维持“增持” 评级，维持目标价153.13元。公司为国内图像传感器龙头，上调公司24-26 年EPS 至2.63/3.58/4.55（原值为2.38/3.46/4.55元），考虑到公司高端图像传感器市场份额持续提升，给予公司2024年58 倍PE，维持目标价153.130 元。Introduction to this report:
The consumer market recovered steadily, and the company's revenue and profit reached record highs in a single quarter; it is deeply involved in CIS solutions, and its market share continues to increase.
Key points of investment:
Maintain the “Overweight” rating and maintain the target price of 153.13 yuan. The company is the leading image sensor in China. It raised the company's EPS to 2.63/3.58/4.55 in 24-26 (the original value was 2.38/3.46/4.55 yuan). Considering the continued increase in the company's high-end image sensor market share, the company was given 58 times PE in 2024, maintaining the target price of 153.130 yuan.
The consumer market recovered steadily, and the company's revenue and profit reached record highs in a single quarter. The company achieved operating income of 18.908 billion yuan in the first three quarters of 2024, +25.38% year-on-year; realized net profit of 2.375 billion yuan, or +544.74% year-on-year. According to single-quarter data, the company achieved operating income of 6.817 billion yuan in 2024Q3, +9.55% year-on-year, and +5.73% month-on-month; realized net profit of 1.008 billion yuan to mother, +368.33% year-on-year, and +24.60% month-on-month. In terms of profitability, the company continues to promote product structure optimization and supply chain structure optimization, and gross margin gradually recovered. The gross profit margin was 29.61% in the first three quarters of 2024, +8.33pct compared to the same period in 2023. In terms of R&D investment, the company attaches great importance to research and development of independent intellectual property technology and products, and continues to steadily increase R&D investment in various product fields. R&D expenses for the first three quarters of 2024 were 1.927 billion yuan, +23.38% over the same period last year.
We are deeply involved in CIS solutions, and our market share continues to increase. (1) Smartphone: Launched the 1.2um50 million-pixel high-end image sensor OV50H, which is widely used in mainstream domestic high-end smartphone rear camera sensor solutions, gradually replacing similar products from overseas competitors, and achieving a major breakthrough in market share in the high-end smartphone field. (2) Automotive electronics:
Automotive CIS solutions cover ADAS, cab interior monitoring, electronic rearview mirrors, dashboard cameras, rearview and panoramic images, etc., and the market share continues to increase. (3) Security:
Continuously strengthen the high-end product research and development network, and use Nyxel near-infrared technology to enable security products to achieve excellent near-infrared performance. (4) AR/VR: Leading global exposure technology, empowering terminal devices to achieve functions such as eye tracking, simultaneous positioning, and mapping (“SLAM”). The advantages of the company's CIS in terms of small size and low power consumption are highly suited to the needs of AR/VR terminal customers.
Catalysts: High-pixel CIS accelerates the introduction of high-end mobile phone models and automotive customers Risk warning: the company's product penetration rate falls short of expectations; the competitive landscape of the industry deteriorates.
