Group 1: Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of CNY 420,755.06 million, an increase of 137.33% compared to the same period last year [2] - The net profit attributable to shareholders for the same period was CNY 27,323.78 million, representing a year-on-year increase of CNY 33,871.24 million [2] - The net profit after deducting non-recurring gains and losses was CNY 30,494.83 million, showing significant growth [2] Group 2: Share Buyback - As of October 31, 2024, the company has repurchased a total of 297,803 shares, accounting for 0.07% of the total share capital of 400,010,000 shares [3] - The highest price for the repurchased shares was CNY 69.95 per share, while the lowest price was CNY 64.34 per share, with a total expenditure of CNY 20,038,564.14 (excluding transaction fees) [3] Group 3: Business Model and R&D - The company operates under a Fabless model, focusing on the R&D, design, and sales of CMOS image sensors while outsourcing wafer production and packaging [3] - In the first three quarters of 2024, the R&D investment amounted to CNY 32,117.38 million, reflecting the company's commitment to high-quality and intelligent video solutions [4]

证券代码：688213 证券简称：思特威 思特威（上海）电子科技股份有限公司 投资者关系活动记录表 编号：2024-11-1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|----------------------------------|-------|------------------------------------------------------------|-------|-------|-------|--------------|-------|--------------|-------| | | | | | | | | | | | | | | R | | 特定对象调研 £分析师会议 | | | | | | | | | | | | | | | | | | | | | 投资者关系 | £ £新闻发布会 R | | 媒体采访 £业绩说明会 路演活动 | | | | | | | | | 活动类别 | £ 现场参观 | | | | | | | | | | | | £ ...

证券代码：688213 证券简称：思特威 公告编号：2024-044 思特威（上海）电子科技股份有限公司 关于以集中竞价交易方式股份回购进展公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 根据《上市公司股份回购规则》《上海证券交易所上市公司自律监管指引第 7 号——回购股份》的相关规定，公司在回购期间，应当在每个月的前 3 个交易日内 公告截至上月末的回购进展情况。现将公司回购股份进展情况公告如下： 2024 年 10 月，公司通过上海证券交易所交易系统以集中竞价交易方式已累计 回购公司股份 297,803 股，占公司总股本 400,010,000 股的比例为 0.07%，回购成 交的最高价为 69.95 元/股，最低价为 64.34 元/股，支付的资金总额为人民币 20,038,564.14 元（不含印花税、交易佣金等交易费用）。 截至 2024 年 10 月 31 日，公司已通过上海证券交易所交易系统以集中竞价交 易方式累计回购公司股份 297,803 股，占公司总股本 400,010,000 股 ...

证券代码：688213 证券简称：思特威 思特威（上海）电子科技股份有限公司 投资者关系活动记录表 编号：2024-10-1 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |----------------|------------------------------------------------------------|--------------------------------|-------|-------|-------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | R | 特定对象调研 £分析师会议 | | | | | | | | | | 投资者关系 | £ 媒体采访 £业绩说明会 | | | | | | | | | | | 活动类别 | £新闻发布会 R | 路演活动 | | | | | | | | | | | £ 现场参观 | | | | | | | | | | | | £ | 其他（请文字说明其他活动内容 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant revenue growth driven by high demand in the smartphone, automotive, and security sectors, with a revenue increase of 137.33% year-on-year for the first three quarters of 2024 [3][4] - The company successfully opened a second growth curve in the smartphone sector, with high-end 50MP products contributing over 50% of revenue in this segment [5][6] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 42.08 billion yuan, with a net profit of 2.73 billion yuan, reflecting a year-on-year increase of 517.32% [3][4] - The third quarter of 2024 saw a revenue of 17.51 billion yuan, up 150.04% year-on-year, and a net profit of 1.23 billion yuan, marking a staggering increase of 14181.63% year-on-year [3][4] - The company is projected to achieve revenues of 60.82 billion yuan, 82.36 billion yuan, and 111.52 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 4.2 billion yuan, 8.2 billion yuan, and 15.0 billion yuan [6][8] Market Position - The company has increased its market share in the smartphone sector, benefiting from the trend of high-end product localization among domestic manufacturers [4][5] - The global CIS market is expected to grow from 21.3 billion USD in 2022 to 29 billion USD in 2028, with the smartphone CIS market projected to grow from 13.5 billion USD to 16.7 billion USD during the same period [4]

