GOODIX(603160) Tai Ping Yang·2024-10-23 03:01Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [5]. Core Views - The company achieved a revenue of 2.256 billion yuan in H1 2024, representing a year-on-year growth of 11.58%, and turned a profit with a net profit of 317 million yuan, marking a return to profitability [1]. - The semiconductor industry is showing steady recovery, benefiting from strong end-user demand and cost optimization, with the company's gross margin improving to 42.05% in H1 2024, up by 0.65 percentage points year-on-year [1]. - The company is focusing on R&D projects with clear advantages and market prospects, leading to significant improvements in R&D efficiency [1]. - New products are progressing well, with ultrasonic fingerprint sensors being mass-produced for major smartphone brands, and additional new products expected to be launched in the second half of the year [1]. Financial Summary - The company is projected to achieve revenues of 5.033 billion yuan, 6.034 billion yuan, and 6.954 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding net profits of 713 million yuan, 820 million yuan, and 956 million yuan [2]. - The revenue growth rates are expected to be 14.18% in 2024, 19.88% in 2025, and 15.26% in 2026, while net profit growth rates are projected at 332.06% in 2024, 14.99% in 2025, and 16.58% in 2026 [2]. - The company’s gross margin is expected to improve from 40.46% in 2023 to 43.09% in 2026, indicating a positive trend in profitability [3].