OmniVision Integrated Circuits Group(SH:603501) Huajin Securities·2024-03-18 16:00Investment Rating - The report maintains a "Buy-A" rating for the company [4] Core Viewpoints - The company has launched its flagship rear camera OV50K40, which has entered mass production and is featured in the new Honor Magic 6 series, utilizing the jointly developed LOFIC technology [1][2] - The OV50K40 is the world's first smartphone image sensor equipped with TheiaCel™ technology, achieving near human-eye dynamic range in a single exposure [2] - LOFIC technology significantly enhances dynamic range by allowing excess photoelectrons to flow into adjacent capacitors, preventing overexposure and improving high-light information capture [2][3] - The company has successfully applied LOFIC technology in automotive industry applications and has introduced it into mobile imaging systems, enhancing its competitive edge in the mid-to-high-end market [3] - The company’s CIS product matrix covers the entire mid-to-high-end range, with multiple core technologies continuously improving image quality [3] Financial Projections - The company expects revenue to reach 22.086 billion, 26.503 billion, and 31.804 billion CNY for the years 2023, 2024, and 2025, respectively, with growth rates of 10.0%, 20.0%, and 20.0% [4][6] - The projected net profit for the same years is 1.058 billion, 3.405 billion, and 4.652 billion CNY, with growth rates of 6.9%, 221.8%, and 36.6% [4][6] - The report indicates a significant improvement in profitability, with the company’s PE ratios expected to decrease from 115.8 in 2023 to 26.3 in 2025 [4][6]