全球领先智能操作系统提供商迎终端AI机遇

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 61.85 CNY based on a 45x PE for 2024 [7][5]. Core Insights - The company is a global leader in intelligent operating systems, leveraging a "technology base provider" role and a "buy + self-research" strategy to establish a competitive ecosystem [2]. - The automotive industry is undergoing a transformation towards "software-defined vehicles," with significant growth expected in the automotive software market, projected to reach 3.44 trillion CNY by 2030 [3]. - The company is upgrading its strategy from "Smart to Intelligent," integrating AI technology with its operating systems through the development of the Rubik model, which aims to empower various industries [4]. Financial Forecasts - Revenue projections for 2024-2026 are 6.347 billion CNY, 7.889 billion CNY, and 9.955 billion CNY, with year-on-year growth rates of 21.08%, 24.30%, and 26.18% respectively [5][6]. - Net profit forecasts for the same period are 632 million CNY, 878 million CNY, and 1.211 billion CNY, with growth rates of 35.63%, 38.85%, and 37.89% respectively [5][6]. - The expected EPS for 2024-2026 is 1.37 CNY, 1.91 CNY, and 2.63 CNY per share [5][6]. Business Segments - Intelligent Software: Expected revenue for 2024-2026 is 1.571 billion CNY, 1.776 billion CNY, and 1.989 billion CNY, with growth rates of 11%, 13%, and 12% respectively [13]. - Intelligent Automotive: Projected revenue for 2024-2026 is 3.108 billion CNY, 4.196 billion CNY, and 5.665 billion CNY, with growth rates of 33%, 35%, and 35% respectively [13]. - Intelligent IoT: Expected revenue for 2024-2026 is 1.668 billion CNY, 1.918 billion CNY, and 2.301 billion CNY, with growth rates of 12%, 15%, and 20% respectively [13]. Market Trends - The global smartphone market is showing signs of recovery, with a 8% year-on-year growth in Q4 2023, indicating a potential resurgence in demand [32]. - The intelligent electric vehicle market in China is expected to grow rapidly, with sales projected to reach 12.203 million units by 2025 [36]. - The AIoT market is anticipated to expand significantly, with the global IoT connections expected to grow at a CAGR of 15.52% from 2022 to 2025 [41].