Goodix Technology (603160): Performance continues to explode
Announcement: The company announced the 2019 interim report, with operating income of 28 in the first half of the year.
8.7 billion, an increase of 108% in ten years; net profit attributable to mothers10.
170,000 yuan, an increase of 806% in ten years.
Among them, Q2 single-quarter operating income was 16.
USD 6.2 billion, an annual increase of 103%; net profit attributable to mothers6.
03%, an increase of 549% around one year.
The first year of fingerprint promotion under the optical screen showed explosive results.
Company Q2 revenue 16.
600 million, net profit attributable to mother 600 million, both hit a record high, thanks to the volume of fingerprint chips under the optical screen.
Since the second half of 2018, optical fingerprints have rapidly penetrated into the Android flagship. At present, Huawei, Xiaomi, OPPO, and vivo flagships all use optical fingerprint recognition. The company’s products have absolute industry dominance, and the unit price and possession can be viewed, which promotes the companyOutstanding growth in performance.
The profit margin continued to increase month-on-month, reflecting the integrated product pricing power.
The company’s gross profit margin in the first half of the year was 61.
72%, with Q2 gross margin of 61.
94%, continue to improve 0 at the higher level of Q1.
51 single, company-leading products with superior pricing capabilities.
In terms of expenses, sales expenses in the first half of the year2.
500 million, management costs 0.
6.7 billion R & D expenses4.
6 billion, exceeding the expected expansion, mainly from the increase in technical service fees, publicity and promotion costs, depreciation and amortization costs, employee compensation, outsourcing research and development expenses, due to the increase in sales revenue, sales, management, and research and development expense rates total advanceAdjust 9 levels.
Notes and accounts receivable at the end of the second quarter12.
700 million, a decrease of 2 from the end of the first quarter.
600 million, net cash flow from operating activities in the second quarter.
500 million, before that, a significant increase from the previous month, maintaining healthy operating quality.
The product line is thick and thin, and the growth momentum of chip leaders is strong.
In the past 8 years of re-examination, the company’s revenue has increased by more than 40 times. The strong growth comes from the company’s continuous research and development investment and rich technical reserves.
After completing the acquisition of NXP’s VAS, the company will form a complete solution such as “acoustic-optical”, which will be world-class in more and more fields, and the potential single machine value of smart terminals and IoT is expected to greatly increase.
We are optimistic about the company’s rich product reserves and promotion capabilities. Looking ahead, the unit price of fingerprints under the ultra-thin screen of 5G mobile phones will further increase, driving a new round of growth. New products such as sensors, Bluetooth, and MCUs for the Internet of Things will also be accumulated and raised.19-21 company net profit to 19.
500 million US dollars, corresponding to the closing price of 2019/08/29 PE is 49.
2x, maintain “Buy” rating!
Risk Warning: The smart phone is expanded to the minimum; the price of the fingerprint chip under the optical screen is lower than expected; the price of the fingerprint chip under the optical screen increases.