ThunderSoft(300496) 民生证券·2025-04-23 08:32Investment Rating - The report maintains a "Recommended" rating for the company, with a target price of 53.21 yuan [6]. Core Viewpoints - The company achieved a revenue of 5.385 billion yuan in 2024, representing a year-over-year increase of 2.72%. The net profit attributable to shareholders was 407 million yuan, with a decrease of 12.6% compared to the previous year [1][5]. - The company is focusing on deepening its layout in the AI and edge intelligence sectors, with significant investments in core technologies and innovation tracks, particularly in smart automotive and global market growth [2][4]. - The second half of 2024 showed improvement in operational performance, with a 24.29% increase in revenue and a 190.4% increase in net profit compared to the first half [1]. Summary by Sections Financial Performance - In 2024, the company reported total revenue of 5.385 billion yuan, with a net profit of 407 million yuan and a cash flow from operations of 753 million yuan [1][5]. - The company anticipates net profits of 553 million yuan, 804 million yuan, and 968 million yuan for 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 44X, 30X, and 25X [4][5]. Strategic Initiatives - The company is advancing its "Operating System + Edge Intelligence" strategy, focusing on three major business segments: smart automotive, robotics, and smart terminals [4]. - The launch of the Drip OS, based on a "cloud-edge hybrid architecture," aims to enhance the integration of AI models with the smart automotive industry [2][3]. Market Expansion - The company has established R&D centers in 16 countries and regions globally, enhancing its competitive edge in the smart hardware, automotive, and robotics sectors [3][4]. - Collaborations with partners like Volcano Engine are accelerating the application of automotive AI models, integrating chips, operating systems, and AI technologies [3].