Investment Rating - The report maintains a "Buy" rating for Xingchen Technology (301536) [2] Core Insights - The company reported a revenue of 1.812 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 22.95%, with a net profit attributable to shareholders of 196 million yuan, up 4.51% year-on-year [3][4] - The 3D sensing technology is identified as a new growth point, with product lines including iTOF for consumer electronics and dTOF targeting automotive and industrial robotics markets [3][4] - The security business is steadily developing, with strong growth demand from the consumer sector and positive trends in traditional security areas [3][4] - The company is confident in entering the vacuum cleaner market, leveraging core technologies similar to those used in security and automotive applications [3][4] - The AI glasses market is also being actively pursued, with investments in low-power and motion ISP technologies to meet market demands [4] Financial Summary - For 2024-2026, the company is projected to achieve net profits of 240.9 million, 332.74 million, and 470.07 million yuan respectively, maintaining a "Buy" rating [4] - Revenue is expected to grow from 2.51 billion yuan in 2024 to 3.802 billion yuan in 2026, with growth rates of 24.23%, 24.70%, and 21.47% respectively [6][8] - The company's earnings per share (EPS) is projected to increase from 0.57 yuan in 2024 to 1.12 yuan in 2026 [6][8] - The price-to-earnings (P/E) ratio is expected to decrease from 75.96 in 2024 to 38.93 in 2026, indicating improving valuation [6][8]
星宸科技：积极布局3D传感，家用机器人、AI眼镜市场持续发力