GOODIX(603160) Tai Ping Yang·2025-03-21 14:23Investment Rating - The report maintains a "Buy" rating for the company [1][9] Core Views - The company's operational performance continues to improve, with a significant enhancement in profitability [1][12] - In 2024, the company achieved a revenue of 4.375 billion yuan, a slight decrease of 0.75% year-on-year, while the net profit attributable to shareholders reached 604 million yuan, marking a substantial increase of 265.76% year-on-year [4][5] - The decline in revenue is attributed to a decrease in average selling prices, which outweighed the growth in shipment volume [5] - The company shipped 1.25 billion units, reflecting a year-on-year growth of 5.5% [5] Financial Performance Summary - Revenue and Profitability: - 2024 Revenue: 4.375 billion yuan, down 0.75% YoY - 2024 Net Profit: 604 million yuan, up 265.76% YoY - Q4 2024 Revenue: 1.152 billion yuan, down 4.89% YoY - Q4 2024 Net Profit: 156 million yuan, up 1.95% YoY [4][5] - Cost Management: - Gross margin improved from 40.5% to 41.8% due to lower chip procurement costs and product iteration [5] - Sales expenses were 190 million yuan, with a sales expense ratio of 4.35%, down 0.59 percentage points YoY [5] - R&D expenses were 950 million yuan, with an R&D expense ratio of 21.71%, down 2.09 percentage points YoY [5] Future Projections - Revenue projections for 2025-2027 are as follows: - 2025: 5.834 billion yuan - 2026: 6.954 billion yuan - 2027: 7.895 billion yuan - Net profit projections for the same period are: - 2025: 854 million yuan - 2026: 1.067 billion yuan - 2027: 1.266 billion yuan [7][10] Market Position and Strategy - The company focuses on four core technology areas: sensing, AI computing, connectivity, and security, with products aimed at smart terminals, IoT, and automotive electronics [6] - The company is expected to benefit from a new round of replacement cycles and favorable policies in the automotive sector, enhancing its product offerings in the automotive market [6] - The company has established a diverse customer base, including major global brands such as Samsung, Google, and Huawei, which will further enhance its brand influence [6]