Smartsens Technology (Shanghai) (688213) 中银证券·2024-08-12 01:30Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][4] Core Views - The company has established a wholly-owned subsidiary, Feiling Micro, to enter the automotive vision processing chip market, launching three products: M1, M1 Pro, and M1 Max. This move is expected to create business synergies with the company's CMOS image sensors, further enriching its automotive product line [3][4] - The M1 series chips are designed to provide high-performance image processing capabilities, including support for high-resolution RGB-IR image processing and advanced algorithms for low-light noise reduction and image enhancement [4] - The company maintains a "Buy" rating based on its expected growth and product development in the automotive sector [4] Financial Summary - The company's total revenue for 2022 was RMB 2,483 million, with a projected increase to RMB 5,707 million in 2024, representing a growth rate of 99.7% [5][6] - The net profit is expected to turn positive in 2023 with RMB 14 million, and further increase to RMB 462 million in 2024, reflecting a significant growth rate of 3,147.8% [5][7] - The estimated EPS for 2024 is RMB 1.15, with projected PE ratios of 44.2, 25.2, and 16.9 for 2024, 2025, and 2026 respectively [5][6] Market Performance - The company's stock price has shown a relative performance of -4.8% in the last month, but a positive trend of 15.4% over the last three months compared to the Shanghai Composite Index [1][2]