Smartsens Technology (Shanghai) (SH:688213) Minsheng Securities·2025-04-21 08:19Investment Rating - The report maintains a "Recommended" rating for the company, considering the high growth in its smartphone and automotive electronics businesses [4][6]. Core Insights - The company achieved a revenue of 5.968 billion yuan in 2024, representing a year-on-year growth of 108.87%, and a net profit of 393 million yuan, up 2662.76% [1]. - In Q1 2025, the company reported a revenue of 1.75 billion yuan, a year-on-year increase of 108.94%, and a net profit of 191 million yuan, reflecting a year-on-year growth of 1264.97% [1]. - The company focuses on three main business segments: smart security, smartphones, and automotive electronics, with significant growth in the smartphone and automotive electronics sectors [2]. Summary by Sections Revenue and Profitability - In 2024, smartphone revenue reached 3.291 billion yuan, up 269.05%, accounting for 55.15% of total revenue. Smart security revenue was 2.150 billion yuan, growing 28.64%, and automotive electronics revenue was 527 million yuan, increasing by 79.09% [2]. - The company's gross margin and net margin improved, with 2024 gross margin at 21.09% and net margin at 6.58%, both showing increases from the previous year [2]. Smartphone Business - The smartphone segment saw a significant increase in high-end product shipments, with over 50% of revenue coming from high-end flagship smartphone products [3]. - The company has enhanced its market position by offering a fully localized 50 million pixel high-end mobile CIS, catering to high-end flagship smartphones [3]. Automotive Electronics - The automotive electronics segment generated 527 million yuan in revenue in 2024, with a year-on-year growth of 79.09% [4]. - The company’s automotive electronics products are now being mass-produced by major car manufacturers, indicating a strong market presence and future growth potential [4]. Financial Forecast - The company is projected to achieve revenues of 8.345 billion yuan, 10.843 billion yuan, and 13.011 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 851 million yuan, 1.292 billion yuan, and 1.773 billion yuan [5][11].