Smartsens Technology (Shanghai) (SH:688213) Xin Lang Cai Jing·2025-04-26 00:38Core 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].