2024H1 三大业务线营业收入同比均保持快速增长。思特威2024H1 智能手机业务营业收入约12.49 亿元，YoY+295%，占主营业收入比例约51%；汽车电子业务营业收入约2.32 亿元，YoY+115%，占主营业务收入比例约9%；智慧安防营业收入约9.76 亿元，YoY+50%，占主营业收入比例约40%。Starway 2024H1's revenue is about 2.457 billion yuan, YoY +129%, of which smartphone business revenue is about 1.249 billion yuan and YoY +295%. 2024H1's high-end 50 million pixel products already account for more than 50% of revenue in the smartphone business, becoming the main driving force for performance. At the same time, the company received the first commercial mass production order for CIS products used in ADAS systems. Maintain a buy rating.
Key points to support ratings
Starway's 2024Q2 revenue increased year-on-year, and net profit to mother reversed year-on-year losses. Starway 2024H1's revenue was about 2.457 billion yuan, YoY +129%; gross margin was about 21.1%, YoY+4.1PCTS; net profit to mother was about 0.15 billion yuan, reversing the loss year on year. Starway's 2024Q2 revenue was about 1.619 billion yuan, QoQ +93%, YoY +162%; gross margin was about 21.1%, QoQ-0.2pct, YoY+6.0pcts; net profit to mother was about 0.136 billion yuan, QoQ +868%, reversing the loss year on year.
The revenue of 2024H1's three business lines all maintained rapid year-on-year growth. Starway's 2024H1 smartphone business revenue is about 1.249 billion yuan, YoY +295%, accounting for about 51% of the main revenue; the automotive electronics business revenue is about 0.232 billion yuan, YoY +115%, accounting for about 9% of the main business revenue; smart security revenue is about 0.976 billion yuan, YoY +50%, accounting for about 40% of the main revenue.
High-end smartphone CIS became the main driving force for performance, and automotive-grade ADAS CIS received its first commercial order. 2024H1's low-end smartphone CIS products continue to maintain a rapid growth trend. The range of high-end 50 million pixel CIS products used in flagship mobile phone cameras, wide-angle, and telephoto cameras has been further enriched, production capacity has expanded smoothly, and shipments have all risen sharply. In 2024, H1's high-end 50 million pixel products accounted for more than 50% of revenue in the smartphone business, becoming the main driving force for performance. At the same time, the number of CIS car models covered by the company increased dramatically, and CIS products used in ADAS systems received the first commercial mass production order, and the brand influence increased significantly.
valuations
Steway's 2024/2025/2026 EPS is expected to be 1.15/2.02/3.01 yuan, respectively. As of the close of trading on August 27, 2024, the total market value of Starway was about 18.8 billion yuan, corresponding to 2024/2025/2026 PE, 40.8/23.3/15.6 times, respectively. Maintain a buy rating.
The main risks faced by ratings
Smartphone demand falls short of expectations. The progress of the CIS iteration for higher-end phones fell short of expectations. The automobile price war spread to the CIS. Security recovery has fallen short of expectations. The competitive landscape in the market deteriorated.
