Smartsens Technology (Shanghai) (688213) 华鑫证券·2024-09-13 05:30Investment Rating - The report maintains a "Buy" investment rating for the company [5] Core Views - The company has achieved a significant increase in revenue and has turned a profit, with a 129.04% year-on-year growth in revenue to 2.457 billion yuan and a net profit of 150 million yuan in the first half of 2024 [3][5] - The smartphone segment is rapidly expanding, contributing to the company's second growth point, with smartphone revenue reaching 1.249 billion yuan, a 295.46% increase year-on-year, accounting for 50.84% of total revenue [3][4] - The "Automotive + Security" sectors are showing stable growth, driven by diversified business strategies [3][4] Summary by Sections Financial Performance - In the first half of 2024, the company reported a gross margin of 21.13%, up 4.09 percentage points year-on-year, and a net margin of 6.10%, up 12.28 percentage points year-on-year [3] - The company forecasts revenues of 5.515 billion yuan, 7.178 billion yuan, and 8.899 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.00 yuan, 1.57 yuan, and 2.37 yuan [5][7] Market Trends - The semiconductor industry is recovering, with the global smartphone CIS market expected to reach 13.22 billion USD in 2024 [3] - The company is enhancing its product offerings in high-end smartphones, with over 50% of its smartphone revenue coming from high-end 50 million pixel products [3][4] Business Segments - The company's smart security revenue reached 976 million yuan, a 50.36% increase year-on-year, accounting for 39.73% of total revenue [4] - Automotive electronics revenue was 232 million yuan, growing 115.19% year-on-year, representing 9.43% of total revenue [4]