ThunderSoft(SZ:300496) Minsheng Securities·2025-04-29 11:55Investment Rating - The report maintains a "Recommended" rating for the company [4][7]. Core Viewpoints - The company continues to show robust revenue growth, with Q1 2025 revenue reaching 1.469 billion yuan, a year-on-year increase of 24.69%. However, net profit attributable to shareholders grew only 2.0% to 93 million yuan, indicating that profit growth is lagging behind revenue growth due to increased R&D and sales expenses [2][4]. - The company has launched three significant products aimed at establishing a comprehensive edge computing intelligent ecosystem, showcasing its technological strength in smart automotive, XR devices, and industrial automation [3][4]. - Strategic partnerships have been deepened to accelerate technological innovation, particularly in the smart automotive sector, enhancing the company's leadership in technology and facilitating the commercialization of cutting-edge technologies [4]. Financial Performance Summary - In Q1 2025, the company reported revenue of 1.469 billion yuan, a 24.69% increase year-on-year, and a net profit of 93 million yuan, up 2.0% year-on-year. Operating cash flow was 122 million yuan, down 25.44% year-on-year [1][2]. - The company is expected to achieve net profits of 553 million yuan, 803 million yuan, and 967 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 45X, 31X, and 26X [4][6].