ThunderSoft(300496) 国盛证券·2025-04-23 02:38Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Insights - The company reported total operating revenue of 5.385 billion yuan in 2024, a year-on-year increase of 2.72%, while the net profit attributable to shareholders decreased by 12.6% to 407 million yuan [1]. - The smartphone and smart IoT business lines remained stable, while the smart automotive business experienced a temporary slowdown due to longer acceptance cycles from automotive manufacturers and lower-than-expected model shipments [1]. - The company has increased its investment in core technologies and innovation in the "operating system + edge intelligence" strategy, with R&D expenses rising by 8.16% year-on-year [2]. - Cash flow has significantly improved, with operating income in the second half of 2024 increasing by 24.29% compared to the first half, and net profit attributable to shareholders rising by 190.4% [2]. Financial Performance Summary - In 2024, the smart software business line generated revenue of 1.422 billion yuan, a growth of 0.49% year-on-year, while the smart IoT business line achieved revenue of 1.545 billion yuan, growing by 3.73% [1]. - The smart automotive business line reported revenue of 2.416 billion yuan, a growth of 3.42% year-on-year, following a period of over 30% growth in 2023 [1]. - The company expects net profit attributable to shareholders to reach 456 million yuan in 2025, 511 million yuan in 2026, and 544 million yuan in 2027 [2][4].