ThunderSoft(SZ:300496) Guoxin Securities·2024-06-02 06:02Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][10][24] Core Views - The company's overall operating performance faced pressure in 2023, but a strategic upgrade initiated in 2023 is showing signs of revenue recovery in early 2024 [9][11] - In 2023, the company achieved revenue of 5,242 million yuan (-3.73%) and a net profit attributable to shareholders of 466 million yuan (-39.36%) [9][12] - The company launched the "Smart to Intelligent" strategic upgrade in 2023, with R&D investment reaching 1,458 million yuan, indicating a focus on key developments in vehicle operating systems and industrial robotics [9][10] Financial Performance Summary - Revenue Forecasts: - 2022: 5,445 million yuan - 2023: 5,242 million yuan - 2024E: 6,337 million yuan - 2025E: 7,677 million yuan - 2026E: 9,315 million yuan - Revenue growth rates: 32.0% in 2024, -3.7% in 2023 [3][4][24] - Net Profit Forecasts: - 2022: 769 million yuan - 2023: 466 million yuan - 2024E: 677 million yuan - 2025E: 922 million yuan - 2026E: 1,180 million yuan - Net profit growth rates: 18.8% in 2024, -39.4% in 2023 [4][10][24] - Earnings Per Share (EPS): - 2022: 1.68 yuan - 2023: 1.01 yuan - 2024E: 1.47 yuan - 2025E: 2.00 yuan - 2026E: 2.57 yuan [4][10][24] - Profitability Ratios: - EBIT Margin: 11.6% in 2022, declining to 5.3% in 2023, with a forecasted recovery to 7.1% in 2024 [5][10] - Return on Equity (ROE): 8.5% in 2022, dropping to 4.9% in 2023, with a forecasted increase to 6.7% in 2024 [6][10] Strategic Developments - The company is deepening its "OS+AI" strategy, focusing on edge applications and enhancing its software-defined technology architecture for smart cockpits [9][10] - The company has established partnerships with major automotive manufacturers and is expanding its overseas market presence, aiming to become a leader in global smart automotive software [10][11] - The intelligent automotive business generated revenue of 2,337 million yuan in 2023, reflecting a year-on-year growth of 30.34% [10][11] Future Outlook - The company expects steady growth in its business scale and profitability, with revenue growth rates projected at 30% for the intelligent automotive business and 15% for the intelligent IoT business from 2024 to 2026 [19][20] - The company is positioned to leverage its software development experience and partnerships to capitalize on the increasing complexity of automotive software applications [19][20]