Smartsens Technology (Shanghai) (688213)2025-04-20 13:33Investment Rating - The investment rating for the company is maintained at "Buy" [2][6]. Core Insights - The company reported a record high performance in Q1 2025, with revenue of 1.75 billion yuan, a year-on-year increase of 109%, and a net profit of 191 million yuan, reflecting a year-on-year increase of 1265% [6]. - The significant growth in revenue and profit is attributed to the expansion of high-end smartphone clients and the increase in shipments of intelligent driving chips [6]. - The company is expected to maintain high growth rates in revenue and profit due to the ongoing expansion in flagship smartphone clients and the automotive sector benefiting from trends in intelligent driving [6]. Financial Performance - In 2024, the company achieved a revenue of 5.968 billion yuan, a year-on-year increase of 109%, and a net profit of 393 million yuan, a year-on-year increase of 2663% [6][7]. - The revenue from smartphones, smart security, and automotive electronics reached 3.29 billion yuan, 2.15 billion yuan, and 530 million yuan respectively, with year-on-year growth rates of 269%, 29%, and 79% [6]. - The gross margin improved to 21.09%, and the net margin reached 6.58%, indicating enhanced profitability due to increased revenue scale and reduced expense ratios [6]. Future Projections - Revenue projections for 2025 to 2027 are 8.649 billion yuan, 11.098 billion yuan, and 13.998 billion yuan respectively, with corresponding net profits of 941 million yuan, 1.272 billion yuan, and 1.688 billion yuan [7][9]. - The expected earnings per share (EPS) for 2025, 2026, and 2027 are 2.34 yuan, 3.16 yuan, and 4.20 yuan respectively, with price-to-earnings (PE) ratios of 40.8, 30.2, and 22.8 [7][9]. Business Segments - The company has seen substantial growth in its high-end smartphone products, with over 50% of revenue coming from flagship models [6]. - In the automotive electronics sector, the company ranked fourth globally in the car-mounted CIS market, with significant increases in shipments for intelligent driving applications [6]. - Despite a downturn in the security sector, the company has introduced new products that have driven a 28.64% year-on-year revenue increase in the smart security segment [6].