未知机构：星宸科技回购完成车载机器人预计放量持续推荐申万通信-20260227

Company and Industry Summary Company: 星宸科技 (Xingchen Technology) Key Points - Share Buyback Completion: The company announced the completion of its share buyback plan on the evening of the 24th, repurchasing approximately 1.75 million shares, which accounts for about 0.4% of the total share capital. The total transaction amount was approximately 119 million yuan, close to the upper limit of the buyback plan of 120 million yuan. The repurchased shares are intended for future employee stock ownership plans and/or equity incentives [1] - Benefit from Storage Price Increase: The company is benefiting from rising storage prices, creating a differentiated barrier through its "chip + built-in storage" integrated solution. Xingchen's annual KGD procurement volume exceeds 100 million units, allowing it to secure production capacity and optimal pricing through economies of scale. In the context of industry shortages, customers are turning to the company's built-in storage products due to shortages and price surges in external storage, leading to incremental orders and enhanced bargaining power. This transformation of supply chain capabilities into growth momentum and competitive barriers is a key focus [1] Industry Insights - Automotive Sector: The company’s SAC8712 and other chips are suitable for automotive visual perception and L1-L2 assisted driving, with mass production already occurring in several well-known domestic and international car manufacturers or expected in the first half of 2026. The automotive-grade laser radar SPAD chip is applicable for L3 and above scenarios, with the first batch set for mass production in the first half of 2026. The SAC8905, designed for L2 level assisted driving, integrates a 32 Tops NPU and is scheduled for production in 2027 [2] - Robotics Sector: The third-generation robot chip SSU9366 is compatible with outdoor and companion robots, and the company will soon launch SoC chips aimed at embodied intelligent robots, featuring self-developed NPU covering 16T-128T. The company is positioned as a core SoC manufacturer, supported by its security business, with a focus on the rapid growth expectations for smart IoT robots and the automotive second curve [2]