Investment Rating - The report assigns an "Outperform" rating to Thundersoft (300496 SZ) with a target price range of 76 40 to 81 70 yuan [3][6] Core Views - Thundersoft is a global leader in full stack intelligent operating systems and edge AI products with 16 years of experience in the intelligent OS field The company operates in three core businesses intelligent software intelligent automotive and intelligent IoT which achieved revenues of 1 416 2 337 and 1 489 billion yuan respectively in 2023 [3] - The company is transitioning its business model towards customization and productization leveraging its "IP + service + solution" approach and software centric hardware integrated product sales [3] - Thundersoft is deeply involved in the AI PC ecosystem collaborating with Qualcomm and major PC manufacturers to drive the adoption of large models in edge scenarios [4] - The company is also focusing on the automotive sector with its Drip OS a next generation intelligent automotive product that integrates cockpit autonomous driving and cabin driving fusion [4] Financial Analysis - Revenue is projected to grow from 5 445 million yuan in 2022 to 9 315 million yuan in 2026 with a CAGR of 14 4% [2] - Net profit attributable to shareholders is expected to increase from 470 million yuan in 2024 to 1 117 billion yuan in 2026 with a CAGR of 54 1% [7] - The company s PE ratio is forecasted to decline from 53x in 2024 to 22x in 2026 reflecting strong earnings growth [4] Business Model and Ecosystem - Thundersoft has established a comprehensive ecosystem focusing on "chip + OS + application scenarios" which drives the continuous iteration of its operating systems and expansion of application scenarios [3] - The company collaborates closely with global semiconductor and cloud vendors including Qualcomm Intel and Nvidia to strengthen its technological barriers and market positioning [3][19] - Thundersoft s business model includes IP licensing services and solutions and software centric hardware integrated product sales catering to diverse customer needs [37] AI and Edge Computing - Thundersoft is leveraging AI and edge computing to enhance its product offerings particularly in the AI PC and automotive sectors The company is a key software partner for Qualcomm s Windows on Arm ecosystem and is actively involved in the development of AI PC hardware and software [4] - The company s Drip OS integrates AI large models and provides a complete operating system foundation for intelligent vehicles enabling cross chip heterogeneous platforms and high functional security [135] IoT and Robotics - Thundersoft is expanding its presence in the IoT and robotics sectors offering edge computing solutions and IoT management platforms to drive the long tail development of IoT businesses [147] - The company is also developing robotics solutions leveraging its expertise in AI and edge computing to enable intelligent robots across various scenarios [142] Global Expansion - Thundersoft has a global presence with operations in 16 countries and regions contributing 32 8% of its total revenue from overseas markets in 2023 The company s global strategy focuses on leveraging local talent and market trends to provide tailored solutions [65][66]

然后再自由提问云总您这边先讲一下吧好的谢谢云总请问我的声音能听清楚吗能的能的好的好的谢谢云总主持邀请来参加这个会议大家好我是创造的瑞克 那那这块的话呢我就是先把这个整体的这个整个一个情况来跟最新的还有一些啊整个的一些进展的情况呢跟各位做一个整个的一个汇总啊那个首先从几块来去看一个是说在我们的整个的这个AI能力方面来讲啊 整个就是创造在操作系统和端测智能这块的作为一个战略的推进那么当前我们看到AI确实很多的产品结构发生很大的产业界包括整个端测里边发生很大的机会和一些变化比如随着OpenAI模型的推出对吧然后还有像AI Agent等等逐步的越来越走上 AI里面的重点的关注等等,就有很多的机会。创达在整个AI领域的话,我们一直布局在围绕端特领域。实际上创达的模型能力就是我们本身的AI能力,面向AI的应用场景,分为语音、视觉与图像以及多模态这种的模型。 然后这些模型的能力会跟这些面向AI的端测能力跟我们产品业务的矩阵包括一些垂直的场景密切结合AI实际上是单面向AI过程中有不同的阶段AI相当于AI能够自主行动对理解和推理来自我决策和执行能力类似一个智能体 那么在这个过程中其实我们也一直在AI政策方面有产品的技术和推进比 ...

