GOODIX(603160) 华金证券·2025-01-09 10:51Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company is positioned to benefit from the release of demand across multiple product lines, including fingerprint recognition chips, touch control chips, audio products, and wireless connectivity solutions, particularly in the context of the AI era [1][2] - The company has a strong market presence in the semiconductor solutions for smart terminals, IoT, and automotive electronics, with significant revenue contributions from its fingerprint recognition and touch control chip businesses [1] - The anticipated growth in revenue and profit margins is driven by technological upgrades, market expansion, and strategic acquisitions [1][7] Summary by Sections Business Overview - The company operates in four core business areas: sensing, computing, connectivity, and security, primarily targeting smart terminals, IoT, and automotive electronics [1] - In 2023, the revenue contribution from fingerprint recognition chips was 42.87%, while touch control chips accounted for 34.34% [1] Growth Drivers - The growth is attributed to the expansion of the OLED market, continuous upgrades in core product lines, and the maturation of other product lines such as audio products and wireless connectivity solutions [1] - The company is expected to see rapid growth in the shipment of ultrasonic fingerprint products starting in 2023, which will significantly enhance revenue and gross profit levels [1][7] Financial Projections - Revenue forecasts for 2025 and 2026 have been adjusted upwards to 62.69 billion and 74.68 billion respectively, with net profit estimates for the same years revised to 9.52 billion and 12.31 billion [7] - The projected P/E ratios for 2024 to 2026 are 46.4, 36.6, and 28.3 respectively, indicating a positive outlook for the company's financial performance [7][8] Market Position - The company is recognized as a leading supplier in the fingerprint and touch control chip markets, with a growing customer base among smartphone brands [1][2] - The strategic acquisition of Yunyinggu Technology is expected to enhance the company's market position and product offerings in the OLED display driver chip sector [7]