GOODIX(603160) Huaxin Securities·2024-09-25 01:00Investment Rating - The report maintains an "Accumulate" rating for the company [2] Core Insights - The company achieved total revenue of 2.256 billion yuan in the first half of 2024, representing a year-on-year growth of 11.58%. The net profit attributable to shareholders was 317 million yuan, marking a return to profitability, with a non-recurring net profit of 274 million yuan [2][3] - The comprehensive gross margin level has recovered, with the gross margin for Q2 reaching 44.01%, an increase from the previous quarter. This improvement is attributed to increased demand from end customers, optimized costs, and a reduction in sales, management, and R&D expenses by 80.97 million yuan, a decrease of 10.6% year-on-year [2][3] - The company is diversifying its sensor products, with successful progress in new product launches, including ultrasonic fingerprint sensors and new generation under-display light sensors, which are expected to see large-scale commercial production in the fourth quarter [2][3] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 4.833 billion yuan, 5.508 billion yuan, and 6.334 billion yuan for 2024, 2025, and 2026 respectively, with EPS projected at 1.47 yuan, 1.63 yuan, and 1.93 yuan, corresponding to P/E ratios of 39.1, 35.2, and 29.8 times [4][6] Revenue Sources - The company has established a strong presence in various mobile application fields, providing products such as fingerprint recognition, touch control, active pens, audio, and under-display light sensors, thereby enhancing the value of its offerings in the smartphone market [2][3] Market Expansion - The company is continuously expanding its customer base in the smart terminal sector, enhancing both the breadth and depth of its collaborations with multiple smartphone brands, which is a significant source of its main operating revenue [2][3]