Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

证券研究报告 | 公司动态点评 2025 年 05 月 08 日 思特威（688213.SH） 25Q1 业绩同比高增，手机&车载 CIS 持续放量 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,857 | 5,968 | 7,731 | 9,921 | 11,859 | | 增长率 yoy（%） | 15.1 | 108.9 | 29.5 | 28.3 | 19.5 | | 归母净利润（百万元） | 14 | 393 | 822 | 1,209 | 1,626 | | 增长率 yoy（%） | 117.2 | 2662.8 | 109.4 | 47.1 | 34.4 | | ROE（%） | 0.4 | 9.4 | 16.6 | 19.7 | 21.1 | | EPS 最新摊薄（元） | 0.04 | 0.98 | 2.05 | 3.01 | 4.05 | | P/E（倍） | 2798.5 | 101.3 | 48.4 | 32.9 | 24.5 ...

Core Viewpoint - The company reported strong financial performance for 2024 and Q1 2025, with significant growth in revenue and net profit, driven by various business segments including automotive and mobile sectors [1][2][5]. Financial Performance - In 2024, the company achieved revenue of 25.73 billion yuan, a year-over-year increase of 22.4%, with a gross margin of 29.4% [1]. - The net profit attributable to shareholders reached 3.32 billion yuan, reflecting a remarkable year-over-year growth of 498% [1]. - For Q1 2025, the company reported revenue of 6.47 billion yuan, a year-over-year increase of 14.7%, and a gross margin of 31% [1]. Business Segments - The image sensor solutions segment generated revenue of 19.19 billion yuan, accounting for 74.8% of total revenue, with mobile CIS contributing 9.8 billion yuan [2]. - Automotive CIS revenue reached 5.91 billion yuan, marking a year-over-year growth of 30% [2]. - Emerging markets for CIS saw revenue of 760 million yuan, growing by 42% [2]. Growth Drivers - The automotive CIS business is expected to grow rapidly, potentially surpassing mobile CIS revenue due to advancements in intelligent driving technology [3]. - New product categories such as action cameras and medical applications are anticipated to experience significant growth [4]. Future Outlook - The company maintains a "buy" rating with a target price of 150 yuan, reflecting an upward revision in automotive business revenue growth [5]. - Projected net profits for 2025, 2026, and 2027 are 4.57 billion yuan, 5.47 billion yuan, and 6.68 billion yuan, respectively [5].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, representing a year-over-year increase of 14.7% and a quarter-over-quarter decrease of 5.1%. The net profit attributable to shareholders was 870 million yuan, up 55.3% year-over-year [1]. - The growth in revenue is primarily driven by the accelerated penetration of automotive intelligence and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027, respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, an increase of 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company’s revenue for 2024 is projected to be 25.73 billion yuan, with a year-over-year growth rate of 22.4% [5]. - The net profit for 2025 is forecasted to be 4.38 billion yuan, reflecting a year-over-year growth of 31.7% [3][5]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, up 30% year-over-year, while the mobile CIS segment is projected to generate 9.8 billion yuan, up 26% year-over-year [2]. - The IoT CIS segment also showed strong growth, achieving 760 million yuan in revenue in 2024, a 42% increase year-over-year [2]. - The company is enhancing its competitive advantage through the dual product lines of mobile and automotive CIS, with expectations for continued growth in both segments [2].

Investment Rating - The report maintains a "Buy" rating for the company [3][6]. Core Views - The company achieved a record high revenue of 6.47 billion yuan in Q1 2025, with a year-over-year growth of 14.7% and a quarter-over-quarter decline of 5.1%. The net profit attributable to shareholders was 870 million yuan, reflecting a year-over-year increase of 55.3% [1]. - The growth in revenue is primarily driven by the acceleration of automotive intelligence penetration and the continuous introduction of high-end mobile phone products [1]. - The company is expected to benefit from the rapid growth of automotive CIS and the introduction of new mobile CIS products, with projected revenues of 29.53 billion yuan, 36.67 billion yuan, and 42.29 billion yuan for 2025, 2026, and 2027 respectively [3][5]. Financial Performance - In Q1 2025, the company achieved a gross margin of 31.0%, up 3.1 percentage points year-over-year, and a net margin of 13.3%, up 3.5 percentage points year-over-year [1]. - The company forecasts a net profit of 4.38 billion yuan in 2025, representing a year-over-year growth of 31.7% [3][5]. - The projected P/E ratios for 2025, 2026, and 2027 are 36, 26, and 22 respectively, indicating a strong growth trend [3]. Product Lines and Market Position - The automotive CIS segment is expected to see significant growth, with a revenue of 5.9 billion yuan in 2024, reflecting a year-over-year increase of 30% [2]. - The mobile CIS segment is projected to generate 9.8 billion yuan in revenue in 2024, with a year-over-year growth of 26% [2]. - The IoT CIS segment also showed strong performance with a revenue of 760 million yuan in 2024, growing by 42% year-over-year [2].

根据市场公开信息及4月29日披露的机构调研信息，知名私募迎水投资近期对1家上市公司进行了调研， 相关名单如下： 1）格科微 （上海迎水投资管理有限公司参与公司业绩说明会） 调研纪要：2024年格科微实现营业收入63.83亿元，同比增长35.90%，净利润1.87亿元，同比增长 287.20%。2025年一季度营收15.24亿元，同比增长18.21%，净利润-0.52亿元。高端手机CIS产品进展顺 利，1,300万以上像素图像传感器收入超15亿元，占比提升至50%。非手机CIS领域推广400万、800万像 素产品，应用于智慧城市、智慧家居等，车载前装图像传感器研发完成，预计2025年推广。临港工厂获 多项认证，满产状态，实现800万、1,300万、5,000万像素产品量产，2024年销售收入22.46亿元。单芯 片架构产品快速导入，5,000万像素产品大量出货，预计下半年毛利率上升。贸易战对公司影响不大， 已做好预案，积极寻求非美化解决方案。公司对高像素单芯片技术成主流充满信心，非手机产品线推进 400万像素及以上产品量产，加大I眼镜和车规级领域投入。 机构简介： 上海迎水投资管理有限公司成立于2015年6月， ...

