中科创达：事件点评：开启舱驾合一汽车操作系统时代

Investment Rating - The report maintains a "Recommend" rating for Thundersoft (300496 SZ) [1] Core Views - Thundersoft's subsidiary Changxing Zhijia showcased advanced intelligent vehicle domain control products at the Qualcomm Automotive Technology and Cooperation Summit, including the RazorDCX Pantanal (SA8650P) and the single SOC cockpit-drive integrated domain control RazorDCX Tarkine [1] - The company's self-developed "Drip OS" vehicle operating system integrates AI models and advanced computing architecture, enhancing software development efficiency and reducing industry costs [1] - Thundersoft is positioned as a core player in the intelligent vehicle domain control field, leveraging its OS+domain control+ecosystem capabilities [1] - The company is expected to achieve net profits attributable to the parent company of 482 million, 631 million, and 874 million yuan in 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 54X, 41X, and 30X [1] Financial Forecasts - Revenue is projected to grow from 5,242 million yuan in 2023 to 9,350 million yuan in 2026, with growth rates of 16%, 23%, and 25% for 2024, 2025, and 2026, respectively [2][5] - Net profit attributable to the parent company is expected to increase from 466 million yuan in 2023 to 874 million yuan in 2026, with growth rates of 3 4%, 30 8%, and 38 6% for 2024, 2025, and 2026, respectively [2][5] - EPS is forecasted to rise from 1 01 yuan in 2023 to 1 90 yuan in 2026 [2][5] - The company's ROE is expected to improve from 4 88% in 2023 to 7 86% in 2026 [5] Industry and Product Development - Thundersoft's domain control products align with the development trend of intelligent vehicle domain control architecture [1] - The company has completed real-vehicle verification tests for cockpit-drive integrated domain control, a first in the industry [1] - Thundersoft plans to increase R&D investment in the intelligent vehicle domain control field and collaborate with more ecosystem partners [1] Financial Metrics - The company's gross margin is expected to remain stable around 36%-38% from 2024 to 2026 [5] - Operating cash flow is projected to be 680 million, 569 million, and 747 million yuan in 2024, 2025, and 2026, respectively [6] - Capital expenditures are forecasted to be 373 million, 407 million, and 491 million yuan in 2024, 2025, and 2026, respectively [6]