AI 落地不及预期，下游需求不及预期风险，上游原材料价格变动风险 电子行业 行业研究 | 动态跟踪 算力需求强劲，关注 CPO 等新技术演进 核心观点 投资建议与投资标的 国家/地区 中国 行业 电子行业 报告发布日期 2026 年 02 月 07 日 看好（维持） 算力需求强劲，关注 CPO 等新技术演进。相关标的： 风险提示 | 薛宏伟 | 执业证书编号：S0860524110001 | | --- | --- | | | xuehongwei@orientsec.com.cn | | | 021-63326320 | | 蒯剑 | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | | kuaijian@orientsec.com.cn | | | 021-63326320 | | 李晋杰 | 执业证书编号：S0860125070012 | | --- | --- | | | lijinjie@orientsec.com.cn | | | 021-63326320 | | AI 算力需求拉动，存储紧缺持续 | 2026-02-03 | | --- | --- | ...

Core Viewpoint - The company, Sitwei (Shanghai) Electronic Technology Co., Ltd., forecasts significant growth in both revenue and net profit for the year 2025, showcasing strong resilience and growth potential across multiple business segments [1][3]. Revenue Forecast - The company expects to achieve an operating revenue of between 8.8 billion to 9.2 billion yuan for 2025, representing an increase of 2.832 billion to 3.232 billion yuan compared to the previous year's revenue of 5.968 billion yuan, with a year-on-year growth rate of 47% to 54% [3]. Profit Forecast - The projected net profit attributable to shareholders is estimated to be between 976 million to 1.03 billion yuan, an increase of 584 million to 638 million yuan from the previous year's net profit of 393 million yuan, reflecting a year-on-year growth rate of 149% to 162% [3]. - The net profit after deducting non-recurring gains and losses is expected to be between 966 million to 1.02 billion yuan, showing a growth of 574 million to 629 million yuan, with a growth rate of 147% to 161% [3]. - Excluding the impact of share-based payment expenses, the net profit attributable to the parent company is projected to be between 1.023 billion to 1.077 billion yuan, indicating a year-on-year growth of 105% to 116% [3]. Business Growth Drivers - The company attributes its substantial growth to breakthroughs in core areas such as smartphones, automotive electronics, smart security, and emerging machine vision, leading to collaborative revenue growth across various segments [4]. - In the smartphone sector, the company has deepened cooperation with multiple clients, resulting in a significant increase in the shipment of high-end 50-megapixel products based on Lofic HDR® 2.0 technology, which has greatly boosted revenue in this area [4]. - The automotive electronics sector has emerged as a key growth engine, with a substantial increase in the shipment of new products for smart assisted driving, contributing to a leap in revenue [5]. - In the smart security sector, the company has continued to increase its market share in high-end security and smart home applications, while also maintaining steady revenue growth in the emerging machine vision field [5]. Operational Performance - As revenue and profit levels grow in tandem, the company's operational capabilities are continuously improving, with all operational indicators showing positive trends. The operating cash flow for 2025 is expected to remain positive, providing a solid financial foundation for ongoing R&D investments and business expansion [5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance expectation relative to the market [8][4]. Core Insights - The company forecasts a revenue of 8.8 to 9.2 billion yuan for 2025, representing a year-over-year growth of 47% to 54%. The net profit attributable to the parent company is expected to be between 980 million to 1.03 billion yuan, reflecting a significant year-over-year increase of 149% to 162% [4][6]. - The company is experiencing substantial growth across three major downstream sectors: smartphones, automotive electronics, and smart security. The smartphone sector is seeing increased demand for high-end products, while automotive electronics are becoming a long-term growth driver [8][4]. - The company is expanding its product matrix with new high-end mobile camera sensors and automotive sensors, which are expected to drive future revenue growth [8][4]. Financial Data and Profit Forecast - The total revenue is projected to grow from 5.968 billion yuan in 2024 to 12.733 billion yuan by 2027, with a compound annual growth rate (CAGR) of approximately 25.4% from 2025 to 2027 [6][10]. - The net profit attributable to the parent company is expected to increase from 991 million yuan in 2025 to 1.632 billion yuan in 2027, indicating a robust growth trajectory [6][10]. - The earnings per share (EPS) is forecasted to rise from 2.47 yuan in 2025 to 4.06 yuan in 2027, reflecting strong profitability growth [6][10].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance exceeding the market by over 20% within the next six months [8]. Core Insights - The company forecasts a revenue of 8.8 to 9.2 billion yuan for 2025, representing a year-over-year growth of 47% to 54%. The net profit attributable to shareholders is expected to be between 980 million and 1.03 billion yuan, reflecting a significant year-over-year increase of 149% to 162% [5]. - The company is experiencing substantial growth across three key downstream sectors: smartphones, automotive electronics, and smart security. The smartphone sector is seeing increased demand for high-end camera products, while automotive electronics are benefiting from partnerships with major car manufacturers [9]. - The company is actively expanding its high-end product matrix, with new developments in CMOS image sensors aimed at flagship smartphones and advanced automotive applications [9]. Financial Data and Profit Forecast - The projected total revenue for 2025 is 9.049 billion yuan, with a year-over-year growth rate of 51.6%. The net profit for the same year is estimated at 991 million yuan, with a remarkable growth rate of 152.4% [7]. - The earnings per share (EPS) is expected to be 2.47 yuan for 2025, with a projected price-to-earnings (PE) ratio of 42 [7]. - The company anticipates continued growth in net profit, with estimates of 1.365 billion yuan for 2026 and 1.632 billion yuan for 2027, corresponding to PE ratios of 30 and 25, respectively [9].