证券代码：300496 证券简称：中科创达 中科创达软件股份有限公司投资者关系活动记录表 编号：2024-013 | --- | --- | --- | --- | --- | --- | |----------------|-------------------------|--------|----------------------------|---------------------|--------------| | | | | | | | | | | | | | | | | | | | | | | 投资者关系活动 | 特定对象调研 | | □ | 分析师会议 | | | 类别 | □ 媒体采访 □ 新闻发布会 | | □ □ | 业绩说明会 路演活动 | | | | □ 现场参观 | | | | | | | □ 其他 | | （请文字说明其他活动内容） | | | | | 中银基金 | 张令泓 | | 亘曦私募 | 朱登科 | | 参与单位名称及 | 兴银基金 | 张世略 | | 深圳市远望角投资 | 翟灏 | | 人员姓名 | 博道基金 | 高笑潇 | | 上海仙人 | 蒋军杰 | | | 中 ...

| --- | --- | |--------------------|--------------------------------| | | | | 市场数据日期 | 2024-11-20 | | 收盘价（元） | 57.96 | | 总股本（百万股） | 460.01 | | 流通股本（百万股） | 367.04 | | 净资产（百万元） | 9585.93 | | 总资产（百万元） | 11430.83 | | 每股净资产(元 ) | 20.84 | | 来源： WIND | ，兴业证券经济与金融研究院整理 | 主要财务指标 | --- | --- | --- | --- | --- | |----------------------------------------------------------------------------------|--------|--------|-------|---------------| | ＄ 会计 zy 年 c 度 wzb\| 主要财务指标＄ | 2023 | 2024E | 2025E | 2026E | | 营业收入 ( 百万元 ) | 52 ...

Summary of the Conference Call Company Overview - The company discussed is **Chuangda**, which has made significant advancements in **3D naked-eye technology** and **high-performance chip platforms**. It has partnered with **Volcano Engine** to establish a joint laboratory, enhancing edge intelligence and expanding into the **automotive** and **IoT** sectors to improve user experience [2][3]. Key Points and Arguments Industry and Product Developments - **Automotive Sector**: Chuangda's core product is the **vehicle operating system (OS)**, which integrates cockpit driving and central computing. The company has established partnerships with dozens of global ecosystem partners, including sound joint ventures and HERE map solutions [4]. - **Robotics**: Chuangda has rapidly developed in the robotics field, establishing **Xiao Wu Intelligent** and a new company in Xi'an, launching multiple robot products and an **ATV autonomous software platform**. Collaborations with Qualcomm and Horizon in the autonomous driving sector provide integrated hardware and software products [5]. - **AI Integration**: The company has launched AI-driven products such as AI phones, IPCs, and AR/VR devices, focusing on chip ecosystem development and collaborating with various chip manufacturers to advance edge intelligence [6]. Global Strategy and Market Position - Chuangda aims to deepen its presence in the **Chinese market** while pursuing **globalization**. The company believes robotics is a global industry and plans to innovate in industrial, mobile, and software-defined robots, leveraging global partnerships for broader application scenarios [7]. Chip Ecosystem Collaborations - The company collaborates closely with major manufacturers like **Qualcomm, ARM, AMD,** and **Intel**. Recent developments include Qualcomm's latest Snapdragon flagship chip and the construction of the next-generation **3D intelligent cockpit platform** [8]. Operating System Ecosystem - Chuangda has built a strong foundation in the operating system ecosystem, participating in the development of Android, Windows, QNX, and Harmony systems. Its subsidiary, **Beijing Aosiwei Technology**, plays a significant role in the Harmony ecosystem [9][10]. Investment and Acquisition Strategy - The investment strategy focuses on core technologies and synergistic effects within the industry chain. Successful acquisitions like **RT-Thread** and **MS Composition** highlight the company's emphasis on targets with high market share and core technology [10]. Future Outlook - Despite a revenue decline in Q3 due to high R&D investments, the company remains optimistic about industry trends, particularly in AI development and new product deployments. The global opportunities from international expansion are seen as significant [11]. Robotics Sector Positioning - The newly established **Nongxie Consultation** and **Xiao Wu Intelligent** have overlapping yet complementary roles in the robotics sector, focusing on smart applications and related services [12]. Market Conditions and Prospects - The smartphone business is maturing, with AI integration expected to take time. However, positive signals are emerging in the automotive sector, with the vehicle OS solution indicating a central computing architecture forming, presenting future opportunities [13]. Impact of SSD on Autonomous Driving - The introduction of SSDs and advancements in autonomous driving technology are expected to have profound effects on the industry. The company emphasizes software value and collaboration with chip manufacturers, indicating a clear path forward in the autonomous driving landscape [14].

