ThunderSoft(300496) 开源证券·2024-03-19 16:00Investment Rating - The report maintains a "Buy" rating for the company, with a current stock price of 64.00 yuan and a market capitalization of 29.44 billion yuan [2] - The stock has a 3-month turnover rate of 201.99% and a circulating market capitalization of 23.48 billion yuan [2] Core Views - The company's 2023 annual report shows a decline in revenue and net profit, with revenue at 5.24 billion yuan, down 3.73% YoY, and net profit at 466 million yuan, down 39.36% YoY [6] - The company is strategically investing in innovative businesses such as vehicle operating systems, industrial robots, and edge intelligence to drive future growth [8] - The smart automotive business grew by 30.34% YoY, reaching 2.34 billion yuan, while the smart IoT and software businesses faced pressure, declining by 15.45% and 25.12% respectively [7] Financial Forecasts - The report forecasts revenue for 2024-2026 to be 6.54 billion yuan, 8.23 billion yuan, and 10.41 billion yuan, with net profits of 607 million yuan, 793 million yuan, and 1.03 billion yuan respectively [5] - The EPS for 2024-2026 is projected to be 1.32 yuan, 1.72 yuan, and 2.24 yuan, with corresponding P/E ratios of 48.5x, 37.1x, and 28.6x [5] - The company's gross margin is expected to recover slightly, from 36.95% in 2023 to 39.1% in 2026 [9] Business Performance - The smart automotive segment achieved a historic breakthrough with 182 million yuan in smart driving software revenue [7] - The company launched its "Drip OS" vehicle operating system, positioning itself to benefit from the trend of "cockpit fusion" central computing [8] - In the IoT sector, the company established a robotics team and introduced multiple industrial robots, with potential for volume growth in 2024 [8] Strategic Initiatives - The company is expanding its collaboration with HarmonyOS, achieving a breakthrough in HarmonyOS app development from 0 to 1 [8] - AI-driven advancements in the smartphone industry are expected to create new R&D opportunities, benefiting the company's smart software business [8]