ThunderSoft(300496) 民生证券·2024-10-29 09:30Investment Rating - The report maintains a "Recommended" rating for the company [5]. Core Views - The company has shown improvement in net profit compared to the second quarter, despite facing pressure from sales and R&D investments [2][3]. - The company is actively advancing its three main business lines: vehicle operating systems, industrial robots, and edge intelligence [3]. - The strategic focus on "operating systems + edge intelligence" is expected to drive significant growth across various sectors, including automotive and robotics [3]. Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 36.94 billion yuan, a year-over-year decrease of 4.7%. The net profit attributable to shareholders was 1.52 billion yuan, reflecting a year-over-year increase of 74.92%, while the net profit after deducting non-recurring items was 1.27 billion yuan, down 75.98% [2][3]. - In Q3 2024, the company reported revenue of 12.94 billion yuan, a quarter-over-quarter increase of 5.8%, with a gross margin of 35.82%, up approximately 2 percentage points [3]. - The projected net profits for 2024-2026 are estimated at 2.12 billion yuan, 5.32 billion yuan, and 7.85 billion yuan, respectively, with corresponding P/E ratios of 126X, 50X, and 34X [3][4].