Investment Rating - The report maintains a "Buy" rating for Thundersoft (300496 SZ) [6] Core Views - Thundersoft's Q3 2024 results show a sequential improvement despite overall pressure in the first three quarters [6] - The company's revenue for the first three quarters of 2024 was RMB 3 694 billion, down 4 70% YoY, with net profit attributable to shareholders of RMB 152 million, down 74 92% YoY [6] - Thundersoft is a global leader in intelligent operating system products and technologies, with a strong focus on edge-side intelligence, which is expected to drive future growth [6] Business Performance - Q3 2024 revenue was RMB 1 294 billion, down 7 04% YoY but up 5 80% QoQ, with net profit attributable to shareholders of RMB 48 million, down 78 17% YoY but significantly higher than Q2's RMB 14 million [6] - Q3 2024 gross margin improved to 35 82%, up 1 93 percentage points QoQ [6] - The intelligent IoT business showed signs of recovery, while the intelligent automotive and software businesses remain under pressure due to downstream demand and technological upgrades [6] Strategic Focus - Thundersoft is firmly positioned in edge-side intelligence, with AI PCs and AI smartphones expected to bring new growth momentum [7] - The company has strong partnerships with core chip and brand manufacturers, facilitating product commercialization [7] - In the intelligent automotive sector, the company's Drip OS integrates global automotive and application ecosystems, with collaborations with Qualcomm, AMD, Intel, and Dirac [7] - In the IoT sector, the company established Xiaowu Intelligent in September 2023 and Longxing Zhixun in October 2024, expanding its robotics and intelligent application services [7] - Thundersoft has also launched MR and vehicle-road-cloud integrated product solutions, further solidifying its edge-side intelligence positioning [7] Financial Projections - The company is expected to achieve net profit attributable to shareholders of RMB 311 million, RMB 492 million, and RMB 725 million in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 85x, 54x, and 36x [8] - Revenue is projected to grow from RMB 5 462 billion in 2024 to RMB 7 414 billion in 2026, with gross margins remaining stable at around 36% [19] - Operating cash flow is expected to improve from RMB 592 million in 2024 to RMB 462 million in 2026 [19] Market Position - Thundersoft is a global leader in operating system services, well-positioned to benefit from the shift in industrial value growth from cloud to edge [8] - The company's software platform capabilities and edge-side intelligence positioning are expected to capture opportunities in terminal intelligence [8]

主角朋友上午好欢迎大家参加中科创达的线上交流我是今天的主持人中科科技的孙行真然后线上还有我们的同事王欣燕创达那是我们长期跟踪和推荐的非常优质的计算机的公司三季度的话公司的业绩环比改善也是非常显著所以我们今天非常高兴邀请到我们的老朋友创达的李总来跟我们做一个交流哎李总 李总 请问您能听到吗喂 孙总能听见我说话吗现在可以了刚才那个静音非常感谢孙总邀请参加这个会议非常感谢大家的时间 好的 谢谢李总的时间要不先请您帮我们简单更新一下三季度的情况还有对我们后面的订单和用户进展做一个展望 好的好的没问题非常感谢啊那这样我先那个啊简要的汇总一下当前的那个最新的一个整个的业务发展情况那么从我们三天后来看的话呢啊这个环比的话应该改善啊那些数字我就不赘述了但是围绕我们最新业务发展的有几点的最新的情况来跟各位那个汇总一下啊第一个呢就是我们在这个AI方面的话 还是在持续取得不断的突破的因为在我们整个的布局的在AI的这个端测领域的布局也是我们重点的战略方向那创达的整个的模型是围绕整个基础模型然后端测部署那么实际上我们分为这个语音然后那个视觉图像多模态这几个基础模型 然后结合我们产品的产品矩阵还有垂直利用方向来进行负能最新的话大家可以关 ...

