证券代码：301536 证券简称：星宸科技 公告编号：2025-002 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次投资事项尚需进行工商变更登记、基金备案等手续，具体实施情况 和进度存在不确定性。 2、投资基金具有周期长、流动性较低的特点，本次投资存在回收期可能较 长，短期内可能无法为公司贡献利润的风险。 3、本次投资基金在投资过程中可能受到行业周期、监管政策、投资标的经 营管理状况等多重因素的影响，存在无法实现预期收益、无法及时退出等风险。 此外，基金不承诺保本或最低收益，极端情况下可能存在投资失败及基金亏损 的风险。公司将持续关注基金运作情况，并按照相关法律、法规及规范性文件 的要求及时履行信息披露义务。敬请投资者谨慎决策，注意投资风险。 一、与专业投资机构共同投资概述 根据星宸科技股份有限公司（以下简称"公司"）战略规划和投资方向， 为更好地借助专业机构的专业力量及资源优势，帮助公司积极寻找优质项目， 获得投资回报，降低投资风险，提高公司的综合竞争力，公司拟与专业投资机 构上海华登高科私募基金管理有限公司合作（以下简称"华登高科" ...

中国国际金融股份有限公司 关于星宸科技股份有限公司首次公开发行前已发行部分股份 及首次公开发行战略配售股份上市流通的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为星宸科技股份有限公司 （以下简称"星宸科技"、"公司"） 首次公开发行股票并在创业板上市及进行持续 督导的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券交易所创业板股 票上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范 运作》以及《深圳证券交易所上市公司自律监管指引第 13 号——保荐业务》等有关法 律法规和规范性文件的要求，对星宸科技首次公开发行前已发行部分股份及首次公开发 行战略配售股份上市流通事项进行了核查，具体情况如下： 一、公司首次公开发行股份情况 经中国证券监督管理委员会《关于同意星宸科技股份有限公司首次公开发行股票注 册的批复》（证监许可〔2023〕1989 号）同意注册，并经深圳证券交易所同意，公司首 次公开发行人民币普通股股票 4,211.2630 万股，并于 2024 年 3 月 28 日在深圳证券交 易所创业板上市（以下简称"本次发行"）。 公司首次公开发行股票前，公司总股 ...

Group 1: Technology Advancements - The company has developed a new generation of image signal processors (ISP) for smart glasses and action cameras, enhancing image processing capabilities in sports scenarios [2] - The latest ISP4.0 supports AI-ISP, providing robust image support for deep AI applications, along with upgrades in multi-image stitching, 3D depth processing, and video stabilization technologies [2] - Continuous investment in processor technology has optimized efficiency for AI algorithms in generative AI, robotics, and autonomous driving since 2024 [2] Group 2: 3D Sensing and Strategic Investments - The company has initiated a strategic layout in the 3D sensing field through the acquisition of 3D ToF intangible assets, launching iToF series products for multimedia and robotics markets [3] - New dToF series products are under development for applications in automotive LiDAR, intelligent robotics, and low-altitude economic devices, addressing market demands for long-distance and high-resolution 3D sensing [3] - The company is actively evaluating investment or acquisition opportunities to enhance R&D capabilities and expand product offerings [3] Group 3: Security Chip Market Position - As a leading player in the smart security chip sector, the company has made significant strides in the large model integrated machine field, showcasing strong technical capabilities [4] - The company's chips possess multi-modal data processing capabilities, enabling efficient data support for large model integrated machines [4] - Collaboration with major security manufacturers has allowed the company to quickly respond to market demands, reinforcing its market leadership [4] Group 4: Shareholder Communication and Stock Management - The upcoming lock-up period expiration primarily involves pre-IPO institutional investors, with no immediate impact on the largest shareholder or management stock platforms [5] - The company prioritizes shareholder interests, focusing on core business and innovation for long-term stable development [5] - The company will utilize various methods, including mergers and acquisitions, equity incentives, and cash dividends, to enhance value and boost investor confidence [6]

Group 1: Smart Glasses Development - The company is currently testing the SSC309QL smart glasses chip with multiple brand clients, with product releases dependent on client timelines [2] - The SSC309QL chip features advanced packaging technology and integrates self-developed ISP 4.0 and NPU, enhancing visual processing and multimodal model adaptation [2][3] - Future plans include accelerating the development of high-quality visual capabilities and achieving leading levels in ISP technology, focusing on miniaturization, ultra-low power consumption, and multimodal models [3] Group 2: Robotics Advancements - The company has launched the third-generation SSU9383CM main control chip for cleaning robots, establishing a comprehensive chip matrix covering high, medium, and low-end markets [4] - The chip supports multi-sensor fusion and heterogeneous multi-core technology, enabling simultaneous processing of various sensors [4] - Future goals include increasing market share in cleaning robots and investing in outdoor robot chip development for applications like lawn mowing and snow removal [4][6] Group 3: Automotive Sector Initiatives - The company is focusing on ADAS and in-vehicle perception with car-grade chips SAC8904 and