ThunderSoft(SZ:300496) Guoyuan Securities·2024-03-25 16:00Investment Rating - The report maintains a "Buy" rating for the company [3][8]. Core Insights - The company experienced short-term pressure on its performance, with total revenue of 5.242 billion yuan, a year-on-year decrease of 3.73%. The net profit attributable to shareholders was 466 million yuan, down 39.36% year-on-year [5]. - The smart automotive business achieved rapid growth, generating revenue of 2.337 billion yuan, an increase of 30.34% year-on-year. The smart driving software revenue reached 182 million yuan, marking a historic breakthrough [5]. - The Internet of Things (IoT) business generated revenue of 1.489 billion yuan, a decline of 15.45% year-on-year, but showed signs of recovery in the second half of 2023 [5]. - The smart software business reported revenue of 1.416 billion yuan, down 25.12% year-on-year, but is expected to benefit from the integration of artificial intelligence and smartphones [5]. Business Development - The company is focusing its core resources on key clients to maintain competitive advantages for long-term development [5]. - A strategic upgrade in edge intelligence has been initiated, showcasing the company's capabilities in various applications, including smart automotive solutions and AI-enabled PC products [6]. - The establishment of a robotics team in September 2023 marks a significant step in the company's strategic transformation, with products aimed at warehouse logistics and manufacturing automation [7]. Financial Forecast and Investment Suggestions - The company is projected to achieve revenues of 6.042 billion yuan, 6.827 billion yuan, and 7.592 billion yuan for 2024, 2025, and 2026, respectively. The net profit attributable to shareholders is expected to be 662 million yuan, 796 million yuan, and 922 million yuan for the same years [8]. - The earnings per share (EPS) is forecasted to be 1.44 yuan, 1.73 yuan, and 2.00 yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings (P/E) ratios of 44.45, 36.98, and 31.93 [8].