思特威：单季度营收持续新高，高阶智能手机产品快速放量

Investment Rating - The report maintains a "Buy" rating for the company [4] Core Views - The company reported a revenue of 4.208 billion yuan for the first three quarters of 2024, representing a year-over-year increase of 137.33%. The net profit attributable to the parent company was 273 million yuan, marking a turnaround from losses [4] - In Q3 2024, the company achieved a record high revenue of 1.751 billion yuan, with a year-over-year growth of 150.04% and a quarter-over-quarter increase of 8.1%. The net profit attributable to the parent company reached 123 million yuan, a significant year-over-year increase of 14,181.63% [4] - The company has successfully opened a second growth curve in the smartphone market, with significant revenue growth driven by its security and smartphone segments. The new high-performance products in the security field have seen a notable increase in sales [4] - The company’s high-end smartphone products are accelerating mass production, with the 50M products now accounting for over 50% of revenue in the smartphone business [4] - The report adjusts profit forecasts, projecting net profits of 390 million yuan, 648 million yuan, and 886 million yuan for 2024, 2025, and 2026 respectively, with corresponding price-to-earnings ratios of 69, 42, and 31 [4][5] Summary by Sections Market Data - Closing price: 67.64 yuan - Market capitalization: 21,727 million yuan - Price-to-book ratio: 7.0 - Dividend yield: 0.24 [1] Financial Data - Total revenue for 2024 is projected at 5.888 billion yuan, with a year-over-year growth rate of 106.1% [5] - The company’s net profit for 2024 is expected to be 390 million yuan, reflecting a year-over-year increase of 2,645.9% [5] - The gross margin is projected to be 21.6% in 2024, increasing to 24.4% by 2026 [5] Revenue Breakdown - The company’s revenue from the smartphone segment has significantly increased due to the launch of high-end products, contributing to the overall revenue growth [4] - The security segment has also seen substantial growth, with new product launches enhancing performance and competitiveness [4]