GOODIX(SH:603160) Orient Securities·2024-07-12 09:01Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 101.17 CNY per share [3][7]. Core Insights - The company is expected to achieve a revenue of approximately 2.26 billion CNY in H1 2024, representing a year-on-year growth of about 12%. It is also projected to report a net profit attributable to shareholders of around 317 million CNY, marking a turnaround from losses in the previous year [2][7]. - The company has launched a new continuous glucose monitoring (CGM) solution, tapping into a growing market projected to exceed 4.6 billion USD in 2023, with a compound annual growth rate (CAGR) of over 7% from 2024 to 2030 [2][7]. - The company has introduced an automotive-grade low-power Bluetooth SoC, which has passed ISO 26262 ASIL D certification, enhancing its offerings in the automotive wireless application sector [2][7]. Financial Performance and Forecast - The company forecasts earnings per share (EPS) of 1.51 CNY, 1.77 CNY, and 2.07 CNY for 2024, 2025, and 2026 respectively, with adjustments made to expense ratios [6][7]. - Revenue is projected to grow from 4.41 billion CNY in 2023 to 5.11 billion CNY in 2024, reflecting a year-on-year increase of 16% [6][11]. - The gross margin is expected to recover to 44% in 2024, up from 40.5% in 2023, indicating improved cost management and product optimization [6][11].