Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [5][8]. Core Views - The company is a leading domestic supplier of CMOS image sensors (CIS), with a strong focus on high-performance CIS development and design. It has established a balanced business structure across smart security, smartphones, and automotive electronics, driving significant revenue growth [7][11]. - The company is expected to maintain high growth rates in the coming years, driven by its advancements in high-end smartphone CIS and the expanding automotive electronics market [9][11]. Summary by Sections Company Overview - The company, established in April 2017, initially focused on the security sector and has since expanded into smartphone and automotive applications, achieving a balanced business model across these sectors [18]. - It has become a prominent player in the CIS market, with significant market share in smart security, smartphones, and automotive electronics [18]. Financial Performance - In 2024, the company achieved a revenue of 5.968 billion RMB, a year-on-year increase of 108.87%, with a net profit of 393 million RMB, reflecting a staggering growth of 2662.76% [6][28]. - The smartphone segment has become a major revenue driver, with 2024 smartphone revenue reaching 3.291 billion RMB, up 269.05% year-on-year, accounting for over 55% of total revenue [7][30]. Business Segments - **Smartphone Business**: The company has successfully penetrated the high-end smartphone market, with significant sales of high-pixel products. The high-end 50MP products have seen substantial growth, contributing to over 50% of smartphone revenue [7][50]. - **Automotive Electronics**: The automotive CIS business is expected to grow significantly, with 2024 revenue reaching 527 million RMB, a 79.09% increase year-on-year. The company is well-positioned to benefit from the increasing demand for intelligent driving technologies [7][31]. - **Smart Security**: The security business remains a stronghold, with 2024 revenue of 2.15 billion RMB, reflecting a nearly 30% increase year-on-year, supported by product iterations and strong market demand [28][30]. Profitability and Valuation - The company forecasts net profits of 897 million RMB, 1.353 billion RMB, and 1.733 billion RMB for 2025, 2026, and 2027, respectively, with corresponding growth rates of 128.47%, 50.73%, and 28.10% [6][8]. - The current price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are projected to be 43.59, 28.92, and 22.58, respectively, indicating a favorable valuation compared to peers [6][8].

（文章来源：每日经济新闻） 华源证券8月15日发布研报称，给予思特威（688213.SH，最新价：96.86元）买入评级。评级理由主要 包括：1）国产CIS领先供应商，起家于安防，2020年进军"手机+汽车"板块，多领域驱动增长；2）智 能手机：手机CIS转向高像素需求，公司抢占高端旗舰市场；3）汽车电子：智驾下沉拓宽下游市场， 公司车载CIS业务前景广阔。风险提示：技术迭代不及预期风险；产能供应不足风险；客户集中度较高 风险。 ...