GTJA Research Reports indicate that GeK微 (688728.SH) ranks first globally in mobile CIS shipments, with products gradually evolving from traditional 2M-8M pixels to 30M and above. It boasts leading strengths in process research and development and circuit design within the industry. Due to revenue falling short of expectations and accelerated depreciation in the first three quarters, the company's EPS forecasts for 2024-2025 have been revised down to 0.05/0.17 yuan (previously 0.15/0.27 yuan). A new EPS estimate of 0.28 yuan for 2026 has also been added. The company’s front-facing 32M product has already achieved mass production, and the market for the subsequent 50M rear-facing cameras will also accelerate. Considering the average valuation of 48 times PE for the Semiconductors industry in 2025, and that the company operates under the rare Fablite model which has heavier Assets, a certain valuation premium has been granted, assigning a 150 times PE for 2025 and maintaining a Target Price of 25.48 yuan, as well as a 'Shareholding' rating.
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.
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