SAC8712 targeting L0 to L2 level front-view integration [5] - The chips support various ADAS functions, including adaptive cruise control and lane-keeping [5][6] - The company aims to differentiate and innovate in the entry and mid-tier automotive markets, leveraging advancements in ADAS technology [6] Group 4: Future Strategic Directions - The company plans to enhance its core IPs (ISP, AI, audio, video, display, 3D perception) and increase R&D investment to create leading SoC products [7] - There is a focus on expanding applications in robotics, smart glasses, and 3D ToF sensors to support future growth [7] - The company is also evaluating strategic investments or acquisitions to strengthen R&D capabilities and product offerings [7] Group 5: Supply Chain and Regulatory Impact - The company has not been affected by chip manufacturing sanctions and maintains stable relationships with top suppliers [8] - It emphasizes robust supply chain management to ensure production reliability and adaptability to policy changes [8] Group 6: 2024 Performance Outlook - The company anticipates steady growth across all business lines in 2024, driven by product optimization and expansion into new application scenarios [9] - Key growth areas include smart security, AIOT, and automotive sectors, with a focus on ADAS and in-vehicle perception technologies [9]

Investment Rating - The report maintains a "Buy" rating for the company, expecting significant growth in net profit from 2024 to 2026 [1]. Core Insights - The company recently held its 2024 Developer Conference and Product Launch, introducing various low-power AI products and technologies, including intelligent imaging, smart automotive, and smart robotics [1]. - The company focuses on "perception + computation" to develop advanced edge AI products, aiming to provide innovative solutions for AI applications across multiple sectors such as AIoT, robotics, smart cars, and smart homes [1]. - The SSC309QL smart glasses solution was launched, targeting a market expected to reach hundreds of billions. This product features chiplet technology and significantly reduced power consumption compared to previous models [1]. Financial Forecast and Metrics - The company forecasts net profits of 240 million, 331 million, and 472 million yuan for 2024, 2025, and 2026 respectively, with a projected revenue growth rate of 24.24%, 25.00%, and 21.43% during the same period [1][3]. - The expected earnings per share (EPS) are projected to be 0.57 yuan, 0.79 yuan, and 1.12 yuan for 2024, 2025, and 2026 respectively, indicating a positive growth trajectory [1][3]. - The company’s revenue is expected to grow from 2,510 million yuan in 2024 to 3,810 million yuan in 2026, reflecting a strong recovery from a decline in 2023 [1][3].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [20]. Core Insights - The company, Xingchen Technology (301536.SZ), has seen an increase in chip sales revenue, indicating a recovery in industry sentiment. For the first three quarters of 2024, the company achieved revenue of 1.813 billion yuan, a year-on-year increase of 22.95%, and a net profit attributable to shareholders of 196 million yuan, up 4.51% year-on-year. The third quarter alone saw revenue of 630 million yuan, reflecting a 29.08% year-on-year growth [4][20]. - The company is actively positioning itself in the AI glasses market, which is a significant application for edge AI. The SoC chips for AI glasses must meet four essential criteria: compact size, low power consumption, high visual quality (ISP), and intelligent multi-modal interaction capabilities. The company has released a suitable SoC chip for AI glasses and is expected to launch terminal products in the second half of 2025 [4][20]. - The acquisition of 3D ToF business from Fujian Jiemu Technology Co., Ltd. enhances the company's ability to provide comprehensive 3D perception solutions, integrating its ISP technology with Jiemu's ToF sensors, thereby improving competitiveness in the edge AI SoC chip market [4][20]. Financial Summary - The company forecasts revenues of 2.493 billion yuan, 3.001 billion yuan, and 3.578 billion yuan for 2024, 2025, and 2026, respectively, with corresponding EPS of 0.63 yuan, 0.88 yuan, and 1.18 yuan. The current stock price corresponds to a PE ratio of 116.1 for 2024 [6][23]. - The company's total assets are projected to grow from 3.44 billion yuan in 2023 to 4.371 billion yuan in 2026, with total liabilities increasing from 1.35 billion yuan to 1.433 billion yuan over the same period [23].

