思特威：50MP出货持续高增

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant revenue growth driven by high demand in the smartphone, automotive, and security sectors, with a revenue increase of 137.33% year-on-year for the first three quarters of 2024 [3][4] - The company successfully opened a second growth curve in the smartphone sector, with high-end 50MP products contributing over 50% of revenue in this segment [5][6] Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 42.08 billion yuan, with a net profit of 2.73 billion yuan, reflecting a year-on-year increase of 517.32% [3][4] - The third quarter of 2024 saw a revenue of 17.51 billion yuan, up 150.04% year-on-year, and a net profit of 1.23 billion yuan, marking a staggering increase of 14181.63% year-on-year [3][4] - The company is projected to achieve revenues of 60.82 billion yuan, 82.36 billion yuan, and 111.52 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 4.2 billion yuan, 8.2 billion yuan, and 15.0 billion yuan [6][8] Market Position - The company has increased its market share in the smartphone sector, benefiting from the trend of high-end product localization among domestic manufacturers [4][5] - The global CIS market is expected to grow from 21.3 billion USD in 2022 to 29 billion USD in 2028, with the smartphone CIS market projected to grow from 13.5 billion USD to 16.7 billion USD during the same period [4]