Goodix Technology (603160) Company In-depth Research Report: Photoelectric Sensing Innovation Leads Multidimensional Layout and Leads the Future
Since its establishment, the leading company of fingerprint recognition chips has taken “innovative technology, enriched life” as its mission, guided by market demand, committed to scientific and technological research and promotion, and promoted China ‘s domestic chip industry from “Made in China” to “Created in China”.To achieve self-breakthrough, in the areas of capacitive touch chip, under-screen optical fingerprint recognition chip, TWS Bluetooth headset chip, and many other technological innovations, to become the leader in the field of fingerprint recognition chips.
At present, the company provides services for Huawei, Xiaomi, vivo, OPPO, OnePlus, ZTE, Meizu, Google, Samsung, Dell, LG, HP and other well-known international and domestic brands, and has reached in-depth cooperation. It is a leader in the domestic semiconductor design industry.
Leading the new optical fingerprint technology, the new ultra-thin fingerprint compatible 5G mobile phone company is the pioneer of the under-screen optical fingerprint recognition chip. According to the company’s official WeChat data, as of December 26, 2019, the company’s under-screen optical fingerprint recognition has obtained 101 modelsBrand prototype commercial.
The company has innovatively designed ultra-thin fingerprint chips and has been mass-produced for commercial use. The module thickness is less than 1/10 of the previous generation, and it is suitable for 5G mobile phone-sized internal spaces.
We believe that the ultra-thin fingerprint products will be launched on the market. On the basis of technological upgrades, the differences will be further widened and subdivided to maintain the competitiveness of the company’s core products.
According to Counterpoint estimates, due to the increase in the price of mid-range OLED smartphone products between $ 300-500, the global OLED display smartphone segment will exceed 6 billion units by 2020, an increase of 46%.
We believe that the optical fingerprint recognition chip under the screen will increase with the expansion of OLED display mobile phones, and the growth path is clear.
Based on long-term goals, innovate and broaden the new channel company’s orderly expansion in the core capabilities. While exploring new areas of fingerprint recognition technology, it has also upgraded touch products and 合肥夜网 integrated new areas such as the automotive market and smart home. IoTChips and 3D face recognition technology are also the focus of the company.
According to the company’s official website, as of the end of 2019, the company has applied for and authorized more than 3,900 domestic and international patents, and has a strong technical reserve.
In 2020, the company will have a number of new products on the market: fingerprint recognition chips under the LCD screen, touch chips on the unit of compact and flexible OLED display, ToF solutions, etc. The integration of the NXP VAS business to be acquired will be completed, and more abundantAudio solution product line.
IHS data shows that the fingerprint penetration density under the screen in 201913.
9%, and the penetration rate is expected to reach 22 by 2020.
We believe 苏州夜网论坛 that under the stimulus of the acceleration of OELD display mobile phones and the landing of the fingerprint solution under the LCD screen, the penetration of the fingerprint under the screen will develop faster than expected.
According to the data of the Tuoyuan Institute of Industry Research, the penetration rate of 3D recognition in 2019 will reach 12%, and the penetration rate may reach 20% by 2020, and the market size will reach 59.
6 billion dollars.
According to Counterpoint data, the number of global TWS headsets will reach 1 in 2019.
2 billion units, expected to reach 2 in 2020.
3 billion units, an increase of 90% in ten years.
The increase in market penetration of new technologies and the rapid growth of new product expansion will bring a strong boost to the company’s core IC design business, helping the company to become a platform-based IC design giant.
The investment proposal maintains the previous forecast. Is the company expected to be in 2019?
Revenue in 2021 will be 65/80/101 million US dollars, with an annual growth rate of 75% / 23% / 26%; net profit attributable to mothers will be 23.
USD 5.0 billion, with a growth rate of 221% / 20% / 22% at the beginning of the year, corresponding to an EPS of 5.
22 yuan, 6.
28 yuan, 7.
69 yuan, maintain “Buy” rating.
Risks suggest macroeconomic fluctuations, increased industry competition, and new product advances faster than expected.