Investment Rating - The report maintains a "Buy" rating for the company, expecting its stock price to outperform the market benchmark by 5% to 15% over the next six months [4][11]. Core Insights - The company achieved a record high quarterly revenue of 1.403 billion yuan in the first half of 2025, representing an 18.63% year-on-year increase, while the net profit attributable to shareholders decreased by 7.47% to 120 million yuan [1]. - The growth engines for the company include its smart vehicle and smart IoT businesses, with significant advancements in the pre-installed market and strong performance in the smart robotics sector [2]. - The company is focusing on high-intensity R&D and strategic acquisitions to build long-term competitive advantages, particularly in the fields of 3D perception, mobile imaging, and advanced ADAS [3]. Financial Summary - The company forecasts revenues of 2.354 billion yuan for 2024, increasing to 4.265 billion yuan by 2027, with a compound annual growth rate of approximately 19.63% [3][9]. - The net profit attributable to shareholders is projected to grow from 256 million yuan in 2024 to 459 million yuan in 2027, reflecting a net profit growth rate of 30.33% [3][9]. - The earnings per share (EPS) is expected to rise from 0.62 yuan in 2024 to 1.09 yuan in 2027, indicating a positive trend in profitability [3][9].
星宸科技（301536）：单季度营收创历史新高，并购富芮坤加速端侧AI布局