ThunderSoft(300496) 民生证券·2024-03-19 16:00Investment Rating - The report maintains a "Recommend" rating for Thundersoft (300496 SZ) [1][2] Core Views - Thundersoft is undergoing a strategic transformation, focusing on AI-driven edge computing and intelligent terminals, which opens up new growth opportunities [1] - The company's heavy R&D investment in 2023 (1 458 billion yuan, a historical high) has put short-term pressure on profitability but lays the foundation for future growth [1] - Thundersoft's Rubik large model and its ecosystem around human-computer interaction are expected to drive innovation in various industries [1] - The company is expanding its presence in the AI smartphone and IoT sectors, with successful product launches in AIPC and MR HMD Pro [1] - Thundersoft's intelligent vehicle and robotics businesses are poised to lead future growth, with significant breakthroughs in software revenue and domain control products [1] Financial Performance and Forecast - In 2023, Thundersoft achieved revenue of 5 242 billion yuan (yoy -3 73%) and net profit attributable to parent company of 466 million yuan (yoy -39 40%) [1] - Operating cash flow increased by 51 89% to 755 million yuan in 2023 [1] - The report forecasts revenue growth of 15%, 23%, and 45 2% for 2024-2026, reaching 10 767 billion yuan by 2026 [2] - Net profit attributable to parent company is expected to grow to 717 million, 1 040 billion, and 1 283 billion yuan in 2024-2026, with growth rates of 53 8%, 45 1%, and 23 3% respectively [2] - EPS is projected to increase from 1 01 yuan in 2023 to 2 79 yuan in 2026 [2] Strategic Focus and Business Development - Thundersoft is focusing on three growth curves: existing business + edge intelligence, edge intelligence + new business, and robotics software + vehicle OS + intelligent edge [1] - In the smartphone sector, the company is deepening cooperation with HarmonyOS and participating in AI phone development [1] - In the IoT sector, Thundersoft has successfully launched AIPC and MR HMD Pro products [1] - The intelligent vehicle business achieved a breakthrough with 182 million yuan in software revenue and completed real-vehicle verification of domain control products [1] - The robotics business has applications in automotive, lithium battery, 3C, and food & beverage industries, with potential for new orders and customer revenue in 2024 [1] Valuation and Financial Ratios - The company's PE ratio is expected to decrease from 63 in 2023 to 23 in 2026 [2] - PB ratio is forecasted to decline from 3 1 in 2023 to 2 4 in 2026 [2] - ROE is projected to increase from 4 88% in 2023 to 10 59% in 2026 [5] - Gross margin is expected to improve from 36 95% in 2023 to 42 24% in 2026 [5]