ThunderSoft(300496) 招商证券·2025-04-23 13:11Investment Rating - The report maintains a "Strong Buy" rating for the company [4]. Core Insights - The company continues to enhance its investment in core technologies and innovation in the field of edge intelligence, with expectations of improved operational performance in the second half of 2024 and further advantages in 2025 [1][7]. - The company reported a 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 12.60% to 407 million yuan [7][14]. - The company is focusing on optimizing its product and service structure, increasing the proportion of high-value-added businesses, and securing major customer demands through strategic partnerships [7]. Financial Data and Valuation - The total market capitalization of the company is 24.5 billion yuan, with a circulating market value of 19.6 billion yuan [4]. - The company’s revenue projections for 2025 to 2027 are 5.929 billion yuan, 6.714 billion yuan, and 7.862 billion yuan, respectively, with corresponding net profits of 413 million yuan, 524 million yuan, and 676 million yuan [8][14]. - The company’s PE ratios for 2025 to 2027 are projected to be 59.3, 46.7, and 36.2, respectively [8][15]. Business Performance - The company’s revenue from the smart automotive sector was 2.416 billion yuan in 2024, a year-on-year increase of 3.42%, while the smart software and IoT sectors saw revenues of 1.423 billion yuan and 1.545 billion yuan, respectively [7]. - The gross margin for the company was 34.29%, a decrease of 2.66 percentage points from the previous year, primarily due to a significant decline in the gross margin of smart software [7][15]. - The company has established R&D centers in 16 countries or regions globally, with overseas revenue reaching 1.958 billion yuan, a year-on-year increase of 13.87% [7].