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].