解码全球CIS六巨头2025年资本图谱：一超多强下，谁在兑现盈利，谁在透支未来？

Core Viewpoint - The CMOS image sensor (CIS) industry is experiencing accelerated technological iteration and expanding application scenarios, driven by trends in smartphone multi-camera systems, increasing demands from automotive intelligence, and the proliferation of AIoT devices [2] Group 1: Market Performance - Six major global CIS-related listed companies—Gekewei, OmniVision, SmartSens, Sony, ON Semiconductor, and STMicroelectronics—exhibit diverse performances in the capital market, reflecting varying market evaluations and expectations based on their 2025 total market value, total share capital, and price-to-earnings (P/E) ratio changes [2] - Sony leads with a market value exceeding 1 trillion RMB, significantly surpassing the other five companies, indicating its strong barriers in consumer electronics and imaging sensors [2] - OmniVision, ON Semiconductor, and STMicroelectronics form a market value tier in the hundreds of billions, while Gekewei and SmartSens are valued between 38 billion to 40 billion RMB, showcasing characteristics of high-growth tech companies [2] - SmartSens leads with a market value increase of over 23%, followed by OmniVision and Sony, both with increases exceeding 17%, while ON Semiconductor's market value contracted by about one-fifth [2][4] Group 2: P/E Ratio Changes - The P/E ratios of ON Semiconductor and STMicroelectronics surged by 418% and 218% respectively over the year, reaching approximately 76 times and 47 times [4] - Gekewei and SmartSens, which had relatively high P/E ratios, saw their valuations stabilize or significantly decline, with SmartSens's P/E ratio dropping from 75 times to 49 times [4][5] - OmniVision and Sony maintained P/E ratios in the relatively stable range of 30-40 times and below 20 times, respectively [5] Group 3: Company Strategies and Developments - SmartSens's rapid growth is attributed to successful product upgrades and market breakthroughs, including the launch of a 200-megapixel ultra-high-definition mobile sensor and full-process domestic production of automotive CIS [5] - OmniVision's steady growth is supported by a balanced business layout, with strong revenue growth in automotive electronics and leading positions in emerging markets like action cameras and AI PC sensors [5] - Sony's market value growth benefits from strong performance in imaging and sensor solutions, with ongoing demand for high-performance sensors in mobile devices and digital cameras [6] - ON Semiconductor and STMicroelectronics face short-term performance challenges but are expected to benefit from long-term strategic transformations, with ON Semiconductor making significant progress in AI data center power solutions [8][9] - Gekewei's unique path involves a Fab-Lite model, achieving mass production of high-end single-chip products and actively entering AI PC sensor and automotive pre-installation markets, reflected in its high P/E ratio of 185 times [9] Group 4: Industry Trends - The competitive logic in the CIS industry is undergoing profound changes, with success no longer solely dependent on pixel enhancement but also on system-level performance such as ultra-high dynamic range and low power consumption [9] - The market is rewarding companies not just for current profitability but also for clear future potential, as seen in the varied strategies of SmartSens, OmniVision, ON Semiconductor, STMicroelectronics, and Gekewei [10]