GalaxyCore (SH:688728) Great Wall Securities·2024-06-19 06:31Investment Rating - The report maintains a rating of "Accumulate" for the company [1][5] Core Views - The company experienced significant year-on-year growth in Q1 2024, driven by increased shipments of high-pixel products and a recovery in the consumer market [2][5] - The overall performance in 2023 was under pressure due to a sluggish consumer electronics market and intensified price competition [2][5] - The company is expanding its presence in non-mobile CMOS fields, with promising prospects for display driver chips [2][5] Financial Summary - In 2023, the company reported revenue of 4.697 billion yuan, a decrease of 20.97% year-on-year, and a net profit of 48 million yuan, down 89.01% year-on-year [1][2] - For Q1 2024, the company achieved revenue of 1.289 billion yuan, a year-on-year increase of 51.13%, and a net profit of 30 million yuan, marking a return to profitability [1][2] - The projected net profits for 2024-2026 are 254 million yuan, 476 million yuan, and 631 million yuan, respectively, with corresponding EPS of 0.10 yuan, 0.18 yuan, and 0.24 yuan [5][8] Market Position and Product Development - The company has successfully launched high-pixel image sensors, including 32 million pixel products, which are now being shipped to multiple smartphone brands [5][8] - The company is also advancing in the automotive electronics sector, achieving over 200 million yuan in sales in the aftermarket for its products [2][5] - The report highlights the company's efforts in developing AMOLED display driver IC products, which are expected to become a significant growth driver in the future [5][8]