GOLDEN SUN SECURITIES·2025-12-18 23:56Group 1: Core Insights - The report highlights that the market perception of the company as solely a mobile CIS chip supplier is overly pessimistic, as its business structure is shifting towards non-mobile sectors, particularly automotive CIS, which is expected to surpass mobile CIS revenue in 2025 [3][4] - Automotive CIS revenue is projected to exceed 80 billion yuan in 2025, with a year-on-year growth of 30%, indicating a strong position in the mid-to-high-end market [3] - The mobile CIS segment is expected to see a decline, with revenues dropping to approximately 80 billion yuan in 2025, accounting for less than 30% of total revenue due to the lifecycle nearing the end for certain product models [4] Group 2: Financial Projections - The company is expected to achieve revenues of 301.6 billion yuan, 375.7 billion yuan, and 436.7 billion yuan for the years 2025, 2026, and 2027 respectively, with year-on-year growth rates of 17.2%, 24.6%, and 16.2% [5] - Projected net profits for the same years are 47.0 billion yuan, 63.3 billion yuan, and 75.0 billion yuan, reflecting growth rates of 41.5%, 34.6%, and 18.5% [5] - The current stock price corresponds to a price-to-earnings ratio of 32, 24, and 20 for the years 2025, 2026, and 2027, indicating that the company is undervalued as a leading domestic CIS player [5] Group 3: Industry Performance - The report notes that the communication sector has shown significant growth, with a 1-year increase of 78.3%, while the real estate sector has declined by 8.7% over the same period [1] - The coal industry is experiencing a decrease in both production and imports, with November coal production down by 0.5% year-on-year and imports down by 19.9% [8][9] - The report emphasizes the potential for recovery in the optical fiber and cable market, driven by AI demand and a stabilization in ordinary cable prices, suggesting a positive outlook for companies in this sector [6]