ThunderSoft(SZ:300496) Minsheng Securities·2024-08-28 03:25Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company experienced a short-term profit pressure due to increased R&D and sales expenses, with a revenue of 2.4 billion yuan (down 3.39% year-on-year) and a net profit attributable to shareholders of 104 million yuan (down 73.10% year-on-year) in the first half of 2024 [2]. - The company is focusing on its "Operating System + Edge Intelligence" strategy, leveraging its strong foundation in operating systems and integrating cutting-edge AI technology to drive the development of edge intelligence [2]. - Significant achievements have been made in various key areas under the "Operating System + Edge Intelligence" strategy, including advancements in smart automotive platforms and mobile robotics [2]. - The company is expected to see a recovery in net profit from 197 million yuan in 2024 to 787 million yuan in 2026, with corresponding price-to-earnings ratios of 75X, 28X, and 19X for the respective years [2][3]. Financial Forecasts - Revenue is projected to decline from 5.24 billion yuan in 2023 to 4.98 billion yuan in 2024, before increasing to 6.28 billion yuan in 2025 and 7.97 billion yuan in 2026, reflecting a growth rate of -3.7%, -5.0%, 26.0%, and 27.0% respectively [3][7]. - The net profit attributable to shareholders is forecasted to decrease significantly to 197 million yuan in 2024, followed by a substantial increase to 534 million yuan in 2025 and 787 million yuan in 2026, with growth rates of -57.7%, 170.6%, and 47.4% respectively [3][7]. - The company's gross margin is expected to remain stable, with a projected gross margin of 37.09% in 2024 and 37.46% in 2025 [7].