Group 1: Business Performance - In Q1 2025, all business lines achieved over 20% year-on-year growth, with significant contributions from smart IoT and automotive sectors [2] - For the full year 2024, the company reported a net profit of approximately CNY 256 million, a year-on-year increase of about 25.18% [3] - Q1 2025 net profit was approximately CNY 51.18 million, reflecting a year-on-year growth of about 0.48% [3] Group 2: Product Development and Market Strategy - The company has launched the SSC309QL SoC chip for AI glasses, with expected shipments in the second half of 2025 [3] - In the humanoid robot sector, the company achieved over threefold growth in both shipment volume and revenue in 2024 compared to 2023 [4] - The company is focusing on advanced IP technologies, including high-performance chips for various applications such as smart robots and smart glasses [5] Group 3: Research and Development Investment - In 2024, R&D investment was approximately CNY 602 million, a year-on-year increase of about 21.95%, with an R&D investment rate of approximately 25.59% [6] - Q1 2025 R&D investment was about CNY 168 million, reflecting a year-on-year increase of approximately 19.8% [6] Group 4: Market Position and Future Outlook - The company has established a global sales strategy, with over half of sales coming from overseas markets [7] - The company aims to become a leading SoC chip supplier in the smart robot industry within the next two to three years [5] - The future development of AI SoC chips is expected to focus on higher efficiency, lower power consumption, and smaller sizes to meet growing smart device demands [11]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the stock price relative to the industry index over the next six months [5][23]. Core Insights - The company reported a revenue growth of 26.4% year-on-year in Q1 2025, driven by strong performance in its smart security and smart IoT businesses [2][3]. - The smart security business generated revenue of 1.588 billion yuan in 2024, up 10.1% year-on-year, while the smart IoT business saw a significant increase of 38.6%, contributing to 20.2% of total revenue [3]. - The company has a strong technological foundation in AI and low-power applications, with over 100 million self-developed AI chips shipped, enhancing its product offerings [4][5]. Financial Summary - For 2023, the company expects total revenue of 2.020 billion yuan, with a projected growth rate of -14.7%. By 2024, revenue is expected to rise to 2.354 billion yuan, reflecting a growth rate of 16.5% [1][16]. - The net profit attributable to shareholders is forecasted to be 205 million yuan in 2023, with a significant increase to 256 million yuan in 2024, representing a year-on-year growth of 25.2% [1][11]. - The company's gross margin for 2024 is projected at 35.79%, slightly down from the previous year, while the net profit margin is expected to improve to 10.89% [2][11]. Business Segments - The smart security segment remains the largest, accounting for 67.5% of total revenue in 2024, benefiting from the company's expertise in ISP and AI technologies [3]. - The smart IoT segment is emerging as a new growth driver, with its revenue expected to continue rising due to the increasing share of new products like smart robots and industrial HMI [3][4]. Market Position - The company is positioned as a leading player in the domestic video security SoC chip market, leveraging its advanced low-power technology and ISP capabilities to expand into edge AI applications [5][6].

Investment Rating - The investment rating for Xingchen Technology (301536) is "Buy" and is maintained [2][9] Core Views - The company reported a revenue of 2.354 billion yuan in 2024, representing a year-on-year increase of 16.49%, and a net profit attributable to shareholders of 256 million yuan, up 25.18% year-on-year [6][7] - In Q1 2025, the company achieved a revenue of 665 million yuan, a year-on-year increase of 26.36% and a quarter-on-quarter increase of 23.04%, with a net profit of 51 million yuan, which is a slight increase of 0.48% year-on-year but a decrease of 14.73% quarter-on-quarter [6][7] - The company is focusing on the "Vision + AI" and "Perception + Computing" core concepts, with applications in various intelligent perception terminal devices, including smart security, smart IoT, and smart automotive [7] Summary by Sections Company Overview - Latest closing price: 54.03 yuan - Total shares/ circulating shares: 4.21 billion / 1.87 billion - Total market value / circulating market value: 22.7 billion / 10.1 billion - 52-week high / low price: 91.18 / 28.06 - Debt-to-asset ratio: 31.0% - Price-to-earnings ratio: 87.15 [4] Financial Performance - Revenue forecast for 2025, 2026, and 2027 is expected to be 2.901 billion, 3.712 billion, and 4.605 billion yuan respectively, with net profits of 300 million, 405 million, and 543 million yuan respectively [9][11] - The company plans to maintain a high R&D investment rate, with approximately 6.02 billion yuan in R&D expenditure for 2024, representing about 25.59% of revenue [8] Market Position and Strategy - The company has seen a recovery in downstream application demand, with significant growth in consumer demand in 2024 [7] - The company has established a dedicated 3D perception business line after acquiring 3D ToF-related assets, launching iToF series products for multimedia and robotics markets [8] - The company aims to develop a comprehensive solution combining 3D perception and AI computing to support various applications [8]

