ThunderSoft(300496) 新浪财经·2025-04-24 02:44Core Viewpoint - The company is focusing on its strategic direction of "operating system + edge intelligence," increasing investments in core technologies and innovation tracks related to edge intelligence, with expectations of improved performance in 2025 and maintaining a "strong buy" rating [1]. Financial Performance - In 2024, the company achieved revenue of 5.385 billion yuan, a year-on-year increase of 2.72%, while net profit attributable to shareholders was 407 million yuan, a decrease of 12.60%. The net profit after deducting non-recurring items was 175 million yuan, down 48.49%. Operating net cash flow remained stable at 753 million yuan compared to the same period last year [1]. - In Q4 2024, the company reported revenue of 1.690 billion yuan, a year-on-year increase of 23.76%, and net profit attributable to shareholders of 255 million yuan, a significant increase of 282.76%. The net profit after deducting non-recurring items was 48 million yuan, up 125.73% [1]. Business Segments - The smart automotive business experienced slower growth, with revenue of 2.416 billion yuan, a year-on-year increase of 3.42%, impacted by longer acceptance cycles and lower-than-expected vehicle shipments from some manufacturers. The smart software business generated revenue of 1.423 billion yuan, a slight increase of 0.49%, driven by the gradual penetration of generative AI features in brand smartphones. The smart IoT business revenue reached 1.545 billion yuan, up 3.73% [2]. - The company is actively expanding its global market presence, with revenue from overseas markets in Europe, America, and Japan reaching 1.958 billion yuan, a year-on-year increase of 13.87%. The company has established R&D centers in 16 countries or regions worldwide [2]. Profitability and Expenses - The gross margin slightly declined to 34.29%, down 2.66 percentage points year-on-year, primarily due to a significant drop in the gross margin of smart software. The net profit margin remained stable at 7.48%. The gross margins for smart automotive, smart software, and smart IoT businesses were 44.30%, 34.67%, and 18.27%, respectively, with year-on-year changes of -1.32, -8.42, and +0.76 percentage points [3]. - The company maintained stable operating expenses, with sales, management, and R&D expense ratios at 3.71%, 8.88%, and 19.09%, showing minor changes compared to the previous year [3]. Research and Development - The company is committed to investing in cutting-edge technologies and innovative applications, with R&D expense ratios increasing from 12.43% to 19.09% from 2021 to the present. The integration of AI and IoT is creating new opportunities in edge intelligence, with ongoing advancements in key technologies such as robotics, AIPC, MR, XR, and AR metaverse [3]. Future Outlook - The company maintains a "strong buy" rating, with adjusted revenue forecasts for 2025 to 2027 at 5.929 billion, 6.714 billion, and 7.862 billion yuan, and net profits of 413 million, 524 million, and 676 million yuan, corresponding to PE ratios of 59.3, 46.7, and 36.2 times [4].