GalaxyCore (SH:688728) Huaxin Securities·2024-09-02 07:42Investment Rating - The report maintains an "Accumulate" investment rating for the company [2][3] Core Views - The company achieved a revenue of 2.79 billion yuan in the first half of 2024, representing a year-on-year growth of 42.94% [2] - The company turned a profit with a net profit attributable to shareholders of 77 million yuan, compared to a loss in the previous year [2] - The increase in shipments of high-pixel chip products and continuous R&D of new products are key growth drivers [2][3] Revenue Growth - The revenue from products with 1.3 million pixels and above reached 606 million yuan, with a growing market share in mainstream Android smartphone models [2] - The company successfully mass-produced the GC32E2 high-performance 32 million pixel image sensor, which is featured in the OPPO Reno12 overseas version [2][3] Product Development - The company has achieved mass production of 1.3 million to 3.2 million pixel products and is in small-scale production of 50 million pixel products [2] - The company is also developing non-mobile CIS products, with a continuous increase in shipments of 400,000 pixel products and successful mass production of 800,000 pixel products [2][3] Financial Forecast - The company is projected to achieve revenues of 6.439 billion yuan, 7.997 billion yuan, and 9.774 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 0.10, 0.18, and 0.24 yuan [3]