Group 1: Strategic Business Layout - The company achieved over threefold growth in shipments and revenue in the smart robot segment in 2024 compared to 2023, with Q1 2025 continuing to exceed expectations [2][3] - The strategic goal is to become a leading SoC chip supplier in the smart robot industry by enhancing market share and entering high-end markets [3] - New products launched in the past two years have received positive market feedback, with strong growth observed in 2024 and Q1 2025 [3][4] Group 2: Financial Performance - In 2024, the company reported revenue of approximately 2.354 billion yuan, a year-on-year increase of about 16.49%, and a net profit of approximately 256 million yuan, up 25.18% [8] - For Q1 2025, revenue reached approximately 665 million yuan, reflecting a year-on-year growth of about 26.36% [9] - The smart security business line contributed approximately 1.588 billion yuan, accounting for about 68.81% of total revenue in 2024 [8] Group 3: Research and Development - The company increased R&D investment to approximately 602 million yuan in 2024, a year-on-year increase of about 21.95%, with an R&D investment rate of approximately 25.59% [11] - In Q1 2025, R&D investment was about 168 million yuan, up 19.8% year-on-year, maintaining a high investment rate [11] - The focus on R&D aims to break through industry homogenization and build a sustainable competitive advantage [11] Group 4: Market Strategy - The company adopted a proactive pricing strategy to enhance product sales and market share, aiming to build customer loyalty and trust [12] - The long-term outlook suggests a more stable market structure, with expectations for increased market share and improved profitability [12] Group 5: Impact of U.S. Tariff Policies - The impact of U.S. tariffs on the company is limited, as products are not directly exported to the U.S. and the indirect export ratio is low [13][14] - The company’s end customers have global supply chain layouts, which can mitigate tariff impacts through capacity adjustments and cost sharing [14] - Continuous market expansion and R&D investment are planned to enhance product value and strengthen risk resilience [14]

星宸科技股份有限公司（以下简称"公司"）于2025年4月18日召开第二届 董事会第七次会议审议通过了《关于公司及子公司2025年度银行综合授信敞口 额度的议案》，本议案尚需提交公司2024年年度股东大会审议。现将有关事宜公 告如下： 星宸科技股份有限公司 关于公司及子公司2025年度银行综合授信敞口额度 的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 一、向银行申请综合授信敞口额度概述 为进一步拓展业务，根据公司及子公司2025年度经营发展资金的需求，公 司及其子公司拟向银行等金融机构申请总敞口额度不超过35亿元人民币及5,000 万美元的综合授信（最终以各银行实际审批的敞口额度为准，各银行实际授信 敞口额度可在总额度范围内相互调剂）。 证券代码：301536 证券简称：星宸科技 公告编号：2025-008 公司及子公司向银行申请综合授信敞口额度符合公司及子公司经营发展需 要，有利于提高融资效率，符合公司及子公司整体利益，有利于推动公司整体 持续稳健发展，不会损害公司和股东利益。公司董事长兼总经理为台湾分公司 向银行申请综合授信敞口额度提供不超过5亿新 ...

证券代码：301536 证券简称：星宸科技 公告编号：2025-010 星宸科技股份有限公司 关于使用部分闲置募集资金进行现金管理的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 星宸科技股份有限公司（以下简称"公司"）于2025年4月18日召开第二届 董事会第七次会议、第二届监事会第六次会议分别审议通过《关于使用部分闲 置募集资金进行现金管理的议案》，同意公司（含子公司，下同）使用不超过 人民币1.55亿元的暂时闲置募集资金进行现金管理。公司保荐机构中国国际金 融股份有限公司对本事项出具了核查意见。现将有关事宜公告如下： 一、募集资金基本情况 经中国证券监督管理委员会《关于同意星宸科技股份有限公司首次公开发 行股票注册的批复》（证监许可［2023］1989号）同意注册，公司首次公开发行 人民币普通股（A 股）4,211.2630 万股，每股发行价格为 16.16 元，募集资金总 额为人民币 68,054.01万元，扣除发行费用人民币 5,263.77万元（不含增值税）， 实际募集资金净额为人民币 62,790.24 万元。安永华明会计师事务所（特殊普通 ...

