ThunderSoft(SZ:300496) Ping An Securities·2025-11-07 06:30Investment Rating - The investment rating for the company is "Strongly Recommended" [1][13] Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 5.148 billion yuan, a year-on-year increase of 39.34%, and a net profit attributable to shareholders of 229 million yuan, up 50.72% year-on-year [4][8] - The company's smart IoT business is a significant driver of growth, with revenue from this segment increasing by 136.14% year-on-year in the first half of 2025 [9] - The launch of the Drip AI OS and AI BOX positions the company to capitalize on the automotive industry's shift towards AI-driven solutions [9] Financial Performance Summary - For the first three quarters of 2025, the company achieved a revenue of 5.148 billion yuan, with a net profit of 229 million yuan and a non-GAAP net profit of 200 million yuan [4][8] - The Q3 revenue was 1.848 billion yuan, reflecting a 42.87% increase year-on-year, while the net profit for the quarter was 70.57 million yuan, up 48.26% year-on-year [8] - The company expects continued high growth in revenue and profits for the full year 2025 [8] Business Segment Performance - The smart automotive segment is expected to benefit from the Drip AI OS and AI BOX, which integrate advanced AI capabilities into vehicles [9] - The smart IoT business has developed a diverse range of products, including handheld devices, AI PCs, and robotics, contributing significantly to revenue growth [9] - The company has established a strong presence in various industries, including retail, logistics, and healthcare, through its IoT solutions [9] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 562 million yuan, 677 million yuan, and 831 million yuan, respectively, with corresponding EPS of 1.22 yuan, 1.47 yuan, and 1.80 yuan [9][10] - The projected P/E ratios for 2025-2027 are 54.9x, 45.5x, and 37.1x, indicating a favorable valuation outlook [9][11]