3）格科微 （景林资产管理香港有限公司参与公司业绩说明会） 调研纪要：2024年格科微实现营业收入63.83亿元，同比增长35.90%，净利润1.87亿元，同比增长 287.20%。2025年一季度营收15.24亿元，同比增长18.21%，净利润-0.52亿元。高端手机CIS产品进展顺 利，1,300万以上像素图像传感器收入超15亿元，占比提升至50%。非手机CIS领域推广400万、800万像 素产品，应用于智慧城市、智慧家居等，车载前装图像传感器研发完成，预计2025年推广。临港工厂获 多项认证，满产状态，实现800万、1,300万、5,000万像素产品量产，2024年销售收入22.46亿元。单芯 片架构产品快速导入，5,000万像素产品大量出货，预计下半年毛利率上升。贸易战对公司影响不大， 已做好预案，积极寻求非美化解决方案。公司对高像素单芯片技术成主流充满信心，非手机产品线推进 400万像素及以上产品量产，加大I眼镜和车规级领域投入。 根据市场公开信息及4月29日披露的机构调研信息，知名私募景林资产近期对5家上市公司进行了调研， 相关名单如下： 1）皇马科技 （上海景林资产参与公司特定对象调研） 调研纪 ...

证券研究报告 格科微 (688728 CH) 2024 年：手机驱动收入增长，市场竞争激烈利润率下滑 2024 年分产品看，公司手机 CIS 产品收入 36 亿（yoy +60%，占比 56%）， 毛利率 21%（yoy-10.40pct，主要系 2/5/8M 低像素手机 CIS 市场竞争激烈）； 非手机 CIS 产品收入 14 亿元（yoy +18%，占比 22%）,毛利率 35.6%（yoy +0.32pct），显示驱动芯片收入 13.6 亿元（yoy+9.5%，占比 21%），毛利率 14%（yoy-6.4pct）。公司 24 年末存货达到 59.6 亿元，1Q25 达到 62.2 亿 元，主因手机 CIS 产品自有晶圆厂的生产备货。 25 年：预计 50M 高像素产品将逐渐在自有晶圆工厂量产 1Q25 公司实现营收 15.2 亿（yoy+18%，qoq-17%），归母净亏损 5,173 万， 毛利率 20.9%（yoy-4.4pct，qoq-0.6pct），我们预计 50M 产品实现约 1 亿 元收入，25 年全年 0.8um/0.7um/0.61um/1.0um 产品逐渐进入量产，或实 现超过 10 ...

证券研究报告 格科微 (688728 CH) 50M 产品将逐渐在自有晶圆厂量产 | 华泰研究 | | | 年报点评 | | --- | --- | --- | --- | | 2025 年 | 4 月 | 29 日│中国内地 | 半导体 | 公司公布 2024 年以及 1Q25 业绩。24 年营收 63.8 亿元(yoy+36%），毛利 率 22.8%（yoy-6.7pct），归母净利润 1.9 亿（yoy+287%），低于 Wind 一致 预期 2.2 亿，我们认为主因 2/5/8M 低像素手机 CIS 市场竞争激烈，拖累公 司毛利率下滑。4Q24 营收 18.3 亿（yoy+26%，qoq+4%），归母净利 1.8 亿，扭亏为盈，毛利率 20.9%（yoy-4.4pct，qoq-0.6pct）。公司 1Q25 营收 15.2 亿（yoy+18%，qoq-17%），归母净亏损 5,173 万，毛利率 20.9% （yoy-4.4pct，qoq-0.6pct）。我们预计进入 25 年下半年，公司 50M 高像素 产品将逐渐在自有晶圆工厂量产。维持"买入"。 2024 年：手机驱动收入增长，市场竞争激烈利润率 ...

核心观点 受消费政策出台、智驾升级、智驾平权推动，25Q1 公司手机CIS、汽车CIS 产品出货量大幅增加，推动 营收同比高增108.94%，叠加公司节费增效，期间费用率同比下降8.47pct，促使归母净利润实现1.91 亿 元，创单季度历史新高。展望全年，国补等刺激消费政策持续释放影响，手机等终端消费迎来复苏。国 内智驾升级、智驾平权愈演愈烈，创造车载CIS 增量需求。此外，中美贸易关系不确定性增加，供应链 安全问题更加突出，国产替代进程加快。 行业景气度向上叠加国产替代加快将促使公司全年收入持续保持高速增长。考虑到公司在国内CIS 领域 的领先地位，看好公司长期成长性，维持"买入"评级。 事件 智驾升级、智驾平权带来增量需求，公司所处的车载CIS 环节最为受益随着智驾向L3 级及以上自动驾 驶等级升级，感知层的传感器数量呈现增加的趋势，Yole 预计L3 级自动驾驶摄像头搭载数量将比L2 级 大幅增加，可增至18 颗。同时更高像素摄像头可以使得视觉感知距离得到提升，因此像素升级也是车 载摄像头的长期发展趋势。随着用量增加、像素升级，车载摄像头市场规模将迎来快速增长。 从车载摄像头成本构成来看，CIS 成本 ...