ThunderSoft(300496) 长城证券·2024-03-20 16:00Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company is undergoing strategic transformation, with potential for new growth driven by edge-side intelligent industry development [1] - Despite short-term performance pressure, the company's strategic investments in vehicle operating systems, industrial robots, and edge-side intelligence are expected to yield returns starting in 2024 [3] - The company's intelligent automotive business, particularly in autonomous driving and cockpit-driving integration, is growing rapidly, with software becoming a core value driver [3] - The company is well-positioned to benefit from the trend of central computing architecture in vehicles and AI-driven automotive industry upgrades [3] - The company's intelligent IoT business is recovering, with edge-side intelligence opening new growth opportunities [3] - The company is leveraging AI and smartphone integration to drive new R&D demands, positioning itself as a key partner in the HarmonyOS ecosystem [6] - The company is pioneering software-defined robotics, with new business layouts expected to create additional growth curves [6] Financial Performance and Projections - In 2023, the company reported revenue of RMB 5,242 million, a year-on-year decrease of 3.73%, and net profit attributable to shareholders of RMB 466 million, a year-on-year decrease of 39.36% [2] - Revenue is projected to grow to RMB 6,039 million in 2024, RMB 7,150 million in 2025, and RMB 8,773 million in 2026, with year-on-year growth rates of 15.2%, 18.4%, and 22.7% respectively [2] - Net profit attributable to shareholders is expected to reach RMB 652 million in 2024, RMB 847 million in 2025, and RMB 1,131 million in 2026, with year-on-year growth rates of 39.8%, 30.0%, and 33.6% respectively [2] - ROE is projected to improve from 4.0% in 2023 to 6.0% in 2024, 7.2% in 2025, and 8.7% in 2026 [2] - EPS is expected to increase from RMB 1.01 in 2023 to RMB 1.42 in 2024, RMB 1.84 in 2025, and RMB 2.46 in 2026 [2] Business Segments - The intelligent automotive business achieved revenue of RMB 2,337 million in 2023, a year-on-year increase of 30.34%, with autonomous driving software revenue reaching a historic high of RMB 182 million [3] - The intelligent IoT business generated revenue of RMB 1,489 million in 2023, a year-on-year decrease of 15.45%, but showed recovery in the second half of the year [3] - The intelligent software business reported revenue of RMB 1,416 million in 2023, a year-on-year decrease of 25.12%, but is expected to benefit from AI-driven smartphone industry upgrades [6] Strategic Developments - The company has made significant progress in vehicle operating systems, industrial robots, and edge-side intelligence, with key products expected to enter the investment return phase in 2024 [3] - The company has launched the "Drip OS" vehicle operating system and introduced a cost-effective and technologically advanced cockpit-driving integration solution at CES 2024 [3] - The company has successfully run a 130-billion-parameter model on edge devices, demonstrating its capabilities in edge-side AI [6] - The company has established a robotics team, "Xiaowu Intelligence," and released intelligent mobile robot products for logistics and manufacturing scenarios [6]