Smartsens Technology (Shanghai) (688213) 长城证券·2024-07-18 03:01Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [11]. Core Views - The company has experienced rapid growth in H1 2024, with a projected revenue increase of 123.73%-133.05% year-on-year, and a return to profitability with a net profit forecast of 135-155 million yuan [1][2]. - The smartphone high-end high-pixel products are seeing significant volume growth, contributing to the company's revenue expansion [2][4]. - The company is positioned as a leader in the global smart security CIS market, continuously enhancing its product offerings to meet the demands of intelligent security monitoring [2][4]. Financial Summary - Revenue is projected to grow from 2,857 million yuan in 2023 to 4,058 million yuan in 2024, reflecting a year-on-year growth rate of 42.0% [1][6]. - The net profit is expected to rise dramatically from 14 million yuan in 2023 to 304 million yuan in 2024, indicating a year-on-year growth rate of 2040.1% [1][6]. - The company's EPS is forecasted to increase from 0.04 yuan in 2023 to 0.76 yuan in 2024 [1][6]. Market Position and Product Development - The company has successfully launched several high-end products in the smart security sector, including the Pro Series and AI Series, which are designed to enhance performance and competitiveness [2][4]. - In the automotive electronics sector, the company has introduced over 10 products tailored for various applications, capitalizing on the growing trend of automotive intelligence and autonomous driving [2][4]. - The smartphone CIS market is expected to remain robust, with the company focusing on high-resolution products that cater to the increasing demands of high-end smartphone users [4][5].