思特威：2024前三季度业绩处于指引中间值偏上区间，高、中、低阶CIS替代并行推进

Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company's performance in the first three quarters of 2024 is above the midpoint of its guidance, with significant growth in 50M CIS shipments driving a sequential increase in gross margin [3] - The domestic CIS is progressing in high, medium, and low-end sectors, maintaining a parallel replacement strategy [3] - The company maintains a "Buy" rating based on its strong performance and market position [3] Financial Summary - For the first three quarters of 2024, the company reported revenue of RMB 4.208 billion, a year-on-year increase of 137%, with a gross margin of 22.0%, up 3.7 percentage points year-on-year [3] - The net profit attributable to the parent company for the same period was RMB 273 million, marking a turnaround from losses [3] - In Q3 2024, revenue reached RMB 1.751 billion, reflecting a quarter-on-quarter increase of 8% and a year-on-year increase of 150% [3] - The gross margin for Q3 2024 was 23.1%, with a quarter-on-quarter increase of 2.1 percentage points and a year-on-year increase of 2.9 percentage points [3] Market Position and Growth - The global CIS market is projected to reach USD 21.4 billion in 2024, growing by 13% year-on-year, with a recovery trend in the smartphone CIS market since the second half of 2023 [3] - Major domestic smartphone brands are reducing or abandoning partnerships with Sony, favoring domestic CIS manufacturers [3] - The company is expected to benefit from the exit of competitors from the mid-to-low-end CIS market, providing further opportunities for domestic manufacturers [3] Valuation - The estimated EPS for the company for 2024, 2025, and 2026 is RMB 0.96, RMB 2.12, and RMB 3.30 respectively [3] - As of October 25, 2024, the company's market capitalization is approximately RMB 27.1 billion, corresponding to PE ratios of 70.7, 31.9, and 20.5 for 2024, 2025, and 2026 respectively [3]