Investment Rating - The report maintains a "Buy" rating for Xingchen Technology (301536) [2] Core Insights - The company reported a revenue of 1.812 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 22.95%, with a net profit attributable to shareholders of 196 million yuan, up 4.51% year-on-year [3][4] - The 3D sensing technology is identified as a new growth point, with product lines including iTOF for consumer electronics and dTOF targeting automotive and industrial robotics markets [3][4] - The security business is steadily developing, with strong growth demand from the consumer sector and positive trends in traditional security areas [3][4] - The company is confident in entering the vacuum cleaner market, leveraging core technologies similar to those used in security and automotive applications [3][4] - The AI glasses market is also being actively pursued, with investments in low-power and motion ISP technologies to meet market demands [4] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 240.9 million, 332.74 million, and 470.07 million yuan respectively, maintaining a "Buy" rating [4] - Revenue is expected to grow from 2.51 billion yuan in 2024 to 3.802 billion yuan in 2026, with growth rates of 24.23%, 24.70%, and 21.47% respectively [6][8] - The company's earnings per share (EPS) is projected to increase from 0.57 yuan in 2024 to 1.12 yuan in 2026 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 75.96 in 2024 to 38.93 in 2026, indicating improving valuation [6][8]

Company Overview - Total shares outstanding / Float shares: 421 million / 36 million [1] - Total market cap / Float market cap: RMB 12.5 billion / RMB 1.1 billion [1] - 52-week high/low price: RMB 48.10 / RMB 29.61 [1] - Debt-to-asset ratio: 39.3% [1] - P/E ratio: 54.83 [1] - Largest shareholder: SigmaStar Technology Inc [1] Investment Rating - Stock rating: Buy | First-time coverage [2] Core Views - The company reported strong financial performance in H1 2024, with revenue reaching RMB 1.183 billion, up 19.92% YoY, and net profit attributable to shareholders of RMB 130 million, up 11.30% YoY [3] - Gross margin improved to 36.34%, up 2.18 percentage points YoY [3] - The company's three major business lines showed robust growth: - Smart security (68.66% of revenue): RMB 812 million, up 10.92% YoY, with gross margin of 33.58%, up 1.19 percentage points [4] - Video intercom (20.83% of revenue): RMB 246 million, up 71.14% YoY, with gross margin of 45.99%, up 3.16 percentage points [4] - Smart vehicle (8.78% of revenue): RMB 104 million, up 20.61% YoY, with gross margin of 40.88%, flat YoY [4] - R&D investment reached RMB 289 million in H1 2024, up 20.58% YoY, accounting for 24.45% of revenue [4] - The company is actively expanding overseas markets and e-commerce channels, with video intercom products showing particularly strong growth potential [4] - The company is focusing on AIoT and edge AI applications, with its highest-spec chip being 12nm and supporting INT8 32T, mainly used in high-end intelligent traffic monitoring and video conferencing [5] Financial Projections - Revenue forecast for 2024-2026: RMB 2.6 billion / RMB 3.3 billion / RMB 4.3 billion [6] - Net profit forecast for 2024-2026: RMB 270 million / RMB 402 million / RMB 607 million [6] - EPS forecast for 2024-2026: RMB 0.64 / RMB 0.96 / RMB 1.44 [6] - P/E ratio forecast for 2024-2026: 46x / 31x / 21x [6] Financial Ratios - Gross margin forecast for 2024-2026: 36.0% / 38.0% / 40.1% [10] - Net margin forecast for 2024-2026: 10.4% / 12.2% / 14.1% [10] - ROE forecast for 2024-2026: 9.1% / 11.9% / 15.3% [10] - Debt-to-asset ratio forecast for 2024-2026: 32.6% / 31.4% / 30.2% [10]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The company's performance is supported by a recovery in downstream demand, leading to steady revenue growth and improved profitability in core business areas. