Smartsens Technology (Shanghai) (688213) 中银证券·2024-12-02 03:34Investment Rating - The investment rating for the company is "Buy" [1][2] - The previous rating was also "Buy" [1] Core Views - The company has launched a new high-end mobile CIS product, SC585XS, which offers a more cost-effective solution compared to its predecessor, SC580XS, and is expected to further promote the localization of mobile CIS in China [2] - The SC585XS features a resolution of 50 million pixels, a pixel size of 1.22µm, and an optical size of 1/1.28 inches, utilizing 28nm Stacked BSI technology, which is anticipated to lower costs while maintaining performance [2] - The product incorporates advanced technologies such as SFCPixel®-2, PixGain HDR®, and AllPix ADAF®, providing high dynamic range, low noise, fast focus, and ultra-low power consumption, enhancing the imaging experience for flagship smartphones [2] - The release of SC585XS is expected to challenge global leaders in the high-performance CIS market, particularly Sony and Samsung, by providing more options for domestic smartphone brands [2] Financial Summary - The company's projected revenue for 2024 is RMB 5,808 million, with a growth rate of 103.3% compared to 2023 [3] - The expected EPS for 2024 is RMB 0.96, with a significant increase projected for subsequent years [2][3] - The company’s total market capitalization is approximately RMB 28.5 billion as of November 29, 2024 [2] - The projected PE ratios for 2024, 2025, and 2026 are 74.4, 33.5, and 21.6 respectively [2][3]