Qualcomm itself is making a change, the future will unify the mobile phone AI framework and automatic driving, can form a rapid iteration. In terms of customer-specific landing projects, Qualcomm's evolution and support for AI frameworks is unprecedented. At the same time, Chuangda's support for Qualcomm and customers, and the support of AI frameworks are many involved, and now the speed of iterative evolution and support are very fast.
5. The company does the common platform on the automatic driving platform, the layout of the system software Answer: The company is a model operating system platform. That is, from the application layer algorithm API down to the software field above the BSP, plus the Kernel-level operating system, this is the scope of the entire large fan operating system. The company will reduce the difficulty of application algorithms and OEMs for the application of algorithm transplantation, so it will do a good job, and finally the OEMs can choose to use their own framework, or rely on the company's platform, the company can provide a framework, the OEMs can design and debug on the platform, mainly depending on the choice of the OEMs. If OEMs have their own capabilities in the application layer of ADAS, companies will have more capabilities to provide system software. If the OEM has limited capabilities in this field, the company can provide a holistic solution including the system software layer and the application software layer to customers.
Zhongke Chuangda's main business: the development of computer software; Selling self-developed products; Technical consulting, technical services; Computer software technical training; Business Consulting; Engaged in the wholesale and import and export of communication equipment and electronic products (does not involve state-run trade management commodities; For commodities involving quota and license management, the application procedures shall be handled in accordance with the relevant provisions of the State); Computer System Services.
According to the 2021 interim report of Zhongke Chuangda, the company's main revenue was 1.694 billion yuan, up 61.44% year-on-year; the net profit attributable to the mother was 277 million yuan, up 58.85% year-on-year; the deduction of non-net profit was 256 million yuan, up 64.98% year-on-year; among them, in the second quarter of 2021, the company's single-quarter main revenue was 904 million yuan, up 48.81% year-on-year; the single-quarter net profit attributable to the mother was 167 million yuan, up 55.27% year-on-year. In a single quarter, the non-net profit was 160 million yuan, up 51.37% year-on-year; the debt ratio was 25.24%, the investment income was 19.0177 million yuan, the financial expense was 26.9847 million yuan, and the gross profit margin was 42.25%.