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]

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company's performance in the first three quarters of 2024 is above the midpoint of its guidance, with significant growth in 50M CIS shipments driving a sequential increase in gross margin [3] - The domestic CIS is progressing in high, medium, and low-end sectors, maintaining a parallel replacement strategy [3] - The company maintains a "Buy" rating based on its strong performance and market position [3] Financial Summary - For the first three quarters of 2024, the company reported revenue of RMB 4.208 billion, a year-on-year increase of 137%, with a gross margin of 22.0%, up 3.7 percentage points year-on-year [3] - The net profit attributable to the parent company for the same period was RMB 273 million, marking a turnaround from losses [3] - In Q3 2024, revenue reached RMB 1.751 billion, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 150% [3] - The gross margin for Q3 2024 was 23.1%, with a quarter-on-quarter increase of 2.1 percentage points and a year-on-year increase of 2.9 percentage points [3] Market Position and Growth - The global CIS market is projected to reach USD 21.4 billion in 2024, growing by 13% year-on-year, with a recovery trend in the smartphone CIS market since the second half of 2023 [3] - Major domestic smartphone brands are reducing or abandoning partnerships with Sony, favoring domestic CIS manufacturers [3] - The company is expected to benefit from the exit of competitors from the mid-to-low-end CIS market, providing further opportunities for domestic manufacturers [3] Valuation - The estimated EPS for the company for 2024, 2025, and 2026 is RMB 0.96, RMB 2.12, and RMB 3.30 respectively [3] - As of October 25, 2024, the company's market capitalization is approximately RMB 27.1 billion, corresponding to PE ratios of 70.7, 31.9, and 20.5 for 2024, 2025, and 2026 respectively [3]

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]

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]

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 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price raised to 81.60 CNY, up from the previous forecast of 67.99 CNY [5][10]. Core Views - The company is expected to benefit from the increasing penetration of 50M CIS chips and the ramp-up of major customer orders, which should sustain high growth rates [3][10]. - The Q3 performance met expectations, with a significant year-on-year revenue increase of 149% and a quarter-on-quarter increase of 8%, achieving a record high for a single quarter [10]. - The company is positioned as a leading supplier of 50M CIS chips, with projected revenue growth of 131-143% year-on-year for the first three quarters of 2024 [10]. Financial Summary - The company achieved a revenue of 1.743 billion CNY in Q3 2024, with a net profit of 122 million CNY, reflecting substantial growth despite a slight quarter-on-quarter decline [10]. - The EPS forecast for 2024 and 2025 has been raised to 1.20 CNY and 2.25 CNY respectively, with a new EPS estimate for 2026 set at 3.53 CNY [10][11]. - The company’s total revenue is projected to reach 5.984 billion CNY in 2024, with a net profit of 480 million CNY, marking a significant turnaround from previous losses [11][13]. Market Position and Growth Drivers - The company is experiencing rapid growth in its 50M chip product line, with increasing market share in both mobile and security applications [10]. - The report highlights that the company’s products are expected to compete with Sony's flagship offerings, driving further growth [10]. - Anticipated demand in Q4 is expected to enhance both revenue and gross margins, with cost reductions in the foundry segment likely to contribute positively [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company has shown significant improvement in profitability, with a substantial increase in revenue and net profit for the first three quarters of 2024 compared to the same period last year [2][3] - The company is expected to benefit from the recovery in the semiconductor market and its enhanced competitiveness, leading to sustained revenue and profit growth [3] Summary by Relevant Sections Financial Performance - The company anticipates revenue for the first three quarters of 2024 to be between 4,100 million and 4,300 million yuan, representing an increase of 131% to 143% year-on-year [2] - The net profit attributable to the parent company is projected to be between 252.33 million and 292.33 million yuan, a significant increase from a loss of 65.47 million yuan in the same period last year [2] - The company expects a substantial increase in net profit, with a non-recurring net profit forecasted to be between 282.08 million and 322.08 million yuan, up 34.2 million to 38.2 million yuan year-on-year [2] Market Position and Growth Drivers - The company has launched new products in the smart security sector, leading to a notable increase in sales revenue [2] - In the smartphone sector, the company has seen a significant rise in the shipment of high-end 50MP products, enhancing its market share and revenue [2] - The company is strategically positioned in three key areas: smart security, smartphones, and automotive electronics, which are expected to drive long-term growth [2] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are projected to be 60.06 billion, 78.17 billion, and 96.92 billion yuan respectively, with corresponding EPS of 0.93, 1.55, and 2.32 yuan [3] - The current stock price corresponds to PE ratios of 69, 41, and 28 times for the years 2024, 2025, and 2026 respectively [3]

Financial Performance Forecast - The company expects to achieve operating revenue of between 4.1 billion and 4.3 billion yuan for the first three quarters of 2024, an increase of 131% to 143% compared to the same period last year[1]. - The projected net profit attributable to the parent company for the first three quarters of 2024 is between 252.33 million and 292.33 million yuan, a significant increase of 31.78 million to 35.78 million yuan compared to a loss of 65.47 million yuan in the same period last year[1]. - The net profit attributable to the parent company after deducting non-recurring gains and losses is expected to be between 282.08 million and 322.08 million yuan, improving by 34.20 million to 38.20 million yuan from a loss of 59.92 million yuan last year[1]. Product Development and Market Growth - The company has launched new iterative products in the smart security field, resulting in a significant increase in sales revenue[2]. - In the smartphone sector, the company has seen a substantial rise in the shipment of high-end 50 million pixel products, contributing to a notable growth in revenue and market share[2]. - The company has successfully opened a second growth curve through enhanced cooperation with clients and meeting more application demands in the smartphone market[2]. Financial Data and Risk Disclosure - The financial data provided is based on preliminary calculations and has not been audited by registered accountants[2]. - The company has not identified any major uncertainties that could affect the accuracy of the performance forecast[2]. - The specific and accurate financial data will be disclosed in the official Q3 2024 report[2]. - Investors are advised to pay attention to investment risks based on the preliminary nature of the forecast data[2].

证券代码：688213 证券简称：思特威 公告编号：2024-041 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首次回购公司股份的公告 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。 重要内容提示： | 回购方案首次披露日 | 2024/8/24，由公司实际控制人、董事长、总经理 | | --- | --- | | | 徐辰先生提议 | | 回购方案实施期限 | 2024/9/27~2025/9/26 | | 预计回购金额 | 万元~4,000 万元 2,000 | | 回购用途 | √减少注册资本 □用于员工持股计划或股权激励 | | | □用于转换公司可转债 | | | □为维护公司价值及股东权益 | | 累计已回购股数 | 股 153,046 | | 累计已回购股数占总股本比 | 0.04% | | 例 | | | 累计已回购金额 | 9,993,627.67 元 | | 实际回购价格区间 | 64.34 元/股~65.59 元/股 | 一、 回购股份的基本情况 公司将严格按照《上市公司股份回购规则》 ...