Smartsens Technology (Shanghai) (688213) 上海证券·2025-05-30 00:25Investment Rating - The report assigns a "Buy" rating for the company [2][8]. Core Viewpoints - The company focuses on high-performance CMOS image sensor chips, driving diversified development through three main industries: smart security, smartphones, and automotive electronics. The company aims to provide multi-scenario applications and full-performance coverage, contributing to the intelligent and information-driven transformation of various industries [2][3][23]. - The company is expected to achieve a revenue of 5.968 billion yuan in 2024, marking a historical high with a year-on-year growth of 108.87%. In the first quarter of 2025, the revenue reached 1.75 billion yuan, also reflecting a year-on-year increase of 108.94% [2][31]. Summary by Sections 1. Business Overview - The company is a global leader in smart security CIS, focusing on visual imaging technology and CIS product development. It has successfully launched several advanced product series to meet the intelligent phase of the security industry [3]. - The XS series high-end products have seen a significant increase in shipment volume, with smartphones driving rapid revenue growth. The company has deepened cooperation with multiple clients, enhancing its market position and brand influence [3][4]. 2. Market Trends and Demand - The global AI trend is expected to boost downstream demand, initiating a new upcycle in the semiconductor industry. The global semiconductor sales are projected to reach 627.6 billion USD in 2024, a year-on-year growth of 19.1% [38][40]. - The company’s product system is diversified to meet the needs of different application fields, with a focus on high-quality, intelligent video solutions [41]. 3. Financial Performance - The company’s revenue has shown steady growth, with a compound annual growth rate of 40.60% from 2020 to 2024. The net profit for 2024 is projected to be 393 million yuan, with a significant year-on-year increase of 2,662.8% [31][35]. - The gross margin and net margin have improved, with a gross margin of 21.09% and a net margin of 6.58% in 2024 [33]. 4. Competitive Advantages - The company has a competitive edge in the CMOS image sensor market, with a focus on high-end products and a growing market share among domestic manufacturers. The domestic market for CMOS image sensors is expanding rapidly, with increasing demand for high-performance products [51][54]. - The company has established a robust patent portfolio, with 464 authorized patents, including 216 invention patents, enhancing its technological capabilities [41][43].