GalaxyCore (SH:688728) Xin Lang Zheng Quan·2025-10-30 16:12Core Viewpoint - Gekewei, a leading supplier of CMOS image sensors and display driver chips, has shown significant growth in revenue driven by high-pixel products, despite facing challenges in profitability and debt levels [2][3][6]. Group 1: Company Overview - Gekewei was established on September 3, 2003, and went public on August 18, 2021, on the Shanghai Stock Exchange. The company specializes in the research, design, and sales of CMOS image sensors and display driver chips, with a strong technological foundation and R&D capabilities [1]. - The company is classified under the electronic - semiconductor - digital chip design sector, involving sensor and smart wearable concepts [1]. Group 2: Financial Performance - In Q3 2025, Gekewei achieved a revenue of 5.723 billion yuan, ranking 8th among 48 companies in the industry. The top competitor, OmniVision, reported 21.783 billion yuan, while the industry average was 2.912 billion yuan [2]. - The revenue breakdown shows that CMOS image sensor revenue was 2.928 billion yuan, accounting for 80.51%, while display driver chip revenue was 706 million yuan, making up 19.41% [2]. - The net profit for the same period was 50.1886 million yuan, placing the company 29th in the industry, with the top competitor reporting a net profit of 3.199 billion yuan [2]. Group 3: Financial Ratios - Gekewei's debt-to-asset ratio stood at 66.66% in Q3 2025, an increase from 65.24% year-on-year, significantly higher than the industry average of 24.46%, indicating substantial debt pressure [3]. - The gross profit margin for Q3 2025 was 20.70%, down from 23.37% year-on-year and below the industry average of 36.52%, suggesting a need for improvement in profitability [3]. Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 9.06% to 29,100, with an average holding of 86,000 circulating A-shares, up 58.14% [5]. - Notable changes among the top ten circulating shareholders include an increase in holdings by Hong Kong Central Clearing Limited and the entry of new shareholders like 华夏科创50ETF联接A [5]. Group 5: Business Highlights - Gekewei's revenue for H1 2025 reached 3.636 billion yuan, a year-on-year increase of 30.33%, with Q2 revenue hitting a record high since its IPO [6][7]. - The company is transitioning to a Fab-lite operational model, enhancing product competitiveness, and focusing on high-pixel products, with plans to reduce lower pixel offerings [6]. - The company is expanding its product matrix in non-mobile sectors and actively developing automotive front-end chips [7].