证券研究报告 | 公司动态点评 2025 年 05 月 08 日 思特威（688213.SH） 25Q1 业绩同比高增，手机&车载 CIS 持续放量 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 2,857 | 5,968 | 7,731 | 9,921 | 11,859 | | 增长率 yoy（%） | 15.1 | 108.9 | 29.5 | 28.3 | 19.5 | | 归母净利润（百万元） | 14 | 393 | 822 | 1,209 | 1,626 | | 增长率 yoy（%） | 117.2 | 2662.8 | 109.4 | 47.1 | 34.4 | | ROE（%） | 0.4 | 9.4 | 16.6 | 19.7 | 21.1 | | EPS 最新摊薄（元） | 0.04 | 0.98 | 2.05 | 3.01 | 4.05 | | P/E（倍） | 2798.5 | 101.3 | 48.4 | 32.9 | 24.5 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a market price of RMB 95.60 and a sector rating of "Outperform" [2][4]. Core Insights - The company has shown rapid revenue growth, with Q1 2025 revenue reaching RMB 1.75 billion, a year-over-year increase of 109%. The gross margin improved to 22.8%, up 1.5 percentage points year-over-year. The automotive business is expected to deepen its layout, contributing to future growth [4][9]. - The company is positioned to benefit from new product launches, particularly the LOFIC+200MP, which is anticipated to drive incremental revenue in 2025. The smartphone, automotive, and security sectors are all experiencing robust growth [4][9]. - The company’s earnings per share (EPS) estimates for 2025, 2026, and 2027 are projected at RMB 2.14, RMB 3.32, and RMB 4.16 respectively, with corresponding price-to-earnings (PE) ratios of 44.7, 28.8, and 23.0 [6][9]. Summary by Sections Revenue and Growth - The company’s main revenue for 2024 is projected at RMB 5.968 billion, reflecting a growth rate of 108.9%. By 2025, revenue is expected to reach RMB 8.556 billion, with a growth rate of 43.4% [8][9]. - The smartphone business is expected to generate RMB 3.291 billion in revenue in 2024, a year-over-year increase of 269%, accounting for 55.2% of total revenue [9]. Profitability - The company’s net profit for 2024 is projected at RMB 393 million, a significant increase of 2,662.8% year-over-year. For 2025, the net profit is expected to reach RMB 859 million [8][9]. - The EBITDA for 2025 is estimated at RMB 1.192 billion, with a growth rate of 70.6% [8][9]. Market Position - The company ranks fifth globally in the smartphone CIS market with an 11.2% market share in 2024. In the automotive CIS market, it is ranked fourth globally and second domestically [9]. - The security business is expected to generate RMB 2.150 billion in revenue in 2024, with a year-over-year growth of 29%, maintaining its leading position in the global market [9].