思特威（688213）：手机成为高速增长引擎，汽车构建长期发展动力源

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company has launched several new products, including a 4MP smart security image sensor and a 12MP AI glasses image sensor, which are expected to drive growth [6] - The company achieved a revenue of 5.968 billion yuan in 2024, a year-on-year increase of 108.87%, and a net profit of 393 million yuan [6] - In Q1 2025, the company reported a revenue of 1.75 billion yuan, up 108.94%, and a net profit of 191 million yuan, reflecting a significant year-on-year increase of 1264.97% [6] Financial Data and Profit Forecast - The total revenue forecast for 2025 is 8.249 billion yuan, with a year-on-year growth rate of 38.2% [8] - The net profit forecast for 2025 is 847 million yuan, with a year-on-year growth rate of 115.5% [8] - The earnings per share (EPS) for 2025 is projected to be 2.11 yuan, with a price-to-earnings (PE) ratio of 43 [8] - The company’s gross margin is expected to improve to 23.4% in 2025 [8] Business Growth Drivers - The company’s smartphone business has seen significant growth, with revenue from high-end smartphone products increasing by 269.05% year-on-year, contributing 55.15% to total revenue [9] - The automotive electronics segment is becoming a long-term growth driver, with substantial increases in product shipments for smart driving applications [9] - The company has established partnerships with major automotive manufacturers, enhancing its market presence in the automotive sector [9] Adjustments to Profit Forecast - The profit forecast has been adjusted upwards, with the expected net profit for 2025-2026 revised to 8.47 billion yuan and 12.1 billion yuan respectively [9] - The forecast for 2027 has been added, projecting a net profit of 14.38 billion yuan [9]