Steway (688213)
Steway: security monitoring CIS leader, with rapid growth of revenue and profit. Sitway is a high-tech enterprise engaged in the R & D, design and sales of CMOS image sensor chip products. The company has CMOS products covering high, medium and low-end pixel levels. At present, it has been widely used in the fields of security and machine vision, and is gradually developing in the fields of automotive electronics and mobile phones. The company is a leading manufacturer of security monitoring CIS. In 2020, the shipment of security monitoring CIS chips was 146 million, ranking first in the world. From 2018 to 2021, the company achieved rapid growth in revenue and profit, with revenue of 325 million yuan, 679 million yuan, 1527 million yuan and 2689 million yuan respectively, with an average annual compound growth rate of 102.26%; In 2021, the net profit attributable to the parent company was 398 million yuan, a year-on-year increase of 228.93%.
Emerging application fields bloom at multiple points, and the demand for CMOS continues to burst. CMOS technology promotes the old and brings forth the new, emerging application fields blossom at multiple points, and the market scale continues to expand. 1) The end market demand including government procurement and technology upgrading drive the growth of the security CIS industry: according to Frost & Sullivan data, it is estimated that the global security CIS shipment will reach 800 million in 2025, with a CAGR of 24.7%, and the sales will increase to US $2.01 billion, with a CAGR of 16.8%. 2) CIS in the field of machine vision is developing rapidly: there is a strong demand for downstream products such as UAV, sweeping Siasun Robot&Automation Co.Ltd(300024) and so on. According to Frost & Sullivan data, it is expected that the shipment volume of global shutter CMOS in the global emerging field will reach 392 million in 2025, the market share will rise to 3.37% and CAGR will reach 45.55%. 3) The wave of vehicle intelligence is unstoppable, and the on-board CIS is ready to go: with the development of vehicle electrification and automatic driving technology, more cameras will be introduced to obtain video image information. According to Frost & Sullivan data, it is expected that the shipment and sales of on-board CIS will reach 950 million and US $5.33 billion in 2025, with CAGR of 18.89% and 21.42%. In addition, smart phones are still the largest application field in the CIS industry and are expected to grow driven by multi camera and 5g technology.
Deeply cultivate the basic sector of security, and the accumulation of technology helps the rapid layout in many fields. Based on independent research and development, the company is deeply engaged in cis industry, and has twelve core patented technologies such as sfcpixel patented technology, which helps the company grow rapidly. The company has been deeply engaged in the field of security for many years, has strong technical accumulation, ranks first in the world in terms of market share, and enjoys the growth dividend of the industry. The company focuses on high-end products in the field of machine vision, with rapid revenue growth. At the same time, it accelerates the layout of automotive CIS field and smart phone field, which is expected to bring new growth points to the business.
Analysis of raised investment projects: this raised investment project will mainly invest in R & D center equipment and system construction projects, CMOS image sensor chip upgrading and industrialization projects and supplement working capital.
Investment suggestion: it is estimated that the company’s revenue in 22-24 years will be 4.27 billion yuan, 6.37 billion yuan and 8.9 billion yuan respectively, the net profit attributable to the parent company will be 559 million yuan, 838 million yuan and 1.195 billion yuan respectively, and the PE corresponding to the issuance price will be 23 / 15 / 11 times respectively. Considering the company’s product competitiveness in the field of security monitoring and machine vision, and the company’s continuous horizontal layout to vehicle CIS, smart phones and other fields, it is expected to maintain high-speed growth. Considering that the company has not yet been listed, it will not be rated for the first time.
Risk tip: technical iteration risk; Risk of fluctuation of upstream raw materials and wafer manufacturing and packaging test supply; Risks of intensified industry competition; New product research and development and new market development are less than expected risks.
