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研报掘金丨华源证券:维持晶方科技“买入”评级,车载CIS驱动业绩高增
Ge Long Hui A P P· 2025-08-25 08:05
格隆汇8月25日|华源证券研报指出,晶方科技25H1实现归母净利润1.65亿元,同比+49.78%;行业步 入复苏期,公司业绩延续增长态势。随着智能汽车的快速渗透,车载CIS市场正处于快速扩张期,根据 Yole数据,全球车载CIS市场规模将从2023年的23.0亿美元增长至2029年的约31.6亿美元,复合增长率达 5.4%。此外,公司已并购荷兰Anteryon,拥有一站式的光学器件设计、研发与制造能力,并积极推进 WLO在汽车智能投射领域的新产品开发与商业化应用;并购整合以色列VisIC,积极拓展车用高功率氮 化镓技术。公司有望通过外延并购进一步打开技术边界,强化在车规领域的产业协同。鉴于公司为 WLCSP先进封装领域龙头,受益于车载CIS等应用市场的快速扩张,并持续推进技术迭代创新,维 持"买入"评级。 ...
晶方科技(603005):车载CIS驱动业绩高增,产业协同能力持续强化
Hua Yuan Zheng Quan· 2025-08-25 00:23
证券分析师 葛星甫 SAC:S1350524120001 gexingfu@huayuanstock.com 联系人 熊宇翔 xiongyuxiang@huayuanstock.com 市场表现: 证券研究报告 电子 | 半导体 非金融|公司点评报告 hyzqdatemark 2025 年 08 月 25 日 晶方科技(603005.SH) 投资评级: 买入(维持) ——车载 CIS 驱动业绩高增,产业协同能力持续强化 投资要点: 风险提示:行业波动风险;技术更迭不及预期;汇率波动风险;地缘政治冲突加剧。 | 盈利预测与估值(人民币) | | | | | | | --- | --- | --- | --- | --- | --- | | | 2023 | 2024 | 2025E | 2026E | 2027E | | 营业收入(百万元) | 913 | 1,130 | 1,645 | 2,109 | 2,559 | | 同比增长率(%) | -17.43% | 23.72% | 45.62% | 28.17% | 21.34% | | 归母净利润(百万元) | 150 | 253 | 391 | 534 | ...
摩根士丹利:中国的新兴前沿-投资于不断变化的趋势
摩根· 2025-05-14 05:24
Investment Rating - The report provides an "In-Line" investment rating for the Chinese industrial sector, indicating a balanced outlook on investment opportunities within the industry [10]. Core Insights - The report emphasizes the importance of investing in emerging industries in China that possess structural competitive advantages, particularly in the context of challenges such as debt, deflation, demographic changes, and global multipolarity [3][8]. - It identifies significant opportunities in advanced supply chains and manufacturing, highlighting the potential for growth in sectors such as machinery, automotive, new energy, semiconductors, aerospace, artificial intelligence, software, pharmaceuticals, humanoid robotics, and eVTOL [4][30]. - The report outlines a framework consisting of six key elements that support industry upgrades, which include R&D investment, talent development, capital influx, government policy support, market demand, and supply chain robustness [31][34]. Summary by Sections Industry Investment Rating - The report rates the Chinese industrial sector as "In-Line," suggesting a cautious but optimistic view on investment prospects [10]. Key Industry Opportunities - The report identifies 28 stocks that are well-positioned to benefit from the ongoing industrial upgrades and emerging trends in China, focusing on companies that are either upstream in the supply chain or are key enablers in sectors like automation and AI [4][42]. Six Key Elements Framework 1. **R&D Investment**: China’s R&D expenditure is primarily concentrated in manufacturing, with a notable increase in investment in technology and emerging industries [15][31]. 2. **Talent Pool**: China produces the largest number of engineering graduates globally, with a focus on strategic emerging fields such as AI and data science [31][32]. 3. **Capital Influx**: Significant capital has flowed into advanced manufacturing sectors, particularly semiconductors and machinery, with a total of approximately RMB 20 trillion from 2021 to 2024 [32][33]. 4. **Government Support**: The Chinese government has implemented various strategic initiatives to support key industries, including AI, semiconductors, and aerospace, enhancing the investment landscape [33][34]. 5. **Market Demand**: The report highlights a positive feedback loop between rising demand and innovation, particularly in consumer electronics, automotive, and electrical machinery [34]. 6. **Supply Chain Development**: The report discusses the importance of moving up the value chain, particularly in sectors with low localization rates and strong downstream demand [34][35]. Emerging Industry Focus - The report underscores the potential of artificial intelligence to drive significant economic value in China, projecting that AI could contribute RMB 11 trillion to the labor value by 2035, representing 5.5% of nominal GDP [37][38]. - It also notes the expected growth in sectors such as autonomous vehicles and industrial AI applications, which are anticipated to enhance productivity and operational efficiency across various industries [39].
