According to the performance express report released on February 27, the attributable net profit was 186.8 million yuan, a year-on-year increase of 287.24%.

Explanation of the operating results and financial position in the announcement of the performance report:

(1) The operating situation, financial situation and main factors affecting the operating performance in the reporting period

In 2024, the company achieved a total operating income of 6389.3326 million yuan, an increase of 36.02% over the same period of the previous year; the net profit attributable to the owners of the parent company was 186.8243 million yuan, an increase of 287.24% over the same period of last year; The net profit attributable to the owners of the parent company after deducting non-recurring gains and losses was 70.6749 million yuan, an increase of 14.57% over the same period of last year.

At the end of 2024, the company's total assets were 2,241,978.85 million yuan, an increase of 10.97% from the beginning of the reporting period; the owner's equity attributable to the parent company was 7774.7348 million yuan, a decrease of 1.33% from the beginning of the reporting period; The net assets per share attributable to the owners of the parent company were 2.99 yuan, a decrease of 1.33% from the beginning of the reporting period.

The main factors affecting the results of operations:

1. The impact of the main business

During the reporting period, the company's shipments of 13 million pixels and above increased rapidly, and the operating income increased significantly. At the same time, the company's unique high-pixel single-chip integration technology was successfully implemented, and after the mass production of 32 million pixel products, 50 million pixel products were also mass-produced during the reporting period (see the "Voluntary Announcement of Geke Micro Co., Ltd. on the Mass Production and Shipment of 50 Million Pixel Image Sensor Products" (Announcement No.: 2024-048)), which has been recognized by many well-known consumer electronics brands at home and abroad. During the reporting period, the company achieved a net profit attributable to the owners of the parent company of 186.8243 million yuan, an increase of 287.24% over the same period of last year; EBITDA (net profit before interest, taxes, depreciation and amortization) reached about 1.4 billion yuan, a year-on-year increase of more than 100.00%.

2. The impact of R&D expenses

During the reporting period, the company's related R&D expenses increased significantly, and realized the rapid iteration of high-pixel products, thus providing strong support for its rapid market entry and market share.

3. The impact of non-operating profit and loss

During the reporting period, the impact of non-recurring gains and losses on net profit mainly came from government subsidies included in the current profit and loss.

4. The impact of share buybacks

During the reporting period, the company repurchased a total of 22,499,566 shares, which resulted in an increase in treasury shares, resulting in a decrease in the owner's equity attributable to the parent company and the net assets per share attributable to the owners of the parent company.

(2) The main reasons for the increase or decrease of more than 30% in the above table

In 2024, the company's operating income, operating profit, total profit, net profit attributable to owners of the parent company and basic earnings per share increased by 36.02%, 772.03%, 907.71%, 287.24% and 250.00% respectively over the same period of last year, mainly benefiting from the growth of the company's main business during the reporting period, especially the rapid increase in the shipment of the company's 13 million and above pixel products, which drove the company's profit growth.

Geke Micro (688728) main business: R&D, design and sales of CMOS image sensors and display driver chips.

A total of 2 institutions have rated the stock in the last 90 days, 1 have given a buy rating and 1 have an overweight rating. The average institutional price target over the last 90 days is 25.48.