【招商电子】思特威：手机高阶产品持续拓展，车载、机器视觉前景广阔

Core Viewpoint - The company reported significant growth in its H1 2025 performance, with a 54.1% increase in revenue and a 164.9% rise in net profit, driven by advancements in product development and market promotion across its three main business segments [3][4]. Group 1: Financial Performance - In H1 2025, the company achieved revenue of 3.79 billion yuan, up 54.1% year-on-year, and a net profit of 400 million yuan, reflecting a 164.9% increase [3]. - The gross profit margin improved to 23.2%, an increase of 2.0 percentage points compared to the previous year [3]. - For Q2 2025, revenue reached 2.04 billion yuan, showing a year-on-year growth of 25.8% and a quarter-on-quarter increase of 16.4% [3]. Group 2: Business Segments Performance - Revenue from smartphones, smart security, and automotive electronics in H1 2025 was 1.75 billion yuan, 1.51 billion yuan, and 480 million yuan, respectively, with year-on-year growth rates of 40.5%, 58.8%, and 108.0% [4]. - The company deepened collaborations with major smartphone clients, leading to a significant increase in the shipment of high-resolution camera products [4]. - In the smart security sector, the company maintained a leading global position, with improved sales of high-performance products and a growing market share in high-end security solutions [4]. Group 3: Future Outlook - The company is optimistic about the expansion of its smartphone high-end products and the growth of automotive chip applications, anticipating continued customer acquisition and market validation [5]. - The trend towards equalization in intelligent driving is expected to benefit the company's automotive ADAS image sensors, with high-end products projected to ramp up production in the next two years [5]. - The company is well-positioned in emerging markets such as drones and robotics, which are expected to contribute to long-term growth [5].