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].
星宸科技（301536）：25Q1季度营收同比增长26.4%，布局端侧AI打造成长新引擎