Summary of Key Points Core Viewpoint - As of April 29, 2024, a total of 5,105 companies have released their annual reports, with 2,456 companies reporting a year-on-year increase in net profit, while 2,649 companies reported a decline. Additionally, 2,890 companies saw an increase in operating revenue, and 2,214 companies experienced a decrease. Notably, 1,852 companies had both net profit and operating revenue growth, while 1,611 companies reported declines in both metrics. A total of 534 companies achieved a net profit growth rate exceeding 100%, with Zhengdan Co., Ltd. leading with a staggering increase of 11,949.39% [1]. Company Performance Highlights - Zhengdan Co., Ltd. reported earnings per share of 2.35 yuan, with a net profit of 1,189.89 million yuan, reflecting a year-on-year increase of 11,949.39%. The company's operating revenue reached 3,480.23 million yuan, up 126.31% [1]. - Guangxi Energy reported earnings per share of 0.043 yuan, with a net profit of 62.99 million yuan, showing a significant year-on-year increase of 3,704.04%. However, its operating revenue was 393,163.40 million yuan, down 76.48% [1]. - Siwei Technology achieved earnings per share of 0.98 yuan, with a net profit of 39.27 million yuan, marking a year-on-year increase of 2,662.76%. The operating revenue was 596,814.79 million yuan, up 108.87% [1]. - Other notable companies include Andis Su with a net profit of 1,204.33 million yuan (up 2,208.66%) and operating revenue of 1,553,427.50 million yuan (up 17.83%) [1]. Additional Company Insights - Petty Holdings reported a net profit of 182.21 million yuan, reflecting a year-on-year increase of 1,742.81%, with operating revenue of 165,904.03 million yuan, up 17.56% [1]. - The performance of ST Shengda showed a net profit of 11.99 million yuan, with a year-on-year increase of 1,190.67%, while its operating revenue was 73,254.96 million yuan, down 5.90% [1]. - Jiangsu Suopu reported a net profit of 21,274.20 million yuan, with a year-on-year increase of 1,029.62%, and operating revenue of 640,253.20 million yuan, up 18.43% [2].

| | | | | 早征: 元 | | --- | --- | --- | --- | --- | | | | | 本期比上 | | | 主要会计数据 | 2024年 | 2023年 | 年同期增 | 2022年 | | | | | 減(%) | | | 营业收入 | 5.968.147.934.08 | 2.857.343.251.07 | 108.87 | 2.482.987,309.22 | | 归属于上市公司股东的净 | 392.738.925.26 | 14.215.461.22 | 2.662.76 | -82.748.036.47 | | 利润 | | | | | | 归属于上市公司股东的扣 | 391.418.816.53 | 607,391.17 | 64.342.63 | -115.976.526.67 | | 除非经常性损益的净利润 | | | | | | 经营活动产生的现金流量 | 374.410.051.42 | 767.009.708.31 | -51.19 | -1.523.989.386.87 | | 净额 | | | | | | | 2024年末 | 2023年末 | 本期末 ...

