GOODIX(603160) 民生证券·2025-01-06 13:48Investment Rating - The report initiates coverage with a "Buy" rating for the company [5]. Core Views - The company is transitioning from a leader in touch control to a pioneer in the fingerprint recognition market, with significant innovations in sensor, computing, connectivity, and security technologies driving growth in IoT and automotive electronics [1][8]. - The company is expected to see substantial revenue growth driven by new product launches, particularly in the ultrasonic fingerprint sensor and automotive electronics sectors [2][3]. Summary by Sections 1. Transition and Innovation - The company has established itself as a leading chip design firm, focusing on smart terminals, IoT, and automotive electronics, with a strong emphasis on R&D and technological innovation [1][8]. - The product innovation cycle is identified as the core driver of the company's revenue growth, with significant contributions from the fingerprint recognition segment [16][17]. 2. Touch Control Business - The touch control chip business has shown steady growth, with a diverse product matrix and a focus on automotive electronics, which is expected to be a key growth area [2][25]. - The company’s capacitive touch chips generated revenue of 8.8 billion yuan in the first half of 2024, accounting for 39.1% of total revenue with a gross margin of 52.3% [20][22]. 3. Fingerprint Recognition Technology - The company is transitioning to ultrasonic fingerprint recognition technology, which offers advantages such as thinner modules, support for wet hand unlocking, and lower power consumption compared to optical solutions [3][49]. - The ultrasonic fingerprint sensor is expected to see significant market penetration in 2024, with large-scale commercial deployment anticipated [21][49]. 4. Other Chip Developments - The company is set to release various new products, including light sensors and health sensors, which are expected to contribute to revenue growth [3][22]. - The acquisition of Yunying Valley is aimed at enhancing the company's competitiveness in the display chip market [3]. 5. Financial Projections - Revenue projections for 2024-2026 are estimated at 46.80 billion yuan, 58.83 billion yuan, and 65.21 billion yuan, respectively, with corresponding net profits of 6.42 billion yuan, 8.74 billion yuan, and 10.22 billion yuan [4][3].