688213.SH 买入 原评级：买入 市场价格:人民币 67.64 板块评级:强于大市 股价表现 (21%) (3%) 16% 34% 52% 70% Oct-23Nov-23Jan-24Feb-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24Oct-24 | --- | --- | --- | --- | --- | |-------------------------------------------|-----------------------------|-----------------------------------|------------------------|-----------------------| | 思特威 -W \n(%) \n绝对 \n相对上证综指 | \n今年 至今 \n21.8 \n10.4 | 上证综指 \n1 个月 \n55.4 \n41.5 | 3 个月 \n26.9 \n12.6 | 12 个月 \n61.8 \n50.9 | | 发行股数 ( 百万 ) | | | | 400.01 | | 流通股 ( 百万 ) ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company has shown significant revenue growth, with a 137.33% year-on-year increase in revenue for the first three quarters of 2024, reaching 4.208 billion yuan, and a net profit growth of 517.32%, amounting to 273 million yuan [1]. - The smartphone business has been a key driver of growth, with a notable increase in shipments of high-end 50 million pixel products, leading to a revenue increase of 295.46% year-on-year in the smartphone CIS segment [1]. - The company emphasizes research and development, with R&D expenses rising by 50.11% year-on-year to 321 million yuan, and a focus on maintaining high R&D efficiency to adapt to market changes [1]. Financial Performance Summary - For the first three quarters of 2024, the company achieved a gross margin of 21.96%, an increase of 3.65 percentage points year-on-year, with a third-quarter gross margin of 23.12% [1]. - The forecast for 2024-2026 projects revenues of 6.074 billion yuan, 8.194 billion yuan, and 10.250 billion yuan respectively, with corresponding net profits of 405 million yuan, 829 million yuan, and 1.247 billion yuan [2][4]. - The company's PE ratios are projected to decrease from 68 in 2024 to 22 in 2026, indicating improving valuation metrics over time [2][5].

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 4.208 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 137.33%. The net profit attributable to the parent company was 273 million yuan, marking a turnaround from losses [4] - In Q3 2024, the company achieved a record high revenue of 1.751 billion yuan, with a year-over-year growth of 150.04% and a quarter-over-quarter increase of 8.1%. The net profit attributable to the parent company reached 123 million yuan, a significant year-over-year increase of 14,181.63% [4] - The company has successfully opened a second growth curve in the smartphone market, with significant revenue growth driven by its security and smartphone segments. The new high-performance products in the security field have seen a notable increase in sales [4] - The company’s high-end smartphone products are accelerating mass production, with the 50M products now accounting for over 50% of revenue in the smartphone business [4] - The report adjusts profit forecasts, projecting net profits of 390 million yuan, 648 million yuan, and 886 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 69, 42, and 31 [4][5] Summary by Sections Market Data - Closing price: 67.64 yuan - Market capitalization: 21,727 million yuan - Price-to-book ratio: 7.0 - Dividend yield: 0.24 [1] Financial Data - Total revenue for 2024 is projected at 5.888 billion yuan, with a year-over-year growth rate of 106.1% [5] - The company’s net profit for 2024 is expected to be 390 million yuan, reflecting a year-over-year increase of 2,645.9% [5] - The gross margin is projected to be 21.6% in 2024, increasing to 24.4% by 2026 [5] Revenue Breakdown - The company’s revenue from the smartphone segment has significantly increased due to the launch of high-end products, contributing to the overall revenue growth [4] - The security segment has also seen substantial growth, with new product launches enhancing performance and competitiveness [4]

证券代码：688213 证券简称：思特威 公告编号：2024-043 思特威（上海）电子科技股份有限公司 关于公司2024年前三季度计提资产减值准备的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 2024 年前三季度计提资产减值准备情况概述 根据《企业会计准则》及思特威（上海）电子科技股份有限公司（以下简称 "公司"）会计政策、会计估计的相关规定，为了真实、准确地反映公司 2024 年 9 月 30 日的财务状况和 2024 年前三季度的经营成果，基于谨慎性原则，公司对 截至 2024 年 9 月 30 日合并报表范围内的相关资产进行了减值测试并计提了相 应的资产减值准备。 2024 年前三季度，公司确认资产减值损失和信用减值损失共计 5,675.11 万 元，具体如下： 单位：人民币万元 | 项目 | 计提金额 | 备注 | | --- | --- | --- | | 信用减值损失 | -636.39 | 应收账款坏账准备转回 | | 资产减值损失 | 6,311.50 | 存货跌价准备计提 | | 合计 ...