那么最近的创达跟这个火山引擎相关达成战略合作,我们有相关的新闻发布,呃,简单来讲的话呢,火山引擎它是字节跳动下面的,呃,在跳动旗下的云服务平台吧,应该说,呃,这个这个发展非常迅速,然后这个整个的。 这个呃这个这个在推进整个企业的AI转型了这个整个的潜力方面啊这个也有很大的这个非常强大的一个平台那创达呢在结合我们在端测领域的部署所以这个尤其是我们在汽车领域啊这个就非常惊艳所以呢双方在密切合作所以正如这个双方在发布会上讲到的就我们看到了这个AI发展的一个巨大机会 那么在AI大模型相关的云计算领域我们可以在互相的融合发展来推进比如像智能汽车和智能硬件发展的持续的赋能持续的贡献力量况且创达实际上过去在软件定义汽车里边软件来赋能了很多这种客户也有很多合作伙伴那么现在AI时代里边就是AIDV 呃redefined work就是AI来定义汽车的时代带来所以这个这个合作呢我们应该说在推动这个端云AI在智能汽车领域的广泛应用呃打造更好的做到产品里边实际上会发挥双方的共同的这个力量来共同推进产的发展啊这是有关 这个AI方面以及在这个AIDV方面里边的一个这个个人互相引擎的合作的这么一个最新的情况然后另外呢就是啊AI讲完了之后呢再 ...

证券研究报告 非金融公司 | 公司点评 | 中科创达 (300496) 第三季度业绩环比改善，坚定"操作系 统+端侧智能"战略 请务必阅读报告末页的重要声明 2024年11月05日 证券研究报告 |报告要点 中科创达发布 2024 年第三季度报告, 2024 年前三季度公司实现营收 36.94 亿元,同比下降 4.70%; 归母净利润 1.52 亿元, 同比下降 74.92%。2024年第三季度，公司经营结果较第二季 皮明显改善。签于公司是全球领先智能操作系统提供商，迎端倒AI 机遇，拓展全球业务，建 议保持关注。 | 分析师及联系人 黄榕 SAC: S0590522090001 请务必阅读报告末页的重要声明 1 / 5 非金融公司 | 公司点评 2024年11月05日 中科创达(300496) 第三季度业绩环比改善，坚定"操作系统+端 侧智能"战略 | --- | --- | |-------------------------|------------------| | | | | 行 业: | 计算机/IT服务 II | | 授资评级: | | | 当前价格: | 53.97 元 | | 基本数据 | ...

公 司 研 究 东 兴 证 券 股 份 有 限 公 司 证 券 研 究 报 告 中科创达（300496.SZ）：业绩环比 改善，加大研发把握智能化趋势 事件： 中科创达披露 2024 年三季报，公司 24 年前三季度实现营收、归母净利润、扣 非净利润分别为 36.94（同比-4.70%）、1.52（同比-74.92%）、1.27（同比-75.98%） 亿元，其中单三季度实现营收、归母净利润、扣非净利润分别为 12.94（同比 -7.04%，环比+5.80%）、0.48（同比-78.17%，环比+249.72%）、0.39（同比-77.54%， 环比+1256.79%）亿元。 加大研发投入，业绩环比改善。中科创达在整车操作系统、工业机器人、端侧 智能等方面积极进取, 并且全力拓展全球业务，建立海外业务销售及研发中心。 公司业务整体边际向好，24Q3 收入相较 Q2 环比增长 5.80%，达 12.94 亿元； 盈利能力方面毛利率环比增加 1.93pct，达 35.82%；期间费用方面销售费用率、 管理费用率、研发费用率分别环比变动-0.66、-0.80、+2.31pct 达 3.71%、8.85%、 22.29 ...