ThunderSoft(SZ:300496) Haitong Securities·2024-04-07 16:00Investment Rating - The investment rating for the company is "Outperform the Market" [2] Core Views - 2023 is a critical year for the company's strategic transformation, focusing on maintaining healthy business development while investing in innovative areas such as vehicle operating systems, industrial robots, and edge AI [5] - The company achieved a revenue of 5.242 billion yuan in 2023, a year-on-year decrease of 3.73%, and a net profit of 466 million yuan, down 39.36% year-on-year [5][7] - The company is expected to enter an investment return period in 2024 after making significant progress in product development [5] Summary by Sections Financial Performance - In 2023, the company reported a revenue of 5.242 billion yuan, with a year-on-year decline of 3.73% and a net profit of 466 million yuan, down 39.36% [7] - The operating cash flow increased by 51.89% year-on-year to 755 million yuan [5] - Forecasted revenues for 2024, 2025, and 2026 are 6.592 billion yuan, 8.013 billion yuan, and 9.868 billion yuan respectively, with corresponding net profits of 797 million yuan, 1.018 billion yuan, and 1.296 billion yuan [8][10] Business Segments - The smart automotive business generated 2.337 billion yuan in revenue in 2023, a growth of 30.34% year-on-year, with significant advancements in smart driving software [6] - The company's IoT business reported a revenue of 1.489 billion yuan, a decrease of 15.45% year-on-year, but showed signs of recovery in the second half of 2023 [6] - The robotics division was established in September 2023, focusing on intelligent mobile robots for logistics and manufacturing [6] Market Position and Valuation - The company is positioned well in the software-defined hardware trend, with a projected dynamic PE of 45-50 times for 2024, leading to a reasonable value range of 77.95-86.62 yuan [8] - The average PE ratio for comparable companies is 24.93 for 2024, indicating a competitive valuation [9]