ThunderSoft(300496) 国信证券·2024-12-02 10:10Investment Rating - The report assigns an "Outperform" rating to Thundersoft (300496 SZ) with a target price range of 76 40 to 81 70 yuan [3][6] Core Views - Thundersoft is a global leader in full stack intelligent operating systems and edge AI products with 16 years of experience in the intelligent OS field The company operates in three core businesses intelligent software intelligent automotive and intelligent IoT which achieved revenues of 1 416 2 337 and 1 489 billion yuan respectively in 2023 [3] - The company is transitioning its business model towards customization and productization leveraging its "IP + service + solution" approach and software centric hardware integrated product sales [3] - Thundersoft is deeply involved in the AI PC ecosystem collaborating with Qualcomm and major PC manufacturers to drive the adoption of large models in edge scenarios [4] - The company is also focusing on the automotive sector with its Drip OS a next generation intelligent automotive product that integrates cockpit autonomous driving and cabin driving fusion [4] Financial Analysis - Revenue is projected to grow from 5 445 million yuan in 2022 to 9 315 million yuan in 2026 with a CAGR of 14 4% [2] - Net profit attributable to shareholders is expected to increase from 470 million yuan in 2024 to 1 117 billion yuan in 2026 with a CAGR of 54 1% [7] - The company s PE ratio is forecasted to decline from 53x in 2024 to 22x in 2026 reflecting strong earnings growth [4] Business Model and Ecosystem - Thundersoft has established a comprehensive ecosystem focusing on "chip + OS + application scenarios" which drives the continuous iteration of its operating systems and expansion of application scenarios [3] - The company collaborates closely with global semiconductor and cloud vendors including Qualcomm Intel and Nvidia to strengthen its technological barriers and market positioning [3][19] - Thundersoft s business model includes IP licensing services and solutions and software centric hardware integrated product sales catering to diverse customer needs [37] AI and Edge Computing - Thundersoft is leveraging AI and edge computing to enhance its product offerings particularly in the AI PC and automotive sectors The company is a key software partner for Qualcomm s Windows on Arm ecosystem and is actively involved in the development of AI PC hardware and software [4] - The company s Drip OS integrates AI large models and provides a complete operating system foundation for intelligent vehicles enabling cross chip heterogeneous platforms and high functional security [135] IoT and Robotics - Thundersoft is expanding its presence in the IoT and robotics sectors offering edge computing solutions and IoT management platforms to drive the long tail development of IoT businesses [147] - The company is also developing robotics solutions leveraging its expertise in AI and edge computing to enable intelligent robots across various scenarios [142] Global Expansion - Thundersoft has a global presence with operations in 16 countries and regions contributing 32 8% of its total revenue from overseas markets in 2023 The company s global strategy focuses on leveraging local talent and market trends to provide tailored solutions [65][66]