ThunderSoft(SZ:300496) Changjiang Securities·2025-05-26 09:50Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company reported a significant improvement in operational performance, with Q1 2025 revenue reaching 1.469 billion yuan, a year-on-year increase of 24.69%. The net profit attributable to shareholders was 93 million yuan, up 2.00% year-on-year, while the net profit after deducting non-recurring items was 88 million yuan, reflecting a 2.48% increase. However, the net operating cash flow decreased by 25.44% to 122 million yuan [2][4][11]. - The company is positioned as a global leader in intelligent operating system products and technologies, leveraging its strategic advantages to drive the development of the smart industry amid a new wave of intelligentization. A new growth curve is expected to gradually open up [2][4]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 1.469 billion yuan, a 24.69% increase year-on-year. The gross profit margin for Q1 was 36.28%, down 3.54 percentage points year-on-year, primarily due to increased personnel costs as the workforce grew from 13,119 in 2023 to 15,031. Operating costs rose by 32.02% year-on-year. However, the gross margin improved significantly by 6.74 percentage points compared to the previous quarter [11]. - The sales expense ratio, R&D expense ratio, and management expense ratio for Q1 2025 were 3.54%, 19.20%, and 9.37%, respectively, showing a decrease compared to the same period last year [11]. Growth Strategy - The company has outlined three major growth curves: 1. Capitalizing on the emerging trend of mobile operating systems to enter a rapidly growing market. 2. Enhancing existing business with edge intelligence to benefit from the increasing penetration of smart terminals. 3. Innovating in edge intelligence and new business areas, such as mobile robotics, to fully leverage the opportunities presented by edge intelligence [11]. - Recent product launches, including Drip OS 1.0 Evo, TurboX AI glasses, and mobile robot AMR, highlight the company's breakthroughs in AI-native operating systems and edge intelligence [11]. Market Positioning - The company is firmly committed to its "operating system + edge intelligence" strategy, which is expected to open up new growth opportunities. It has established long-term collaborations with leading players in the chip, operating system, and cloud sectors, enhancing its competitive positioning [11]. - The company is well-positioned in the smart industry, aligning its business layout with the trend of value growth shifting from cloud to edge, and is expected to benefit from every wave of terminal intelligence opportunities [11]. Financial Projections - The company is projected to achieve net profits attributable to shareholders of 482 million yuan, 561 million yuan, and 804 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 52, 45, and 31 times [11].