GalaxyCore (SH:688728) Tebon Securities·2024-05-06 01:00Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 4.697 billion yuan in 2023, a decrease of 20.97% year-on-year, with a net profit of 48 million yuan, down 89.01% [5] - In Q1 2024, the company reported a revenue of 1.289 billion yuan, representing a year-on-year increase of 51.13%, while net profit reached 30 million yuan, up 123.35% year-on-year [5] - The company is transitioning to a Fab-lite model, with the new factory in Lingang expected to enhance production capabilities and competitiveness in high-end image sensors [6] Financial Performance Summary - Revenue for 2023 was 4.697 billion yuan, with a net profit of 48 million yuan [7] - Projected revenues for 2024, 2025, and 2026 are 6.426 billion yuan, 8.095 billion yuan, and 9.274 billion yuan respectively [10] - The company expects net profits to rise significantly to 268 million yuan in 2024, 561 million yuan in 2025, and 655 million yuan in 2026 [9][10] Product and Market Development - The company successfully launched high-pixel single-chip products, with significant contributions from 32M and 50M products in Q1 2024 [5] - The company’s mobile CIS revenue for 2023 was 2.242 billion yuan, down 43.60%, while non-mobile CIS revenue increased by 13.43% to 1.210 billion yuan [5] - The company is expanding its product offerings in the display driver segment, with new orders for LCD TDDI products and plans for AMOLED driver ICs [6] Future Outlook - The company is expected to achieve revenues of 6.426 billion yuan in 2024, with a projected net profit of 268 million yuan, reflecting a significant recovery from previous years [8][10] - The report anticipates a strong growth trajectory for the company, with expected net profit growth rates of 455.1% in 2024 and 109.5% in 2025 [8]