Core Viewpoint - The company has demonstrated significant growth in revenue and net profit for 2024 and Q1 2025, driven by strong performance in the smartphone, automotive electronics, and smart security sectors [1][2][3]. Financial Performance - In 2024, the company achieved a revenue of 5.968 billion yuan, representing a 108.87% increase, and a net profit of 393 million yuan, up 2,662.76%. In Q4 2024, revenue reached 1.761 billion yuan (+62.35%) with a net profit of 120 million yuan (+49.96%) [1]. - For Q1 2025, the company reported revenue of 1.750 billion yuan (+108.94%) and a net profit of 191 million yuan (+1,264.97%) [1]. Profitability Enhancement - The company's profitability has significantly improved, with a net profit of 500 million yuan (+1,695.91%) after excluding share-based payment expenses. Quarterly revenue for 2024 was 837 million yuan, 1.619 billion yuan, 1.751 billion yuan, and 1.761 billion yuan, showing year-on-year increases of 84.31%, 161.90%, 150.04%, and 62.35% respectively [2]. - The overall gross margin for 2024 was 21.09% (+1.13 percentage points), while Q1 2025 gross margin improved to 22.79% (+1.53 percentage points) [2]. Business Segmentation - In 2024, the company generated significant revenue from its smartphone business, totaling 3.291 billion yuan (+269.05%), accounting for 55.15% of total revenue. The smart security and automotive electronics sectors contributed 2.150 billion yuan (+28.64%) and 527 million yuan (+79.09%) respectively [3]. - The domestic market accounted for 4.008 billion yuan (+147.97%) of revenue, representing 67.16% of total revenue, with smartphone sales being the primary growth driver [3]. Product Development and Market Position - The company has strengthened its position in the smartphone sector by enhancing collaborations with clients and increasing the shipment of high-end 50 million pixel products, which now account for over 50% of smartphone revenue [3]. - In the automotive electronics sector, the company has launched a series of vehicle-grade CIS products, with significant increases in shipments for intelligent driving applications [4]. - The company ranks fifth in the global mobile CIS market with an 11.2% market share according to TSR data [3]. Investment Outlook - The company is positioned as a leading CIS supplier in smart security, smartphones, and automotive electronics, with projected revenues of 8.202 billion yuan, 10.325 billion yuan, and 12.772 billion yuan for 2025-2027, and corresponding net profits of 835 million yuan, 1.204 billion yuan, and 1.686 billion yuan [5].

25Q1 业绩高增，高端手机 CIS 出货量大幅 增长 核心观点 公司发布 24 年年报和 25 年一季报。2024 年公司营业收入同比增长 109%到 59.7 亿元，归母净利润同比增长 2663%到 3.93 亿。25Q1 业绩持续高增，实现营收 17.5 亿元，同比增长 109%，归母净利润 1.91 亿元，同比增长 1265%。 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 2.01、3.18、4.34 元（原 25-26 年预测为 1.48、2.04 元，主要调整了营业收入和费用率），根据可比公司 25 年平均 61倍 PE 估值水平，对应目标价 122.61 元，维持增持评级。 风险提示 ⚫ 行业复苏不及预期、新产品进展不及预期、毛利率波动风险。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 2,857 | 5,968 | 8,033 | 10,227 | 12,477 | | 同比增长 (%) | 15% | 1 ...

Group 1 - The core viewpoint of the articles highlights the significant growth in the performance of listed companies, particularly in the semiconductor sector, with a focus on the impressive quarterly net profit growth of 1,264.97% for Sitaiwei [1] - Sitaiwei attributes its performance improvement to a substantial increase in sales revenue, alongside effective cost control measures in sales, management, and financial expenses [1] - The company has deepened collaborations in the smartphone sector, leading to a notable increase in the shipment volume of high-end 50MP products, which has significantly boosted its revenue in this area [1] Group 2 - The global CIS market is projected to grow at a compound annual growth rate of 4.7%, increasing from $21.8 billion in 2023 to $28.6 billion by 2029, with smartphones currently accounting for over 75% of the market [2] - The smartphone shipment volume in China is expected to show a recovery trend, with a projected shipment of 0.76 million units in Q4 2024, reflecting a year-on-year growth of 3.22% [2] - Sitaiwei plans to maintain its investment in R&D, optimize its product matrix, and enhance product performance and user experience, while also focusing on emerging application areas to achieve sustainable growth [2]

Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company achieved a revenue of 5.968 billion yuan in 2024, representing a year-on-year increase of 108.87%, with a net profit of 393 million yuan, up 2,662.76% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 1.750 billion yuan, also up 108.94% year-on-year, with a net profit of 191 million yuan, reflecting a year-on-year increase of 1,264.97% [5][6]. - The company focuses on three main sectors: smart security, smartphones, and automotive electronics, which have significantly contributed to its revenue growth and improved profit margins [6][10]. Company Overview - The latest closing price is 98.53 yuan, with a total market capitalization of 39.6 billion yuan and a circulating market value of 31.8 billion yuan [4]. - The company has a total share capital of 4.02 billion shares, with 3.23 billion shares in circulation [4]. - The company’s debt-to-asset ratio stands at 46.5%, and its price-to-earnings ratio is 100.54 [4]. Financial Performance - The company’s gross margin and net margin for 2024 were 21.09% and 6.58%, respectively, indicating improved profitability [6]. - The projected revenues for 2025, 2026, and 2027 are 8.249 billion yuan, 10.052 billion yuan, and 12.507 billion yuan, respectively, with corresponding net profits of 850 million yuan, 1.300 billion yuan, and 1.755 billion yuan [11][14]. - The company’s earnings per share (EPS) are expected to grow from 0.98 yuan in 2024 to 4.37 yuan by 2027 [14]. Market Position - In the smart security sector, the company generated 2.150 billion yuan in revenue in 2024, accounting for 36.03% of its main revenue, and maintained a leading position in the global security CIS market with a 48.2% market share [7]. - The smartphone business saw a revenue increase of 269.05% year-on-year, reaching 3.291 billion yuan in 2024, making up 55.15% of total revenue [8]. - The automotive electronics segment generated 527 million yuan in revenue, a year-on-year increase of 79.09%, representing 8.83% of total revenue [10].

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant growth in revenue and net profit, with 2024 revenue reaching 5.968 billion yuan, a year-on-year increase of 108.87%, and a net profit of 393 million yuan, up 2,662.76% [5][6] - The company is focusing on three main areas: smart security, smartphones, and automotive electronics, which has led to a notable improvement in profit margins [6] - The company is a global leader in the smart security sector, with a market share of 48.2% in 2023, and has established a strong position in the machine vision technology market [7] - The smartphone business has experienced rapid growth, with revenue of 3.291 billion yuan in 2024, a year-on-year increase of 269.05% [8] - The automotive electronics segment is becoming a key driver for sustainable growth, with sales reaching 527 million yuan in 2024, up 79.09% [10] Summary by Sections Company Overview - The latest closing price is 98.53 yuan, with a total market capitalization of 39.6 billion yuan and a circulating market value of 31.8 billion yuan [4] Financial Performance - In 2024, the company achieved a gross margin of 21.09% and a net margin of 6.58% [6] - For Q1 2025, the company reported revenue of 1.75 billion yuan, a year-on-year increase of 108.94%, and a net profit of 191 million yuan, up 1,264.97% [5][6] Revenue Forecast - The company is projected to achieve revenues of 8.249 billion yuan, 10.052 billion yuan, and 12.507 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 850 million yuan, 1.3 billion yuan, and 1.755 billion yuan [11][14]

Core Viewpoint - The company, Sitwei, has shown significant recovery and growth in its financial performance, achieving substantial increases in both revenue and net profit in 2024 and the first quarter of 2025 [1][3]. Financial Performance - In 2024, Sitwei reported a revenue of 5.968 billion yuan, representing a year-on-year increase of 108.87%, and a net profit of 393 million yuan, up 2662.76% [3]. - For the first quarter of 2025, the company achieved a revenue of 1.75 billion yuan, a growth of 108.94%, and a net profit of 191 million yuan, increasing by 1264.97% [3]. - The company experienced a turnaround from losses in 2022 to profitability in 2023, with a revenue of 2.857 billion yuan, a 15.08% increase, and a net profit of 14.22 million yuan [3]. Market Position and Product Performance - Sitwei has solidified its market position, leading the global security CIS market from 2020 to 2023, and ranking fourth in the global automotive CIS market and fifth in the global mobile phone CIS market in 2024 [1][5]. - The company’s revenue from the smartphone sector reached 3.291 billion yuan in 2024, accounting for approximately 55.15% of total revenue, with high-end products driving significant growth [6]. - In the smart security sector, revenue was 2.15 billion yuan, making up about 36.03% of total revenue, with a year-on-year growth of 28.64% [6]. - The automotive electronics sector generated 527 million yuan in revenue, representing 8.83% of total revenue, with a growth rate of 79.09% [6]. Domestic Market Focus - Sitwei has been focusing on the domestic market, with domestic sales revenue reaching 4.008 billion yuan in 2024, increasing its share to 67.16% [2][6]. Research and Development - The company invested 447 million yuan in R&D in 2024, a year-on-year increase of 56.35%, and holds a total of 464 authorized patents [6].

