中科创达（300496）2Q26业绩指引超预期

Thunder Software Technology (300496.SZ) 2Q26 Guidance Beat CITI'S TAKE Neutral ThunderSoft guided 1H26 net profit of RMB238–246mn (up 50–55% YoY),implying 2Q26 net profit of RMB135–143mn (up 105–117% YoY). The 2Q26mid-point of RMB139mn is 6.7% above VAe of RMB131mn — a modestbeat. 1H26 recurring net profit is guided at RMB218–232mn (up 60–70%YoY), implying 2Q26 recurring net profit of RMB121–134mn (up 148–176%YoY). The company also guided 1H26 revenue growth of over 30% YoY, 11%above VAe. We believe the 1H26 growth was driven by deepening AIOStechnology deployment and AIoT business (such as robotics, smartglasses and smart home devices), followed by international automotiveexpansion, while smart devices may suffer from weak demand. Thecompany is due to release 1H/2Q26 results on 25 Aug 2026, after marketclose. Kyna WongAC+852-2868-7820kyna.wong@citi.comYiming Li, CFAKevin ChenKaren Huang See Appendix A-1 for Analyst Certification, Important Disclosures and Research Analyst Affiliations Not for distribution in the People's Republic of China, excluding the Hong Kong Special Administrative Region and QualifiedForeign Institutional Investors. Thunder Software Technology Valuation Our target price for ThunderSoft of Rmb78 is based on 50x FY26E P/E, which is set slightly below 10-year average valuationand is justified, in our view, by picking up revenue growth momentum, but this could be driven more by hardware sales thansoftware, which could weigh on gross margin. We apply a P/E valuation methodology for ThunderSoft, as we believe thecompany is at growing stage with improving revenue and earnings the next few years ahead. Risks Key upside risks that could impede the ThunderSoft stock from reaching our target price include: 1) faster-than-expectedsmart car penetration rise in terms of intelligent cockpit, ADAS, and AD; 2) mild industry competition in smart software, smartcar, and Smart IoT; and 3) faster-than-expected release of new products and solutions to achieve sustainable growth. Key downside risks that could impede the ThunderSoft stock from reaching our target price include: 1) slower-than-expectedsmart car penetration rise in terms of intelligent cockpit, ADAS, and AD; 2) intense industry competition in smart software,smart car, and Smart IoT; and 3) slower-than-expected release of new products and solutions. If you are visually impaired and would like to speak to a Citi representative regarding the detailsof the graphics in this document, please call USA 1-888-500-5008 (TTY: 711), from outside theUS +1-210-677-3788 Appendix A-1 ANALYST CERTIFICATION The research analysts primarily responsible for the preparation and content of this research report are either (i) designatedby “AC” in the author block or (ii) listed in bold alongside content which is attributable to that analyst. If multiple ACanalysts are designated in the author block, each analyst is certifying with respect to the entire research report other than(a) content attributable to another AC certifying analyst listed in bold alongside the content and (b) views expressed solelywith respect to a specific issuer which are attributable to another AC certifying analyst identified in the price charts orrating history tables for that issuer shown below. Each of these analysts certify, with respect to the sections of the reportfor which they are responsible: (1) that the views expressed therein accurately reflect their personal views about eachissuer and security referenced and were prepared in an independent manner, including with respect to Citigroup GlobalMarkets Inc. and its affiliates; and (2) no part of the research analyst's compensation was, is, or will be, directly orindirectly, related to the specific recommendations or views expressed by that research analyst in this report. IMPORTANT DISCLOSURES Citigroup Global Markets Inc. or its affiliates received compensation for products and services other than investment bankingservices from Thunder Software Technology in the past 12 months.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and the services provided were non-investment-banking, securities-related: Thunder Software Technology.Citigroup Global Markets Inc. or its affiliates currently has, or had within the past 12 months, the following as clients, and theservices provided were non-investment-banking, non-securities-related: Thunder Software Technology.Analysts’ compensation is determined by Citi Research management and Citigroup’s senior management and is based uponactivities and services intended to benefit the investor clients of Citigroup Global Markets Inc. and its affiliates (the “Firm”).Compensation is not linked to specific transactions or recommendations. Like all Firm employees, analysts receivecompensation that is impacted by overall Firm profitability which includes investment banking, sales and trading, andprincipal trading revenue