思特威：手机业务营收占比过半，汽车业务翻倍增长

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 51.80 CNY based on a projected average PE of 35 times for comparable companies in 2025 [2][4][6]. Core Insights - The company reported a revenue growth of 129% year-on-year to 2.46 billion CNY in the first half of the year, with a net profit of 150 million CNY, marking a turnaround from losses [1]. - In Q2 alone, revenue reached 1.62 billion CNY, reflecting a 162% year-on-year increase and a 93% quarter-on-quarter increase, with a net profit of 136 million CNY, a significant increase of 868% from the previous quarter [1]. - The smart security segment generated 980 million CNY in revenue, a 50% increase year-on-year, accounting for nearly 40% of total revenue, maintaining a leading global market position [1]. - The smartphone segment saw a remarkable growth of 295% year-on-year, reaching 1.25 billion CNY, now constituting over half of the company's main revenue [1]. - The automotive electronics segment also experienced a 115% increase in revenue to 230 million CNY, representing 9% of total revenue, with over 10 products launched for various automotive applications [1]. Financial Summary - The company's revenue is projected to grow from 2.86 billion CNY in 2023 to 7.49 billion CNY by 2026, with a compound annual growth rate of approximately 20% [3]. - The net profit is expected to increase significantly from 14 million CNY in 2023 to 815 million CNY in 2026, reflecting a robust recovery and growth trajectory [3]. - Earnings per share are forecasted to rise from 0.04 CNY in 2023 to 2.04 CNY in 2026, indicating strong profitability improvements [3].