ThunderSoft(300496) 国信证券·2024-12-02 12:00Investment Rating - The report maintains an "Outperform" rating for the company [3][6]. Core Insights - The company is a global leader in full-stack intelligent operating systems and edge intelligent products, with a focus on the smart operating system sector for 16 years. Its three core businesses—intelligent software, intelligent automotive, and intelligent IoT—are developing in synergy, with significant revenue contributions from each segment [3][19]. - The company is transitioning its business model towards customized product offerings, establishing a comprehensive ecosystem that integrates software and hardware capabilities. This strategy is expected to enhance its competitive edge and market position [3][4][36]. - The company has made substantial investments in R&D, particularly in emerging fields such as intelligent automotive and IoT, which have temporarily pressured profits but are expected to yield long-term benefits [28][30]. Financial Analysis - Revenue projections indicate a growth trajectory from 5,445 million CNY in 2022 to an estimated 9,315 million CNY by 2026, with a notable increase in net profit from 769 million CNY in 2022 to 1,019 million CNY in 2026 [2][7]. - The company’s net profit margin is projected to improve significantly, with expected net profits of 4.70 million CNY in 2024, 6.68 million CNY in 2025, and 11.17 million CNY in 2026, reflecting a recovery in profitability [4][6]. - The report highlights a current PE ratio of 53 for 2024, with a reasonable valuation range of 76.4 to 81.7 CNY per share, based on a comparative analysis with industry peers [4][6]. Business Model and Strategy - The company has established a three-in-one model of "IP + services + solutions," which emphasizes a full-stack, modular, standardized, and customized approach to software products and solutions [3][36]. - The intelligent automotive sector is experiencing robust growth, with revenue from this segment reaching 23.37 billion CNY in 2023, marking a 30.34% increase year-over-year [36][37]. - The company is actively enhancing its ecosystem by collaborating with leading semiconductor and cloud service providers, which strengthens its market position and technological capabilities [19][52]. Market Trends and Opportunities - The rise of AI PCs is driving the development of a new AI PC ecosystem, with the company playing a crucial role as a core software service provider in the Qualcomm Windows on Arm ecosystem [4][19]. - The integration of AI technologies is revitalizing the mobile business, with edge AI models being deployed in automotive operating systems, indicating a significant market opportunity [4][19]. - The company is leveraging its strong technical foundation to provide differentiated and diverse solutions across various industries, enhancing its competitive advantage in the smart technology sector [3][36].