ThunderSoft(SZ:300496) Minsheng Securities·2024-04-28 12:30Investment Rating - The report maintains a "Recommended" rating for the company [4]. Core Viewpoints - The company reported a stable revenue growth of 1.01% year-on-year in Q1 2024, with revenues reaching 1.178 billion yuan. However, the net profit attributable to shareholders decreased by 46.23% to 91 million yuan due to increased R&D investments [2][3]. - The company is focusing on innovation and R&D, with R&D expenses increasing by 32.79% year-on-year, indicating a commitment to enhancing competitiveness and exploring new growth opportunities in AI and robotics [3]. - The company is actively developing its AI edge computing solutions and has launched a range of products, including a full-stack smartphone operating system and IoT operating systems, which are expected to drive future growth [3]. - The company showcased its automotive intelligence control products at the Beijing Auto Show, highlighting its advancements in smart vehicle technology, including the "滴水 OS" operating system and RazorDCX series products [3]. - The report projects the company's net profit for 2024-2026 to be 482 million, 631 million, and 874 million yuan, respectively, with corresponding P/E ratios of 44X, 34X, and 25X [4][8]. Financial Summary - The company's total revenue is forecasted to grow from 5.242 billion yuan in 2023 to 9.35 billion yuan in 2026, reflecting a compound annual growth rate (CAGR) of approximately 25% [4][8]. - The net profit attributable to shareholders is expected to recover from 466 million yuan in 2023 to 874 million yuan in 2026, with a notable growth rate of 38.6% in 2026 [4][8]. - The company's gross margin is projected to be around 36.59% by 2026, indicating stable profitability despite increased R&D expenditures [8].