Group 1 - On January 27, the target price increases for listed companies were led by Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [1][2] - A total of 29 listed companies received broker recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer each receiving one recommendation [2] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [3][4] Group 3 - Five companies received initial coverage on January 27, including Taihe New Materials with an "Overweight" rating from Dongbei Securities, Keli Ke with an "Outperform" rating from Guoxin Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Overweight" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [5][6]

Group 1 - On January 27, brokerages set target prices for listed companies with notable increases for Changyuan Donggu, Hongyuan Green Energy, and Haotaitai, with target price increases of 50.61%, 42.37%, and 30.60% respectively, belonging to the automotive parts, photovoltaic equipment, and home goods industries [2][3] - A total of 29 listed companies received brokerage recommendations on January 27, with Tonghua Dongbao, Zhibang Home, and Yanjing Beer receiving one recommendation each [3] Group 2 - On January 27, one company had its rating upgraded, with Xinda Securities raising Xueda Education's rating from "Hold" to "Buy" [4][5] - Five companies received initial coverage on January 27, including Taihe New Materials with an "Accumulate" rating from Northeast Securities, Kelike with an "Outperform" rating from Guosen Securities, Tianyi Medical with a "Buy" rating from Xinda Securities, Xinhenghui with an "Accumulate" rating from Zhongyou Securities, and Tuojing Technology with a "Buy" rating from Donghai Securities [6]

Group 1: Company Overview - The company, SmartSens, is expected to achieve a revenue of 8.8 to 9.2 billion yuan in 2025, representing a year-on-year increase of 47% to 54% [3] - The projected net profit for 2025 is estimated to be between 976 million to 1.031 billion yuan, indicating a significant year-on-year growth of 149% to 162% [3] - The company anticipates a net profit margin of 11.15% for 2025, which is an increase of 4.57 percentage points compared to the previous year, reflecting improved profitability and operational efficiency [4] Group 2: Product Segments - In the smartphone sector, the company has deepened collaborations with multiple clients, leading to a substantial increase in the shipment of high-end products, including 50 million pixel cameras [5] - In the automotive electronics sector, the company has seen a significant rise in the shipment of products used for intelligent driving assistance, contributing to revenue growth [5] - The smart security segment has also experienced growth, with the company increasing its market share in high-end security and smart home applications [5] Group 3: Market Trends and Opportunities - The Chinese government has announced subsidies for consumers purchasing digital and smart products, which is expected to boost sales in the consumer electronics sector [6] - Recent policy changes in Canada and Germany are expected to facilitate the export of Chinese electric vehicles, creating new competitive dynamics in the automotive market [6] - The penetration rate of passenger cars equipped with advanced driving assistance systems (L2 level) in China has reached 64%, indicating a growing market for intelligent driving technologies [6] Group 4: Financial Projections - Revenue projections for SmartSens from 2025 to 2027 are estimated at 90.5 billion, 122.45 billion, and 152.43 billion yuan, with year-on-year growth rates of 52%, 35%, and 24% respectively [8] - The projected net profits for the same period are 10.03 billion, 15.17 billion, and 19.83 billion yuan, with year-on-year growth rates of 155%, 51%, and 31% respectively [8] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 41, 27, and 21 for the years 2025, 2026, and 2027 [8]

Core Viewpoint - The company, Sitoway (688213.SH), is expected to achieve significant growth in 2025, with projected revenue of approximately 9 billion yuan and a net profit of around 1 billion yuan, marking a doubling of profit compared to the previous year [1][2][3]. Financial Performance - For the fiscal year 2025, Sitoway anticipates revenue between 8.8 billion yuan and 9.2 billion yuan, representing a year-on-year increase of approximately 47% to 54% [2]. - The expected net profit attributable to shareholders is projected to be between 976 million yuan and 1.031 billion yuan, reflecting a year-on-year growth of 149% to 162% [2]. - The company has shown a history of fluctuating profits, with the highest net profit in previous years being less than 400 million yuan [1][4]. Business Growth Drivers - The anticipated growth in 2025 is attributed to a significant increase in product shipments in the smartphone, automotive electronics, and smart security sectors [1][5]. - Sitoway's revenue and profit growth are supported by its strong research and development efforts, with R&D investment reaching 427 million yuan in the first three quarters of 2025 [1][6]. Product Development and Market Position - Sitoway specializes in high-performance CMOS image sensor chips, with applications across various high-tech fields including security, machine vision, smartphones, and automotive electronics [6]. - The company has developed a diverse range of products to meet different market needs, focusing on high, medium, and low-end segments [6][7]. - Sitoway's customer base includes well-known brands such as Hikvision, Xiaomi, BYD, and others, contributing to a robust customer resource system [7].

