Core Viewpoint - The company reported significant growth in revenue and net profit for 2024, indicating strong operational performance and improved profitability [1][3]. Revenue and Profit Summary - In 2024, the company achieved a revenue of 5.968 billion yuan, a year-on-year increase of 109%, with a net profit attributable to shareholders of 393 million yuan, up 2663% [1]. - The first quarter of 2025 saw a revenue of 1.750 billion yuan, also reflecting a 109% year-on-year growth, and a net profit of 191 million yuan, which is a 1265% increase [3]. Business Segment Performance - In the smartphone sector, revenue from high-end products exceeded 50%, with significant growth in the shipment of 50 million pixel products [2]. - The automotive electronics segment ranked fourth in the global vehicle-mounted CIS market, with increased shipments for smart driving applications [2]. - Despite a downturn in the security sector, the company saw a 28.64% revenue increase in the smart security field due to new product launches and applications in various robotics and payment technologies [2]. Profitability Metrics - The gross margin for 2024 was 21.09%, an increase of 1.12 percentage points year-on-year, while the net profit margin reached 6.58%, up 6.08 percentage points [1]. - For the first quarter of 2025, the gross margin improved to 22.79%, reflecting a year-on-year increase of 1.53 percentage points [3].

点击招商研究小程序查看PDF报告原文 事件：公司发布 2024 全年及 25Q1 业绩报告， 2024 年营收 59.68 亿元，同比 +109% ，归母净利润 3.93 亿元，同比 +2663% ，扣非归母净利润 3.91 亿元，同比 +64343% 。 25Q1 营收 17.50 亿元，同比 +109%/ 环比 -0.62% ，归母净利润 1.91 亿元，同比 +1265%/ 环比 +60% ，扣非归母净利润 1.89 亿 元，同比 +865%/ 环比 +119% 。我们点评如下： 24 年业绩高增长，盈利能力显著提升。 公司 2024 年营业收入达 59.68 亿元，同比 +109% ，其中智能 手机 / 智慧安防 / 汽车电子收入分别为 32.9/21.5/5.3 亿元，同比 +269%/+29%/+79% 。归母净利润 3.93 亿元，扣非归母净利润 3.91 亿元，分别同比 +2663%/+64343% ，毛利率 21.09% ，同比 +1.12pct ，净利 率 6.58% ，同比 +6.08pct ，盈利能力得到有效改善，主要因为公司前几年为手机及汽车新业务有较多 前置投入，随着收入规模大幅增 ...