Golden Phoenix Financial News | GTJA reports that Thunderbird Innovation is incubated by TCL ELECTRONICS (01070), with its core team coming from TCL, DJI, Meta, and ByteDance, showing significant innovative advantages. After multiple rounds of financing, TCL ELECTRONICS is expected to hold approximately 11.5% of the shares. On August 29, 2024, Thunderbird Innovation and Doctorglasses Chain announced the establishment of a joint venture, where both companies will collaboratively develop the next generation of AI smart interactive glasses. Thunderbird Innovation and Doctorglasses Chain are deeply integrating in capital, technology, market channels, and branding, achieving resource sharing and complementary advantages.
The bank indicates that current mainstream smart glasses products can be simply classified into AR and AI categories. With AI support, smart glasses not only have diverse interaction methods but also enhance their functionality as universal problem solvers. Built upon large language models, they develop learning, reasoning, decision-making, and execution abilities, transforming from mere entertainment tools into productivity tools. As an all-in-one wearable device, they integrate multiple functions such as headphones, watches, maps, glasses, sunglasses, and AIAgent, achieving a functionality ratio of '1=N'.
The bank states that Thunderbird Innovation, backed by a large manufacturer, possesses innovative advantages and has launched multiple AI glasses products, leading in market share in the domestic market. Meanwhile, in collaboration with Doctorglasses Chain, they have streamlined the last mile of AI glasses retail. Considering that TCL ELECTRONICS is overall entering a profit recovery path, and with Thunderbird Innovation, in which it holds 11.5%, having a leading market share in its AI glasses business, it is expected to fully benefit from the AI industry explosion. The bank gives the company a 2025 12x PE ratio, maintains profit forecasts for 2024-2026, and estimates EPS of 0.56/0.68/0.76 HKD respectively, with year-on-year increases of +90%/+21%/+13%. Maintains a 'Shareholding' rating and a target price of 8.16 HKD.