Core Viewpoint - Solid growth in core business is essential for companies to navigate through economic cycles [1] Performance Growth Highlights - **XianDao Intelligent (300450)**: Expected net profit of 150 million to 180 million, a year-on-year increase of 424.29% to 529.15% due to recovery in global battery demand and internal digital transformation [6] - **YongChuang Intelligent (603901)**: Expected net profit of 12.8 million to 15.5 million, a year-on-year increase of 721.57% to 894.86% driven by improved delivery efficiency and product structure optimization [7] - **DaoShi Technology (300409)**: Expected net profit growth of 206.01% to 269.76% due to increased production capacity and recovery in cobalt prices [8] - **FuDa Alloy (603049)**: Expected net profit growth of 119.14% to 219.95% supported by stable demand in power equipment and new energy sectors [9] - **ZhaoJin Gold (000506)**: Expected net profit of 12.2 million to 18.2 million, a turnaround from a loss of 127 million last year, driven by increased production and rising gold prices [10] - **SiTeWei (688213)**: Expected net profit of 97.635 million to 103.053 million, a year-on-year increase of 149% to 162% due to increased shipments of smartphone camera products [11] - **ZhongWei Semiconductor (688380)**: Expected net profit of around 28.4 million, a year-on-year increase of approximately 107.55% due to new product launches [12] - **Hunan Gold (002155)**: Expected net profit of 127 million to 160.8 million, a year-on-year increase of 50% to 90% driven by rising sales prices [13] - **NanFang Precision (002553)**: Expected net profit of 30 million to 37 million, a year-on-year increase of 1,130% to 1,417% due to investment project evaluations [14] - **Shanghai YiZhong (688091)**: Expected net profit of 6 million to 7 million, a year-on-year increase of 760.18% to 903.54% due to inclusion in the national medical insurance directory [15] - **RunTu Co., Ltd. (002440)**: Expected net profit of 60 million to 70 million, a year-on-year increase of 181.05% to 227.89% driven by improved operating profits [16] Major Performance Changes - **HeFu China (603122)**: Expected net loss of 36 million to 25 million, a shift from profit due to changes in the macro environment and industry policies [17] - **ChangJiu Logistics (603569)**: Expected net loss of 75 million to 50 million, a shift from profit due to asset impairment and operational challenges [18] - **ZhiChun Technology (603690)**: Expected net loss of 45 million to 30 million, a shift from profit due to increased competition and rising R&D costs [19] - **BaYi Steel (600581)**: Expected net loss of 205 million to 185 million, a shift from profit due to supply-demand imbalance in the steel industry [20] - **AoKeMa (600336)**: Expected net loss of 22 million to 17 million, a shift from profit due to increased competition in the home appliance sector [21] - **HuiDa Sanitary Ware (603385)**: Expected net loss of 21.6 million to 18 million, a shift from profit due to market demand decline [22] - **DongFeng Co. (600006)**: Expected net loss of 48 million to 39 million, a shift from profit due to competitive pressures in the commercial vehicle market [23] Industry Trend Analysis - **High Growth Industries**: Stable demand in new energy sectors benefits companies like FuDa Alloy [24] - **Performance Changes in Industries**: - New energy and lithium battery equipment sectors are experiencing explosive growth [25] - Gold and precious metals sectors are seeing significant profit improvements due to high prices [26] - Semiconductor and automotive electronics are benefiting from trends in smart vehicles [27] - Medical circulation is under pressure from cost control policies [28] - Logistics and transportation are facing profitability challenges due to falling prices [29] - Semiconductor equipment is experiencing short-term performance declines due to cyclical fluctuations [30] - Traditional manufacturing sectors like steel and home appliances are facing intensified competition [31]

1月25日晚间，思特威（上海）电子科技股份有限公司（以下简称"思特威"）发布2025年度业绩预告，公 司全年营收与净利润均实现较大幅度的增长，受益于多应用领域需求释放与技术优势落地，盈利能力显著 提升。 对于本次业绩大幅增长，思特威表示主要得益于多业务板块的协同发力。报告期内，在智能手机领域，公 司与多家客户的合作持续全面加深，产品能够满足更多旗舰机主摄、辅摄及多光谱摄像头等应用需求，公 司创新研发推出的基于 Lofic HDR® 2.0 技术的多款主摄高阶5000 万像素产品出货量大幅上升，以及新开 发的中高端 HS 系列多款 5000 万像素产品量产出货，带动公司智能手机领域营业收入大幅增长；在汽车 电子领域，公司应用于智能辅助驾驶（包括环视、周视和前视）和舱内等新一代产品的出货量同比大幅上 升，推动公司汽车电子领域收入跨越式增长；在智慧安防领域，公司高端安防和智能家居安防应用份额持 续提升，同时，作为机器视觉领域的先行者与引领者，公司紧抓市场发展机遇，新兴机器视觉领域收入持 续增长。随着公司收入规模和利润增长，公司经营能力持续提升，各项运营指标持续改善，同时公司 2025 年经营性现金流为正。 CIS产 ...