思特威(688213):25Q1业绩同比高增,手机、车载CIS持续放量
Great Wall Securities· 2025-05-08 10:54
Investment Rating - The report maintains a "Buy" rating for the company, expecting the stock price to outperform the industry index by over 15% in the next six months [4][19]. Core Insights - The company achieved significant revenue growth in 2024, with total revenue reaching 5.968 billion yuan, a year-on-year increase of 108.87%. The net profit attributable to shareholders was 393 million yuan, up 2662.76% year-on-year [1][2]. - The company is a leader in the smart security CIS market, holding a 48.2% market share in 2023. It has launched several high-end product series to meet the demands of the smart security industry [3]. - The smartphone and automotive electronics sectors are experiencing rapid growth, with the company deepening collaborations with clients and increasing the shipment of high-resolution products [3][10]. Financial Performance Summary - **Revenue and Profitability**: - 2024 revenue is projected at 5.968 billion yuan, with a growth rate of 108.9%. The net profit is expected to reach 393 million yuan, reflecting a growth rate of 2662.8% [1][2]. - For Q1 2025, revenue is 1.75 billion yuan, a year-on-year increase of 108.94%, and net profit is 191 million yuan, up 1264.97% year-on-year [1]. - **Margins**: - The overall gross margin for 2024 is 21.09%, an increase of 1.13 percentage points year-on-year. The net profit margin is 6.58%, up 6.08 percentage points [2]. - **Earnings Per Share (EPS)**: - EPS is projected to be 0.98 yuan in 2024, increasing to 2.05 yuan in 2025 and 4.05 yuan by 2027 [1][10]. Market Position and Growth Drivers - The company is positioned as a top player in the smart security CIS market and is expanding its presence in the smartphone and automotive electronics sectors. The demand for high-resolution products is expected to drive future growth [3][9]. - The smartphone CIS market is projected to grow significantly, with the company benefiting from the trend towards high-end smartphones and AI integration [9][10]. Future Projections - The company anticipates continued growth in net profit, with projections of 822 million yuan in 2025, 1.209 billion yuan in 2026, and 1.626 billion yuan in 2027 [1][10]. - The expected P/E ratios for the coming years are 48.4 in 2025, 32.9 in 2026, and 24.5 in 2027, indicating a favorable valuation trend as earnings grow [1][10].
智驾平权进行时,车载CIS高端市场加速放量
2025-05-06 02:27
智驾平权进行时,车载 CIS 高端市场加速放量 20250505 全球范围内关于自动驾驶政策法规有哪些进展? 德国于 2021 年成为全球首个批准 L3 级别自动驾驶上路的国家,但其规定较为 严格,包括限速 60 公里以及仅限特定高速公路场景。中国则采取试点探索加 法律规范路径推进,目前上海、北京和深圳等城市积极开展 L3 级别自动驾驶测 试。例如,上海部分高速公路段及城市快速路允许最高时速不超过 80 公里情 况下全程脱手,并使用比亚迪天神之眼系统。总体来看,中国保持谨慎追赶节 奏,不断推进相关政策法规发展。 摘要 • L2/L3 自动驾驶渗透率预计 2026 年达 30%-40%,大幅提升电子传感器、 激光雷达和超声波雷达需求,推动车载 CIS 市场增长。 • 比亚迪等主机厂力推城市 NOA,对车辆定位、雷达、摄像头传感器数据分 析及高精度地图结合提出更高要求,车载摄像头 CS 需求快速增加,如比 亚迪"雷神之眼"搭载量已达 12-13 个。 • 中国 L3 级别以上自动驾驶采取试点探索加法律规范路径推进,上海、北京 和深圳等城市积极开展 L3 级别路测,部分高速公路段允许在特定条件下全 程脱手。 • 车 ...
甬矽电子分析师会议-2025-03-13
Dong Jian Yan Bao· 2025-03-12 23:30
Investment Rating - The report does not explicitly state an investment rating for the semiconductor industry or the specific company being analyzed [1]. Core Insights - The company, Yongxi Electronics, is experiencing significant revenue growth in 2024 and expects to maintain this growth into Q1 2025, driven by its position as a primary supplier for numerous SoC clients and expansion into new markets including Taiwan, Europe, and the automotive electronics sector [17]. - The company has competitive advantages in cost, delivery, service, and stability, particularly with Taiwanese clients, and anticipates continued growth in orders from this region [17]. - The automotive sector is a focus, with stable mass production of vehicle-mounted CIS products and ongoing validation of computing products with domestic clients [17]. - The revenue target for 2025 is set at approximately 4.4 billion, with expectations for improved gross margins as scale effects materialize [17]. - The company is optimistic about its SoC business growth, attributing it to favorable industry trends and successful client expansion [17]. Summary by Sections 1. Research Overview - The research was conducted on Yongxi Electronics, a company in the semiconductor industry, on March 1, 2025, with participation from various fund management companies [13][14]. 2. Client Orders and Competitive Position - The company has established a strong competitive position with Taiwanese clients, expecting continued growth in 2025 [17]. 3. Product Development and Market Expansion - The company is actively collaborating with leading clients in the automotive sector and has a positive outlook on the growth of its laser radar and PA businesses [17][18]. 4. Financial Projections - The company projects a revenue target of approximately 4.4 billion for 2025, with expectations for stable capital expenditures and improved gross margins [17].