ThunderSoft(300496) 浙商证券·2025-04-26 09:10Investment Rating - The investment rating for the company is "Accumulate" (maintained) [3] Core Views - The company is experiencing a marginal recovery in the smartphone sector, a slowdown in the smart automotive segment, and new growth opportunities in the Internet of Things (IoT) [1] - The company's strategy focuses on "Operating System + Edge Intelligence," enhancing its technological barriers and building a differentiated ecological moat through a full-stack capability of "Chip-OS-Application" [2] - Cost control measures are showing initial results, with a significant improvement in Q4 net profit, indicating potential for long-term profit recovery [3] Financial Performance - In 2024, the company achieved a total revenue of 5.385 billion yuan, a year-on-year increase of 2.72%, while the net profit attributable to the parent company was 407 million yuan, a decrease of 12.6% [6] - Q4 2024 saw a revenue of 1.69 billion yuan, a year-on-year increase of 23.76%, and a net profit of 255 million yuan, reflecting a substantial year-on-year growth of 282.76% [6] - The smart automotive business generated 2.416 billion yuan in revenue, a growth of 3.42%, while the IoT segment reported 1.545 billion yuan, up 3.73% [6] Future Outlook - The company expects revenue growth to reach 6.455 billion yuan in 2025, with net profit projected at 455 million yuan, indicating a recovery trend [8] - Long-term benefits are anticipated from the edge intelligence industry trend, with expectations for rapid performance rebounds as edge AI penetrates various scenarios [8]