Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is a leading global player in the smart security chip market, focusing on AIoT and automotive sectors, with a robust growth trajectory expected in the coming years [8]. - The company is projected to achieve revenues of 29.34 billion yuan, 36.33 billion yuan, and 44.87 billion yuan from 2025 to 2027, with corresponding net profits of 2.7 billion yuan, 4.1 billion yuan, and 5.9 billion yuan [8]. Summary by Sections Company Overview - The company specializes in the research and sales of smart security chips, with applications in smart security, AIoT, and automotive sectors [13]. - It has a stable shareholding structure with significant investment from MediaTek, ensuring no controlling shareholder [14]. Financial Analysis - The company reported a revenue of 2.354 billion yuan in 2024, a year-on-year increase of 16.49%, and a net profit of 256.26 million yuan, up 25.18% year-on-year [20]. - The smart security segment remains the primary revenue source, consistently contributing over 50% to total revenue [23]. Smart Security Market - The global market for smart security is experiencing rapid growth, with a projected compound annual growth rate (CAGR) of 6.3% from 2021 to 2026, reaching 29.9 billion USD by 2026 [41]. - The company holds a leading market share in both IPC SoC and NVR SoC segments, with 36.5% and 38.7% market shares respectively in 2021 [49]. Smart IoT and Automotive Sectors - The company is expanding into the smart IoT market, particularly in robotic and AI glasses sectors, leveraging its visual AI and 3D sensing technologies [60]. - In the automotive sector, the company is the second-largest supplier of driving recorder chips in China, with plans to penetrate the front-mounted market [8]. Research and Development - The company maintains a high R&D expenditure, with a rate of 25.59% in 2024, reflecting its commitment to innovation and product development [27]. - The R&D team constitutes 77.5% of the total workforce, indicating a strong focus on technological advancement [27].
星宸科技（301536）：立足智能安防，AIoT与车载新兴市场加速拓展