ThunderSoft(SZ:300496) Guotou Securities·2024-10-30 09:55Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][21] - The 6-month target price is set at 66.86 yuan, which corresponds to a dynamic price-to-sales ratio of 6 times for 2024 [21] Core Insights - The company reported a revenue of 3.694 billion yuan for the first three quarters of 2024, a year-on-year decrease of 4.70%, and a net profit attributable to shareholders of 152 million yuan, down 74.92% year-on-year [13] - In Q3 2024, the company achieved a revenue of 1.294 billion yuan, reflecting a quarter-on-quarter growth of 5.8% [14] - The gross margin for Q3 was 35.82%, showing a marginal recovery with an increase of approximately 2 percentage points [14] - The company is actively seizing opportunities in edge AI and robotics, with significant investments in these areas expected to drive future growth [15][16] Financial Performance - The company’s revenue projections for 2024, 2025, and 2026 are 5.125 billion, 6.025 billion, and 7.423 billion yuan respectively, with net profits expected to be 294.8 million, 414.6 million, and 683.8 million yuan [21] - The company’s R&D expenses for the first three quarters of 2024 were 784 million yuan, an increase of 11.33% year-on-year, indicating a rising trend in expense ratios [14] Market Position and Strategy - The company is positioned to benefit from the ongoing wave of smart technology, expanding its product lines focused on smart vehicles, mobile devices, and IoT [16] - The establishment of the robotics team and the launch of new subsidiaries indicate a strategic focus on industrial mobile robotics and AI applications [15]