思特威（688213）：卓越影像处理，定格精彩瞬间

Investment Rating - The investment rating for the company is "Buy" and is maintained [2] Core Views - The company has shown significant growth in revenue and net profit, with 2024 revenue reaching 5.968 billion yuan, a year-on-year increase of 108.87%, and a net profit of 393 million yuan, up 2,662.76% [5][6] - The company is focusing on three main areas: smart security, smartphones, and automotive electronics, which has led to a notable improvement in profit margins [6] - The company is a global leader in the smart security sector, with a market share of 48.2% in 2023, and has established a strong position in the machine vision technology market [7] - The smartphone business has experienced rapid growth, with revenue of 3.291 billion yuan in 2024, a year-on-year increase of 269.05% [8] - The automotive electronics segment is becoming a key driver for sustainable growth, with sales reaching 527 million yuan in 2024, up 79.09% [10] Summary by Sections Company Overview - The latest closing price is 98.53 yuan, with a total market capitalization of 39.6 billion yuan and a circulating market value of 31.8 billion yuan [4] Financial Performance - In 2024, the company achieved a gross margin of 21.09% and a net margin of 6.58% [6] - For Q1 2025, the company reported revenue of 1.75 billion yuan, a year-on-year increase of 108.94%, and a net profit of 191 million yuan, up 1,264.97% [5][6] Revenue Forecast - The company is projected to achieve revenues of 8.249 billion yuan, 10.052 billion yuan, and 12.507 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 850 million yuan, 1.3 billion yuan, and 1.755 billion yuan [11][14]