ThunderSoft(SZ:300496) Orient Securities·2024-05-23 13:34Investment Rating - The report maintains a "Buy" rating for the company with a target price of 54.00 CNY, based on a 40 times price-to-earnings ratio for 2024 [2][4]. Core Views - The company is focusing on AI PCs and edge AI, having launched a Windows 11 AI PC designed for AI experiences, utilizing Qualcomm's Snapdragon X Elite chip with over 40 TOPS of computing power [1]. - The long-term partnership with Qualcomm has led to product launches across three major business lines, expanding from mobile phones to IoT and smart automotive solutions [1]. - The company is well-positioned in the edge AI space, with ongoing developments in AI capabilities and applications, aiming to enhance user experiences on PCs [1]. Financial Forecasts - The company is projected to achieve earnings per share of 1.35 CNY in 2024, 1.93 CNY in 2025, and 2.46 CNY in 2026, with a revenue forecast of 6,579 million CNY in 2024, growing to 9,288 million CNY by 2026 [2][3]. - Revenue growth is expected to rebound to 25.5% in 2024 after a decline of 3.7% in 2023, with further growth of 20.4% and 17.3% in 2025 and 2026, respectively [3]. - The company's gross margin is projected to stabilize around 39.5% by 2026, with net profit margins improving to 12.2% [3].