电子 | 证券研究报告 — 调整盈利预测 2025 年 8 月 26 日 688213.SH 买入 原评级：买入 市场价格:人民币 103.25 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 绝对 40.2 4.1 14.7 109.6 相对上证综指 21.2 (4.0) (1.3) 73.5 发行股数 (百万) 401.84 流通股 (百万) 323.04 总市值 (人民币 百万) 41,490.14 3 个月日均交易额 (人民币 百万) 581.09 主要股东 徐辰 13.64% 资料来源：公司公告， Wind ，中银证券 (14%) 15% 45% 74% 103% 132% Aug-24 Sep-24 Oct-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 思特威-W 上证综指 以 2025 年 8 月 25 日收市价为标准 相关研究报告 《思特威-W》20250421 《思特威-W》20241202 《思特威-W》20241028 智能手机产品矩阵丰富化，汽车业务快速增长 思特威 ...

本报讯 （记者张文湘）8月22日晚间，思特威（上海）电子科技股份有限公司（以下简称"思特威"）披 露了2025年半年度报告。2025年上半年，公司实现营业收入37.86亿元，较上年同期增长54.11%；实现 归属于上市公司股东的净利润为3.97亿元，较上年同期增长164.93%。 今年上半年，思特威坚持"智慧安防+智能手机+汽车电子"三足鼎立发展方向的同时，加强多元业务布 局，在各个市场尤其是智能手机和汽车电子领域持续深耕，加强产品研发和市场推广，促进产品销售。 在智能手机领域，公司与多家客户的合作持续全面加深，产品满足更多的应用需求，应用于高阶旗舰手 机主摄、广角、长焦和前摄镜头的数颗新一代高阶5000万像素产品和应用于普通智能手机主摄的5000万 像素高性价比产品出货量大幅上升，带动公司智能手机领域营业收入显著增长。 在工业机器视觉应用领域，公司全新推出的工业面阵高性能全局快门图像传感器产品SC136HGS，能够 为自动导引车（AGV）、工业相机等多种工业机器视觉应用提供更精确、清晰、稳定的影像。 在汽车电子领域，公司与多家主流车厂继续深化合作，行业解决方案能力、影响力显著提升，覆盖车型 项目数量持续增加 ...

Group 1 - The company expects to achieve operating revenue of 3.411 billion to 3.809 billion yuan in the first half of 2025, representing a year-on-year growth of 22.27% to 36.51% [1] - The company's innovative single-chip high-pixel chip integration technology has gained further market recognition, covering brand customers comprehensively and continuously increasing the market share of high-pixel products [1] - The company has successfully introduced multiple specifications of 50 million pixel products to several brand customers, with sufficient orders on hand, and will continue to ramp up production in the second half of the year [1]

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 ...