ThunderSoft(SZ:300496) Xin Lang Cai Jing·2025-11-07 08:42Core Viewpoint - The company reported strong financial performance for the first three quarters of 2025, with significant year-on-year growth in revenue and net profit, indicating a robust business trajectory [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 5.148 billion yuan, a year-on-year increase of 39.34% [1][2]. - The net profit attributable to shareholders reached 229 million yuan, reflecting a year-on-year growth of 50.72% [1][2]. - The net profit after deducting non-recurring items was 200 million yuan, up 57.58% year-on-year [1][2]. - In Q3 2025, the company recorded revenue of 1.848 billion yuan, a 42.87% increase compared to the same quarter last year [2]. - The net profit for Q3 was 70.568 million yuan, growing by 48.26% year-on-year [2]. - The net profit after deducting non-recurring items for Q3 was 63.622 million yuan, marking a 64.76% increase year-on-year [2]. Business Development - The company launched the Drip AI OS and AI BOX, positioning itself to capitalize on the automotive industry's shift towards AI-driven smart ecosystems [3]. - The Drip OS 1.0 Evo, introduced at the 2025 Shanghai Auto Show, integrates AI large model technology to enhance vehicle interactivity and decision-making capabilities [3]. - The AI BOX, developed in collaboration with Geely, utilizes NVIDIA's platform to enable real-time operation of large AI models in vehicles, marking a significant advancement in automotive technology [3]. - The company's IoT business has shown strong momentum, contributing significantly to overall revenue growth, with a reported income of 1.27 billion yuan in the first half of 2025, a substantial increase of 136.14% year-on-year [4]. - The IoT segment includes various products such as handheld devices, smart visual and edge computing solutions, and AI robots, which have been successfully implemented in multiple industries [4]. Profit Forecast and Investment Recommendations - Based on the Q3 2025 report, the company adjusted its profit forecasts, expecting net profits of 562 million yuan, 677 million yuan, and 831 million yuan for 2025, 2026, and 2027 respectively [5]. - The expected earnings per share (EPS) for the same years are projected to be 1.22 yuan, 1.47 yuan, and 1.80 yuan, with corresponding price-to-earnings ratios of 54.9x, 45.5x, and 37.1x [5]. - The company maintains a strong outlook for its automotive and IoT business lines, which are anticipated to drive future growth [5].