关于公司2025年度为全资子公司提供担保额度的公 告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 星宸科技股份有限公司（以下简称"公司"）于2025年4月18日召开第二届 董事会第七次会议、第二届监事会第六次会议分别审议通过了《关于公司2025 年度为全资子公司提供担保额度的议案》。现将有关事宜公告如下： 证券代码：301536 证券简称：星宸科技 公告编号：2025-012 星宸科技股份有限公司 一、担保情况概述 为公司中长期发展规划，且保证公司及全资子公司的生产经营，公司拟为 全资子公司委托供应商制造晶圆产品、提供封测服务或购买许可使用权等交易 所产生债务提供无条件的、不可撤销的连带责任担保，公司预计为全资子公司 提供担保额度合计不超过4,000万美元，前述额度自董事会审议通过之日起12个 月内有效。本次预计的担保额度包括新增担保、原有担保的展期或续保、及已 审批的仍在有效期内的担保。具体担保预计情况如下： 注：汇率取2024年12月31日银行间外汇市场人民币汇率中间价7.1884。 董事会授权公司经营管理层及其授权代表在上述担保额度范围内负责组织 实 ...

星宸科技股份有限公司 2024 年度监事会工作报告 2024 年度，星宸科技股份有限公司（以下简称"公司"）监事会严格按照《中 华人民共和国公司法》（以下简称"《公司法》"）等法律、法规、规范性及《公司 章程》《监事会议事规则》等规定,本着对全体股东认真负责的原则，认真履行了 监督职责，积极开展相关工作，切实维护公司利益和全体股东合法权益。报告期 内，公司监事列席了董事会会议和出席股东大会，对任期内公司的生产经营活动、 财务状况、关联交易以及内部管理制度等进行了核查和监督，确保公司的规范运 作。现将 2024 年度监事会工作情况报告如下： 一、2024 年度监事会工作情况 （一）监事会会议召开情况 2024 年度，公司全体监事勤勉尽职，严格按照《公司法》《公司章程》《监事 会议事规则》等规定开展工作。公司设监事会，监事会由 3 名监事组成，其中职 工代表监事 1 名，监事会的人数及人员结构符合法律法规的要求。2024 年度， 公司监事会共召开 6 次会议，召开情况如下： | 届次 | | 召开时间 | | 审议事项 | | --- | --- | --- | --- | --- | | | | | | 审议并 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示： 1、交易目的、交易品种、交易工具、交易场所、交易金额：在不影响公司 及子公司正常经营、有效控制风险的前提下，公司及子公司2025年度拟与银行 等金融机构开展金额不超过3亿美元（或其他等值货币）的期货及衍生品交易业 务，自公司股东大会审议通过之日起至2025年年度股东大会有效，上述额度在 期限内可循环滚动使用。 2、履行的审议程序：公司第二届董事会第七次会议审议通过了《关于公司 及子公司2025年度开展期货及衍生品交易业务的议案》，该议案尚需提交公司 2024年年度股东大会审议。 3、特别风险提示：公司开展期货和外汇衍生品交易业务遵循合法、谨慎、 安全和有效的原则，不以套利、投机为目的，但该交易仍可能存在市场风险、 内部控制风险、履约风险等风险。敬请广大投资者注意投资风险。 证券代码：301536 证券简称：星宸科技 公告编号：2025-011 星宸科技股份有限公司 关于公司及子公司2025年度开展期货及衍生品交易 业务的公告 一、开展期货及衍生品交易情况概述 （一）开展期货及衍生品交易的目的 公司 ...

本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有 虚假记载、误导性陈述或重大遗漏。 根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用的监管要 求》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规范运 作》及相关格式指南，星宸科技股份有限公司（以下简称"公司"）就公司 2024 年度募集资金存放与使用情况作如下专项报告： 一、募集资金基本情况 （一）实际募集资金金额和资金到账时间 经中国证券监督管理委员会《关于同意星宸科技股份有限公司首次公开发行 股票注册的批复》（证监许可［2023］1989 号）同意注册，公司首次公开发行人 民币普通股（A 股）4,211.2630 万股，每股发行价格为 16.16 元，募集资金总额 为人民币 68,054.01 万元，扣除发行费用人民币 5,263.77 万元（不含增值税）， 实际募集资金净额为人民币 62,790.24 万元。安永华明会计师事务所（特殊普通 合伙）已于 2024 年 3 月 22 日对募集资金到位情况进行了审验，并出具安永华明 （2024）验字第 70043897_M01 号《验资报告》。 证券代码：30153 ...