ThunderSoft(SZ:300496) Guoxin Securities·2025-05-08 07:21Investment Rating - The investment rating for the company is "Outperform the Market" [4][11]. Core Views - The company's performance remains stable with a focus on deepening its edge AI strategy. In 2024, the main revenue is projected to be 5.385 billion yuan, a year-on-year increase of 2.72%, while the net profit attributable to shareholders is expected to be 407 million yuan, a decrease of 12.6% [1][9]. - The company is enhancing cost control and maintaining high R&D investment to lay the groundwork for future growth. In 2024, the R&D expense ratio is 19.10%, reflecting an increase of 8.16% year-on-year [1][9]. - The smart IoT business is recovering, while the smart automotive business is experiencing a slowdown due to industry adjustments. The smart IoT business achieved revenue of 1.545 billion yuan, a year-on-year increase of 3.73% [2][9]. Summary by Sections Financial Performance - In 2024, the company expects main revenue of 5.385 billion yuan, a 2.72% increase year-on-year, and a net profit of 407 million yuan, down 12.6% [1][9]. - For Q1 2025, the main revenue is 1.469 billion yuan, a 24.69% increase year-on-year, with a net profit of 93 million yuan, up 2.48% [1][9]. Business Segments - The smart phone segment generated revenue of 1.423 billion yuan, a 0.49% increase year-on-year. The smart automotive segment saw revenue of 2.416 billion yuan, a 3.42% increase, while the smart IoT segment achieved 1.545 billion yuan, a 3.73% increase [2][9]. Strategic Initiatives - The company is focusing on building a differentiated competitive advantage through technology integration and ecosystem collaboration. In the smart automotive sector, the self-developed Drip OS is positioned as a core technology for central computing evolution [3][4]. - The company is also developing innovative terminals in the consumer electronics field and creating an edge AI development platform in collaboration with Qualcomm and Microsoft [3][4].