中信建投证券股份有限公司 关于思特威（上海）电子科技股份有限公司 2024年度持续督导现场检查报告 根据中国证监会《证券发行上市保荐业务管理办法》（以下简称《保荐办法》） 和《上海证券交易所上市公司自律监管指引第11号——持续督导》等有关法律法 规的要求，中信建投证券股份有限公司（以下简称"中信建投证券""保荐人"）作 为思特威（上海）电子科技股份有限公司（以下简称"思特威"或"公司"）首 次公开发行并在科创板上市的保荐人，于2025年4月7日至2025年4月15日对公司进 行了现场检查。 一、本次现场检查的基本情况 中信建投证券针对思特威的实际情况制订了现场检查工作计划。为顺利实 施本次现场工作，提高现场工作效率，切实履行持续督导工作，中信建投证券提 前将现场检查事宜通知思特威，并要求公司提前准备现场检查工作所需的相关文 件和资料。 2025年4月7日至2025年4月15日，中信建投证券保荐代表人根据事先制订的现 场检查工作计划，采取与相关负责人员沟通及询问、查看公司生产经营场所、查 阅公司主要业务合同、往来款明细账、部分原始凭证、募集资金台账及专户对账 单、三会文件、公告文件等相关资料等形式，对包括公司治 ...

Investment Rating - The report maintains a "Recommended" rating for the company, considering the high growth in its smartphone and automotive electronics businesses [4][6]. Core Insights - The company achieved a revenue of 5.968 billion yuan in 2024, representing a year-on-year growth of 108.87%, and a net profit of 393 million yuan, up 2662.76% [1]. - In Q1 2025, the company reported a revenue of 1.75 billion yuan, a year-on-year increase of 108.94%, and a net profit of 191 million yuan, reflecting a year-on-year growth of 1264.97% [1]. - The company focuses on three main business segments: smart security, smartphones, and automotive electronics, with significant growth in the smartphone and automotive electronics sectors [2]. Summary by Sections Revenue and Profitability - In 2024, smartphone revenue reached 3.291 billion yuan, up 269.05%, accounting for 55.15% of total revenue. Smart security revenue was 2.150 billion yuan, growing 28.64%, and automotive electronics revenue was 527 million yuan, increasing by 79.09% [2]. - The company's gross margin and net margin improved, with 2024 gross margin at 21.09% and net margin at 6.58%, both showing increases from the previous year [2]. Smartphone Business - The smartphone segment saw a significant increase in high-end product shipments, with over 50% of revenue coming from high-end flagship smartphone products [3]. - The company has enhanced its market position by offering a fully localized 50 million pixel high-end mobile CIS, catering to high-end flagship smartphones [3]. Automotive Electronics - The automotive electronics segment generated 527 million yuan in revenue in 2024, with a year-on-year growth of 79.09% [4]. - The company’s automotive electronics products are now being mass-produced by major car manufacturers, indicating a strong market presence and future growth potential [4]. Financial Forecast - The company is projected to achieve revenues of 8.345 billion yuan, 10.843 billion yuan, and 13.011 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 851 million yuan, 1.292 billion yuan, and 1.773 billion yuan [5][11].