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, up 11.3% year-on-year [1][2] Summary by Sections Financial Performance - In the first half of 2024, the company reported operating revenue of 1.183 billion yuan, a 19.92% increase compared to the previous year. The net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% year-on-year growth. The smart security segment generated revenue of 812 million yuan, up 10.92% year-on-year, with a gross margin of 33.58%, a slight increase of 1.19 percentage points [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has led to a steady increase in performance, with inventory levels decreasing by approximately 62 million yuan compared to the end of 2023. The company is also expanding into niche market applications and accelerating the introduction of new products [1] Financial Projections - The company is expected to maintain its growth momentum, with projected revenue growth of 10.5% for the full year and a gross margin of approximately 33.5%. The video intercom business is anticipated to continue its strong performance, with a projected revenue growth of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3] Comparable Company Analysis - The report includes a comparison with similar companies, such as Allwinner Technology, Espressif Technology, and Hengxuan Technology, highlighting the company's competitive position and growth potential in the market [3] Cash Flow and Investment - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, reflecting year-on-year increases of 387.7% and 164.13%, respectively. Investment projects are progressing steadily, with significant investments in AI ultra-high-definition IPCSoC chip development and new AI processor IP projects [1][4]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [1] Core Views - The demand recovery supports performance growth, and the core business profitability is improving. In the first half of 2024, the company achieved operating revenue of 1.183 billion yuan, a year-on-year increase of 19.92%, and a net profit attributable to shareholders of 130 million yuan, a year-on-year increase of 11.3% [1][2] Summary by Relevant Sections Financial Performance - In the first half of 2024, the company's revenue reached 1.183 billion yuan, up 19.92% year-on-year, while the net profit attributable to shareholders was 130 million yuan, reflecting an 11.3% increase year-on-year. The smart security segment generated revenue of 812 million yuan, a 10.92% increase, with a gross margin of 33.58%, up 1.19 percentage points year-on-year [1][2] - The video intercom business saw revenue of 246 million yuan, a significant year-on-year increase of 71.14%, with a gross margin of 45.99%, up 3.16 percentage points [1] Market Dynamics - The recovery in downstream demand has supported steady growth in performance, with the main consumer sectors gradually rebounding. The company's inventory decreased by approximately 62 million yuan compared to the end of 2023, indicating improved demand dynamics [1] Investment Projects - The company received net cash inflow of 617 million yuan from its initial public offering, with a net increase in cash and cash equivalents of 152 million yuan, representing increases of 387.7% and 164.13% year-on-year, respectively. Ongoing investment projects include the development of next-generation AI ultra-high-definition IPCSoC chips and AI processor IP, with progress rates of 53.33% and 40.25%, respectively, both expected to be operational by the end of 2027 [1][2] Profit Forecasts - The company is expected to maintain the revenue growth rate of 10.5% for the full year, with a gross margin of approximately 33.5%. The video intercom business is projected to continue its rapid growth, achieving a revenue increase of 75% for the year [1][2] - Forecasted net profits for 2024, 2025, and 2026 are 277 million yuan, 354 million yuan, and 445 million yuan, respectively, with corresponding P/E ratios of 49.3, 38.6, and 30.7 [2][3]