ThunderSoft(SZ:300496) Guoxin Securities·2024-08-28 12:13Investment Rating - The investment rating for the company is "Outperform the Market" [4][8] Core Views - The company is experiencing profit pressure due to global expansion, with a revenue of 2.401 billion (down 3.39%) and a net profit of 104 million (down 73.10%) in the first half of 2024. The non-recurring net profit is 88 million (down 75.23%) [5][8] - The company is increasing its R&D investment in edge AI, with a focus on operating systems and edge intelligence, achieving breakthroughs in areas such as vehicle operating systems and mobile robot platforms [5][8] - The company has established extensive chip ecosystem collaborations, including partnerships with Qualcomm and Luxshare Precision, to enhance its growth trajectory [5][8] Financial Performance Summary - In H1 2024, the company's revenue from intelligent software was 761 million (down 17.67%), intelligent automotive was 1.102 billion (up 4.34%), and IoT was 538 million (up 6.59%). Overseas revenue reached 859 million (up 14.20%) [5][8] - The gross margin for H1 2024 was 36.80%, a decrease of 4.49 percentage points. The expense ratios for sales, management, and R&D were 4.34%, 9.63%, and 20.66%, respectively, showing year-on-year increases [5][8] - The company has adjusted its profit forecasts for 2024-2026, expecting net profits of 470 million, 668 million, and 1.117 billion, respectively, with corresponding PE ratios of 50, 35, and 21 [8][9]