On April 25, the company released its quarterly report of 2024, and Q1 achieved operating income of 12% in 2024.Nftgamemaker.1.8 billion yuan, year-on-year + 44.38%, month-on-month + 0.56%; realized return to the mother net profit of 162 million yuan, year-on-year turnround to profit, month-on-month ratio + 6.42%. On April 10, the company released its annual report on 2023, which showed that the annual operating income in 2023 was 4.408 billion yuan, + 30.26% compared with the same period last year; the net profit was 165 million yuan, turning losses into profits; the net profit was 132 million yuan; and the sales gross profit margin was 40.46%, which was 40.46% compared with the same period last year.-5.74pcts. In terms of Q4 alone, the company achieved operating income of 1.212 billion yuan, year-on-year + 40.37%, month-on-month + 3.15%, and homed net profit of 153 million yuan, + 123.54%, and + 2.81%. Investment key points to increase the market share and control the overlay cost is reasonable, and the shipment volume has increased significantly compared with the same period last year. The company's shipments in 2023 increased by 58% compared with the same period last year, achieving operating income of 4.408 billion yuan, an increase of 30.3% over the same period last year. The net profit belonging to shareholders of listed companies was 165 million yuan, turning losses into profits. Of this total, revenue from fingerprint / touch products reached 1.89 billion yuan / 1.514 billion yuan respectively, an increase of 19.0% and 67.4% over the same period last year. Mainly benefit from the increase in structural demand of end customers and inventory adjustment, accelerated penetration of superimposed OLED soft screen, fingerprints, touch and other products rely on performance and cost advantages to further improve market share. But the market competition is fierce, the company fingerprint and audio product ASP decline, the company's 2023 comprehensive gross profit margin fell 5.74pcts compared with the same period last year, but the gross margin remained above 40%. The company has strengthened its cost control. In 2023, the total cost of sales, management and R & D decreased by about 548 million yuan over the same period last year, down 27% from the same period last year. In addition, the effect of inventory elimination is remarkable, and the book price has dropped from 1.795 billion yuan to 716 million yuan, a decrease of 60.1%, which has returned to the normal level. Continuous expansion of customers and diversified layout of products. The company continues to expand the breadth and depth of cooperation with more intelligent terminal head customers. At present, the company has fingerprint, touch, active pen, audio, eSE chip, SAR sensor and other mobile phone application products, actively expand customers, deepen cooperation, and promote smart terminal revenue to grow substantially compared with the same period last year. In PC, tablet computers, smart wearable devices and other fields, the company has diversified products such as touch, Touchpad, fingerprint, audio, BLE (low power Bluetooth), health sensors, especially the recovery of the smart wearable market, driving health sensor revenue to grow by more than 60.0% compared with the same period last year. Facing the automotive field, the company's car gauge-level touch chips continue to infiltrate in major car factories at home and abroad, with shipments increasing by more than 50.0% compared with the same period last year; in-car audio software CarVoice has been successfully introduced into the models of BYD, Toyota, Geely, Xilai and other automobile manufacturers, adding momentum to the revenue growth in the automotive field. Diversified layout, excellent product performance. The company is fully committed to the four core technical areas of "sensing, computing, connection and security". The products mainly include sensing, touch, audio, security and wireless connection, among which: 1) Ultrasonic fingerprint sensor has excellent signal-to-noise ratio and identification performance, which brings a more secure and smooth off-screen unlocking experience; at the same time, greatly optimize.NftgamemakerSupply chain process and manufacturing costs, and provide high-end fingerprint identification solutions with excellent performance for customers around the world. 2) with the advantages of ultra-high signal-to-noise ratio, strong anti-noise capability, ultra-low power consumption, support > 300Hz ultra-high reporting rate, support protocol active pen and other advantages, mobile phone touch product shipments increased significantly during the reporting period; car gauge-level touch solutions meet the high reliability requirements of AEC-Q100IATF16949 standards, among which high refresh rate and unique frequency hopping enhanced anti-interference technology can better meet the international car manufacturers' high requirements for response time and EMC. 3) the light sensor adopts Charge-type architecture, which has the characteristics of high sensitivity and very low dark current noise, which can effectively reduce the interference of light leakage on the screen, and cooperate with the patented algorithm to realize high-precision correlation color temperature and illuminance measurement at software and hardware level. 4) the eSE chip has obtained SOGISCCEAL5+ international security certification and national secret II product qualification, has a variety of hardware-level security sensors and rich cryptographic algorithms, carries high reliability and super-large capacity secure storage, and supports different types of peripheral interfaces to meet the diversified security needs of complex business terminals. 5) Class D audio amplifier series products, with on-chip DSP carrying advanced SpeakerBoost acoustic enhancement and protection algorithm to achieve temperature and amplitude protection functions; internal adaptive DC-DC converter can increase the power supply voltage, to meet the needs of significantly improved sound quality; while matching our own R & D software, can help improve hardware performance. At the same time, the company has built a globally integrated innovative R & D network and supply platform. In 2023, the company's domestic revenue reached 2.2 billion, an increase of 37.3% over the same period last year, and overseas revenue reached 2.06 billion, an increase of 20.8% over the same period last year. The proportion of revenue in domestic and overseas markets is 51.5% and 48.5%, showing a steady growth trend. Profit Forecast We expect the company to achieve revenue of 51.51 billion RMB 62.36 billion in 2024-2026, net profit of 7.43 million RMB 822 million, and closing price of 2024-2026 corresponding to the company's PE of 38-34-31, respectively, maintaining the "buy" rating. The risk indicates that the downstream demand is lower than expected; the progress of product research and development is not as expected; the customer expansion is not as expected; the market competition is intensified; the risk of cost fluctuation. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.