Company Overview - Total shares outstanding / Float shares: 421 million / 36 million [1] - Total market cap / Float market cap: RMB 12.5 billion / RMB 1.1 billion [1] - 52-week high/low price: RMB 48.10 / RMB 29.61 [1] - Debt-to-asset ratio: 39.3% [1] - P/E ratio: 54.83 [1] - Largest shareholder: SigmaStar Technology Inc [1] Investment Rating - Stock rating: Buy | First-time coverage [2] Core Views - The company reported strong financial performance in H1 2024, with revenue reaching RMB 1.183 billion, up 19.92% YoY, and net profit attributable to shareholders of RMB 130 million, up 11.30% YoY [3] - Gross margin improved to 36.34%, up 2.18 percentage points YoY [3] - The company's three major business lines showed robust growth: - Smart security (68.66% of revenue): RMB 812 million, up 10.92% YoY, with gross margin of 33.58%, up 1.19 percentage points [4] - Video intercom (20.83% of revenue): RMB 246 million, up 71.14% YoY, with gross margin of 45.99%, up 3.16 percentage points [4] - Smart vehicle (8.78% of revenue): RMB 104 million, up 20.61% YoY, with gross margin of 40.88%, flat YoY [4] - R&D investment reached RMB 289 million in H1 2024, up 20.58% YoY, accounting for 24.45% of revenue [4] - The company is actively expanding overseas markets and e-commerce channels, with video intercom products showing particularly strong growth potential [4] - The company is focusing on AIoT and edge AI applications, with its highest-spec chip being 12nm and supporting INT8 32T, mainly used in high-end intelligent traffic monitoring and video conferencing [5] Financial Projections - Revenue forecast for 2024-2026: RMB 2.6 billion / RMB 3.3 billion / RMB 4.3 billion [6] - Net profit forecast for 2024-2026: RMB 270 million / RMB 402 million / RMB 607 million [6] - EPS forecast for 2024-2026: RMB 0.64 / RMB 0.96 / RMB 1.44 [6] - P/E ratio forecast for 2024-2026: 46x / 31x / 21x [6] Financial Ratios - Gross margin forecast for 2024-2026: 36.0% / 38.0% / 40.1% [10] - Net margin forecast for 2024-2026: 10.4% / 12.2% / 14.1% [10] - ROE forecast for 2024-2026: 9.1% / 11.9% / 15.3% [10] - Debt-to-asset ratio forecast for 2024-2026: 32.6% / 31.4% / 30.2% [10]
星宸科技：星耀时代，宸启未来