In H1 2024, Thunder Software Technology achieved revenue of 2.401 billion yuan, a year-on-year decrease of 3.39%; net income attributable to shareholders of listed companies was 0.104 billion yuan, a year-on-year decrease of 73.1%. The slowdown in the growth of the company's smart automobile business was affected by the long acceptance cycle of the automobile manufacturers and the untimely delivery of some models. The company stated that it will continue to explore global markets and continue to invest in innovative applications.
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On August 26, Caiflanshe News (Reporter Wu Xin) reported that the slowdown in the growth of the company's smart automobile business, which has the highest proportion of revenue, and the untimely delivery of some models, have dragged down the company's performance in the first half of the year.
Tonight, Thunder Software Technology (300496.SZ) released its interim report, achieving revenue of 2.401 billion yuan, a year-on-year decrease of 3.39%; net profit attributable to shareholders of listed companies was 0.104 billion yuan, a year-on-year decrease of 73.1%.
Under the trend of integrated landing of AI on the edge and V2X, institutions such as ZheShang Securities predict that Thunder Software Technology will achieve a net profit of 0.587 billion yuan in 2024. However, based on the performance in the first half of this year, it may not be easy to achieve the above-mentioned expectations without accelerating growth in the second half of the year.
Regarding the decline in net profit, Thunder Software Technology attributed it mainly to the decrease in overall gross margin, increase in R&D investment, and increase in sales expenses. In the first half of this year, the company's overall gross margin was 36.8%, a year-on-year decrease of 4.49 percentage points, and the gross profit decreased by 0.142 billion yuan compared to the same period last year. In order to expand global business and build an overseas business system, the company's personnel expenses, travel expenses, and daily office expenses, and other major business operating expenses increased by 0.023 billion yuan, a year-on-year increase of 31.52%.
In addition, during the reporting period, due to the continuous investment of the company in the fields of robots and other intelligent areas, the R&D expenses increased by 0.053 billion yuan, a year-on-year increase of 11.94%. Thunder Software Technology stated that "strategic investment in key areas such as the whole vehicle operating system, industrial robots, and intelligent edge in the innovative business direction is forming a new platform product matrix of operating system + intelligent edge."
The competition in the consumer electronics industry, especially in the mid to low-end price range, is fierce, and the stimulating effect brought by generative AI to the smart phone industry is very limited. Therefore, looking at different industries, the company's smart software business achieved operating income of 0.761 billion yuan, a decrease of 17.67% compared to the same period last year. The company also stated "the decline in revenue of the smart software business is also caused by the selection or adjustment of some projects."
The smart internet of things business achieved revenue of 0.538 billion yuan, a year-on-year increase of 6.59%.
It is worth noting that the smart auto business, as the business with the highest revenue for Thunder Software Technology, has slowed down its growth rate, and in 2023, this business experienced a growth rate of over 30%. In the first half of this year, this business achieved revenue of 1.102 billion yuan, a year-on-year increase of 4.34%. In response, Thunder Software Technology explained that this was mainly affected by longer acceptance cycles for automobile manufacturers and lower than expected shipment of some manufacturers' models.
Looking ahead to the second half of the year, Thunder Software Technology stated that it will continue to expand global markets, invest in innovative applications, and improve operational efficiency. In addition, the company plans to focus on the smart cockpit in its smart auto business, with a forward-looking strategic layout of the entire vehicle operating system while smoothly transitioning to the smart driving platform and vigorously expanding its global business.