GOODIX(SH:603160) Haitong Securities·2024-11-01 00:43Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1]. Core Views - The report highlights that the company achieved a revenue of 3.223 billion yuan in the first three quarters of 2024, representing a year-over-year increase of 0.82%. The net profit attributable to the parent company reached 448 million yuan, a significant year-over-year increase of 3499.30% [5]. - The report emphasizes the successful progress of new products, including the ultrasonic fingerprint sensor, which has been commercially produced for flagship models from vivo and iQOO, with expectations for large-scale commercialization in the fourth quarter [6]. - The company is focusing on enhancing its research and development efficiency while controlling expenses, leading to a reduction in total expenses by 15.6% year-over-year [5]. Financial Summary - The company’s revenue is projected to grow from 4.408 billion yuan in 2023 to 5.278 billion yuan in 2024, with a year-over-year growth rate of 19.7% [8]. - The net profit is expected to increase from 165 million yuan in 2023 to 690 million yuan in 2024, reflecting a year-over-year growth of 318.3% [8]. - The earnings per share (EPS) are forecasted to be 1.51 yuan in 2024, increasing to 1.69 yuan in 2025 and 1.89 yuan in 2026 [7][10]. Business Development - The company is expanding its product offerings beyond mobile devices to include wearable technology, smart home devices, and automotive applications, aiming to provide a complete chip solution across its product lines [7]. - New products such as the next-generation under-display light sensor and NFC control chips have been successfully introduced to well-known mobile brand clients, with expectations for significant shipments in the second half of the year [6]. Valuation and Investment Recommendations - The report suggests a price-to-earnings (P/E) valuation range of 55-60x for 2024, corresponding to a reasonable value range of 83.05 to 90.60 yuan per share [7]. - The expected earnings per share for 2024 to 2026 are projected at 1.51, 1.69, and 1.89 yuan respectively, indicating a positive outlook for the company's financial performance [10].