Smartsens Technology (Shanghai) (688213)2024-11-18 01:24Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of performance relative to the market [6]. Core Insights - The company achieved a significant milestone by exceeding 100 million units shipped in a single month for its CIS products, marking its entry into the top tier of mobile CIS manufacturers [6]. - Revenue from security and mobile sectors saw substantial growth, with the smartphone market successfully opening a second growth curve for the company [6]. - The company has accelerated the mass production of high-end mobile products, with its CIS products covering mainstream market demands from 8M to 50M pixels, positioning it to become the largest business segment in 2024 [6]. - New security products have enhanced performance and competitiveness, with a comprehensive product matrix covering various industrial applications [6]. - The profit forecast has been revised upwards, with expected net profits for 2024-2026 projected at 416 million, 780 million, and 1.262 billion yuan respectively, reflecting a significant increase from previous estimates [6]. Financial Summary - Total revenue for 2023 is projected at 2.857 billion yuan, with a year-on-year growth rate of 15.1%. For 2024, revenue is expected to reach 5.746 billion yuan, representing a growth rate of 101.1% [9]. - The net profit for 2024 is forecasted at 416 million yuan, a dramatic increase from 14 million yuan in 2023, with a year-on-year growth rate of 2,829.6% [9]. - The gross margin is expected to improve from 20.0% in 2023 to 21.9% in 2024, indicating enhanced profitability [9].