Investment Rating - The report gives a "Buy-A" recommendation for the company, indicating a positive outlook for investment over the next six months [3][8]. Core Viewpoints - The company is a leading player in the video security chip market, with a comprehensive product line and ongoing technological upgrades. It is expected to achieve revenue of CNY 2.48 billion, CNY 2.97 billion, and CNY 3.55 billion for the years 2024, 2025, and 2026, respectively, with year-on-year growth rates of 22.7%, 19.7%, and 19.7% [3][8]. - The projected net profit attributable to the parent company is CNY 272 million, CNY 417 million, and CNY 578 million for the same years, with growth rates of 32.6%, 53.6%, and 38.5% [3][8]. Financial Data and Valuation - The company is expected to achieve revenue in the smart security segment of CNY 1.80 billion, CNY 2.16 billion, and CNY 2.60 billion for 2024-2026, with growth rates of 25.0%, 20.0%, and 20.0% [6][22]. - The gross margin for the smart security business is projected to improve to 37.0%, 38.0%, and 39.0% over the same period [6][22]. - In the smart vehicle segment, revenue is expected to reach CNY 215 million, CNY 258 million, and CNY 310 million, with growth rates of 15.0%, 20.0%, and 20.0% [6][22]. - The overall revenue for the company is projected to be CNY 2.48 billion, CNY 2.97 billion, and CNY 3.55 billion for 2024-2026, with corresponding gross margins of 37.6%, 38.4%, and 39.1% [20][27]. Competitive Positioning - The company holds significant market shares in various segments, including 36.5% in the global IPC SoC market and 38.7% in the global NVR SoC market as of 2021, ranking first in both categories [17][19]. - In the video intercom sector, the company has a 51.8% market share in the global USB video conferencing camera chip market, also ranking first [17][19]. - The company is positioned in the mid-range of valuations compared to four comparable companies, indicating a competitive standing in the market [8][23].
星宸科技：视频安防芯片龙头，持续推动技术升级和国际化战略