【私募调研记录】星石投资调研思特威

Group 1: Company Overview - StarStone Investment recently conducted research on a listed company, SiTwei, which has shown significant growth in various sectors [1] - SiTwei's smartphone revenue for 2024 is projected to be 3.29 billion yuan, a year-on-year increase of 269.05%, accounting for 55.15% of its main revenue [1] - The company has become a leading supplier of CMOS image sensors in smart security, smartphones, and automotive electronics, ranking first in global security CIS shipments from 2020 to 2023 [1] Group 2: Financial Performance - SiTwei's smart security revenue is expected to reach 2.15 billion yuan in 2024, up 28.64% year-on-year, representing 36.03% of its main revenue [1] - Automotive electronics revenue is projected at 526.93 million yuan, reflecting a 79.09% increase year-on-year, making up 8.83% of its main revenue [1] - The company's total R&D investment for 2024 is estimated at 447.40 million yuan, a 56.35% increase from the previous year, with a total of 464 authorized patents [1] Group 3: Market Position and Competitive Advantage - SiTwei ranks fifth in global smartphone CIS market shipments for 2024, with a market share of 11.2% [1] - The company competes effectively with leading manufacturers like Sony, meeting diverse customer needs and becoming a key player in domestic substitution [1]