ThunderSoft(SZ:300496) Changjiang Securities·2024-04-29 06:02Investment Rating - The report maintains a "Buy" rating for the company [5]. Core Insights - The company reported Q1 2024 revenue of 1.178 billion yuan, a year-on-year increase of 1.01%. However, the net profit attributable to the parent company was 91 million yuan, a decrease of 46.10% year-on-year. The non-recurring net profit was 85 million yuan, also down 46.23% year-on-year. Operating cash flow net amount was 164 million yuan, a decrease of 50.21% year-on-year [4][5]. - Increased R&D investment has led to profit pressure, but the company is strategically positioned for future growth in edge intelligence. The R&D expenses for Q1 2024 were 252 million yuan, up 32.79% year-on-year, with the R&D expense ratio rising from 16.26% in Q1 2023 to 21.37% in Q1 2024 [4][5]. - The company is focusing on edge intelligence, with potential growth from AI PC and AI mobile sectors. It successfully demonstrated the stable operation of the LLaMA-2 model on Qualcomm's 8 series chip platform and launched an AI PC solution in March 2024 [4][5]. Financial Summary - For 2024, the company is projected to achieve net profits of 597 million yuan, 764 million yuan, and 1.015 billion yuan for the years 2024, 2025, and 2026, respectively, corresponding to P/E ratios of 36, 28, and 21 [5][11]. - The company’s total revenue is expected to grow from 5.242 billion yuan in 2023 to 6.237 billion yuan in 2024, and further to 7.579 billion yuan in 2025 [11].