Financial Performance - The company's operating revenue for Q3 2024 reached ¥1,750,661,093.98, representing a 150.04% increase year-over-year[2] - Net profit attributable to shareholders for Q3 2024 was ¥123,436,625.92, showing a significant increase of 14,181.63% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥152,405,825.01, an increase of 3,642.40% year-over-year[2] - Total operating revenue for the first three quarters of 2024 reached ¥4,207,550,618.14, a significant increase from ¥1,772,865,288.60 in the same period of 2023, representing a growth of approximately 137.4%[16] - Operating profit for the first three quarters of 2024 was ¥292,629,177.14, a turnaround from a loss of ¥109,404,587.37 in the same period of 2023[16] - The company reported a net profit of ¥287,037,983.91 for the first three quarters of 2024, a significant improvement from a loss in the same period of 2023[16] - The net profit for Q3 2024 was approximately ¥273.24 million, a significant increase compared to a net loss of ¥65.47 million in the same period last year[17] - Total comprehensive income for Q3 2024 reached approximately ¥269.53 million, contrasting with a total comprehensive loss of ¥51.40 million in Q3 2023[17] Research and Development - Research and development expenses totaled ¥122,498,297.11 for Q3 2024, reflecting a 67.48% increase compared to the same period last year[3] - Research and development expenses for the first three quarters of 2024 amounted to ¥321,173,806.01, up from ¥213,962,173.65 in 2023, reflecting a growth of approximately 50.0%[16] Assets and Liabilities - The total assets of the company at the end of Q3 2024 amounted to ¥7,932,603,389.16, a 29.07% increase from the end of the previous year[3] - Total assets as of the end of the reporting period were ¥7,932,603,389.16, compared to ¥6,145,747,448.32 at the end of the previous year, marking an increase of about 29.1%[14] - Total liabilities reached ¥3,891,094,055.75, up from ¥2,404,795,552.29, representing an increase of approximately 62.0%[14] - Non-current assets totaled ¥1,778,360,669.51, compared to ¥1,499,341,719.73 in the previous year, indicating a growth of about 18.7%[14] - Short-term borrowings increased to ¥2,526,602,753.26 from ¥1,377,574,412.05, reflecting a rise of approximately 83.3%[14] Shareholder Information - The company’s total equity attributable to shareholders was ¥4,041,509,333.41, an increase of 8.03% from the previous year[3] - The total number of common shareholders at the end of the reporting period is 7,794[8] - The largest shareholder, Xu Chen, holds 54,828,443 shares, representing 13.71% of total shares[9] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest holding being 13.71%[9] - There are no changes in the top ten shareholders due to margin trading activities during the reporting period[12] - The company has not engaged in any financing or margin trading activities involving its shares[12] Cash Flow - The net cash flow from operating activities for the year-to-date was -¥613,988,878.97, a decrease of 170.60% compared to the same period last year[2] - Cash flow from operating activities for the first nine months of 2024 was approximately ¥4.77 billion, a substantial increase from ¥1.93 billion in the same period of 2023[19] - The net cash flow from operating activities for the first nine months of 2024 was negative at approximately -¥613.99 million, compared to a positive cash flow of ¥869.66 million in the same period last year[19] - Cash flow from investing activities resulted in a net outflow of approximately -¥437.47 million for the first nine months of 2024, compared to -¥386.09 million in the same period of 2023[21] - Cash flow from financing activities generated a net inflow of approximately ¥1.19 billion in the first nine months of 2024, compared to a net outflow of -¥756.46 million in the same period last year[21] Inventory and Receivables - Accounts receivable decreased to ¥775.38 million from ¥1,025.94 million year-over-year[12] - Inventory increased significantly to ¥3.23 billion from ¥2.28 billion, indicating a growth of approximately 42%[12] - The total current assets as of September 30, 2024, are approximately ¥6.15 billion, up from ¥4.65 billion at the end of 2023[12] Earnings Per Share - The basic and diluted earnings per share for Q3 2024 were both ¥0.68, recovering from a loss of ¥0.16 per share in Q3 2023[17] Other Comprehensive Income - The company reported a decrease in other comprehensive income attributable to the parent company of approximately -¥3.71 million in Q3 2024, compared to an increase of ¥14.08 million in Q3 2023[17] Cash and Cash Equivalents - The company's cash and cash equivalents as of September 30, 2024, amount to approximately ¥849.76 million, an increase from ¥717.58 million at the end of 2023[12] - The total cash and cash equivalents at the end of Q3 2024 amounted to approximately ¥822.84 million, an increase from ¥523.14 million at the end of Q3 2023[21]