研报掘金丨财通证券：首予星宸科技“增持”评级，新产品逐步进入放量新阶段

Core Viewpoint - Xingchen Technology is a leading SOC supplier in the AI vision chip field in China, with strong market recognition in traditional security and rapid expansion in smart IoT, smart automotive, and 3D perception sectors [1] Group 1: Market Position and Product Development - The company has a high market recognition in the traditional security sector and is accelerating its expansion into emerging product forms such as AI robots and AI glasses in the AIoT field [1] - The demand for intelligent edge devices is increasing, leading to a greater emphasis on visual perception and computing capabilities in the AI SoC market [1] Group 2: Product Matrix and Future Growth - The company has established a comprehensive product matrix covering external perception, in-cabin vision, and 3D perception in the automotive intelligent vision and ADAS fields [1] - New products are gradually entering a stage of volume production, which is expected to open a new round of performance growth [1] - The company is maintaining its technological advantages in the general security field while continuing to invest in R&D for niche markets [1]