Smartsens Technology (Shanghai) (SH:688213) China Post Securities·2025-04-22 12:23Investment Rating - The report maintains a "Buy" rating for the company [2][11]. Core Insights - The company achieved a revenue of 5.968 billion yuan in 2024, representing a year-on-year increase of 108.87%, with a net profit of 393 million yuan, up 2,662.76% year-on-year [5][6]. - In Q1 2025, the company reported a revenue of 1.750 billion yuan, also up 108.94% year-on-year, with a net profit of 191 million yuan, reflecting a year-on-year increase of 1,264.97% [5][6]. - The company focuses on three main sectors: smart security, smartphones, and automotive electronics, which have significantly contributed to its revenue growth and improved profit margins [6][10]. 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]. - The company has a total share capital of 4.02 billion shares, with 3.23 billion shares in circulation [4]. - The company’s debt-to-asset ratio stands at 46.5%, and its price-to-earnings ratio is 100.54 [4]. Financial Performance - The company’s gross margin and net margin for 2024 were 21.09% and 6.58%, respectively, indicating improved profitability [6]. - The projected revenues for 2025, 2026, and 2027 are 8.249 billion yuan, 10.052 billion yuan, and 12.507 billion yuan, respectively, with corresponding net profits of 850 million yuan, 1.300 billion yuan, and 1.755 billion yuan [11][14]. - The company’s earnings per share (EPS) are expected to grow from 0.98 yuan in 2024 to 4.37 yuan by 2027 [14]. Market Position - In the smart security sector, the company generated 2.150 billion yuan in revenue in 2024, accounting for 36.03% of its main revenue, and maintained a leading position in the global security CIS market with a 48.2% market share [7]. - The smartphone business saw a revenue increase of 269.05% year-on-year, reaching 3.291 billion yuan in 2024, making up 55.15% of total revenue [8]. - The automotive electronics segment generated 527 million yuan in revenue, a year-on-year increase of 79.09%, representing 8.83% of total revenue [10].