证 券 研 究 报 告 思特威-W（688213）2025 年报点评 强推（维持） 三大业务协同发力业绩高增，"3+AI"战略构 筑新蓝图 事项： ❖ 思特威发布 2025 年报，公司 25 年实现营收 90.31 亿元（YoY+51.32%），实现 归母净利润 10.01 亿元（YoY+154.94%）。单季度来看，公司 25Q4 实现营收 27.14 亿元（ YoY+54.16%， QoQ+7.24% ）， 实 现 归 母 净 利 润 3.02 亿 元 （YoY+152.54%，QoQ-0.27%）。 评论： [主要财务指标 ReportFinancialIndex] | | 2025A | 2026E | 2027E | 2028E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 9,031 | 12,389 | 15,874 | 19,805 | | 同比增速(%) | 51.3% | 37.2% | 28.1% | 24.8% | | 归母净利润(百万) | 1,001 | 1,528 | 2,051 | 2,694 | | 同比增速(%) | 154 ...

Core Viewpoint - The company, Sitwei, is one of the few domestic manufacturers capable of providing automotive-grade CIS solutions, with a diverse product range covering resolutions from 1MP to 8MP [2] Group 1: Product Offerings - The automotive (AT) series includes a rich specification of products ranging from 1MP to 8MP [2] - The company is continuously enhancing product performance and expanding its product matrix in response to the ongoing development of automotive intelligence and autonomous driving technologies [2] Group 2: Industry Collaboration - The company has deepened collaborations with several major automotive manufacturers, significantly increasing its industry solution capabilities and influence [2] - The number of covered vehicle projects is continuously increasing, with mass production already achieved with major manufacturers such as BYD, Geely, Chery, SAIC, GAC, Leap Motor, Great Wall, Dongfeng Nissan, Jiangling, and South Korean SsangYong [2] Group 3: Market Position - The company aims to further enhance its market share in the automotive electronics CIS sector [2]