Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative increase in stock price of over 20% compared to the benchmark index within the next six months [9][14]. Core Views - The company is projected to achieve revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit attributable to shareholders of 187 million yuan, up 287.20% year-on-year [3][12]. - The global smartphone market is expected to rebound in 2024, with an estimated shipment of 1.18 billion units, a growth of approximately 6.8% year-on-year, benefiting the company's mobile CIS product segment [3][4]. - The company is enhancing its product structure with a higher proportion of high-pixel CIS products, which is expected to contribute significantly to revenue growth [3][5]. Company Overview - The latest closing price of the company's stock is 15.20 yuan, with a total market capitalization of 39.5 billion yuan [2]. - The company has a total share capital of 2.601 billion shares, with 1.449 billion shares in circulation [2]. - The asset-liability ratio stands at 65.3%, indicating a moderate level of financial leverage [2]. Financial Projections - Revenue projections for the company are as follows: 8.019 billion yuan in 2025, 10.08 billion yuan in 2026, and 13.009 billion yuan in 2027, with respective growth rates of 25.62%, 25.70%, and 29.06% [12][13]. - The net profit attributable to shareholders is expected to reach 303 million yuan in 2025, 703 million yuan in 2026, and 1.303 billion yuan in 2027, with significant growth rates of 62.22%, 132.07%, and 85.30% respectively [12][13]. Business Segments - The company's mobile CIS business is projected to generate revenue of 3.598 billion yuan in 2024, accounting for 56.39% of total revenue, with a year-on-year growth of 60.44% [3][4]. - The non-mobile CIS segment is also expected to grow, with projected revenue of 1.426 billion yuan in 2024, a year-on-year increase of 17.82% [5]. - The display driver chip business is anticipated to achieve revenue of 1.356 billion yuan in 2024, reflecting a growth of 9.47% [8].

| 序号 | 工作内容 | 持续督导情况 | | --- | --- | --- | | 1 | 建立健全并有效执行持续督导工作制度，并针对具体 | 保荐机构已建立并有效执行了持续 | | | 的持续督导工作制定相应的工作计划 | 督导制度，并制定了相应的工作计 划 | | | 根据中国证监会相关规定，在持续督导工作开始前， | 保荐机构已与格科微签订《保荐协 | | 2 | 与上市公司或相关当事人签署持续督导协议，明确双 | 议》，该协议明确了双方在持续督导 | | | 方在持续督导期间的权利义务，并报上海证券交易所 | 期间的权利和义务，并报上海证券 | | | 备案 | 交易所备案 | | 3 | 通过日常沟通、定期回访、现场走访、尽职调查等方 | 保荐机构通过日常沟通、定期或不 | | | | 定期回访等方式，了解格科微业务 | | | 式开展持续督导工作 | 情况，对格科微开展持续督导工作 | | | 持续督导期间，按照有关规定对上市公司违法违规事 | 年度格科微在持续督导期间未 2024 | | 4 | 项公开发表声明的，应于披露前向上海证券交易所报 | 发生按有关规定需保荐机构公开发 | | | ...

中国国际金融股份有限公司 关于格科微有限公司 首次公开发行股票并在科创板上市的保荐总结报告书 根据中国证券监督管理委员会（以下简称"中国证监会"）于2021年6月16日签发的 证监许可[2021]2049号文《关于同意格科微有限公司首次公开发行股票注册的批复》， 格科微有限公司（以下简称"格科微"或"公司"）在境内首次公开发行249,888,718股 人民币普通股A股股票，每股发行价格为人民币14.38元，募集资金总额为人民币 3,593,399,764.84元。 中国国际金融股份有限公司（以下简称"中金公司"或"保荐机构"）作为公司首次公 开发行股票并在科创板上市的保荐机构，根据《上海证券交易所科创板股票上市规则》 的相关规定，中金公司的持续督导期间为2021年8月18日至2024年12月31日。截至2024年 12月31日，前述持续督导期限已届满，公司首次公开发行的结余募集资金6,511,077.93元 已全部用于永久补充流动资金，募集资金专户已销户。 中金公司根据《证券发行上市保荐业务管理办法》《上海证券交易所上市公司自律 监管指引第11号——持续督导》《上海证券交易所科创板股票上市规则》等有关法律法 ...

