GOODIX(603160) Minsheng Securities·2025-03-22 11:31Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Views - The company achieved a revenue of 4.375 billion yuan in 2024, a year-over-year decrease of 0.8%, while the net profit attributable to shareholders reached 604 million yuan, reflecting a significant year-over-year increase of 265.8% [1][2]. - The company's gross margin improved from 40.5% to 41.8% due to a decrease in chip procurement costs and effective product iteration [2]. - The company has successfully commercialized multiple new products, which are expected to drive continued growth in performance [3]. Summary by Sections Financial Performance - In 2024, the company reported a revenue of 4.375 billion yuan, with a slight decline of 0.8% year-over-year. The net profit attributable to shareholders was 604 million yuan, marking a substantial increase of 265.8% year-over-year [1][5]. - The company’s gross margin increased to 41.8%, up from 40.5%, while total expenses decreased by 10.9% year-over-year [2]. Product Development - The company launched several new products in 2024, including an ultrasonic fingerprint solution and a new generation light sensor, which have been adopted by major smartphone brands [3]. - The company’s NFC/eSE chips have seen increased demand due to the rising usage of mobile payment methods in China [3]. Future Projections - The report forecasts revenues of 5.396 billion yuan, 6.289 billion yuan, and 6.990 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 845 million yuan, 987 million yuan, and 1.115 billion yuan [4][5]. - The projected PE ratios for the years 2025, 2026, and 2027 are 42, 36, and 32 respectively [5].