① In the first half of this year, Gekowei achieved operating income of 2.79 billion yuan, up 42.94% from the same period last year; realized net profit of 77.4895 million yuan, turning a year-on-year loss into a profit; ② In the first half of this year, CMOS chips for mobile phones accounted for 56.06% of revenue, and sales revenue increased 81.32% year over year, and the average price per chip also increased compared to the first half of last year.
“Science and Technology Innovation Board Daily”, August 15 (Reporter Guo Hui) This evening (August 15), CIS chip company Gewei released its report for the first half of 2024.
Financial reports show that in the first half of this year, Gekowei achieved operating income of 2.79 billion yuan, an increase of 42.94% over the same period of the previous year; realized net profit of 77.4895 million yuan, turning a loss into profit over the previous year; and deducted non-net profit of 45.9821 million yuan, a sharp increase from the same period last year.
Regarding the reason for the increase in performance, Gekowei said that the consumer market recovered in the first half of this year, while the company's shipments of high-pixel chip products increased.
Gekmo currently provides CMOS image sensors from QVGA (0.08 million pixels) to 50 million pixels, as well as LCD and HD/FHD TDDI display drivers with resolutions between QQVGA and FHD+. In addition to mobile phones, terminal applications also include consumer electronics and industrial applications such as tablets, laptops, wearables, mobile payments, and automotive electronics.
Sales of Gekowei product lines in the first half of 2024
By product, Gekowei's revenue from CMOS chips for mobile phones reached 56.06% in the first half of this year. This ratio gradually increased from the end of the first half of 2023 to the end of 2023 to the end of June this year. Meanwhile, the revenue scale of CMOS chips for mobile phones in the first half of this year reached 1.564 billion yuan, an increase of 81.32% over the same period last year, and the average price per chip also increased from 2.65 yuan/piece in the first half of last year to 3.42 yuan/piece.
Gekowei said that the consumer electronics market recovered slowly in the first half of this year, and demand from downstream customers to optimize the cost structure continued to grow. The company has now achieved mass production of a full line of 13 million to 32 million pixel products, while 50 million pixel products of various specifications are also being produced in small batches. Gekowei revealed that sales of 13 million or more pixel products reached 0.606 billion yuan (unaudited), and the share of the main models shipped by Android brand phones is gradually increasing.
Following the official release of the GC13A2, the industry's first 13 million pixel image sensor that supports high dynamics in a single frame, Geke also successfully mass-produced a high-performance second-generation single-chip 32 million pixel image sensor, the GC32E2, in the first half of this year. The product is still in the customer promotion period and has been first installed in the overseas version of OPPO Reno12.
In terms of CMOS image sensors not used in mobile phones, sales revenue also increased by 29.74% in the first half of the year.
Gekowei said that through continuous promotion of 4 million and 8 million pixel products and their application in smart cities, smart homes, conference systems, etc., shipments of 4 million pixel products continued to increase, and 8 million pixel products were successfully mass-produced and shipped. Meanwhile, in the first half of the year, the company also successfully developed a next-generation 4 million pixel product, GC4103. In addition, Gekowei said that in the first half of the year, the company was also actively developing CMOS image sensor products that meet vehicle requirements and are suitable for automotive front assembly. It is expected that client-side testing will be achieved in the second half of the year.
According to Frost & Sullivan statistics, thanks to downstream applications such as smartphones, automotive electronics, and AR/VR, the global CMOS image sensor market is expected to maintain a high growth rate in the future. By 2026, global shipments will reach 9.86 billion units, and the market size will reach 25.29 billion US dollars.
In terms of display driver chips, the scale and share of the company's product revenue declined year-on-year in the first half of this year.
However, Gekowei said that AMOLED display driver ICs are expected to become an important growth point for the company in the future. In addition to LCD display driver chips, Geke said the company already has technical reserves related to AMOLED driver chip products and will continue to advance AMOLED product research and development. It is expected that AMOLED products based on wearable devices and smartphones will be launched one after another starting in the second half of 2024.
Furthermore, since Geke Micro's 12-inch CIS integrated circuit characteristic process development and industrialization project was put into operation, the company's business model has continued to change from the Fabless model to the Fab-Lite model. The production of some BSI image sensor products will shift from directly purchasing BSI wafers to purchasing standard CIS logic circuit wafers first, and then independently carrying out special BSI wafer processing processes such as wafer bonding and wafer thinning.
According to the semi-annual report, in the first half of this year, Geke Semiconductor, a subsidiary of Geke, achieved mass production of 8 million and 13 million pixel products in its own factory and small-batch production of 50 million pixel products, and passed the “smart factory” certification in the Lingang New Area, and was officially awarded a smart factory license in the Lingang New Area. In the future, the company will launch products with higher pixel specifications based on high-pixel single-chip integrated technology.
In the first half of this year, Geke calculated asset impairment losses of 63.7052 million yuan.