中国国际金融股份有限公司 关于格科微有限公司 2024 年度持续督导工作现场检查报告 上海证券交易所： 根据《上海证券交易所科创板股票上市规则》等有关法律、法规的规定，中国国际 金融股份有限公司（以下简称"保荐机构"、"中金公司"）作为正在履行格科微有限公司 （以下简称"格科微"、"公司"）持续督导工作的保荐机构，对公司 2024 年度的规范运作 情况进行了现场检查，现就现场检查的有关情况报告如下： 一、本次现场检查的基本情况 （五）现场检查内容：公司治理及内部控制、信息披露、独立性、与关联方的资金 往来、募集资金使用情况、关联交易、对外担保、重大对外投资及公司经营状况等。 （六）现场检查手段： 1、对公司高级管理人员等有关人员进行访谈； （一）保荐机构：中国国际金融股份有限公司 （二）保荐代表人：孙远、姚迅 （三）现场检查时间：2025 年 4 月 15 日 2、查阅公司公告、公司治理文件、公司定期报告及重大资金往来凭证等底稿文件； （四）现场检查人员：孙远、南堰 3、查阅公司募集资金使用凭证、募集资金专户银行对账单等资料； 4、查阅公司上市以来建立或更新的有关内控制度文件； 5、核查公司上市以来发生的关联 ...

证券代码：688728 证券简称：格科微 公告编号：2025-017 格科微有限公司 关于召开 2024 年度暨 2025 年第一季度业绩说明会的 公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 重要内容提示： 会议召开时间：2025 年 5 月 13 日(星期二)上午 09:00-10:00 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （二） 会议召开地点：上海证券交易所上证路演中心（网址： https://roadshow.sseinfo.com/） （三） 会议召开方式：上证路演中心网络互动 三、 参加人员 董事长：赵立新 会议召开方式：上证路演中心网络互动 投资者可于 2025 年 5 月 6 日(星期二) 至 5 月 12 日(星期 一)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 yjsmh@gcoreinc.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 格科微有限公司（以下简称"公 ...

Core Insights - A well-known private equity firm, Ying Shui Investment, recently conducted research on a listed company, GeKowei, revealing significant growth in revenue and net profit for 2024 and Q1 2025 [1] Financial Performance - GeKowei is projected to achieve a revenue of 6.383 billion yuan in 2024, representing a year-on-year growth of 35.90%, with a net profit of 187 million yuan, up 287.20% [1] - For Q1 2025, the company expects a revenue of 1.524 billion yuan, showing an 18.21% increase year-on-year, but a net loss of 52 million yuan [1] Product Development - The high-end mobile CIS (Camera Image Sensor) products are progressing well, with revenues exceeding 1.5 billion yuan for sensors with over 13 million pixels, accounting for 50% of total revenue [1] - The company is promoting 4 million and 8 million pixel products in non-mobile CIS fields, targeting applications in smart cities and smart homes [1] - Development of vehicle-mounted front-end image sensors has been completed, with expectations for promotion in 2025 [1] Production Capacity - The Lingang factory has received multiple certifications and is operating at full capacity, achieving mass production of 8 million, 13 million, and 50 million pixel products, with projected sales revenue of 2.246 billion yuan in 2024 [1] - The rapid introduction of single-chip architecture products is expected to lead to significant shipments of 50 million pixel products, with an anticipated increase in gross margin in the second half of the year [1] Strategic Response - The company has minimal impact from trade wars and has prepared contingency plans, actively seeking non-U.S. solutions [1] - GeKowei is confident that high-pixel single-chip technology will become mainstream and is increasing investments in non-mobile product lines, particularly in 4 million pixel and above products, as well as in AR glasses and automotive-grade fields [1]

