【私募调研记录】迎水投资调研格科微

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]