ThunderSoft(300496) 北京韬联科技·2024-06-26 11:00Investment Rating - The report indicates a positive outlook for the company, particularly in the smart automotive sector, with a significant growth in revenue from smart driving software [1]. Core Insights - The company has achieved a historic breakthrough with smart driving software revenue reaching 180 million yuan, marking a year-on-year growth of 30.3% in the smart automotive business [1][8]. - The company has a robust order book, with contract liabilities exceeding 760 million yuan in the first quarter of 2024, indicating strong demand for its services [9]. Company Overview and Performance - The company specializes in software development, technical services, software licensing, and product sales, focusing on smart operating systems and AI technologies [1]. - The company has over 1,400 proprietary technology patents and software copyrights, with more than 13,000 employees, over 90% of whom are in R&D [1]. - From 2018 to 2022, the company experienced a compound annual growth rate (CAGR) of 38.9% in revenue and 47.2% in net profit [4]. Financial Performance - In 2023, the company reported revenue of 5.24 billion yuan, a decrease of 3.7% year-on-year, and a net profit of 470 million yuan, down 39.4% [5]. - In the first quarter of 2024, the company achieved revenue of 1.18 billion yuan, a 1% increase year-on-year, but net profit decreased by 46.1% [5][6]. Product and Service Offerings - The company provides a comprehensive range of operating system technologies, covering chip, system, application, and cloud layers, and collaborates closely with leading OS, chip, and AI platform manufacturers [3]. - The company has developed the "滴水 OS," a native operating system for central computing, which integrates various systems and supports multiple architectures [14]. Market Trends and Opportunities - The smart connected vehicle industry is rapidly evolving, with significant investments in infrastructure projects related to vehicle-road-cloud integration, projected to reach 729.5 billion yuan by 2025 [12]. - The company is recognized as an excellent partner for Huawei's smart automotive solutions, contributing to the development of the Huawei cockpit ecosystem [10]. Investor Behavior - Recent data indicates a continuous outflow of "northbound funds," with a decline in holdings by deep stock connect investors [15]. - The number of shareholders has been increasing, while the average number of shares held per investor has been decreasing [17].