Group 1: Company Insights - Huangma Technology's export sales growth exceeded 30% in Q1 2025, with minimal impact from US tariff policies. The increase in gross margin is attributed to higher production and sales volumes, along with a decrease in epoxy propane prices. The company plans to expand production capacity and has a stable dividend policy, committing to cash dividends exceeding 30% of net profit for 2024 [1] - Lianchuang Optoelectronics reported significant revenue growth in Q1 2025 due to the gradual release of large orders. The company expects a substantial reduction in losses for the year, driven by cost control and digital transformation efforts. The development of high-power lightweight pump sources and laser technology is underway, with a focus on optimizing asset quality in the backlight source industry [2] - GeKong Microelectronics achieved a revenue of 6.383 billion yuan in 2024, a year-on-year increase of 35.9%, with net profit rising by 287.2%. The company is confident in the mainstream adoption of high-pixel single-chip technology and is expanding its product lines in non-mobile sectors [3] - Pumen Technology experienced negative revenue growth in domestic business due to respiratory disease outbreaks and payment reform impacts. However, international business remains stable, and the company is focusing on product development and cost control [4] - Xiangpiaopiao faced challenges in its milk tea business in Q4 2024 and Q1 2025 due to external conditions and internal strategy adjustments. The company is launching new products and optimizing its marketing strategies to enhance brand visibility and sales [5] Group 2: Market Trends and Strategies - The market for Huangma Technology is perceived to have significant growth potential, with no apparent ceiling in sight. The company is leveraging AI technology in R&D and production processes [1] - Lianchuang Optoelectronics is focusing on optimizing its product structure and enhancing cost management to improve profitability in the backlight source sector [2] - GeKong Microelectronics is actively seeking non-US solutions to mitigate trade war impacts and is confident in the growth of its high-pixel product lines [3] - Pumen Technology is enhancing its international marketing structure and focusing on localizing operations to strengthen its global presence [4] - Xiangpiaopiao is exploring new product categories and channels to adapt to market demands and improve sales performance [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of RMB 18.00 [6][4]. Core Views - The company is expected to see revenue growth driven by mobile phone sales, but faces intense competition leading to a decline in profit margins [2][4]. - The company reported a revenue of RMB 6.38 billion for 2024, a year-on-year increase of 36%, but a decrease in gross margin to 22.8% [1][2]. - The company anticipates that its 50M high-resolution products will gradually enter mass production in its own wafer factory in the second half of 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company's mobile CIS product revenue is projected to be RMB 3.6 billion, accounting for 56% of total revenue, with a gross margin of 21% [2]. - The company reported a net profit of RMB 1.9 billion for 2024, a significant increase of 287% year-on-year, although below market expectations [1][4]. - For Q1 2025, the company achieved revenue of RMB 1.52 billion, a year-on-year increase of 18%, but reported a net loss of RMB 51.73 million [1][3]. Revenue Projections - The company expects to generate approximately RMB 1 billion in revenue from its 50M products in 2025, with total revenue projected to exceed RMB 10 billion from various product lines [3][4]. - The company’s inventory reached RMB 6.22 billion by Q1 2025, primarily due to production preparations for mobile CIS products [2]. Valuation Metrics - The report projects the company's net profit for 2025, 2026, and 2027 to be RMB 2.0 billion, RMB 2.5 billion, and RMB 3.1 billion respectively [4][10]. - The company is valued at an EV/EBITDA multiple of 35.2x for 2025, aligning with comparable companies in the industry [4][14].

Investment Rating - The investment rating for the company is "Buy" with a target price of 18.00 RMB [6][4]. Core Views - The company is expected to see revenue growth driven by mobile phone sales, but faces intense competition leading to a decline in profit margins [2][4]. - The company reported a revenue of 6.38 billion RMB for 2024, a year-on-year increase of 36%, but the gross margin decreased to 22.8% [1][2]. - The company anticipates that its 50M high-resolution products will gradually enter mass production in its own wafer factory in the second half of 2025 [3][4]. Summary by Sections Financial Performance - In 2024, the company's mobile CIS product revenue is projected to be 3.6 billion RMB, a 60% year-on-year increase, accounting for 56% of total revenue [2]. - The gross margin for mobile CIS products is expected to be 21%, down 10.4 percentage points due to fierce competition in the low-pixel mobile CIS market [2]. - The company reported a net profit of 1.9 billion RMB for 2024, a significant increase of 287% year-on-year, although below the consensus estimate of 2.2 billion RMB [1][4]. Future Projections - For 2025, the company expects to generate approximately 1 billion RMB in revenue from its 50M products, with total revenue projected to exceed 10 billion RMB as various products enter mass production [3][4]. - The company has adjusted its profit forecasts for 2025, expecting net profits of 2.0 billion RMB, 2.5 billion RMB, and 3.1 billion RMB for 2025, 2026, and 2027 respectively [4][10]. Valuation Metrics - The company is assigned an EV/EBITDA multiple of 35.2x for 2025, aligning with comparable companies in the industry [4][14]. - The target price of 18.00 RMB reflects a decrease from the previous estimate of 19.2 RMB, based on updated profit margin expectations [4][7].

证券代码：688728 证券简称：格科微 公告编号：2025-009 格科微有限公司 2024年年度利润分配方案公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或重大遗漏，并对其内容的真实性、准确性和完整性依法承担法律责任。 一、 利润分配方案内容 (一)利润分配方案的具体内容 经普华永道中天会计师事务所（特殊普通合伙）审计，公司2024年度实现净 1 重要内容提示： 格科微有限公司（以下简称"公司"）2024年度利润分配方案为：每10股 派发现金红利0.22元（含税），不实施包括资本公积转增股本、送红股在 内的其他形式的分配。 本次利润分配以实施权益分派股权登记日登记的总股本扣除回购专户中 的股份数为基数，具体日期将在权益分派实施公告中明确。 如在本公告披露之日起至实施权益分派的股权登记日期间因回购股份等 事项致使公司总股本发生变动的，公司拟维持分配总额不变，相应调整 每股分配比例，并将另行公告具体调整情况。 公司未触及《上海证券交易所科创板股票上市规则》第12.9.1条第一款第 （八）项规定的可能被实施其他风险警示的情形。 利润为人民币18,680.59万元，截至2024年12月 ...