ThunderSoft(SZ:300496) Minsheng Securities·2024-05-22 14:00Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Viewpoints - The company is positioned to capitalize on the rapid growth of AI applications, particularly in mobile phones and automotive sectors, leveraging its strong R&D capabilities and partnerships with Qualcomm [2][3]. - The collaboration with Qualcomm has led to the establishment of a joint laboratory and the development of diverse AI terminal applications, enhancing the company's competitive edge in the market [2][3]. - The report forecasts significant growth in the company's net profit, estimating it to reach 482 million, 631 million, and 874 million CNY for the years 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 49X, 37X, and 27X [2][3]. Financial Forecasts - Revenue projections for the company are set at 5,242 million CNY for 2024, with a growth rate of -3.7%, followed by 6,081 million CNY in 2025 (16.0% growth) and 7,480 million CNY in 2026 (23.0% growth) [3][7]. - The company's net profit attributable to shareholders is expected to decline to 482 million CNY in 2024 (-39.4% growth), then increase to 631 million CNY in 2025 (30.8% growth) and 874 million CNY in 2026 (38.6% growth) [3][7]. - The report highlights a projected increase in earnings per share (EPS) from 1.01 CNY in 2024 to 1.90 CNY in 2026 [3][7].