格科微：高像素产品增长强劲

Investment Rating - Buy | Maintain [10] Core Views - Strong growth in high-pixel products: The company achieved revenue of 4.554 billion yuan in the first three quarters of 2024, a year-on-year increase of 40.35%. The revenue from 13MP and above products reached approximately 1 billion yuan, compared to less than 100 million yuan in the same period last year, indicating strong market recognition for the company's single-chip technology [12][13] - High-pixel products are driving revenue growth: The company's 32MP and 50MP products have been widely adopted in mid-to-high-end smartphone models, with the 50MP product expected to cover high, mid, and low-end markets by the end of 2024 [13] - Non-mobile CIS business grew by 13% year-on-year, mainly driven by 4MP and above products, applied in smart city, smart home, and conference systems [13] - TDDI (Touch and Display Driver Integration) now accounts for over 50% of the display driver chip business revenue [13] - Exchange rate losses partially mitigated: The impact of exchange rate losses on the company's performance has been partially alleviated as the USD/CNY exchange rate gradually rises [13][15] Financial Performance - Revenue for the first three quarters of 2024: 4.554 billion yuan, up 40.35% year-on-year [12] - Net profit attributable to shareholders: 8.1114 million yuan, down 83.69% year-on-year [12] - Exchange rate losses: 92.8916 million yuan in Q3 2024, with a cumulative impact of 57.6657 million yuan in the first three quarters [13] - R&D expenses: 631.0947 million yuan, up 35.5403 million yuan year-on-year, driven by increased investment in high-pixel product development [15] Profit Forecast - Expected revenue for 2024-2026: 6.36 billion yuan, 8.017 billion yuan, and 10.064 billion yuan, respectively [16] - Expected net profit attributable to shareholders for 2024-2026: 150 million yuan, 500 million yuan, and 1 billion yuan, respectively [16] - Current PE ratios for 2024-2026: 283x, 85x, and 43x, respectively [16] Financial Ratios - Gross margin: 29.6% in 2023, expected to be 25.3%, 26.6%, and 26.8% in 2024-2026 [21] - Net margin: 1.0% in 2023, expected to be 2.4%, 6.3%, and 9.9% in 2024-2026 [21] - ROE: 0.6% in 2023, expected to be 1.9%, 5.9%, and 10.5% in 2024-2026 [21] - Asset-liability ratio: 61.0% in 2023, expected to be 65.0%, 64.7%, and 63.3% in 2024-2026 [21]