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研报掘金丨国泰君安:维持格科微“增持”评级,目标价25.48元

Research reports treasure digging | gtja: Maintain GeKongWei's shareholding rating, target price 25.48 yuan.

Gelonghui Finance ·  Dec 9, 2024 14:50

gtja's research report indicates that GeKWei (688728.SH) is the global leader in smartphone CIS shipments. The products are gradually evolving from traditional 2M-8M pixels to above 30M. The company has industry-leading capabilities in process R&D and circuit design. Due to lower-than-expected revenue in the first three quarters and accelerated depreciation, the EPS forecast for the company in 2024-2025 has been revised down by 0.05/0.17 yuan (originally 0.15/0.27 yuan for 2024-2025), with a new EPS for 2026 set at 0.28 yuan. The company has already achieved mass production and shipment of its 32M front camera products, and the market for its 50M rear camera products will accelerate as well. Considering the semiconductor industry's average valuation of 48 times PE in 2025, and the company being a rare Fablite model with significant assets, a certain valuation premium is granted. Therefore, a 150 times PE multiple is assigned for 2025, maintaining a target price of 25.48 yuan and a 'shareholding' rating.

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