OmniVision Integrated Circuits Group(SH:603501) Great Wall Securities·2024-07-12 06:01Investment Rating - The report maintains an "Accumulate" rating for the company [3]. Core Views - The company is expected to achieve record revenue in Q2 2024, driven by strong performance in high-end mobile and automotive markets, with a forecasted revenue of 6.26 to 6.54 billion yuan, representing a year-on-year increase of 41.5% [2][6]. - The company is positioned as a leading image sensor manufacturer, actively expanding into automotive, medical, and AR/VR applications, indicating significant growth potential [2][8]. Financial Summary - Revenue Growth: The company reported a revenue of 20,078 million yuan in 2022, with a projected increase to 26,936 million yuan in 2024, reflecting a year-on-year growth rate of 28.1% [2][12]. - Net Profit: The net profit attributable to shareholders is expected to rise from 990 million yuan in 2022 to 2,991 million yuan in 2024, showing a substantial growth rate of 438.4% [2][12]. - Earnings Per Share (EPS): EPS is projected to increase from 0.81 yuan in 2022 to 2.46 yuan in 2024 [2][12]. - Price-to-Earnings (P/E) Ratio: The P/E ratio is expected to decrease from 127.2 in 2022 to 42.1 in 2024, indicating improved valuation metrics as earnings grow [2][12]. Market Performance - The company is benefiting from strong demand for new CIS products in both the smartphone and automotive sectors, with smartphone revenue contributing 50% and automotive revenue contributing 30% to total revenue in 2023 [2][8]. - The introduction of high-specification CIS products like OV50H and OV50K40 is expected to enhance the company's market position in high-end smartphones [2][8]. Strategic Developments - The company has formed strategic collaborations to enhance its automotive platform, integrating storage, analog, and sensor technologies [2][8]. - The company is actively adjusting its business layout through acquisitions and divestitures to capture growth opportunities in emerging sectors [2][8].