GalaxyCore (688728) H1 2024 earnings summary

Executive summary

• Revenue for H1 2024 reached RMB 2.79 billion, up 42.94% year-over-year, driven by consumer market recovery and increased high-pixel chip shipments.

• Net profit attributable to shareholders was RMB 77.49 million, turning from a loss in the same period last year.

• Operating cash flow was RMB 84.91 million, mainly due to increased inventory procurement.

• The company transitioned from a Fabless to a Fab-Lite model, increasing asset investment and enhancing supply chain integration.

Financial highlights

• Revenue: RMB 2.79 billion, up 42.94% year-over-year.

• Net profit: RMB 77.49 million, compared to a net loss of RMB 22.83 million last year.

• EBITDA: RMB 688.36 million for the reporting period.

• Gross margin: 24.5%, up from 21.7% year-over-year.

• Basic and diluted EPS: RMB 0.03, up from -0.01 year-over-year.

• Net assets: RMB 7.76 billion, down 1.51% from year-end 2023.

• Total assets: RMB 21.75 billion, up 7.65% from year-end 2023.

Outlook and guidance

• The company expects continued growth in the global CMOS image sensor market, driven by smartphones, automotive electronics, and emerging applications.

• Plans to launch new high-pixel products and AMOLED display driver ICs in H2 2024.

• Focus on expanding automotive and non-mobile applications, leveraging new certifications and smart factory status.