ThunderSoft(SZ:300496) Guolian Securities·2024-11-05 08:10Investment Rating - The report suggests a "Buy" rating for the company, indicating a favorable outlook compared to the market index [11]. 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. However, the third quarter showed significant improvement compared to the second quarter [2][5]. - The company is recognized as a leading global provider of intelligent operating systems, capitalizing on opportunities in the AI sector and expanding its global business [2][6]. Financial Performance Summary - For the third quarter of 2024, the company achieved a revenue of 1.294 billion yuan, a year-on-year decline of 7.04%, but a quarter-on-quarter increase of 5.8%. The gross margin for this quarter was 35.82%, up approximately 2 percentage points from the previous quarter [5][6]. - The net profit for the third quarter was 48 million yuan, reflecting a year-on-year decrease of 78.17%, but a quarter-on-quarter increase of 249.72% [5][6]. Strategic Focus - The company is committed to its "Operating System + Edge Intelligence" strategy, focusing on the development of intelligent applications and expanding its ecosystem in smart vehicles and robotics [6][5]. - The company plans to increase its R&D investment to support the growth of its edge AI market, with projected revenues for 2024-2026 of 5.250 billion, 5.690 billion, and 6.426 billion yuan, respectively [6][8]. Financial Projections - The expected growth rates for revenue from 2024 to 2026 are 0.15%, 8.38%, and 12.94%, respectively. The net profit projections for the same period are 258 million, 435 million, and 625 million yuan, with corresponding growth rates of -44.75%, 68.74%, and 43.76% [6][8]. - The earnings per share (EPS) are projected to be 0.56, 0.94, and 1.36 yuan for 2024, 2025, and 2026, respectively, indicating a compound annual growth rate (CAGR) of 10.22% over three years [6][8].