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芯动联科:MEMS惯性传感器龙头,多领域共振高速成长
华西证券· 2025-01-14 07:20
Investment Rating - The report assigns a "Buy" rating to the company [3] Core Views - The company is a leader in high-end MEMS inertial sensors, experiencing rapid growth [5] - The company's main products include high-performance MEMS gyroscopes, accelerometers, and inertial measurement units, with MEMS gyroscopes accounting for over 70% of revenue [5] - The company's products have achieved international advanced levels in core performance metrics, with high gross margins maintained over the long term [5] - The MEMS inertial sensor market is growing rapidly, with a global market size of approximately $4 billion in 2021, and the Chinese market reaching 13.6 billion RMB [6] - The company's gyroscope products have reached navigation-grade performance, with core parameters comparable to or even surpassing those of leading international competitors [7] Company Overview - The company was founded in 2012 and has been focusing on MEMS gyroscopes and accelerometers, with applications expanding into various fields such as industrial monitoring, unmanned systems, and marine navigation [14] - The company's products are characterized by high precision, small size, and low cost, making them suitable for a wide range of applications including industrial, automotive, and consumer electronics [18] - The company has a strong R&D team, with over 50% of employees engaged in research and development [31] - The company operates in a Fabless model, focusing on the design, testing, and sales of MEMS inertial sensor chips, while outsourcing wafer manufacturing and packaging [32] Market and Industry Analysis - The global MEMS inertial sensor market was valued at $3.5 billion in 2021, with MEMS gyroscopes and accelerometers accounting for $1.59 billion, or 45.4% of the total market [6] - The Chinese inertial sensor market reached 13.6 billion RMB in 2021 and is expected to continue growing steadily [6] - The MEMS industry is dominated by international giants such as Honeywell, ADI, and Sensonor, with the top three companies holding over 50% of the market share in high-performance MEMS inertial sensors [81] - The company's high-performance MEMS gyroscopes are gradually replacing traditional fiber optic and laser gyroscopes in certain applications due to their cost advantages and smaller size [89] Financial Performance and Projections - The company reported revenue of 270 million RMB in the first three quarters of 2024, a year-on-year increase of 41.2%, with net profit reaching 138 million RMB, up 42.4% year-on-year [5] - The company's gross margin has remained high, with MEMS gyroscopes and accelerometers achieving international advanced levels in core performance metrics [5] - Revenue is projected to grow to 4.55 billion RMB in 2024, 6.54 billion RMB in 2025, and 9.44 billion RMB in 2026, with net profit expected to reach 232 million RMB, 331 million RMB, and 459 million RMB respectively [8] - The company's EPS is forecasted to be 0.58 RMB, 0.83 RMB, and 1.15 RMB for 2024, 2025, and 2026, with a PE ratio of 84.0, 59.0, and 42.5 based on the current stock price of 48.67 RMB [8] Growth Opportunities - The company is expanding into high-end industrial and unmanned systems, with several projects underway in these areas [107] - The company is also exploring opportunities in the pressure sensor market, with products such as resonant MEMS absolute pressure sensors [107] - The company is well-positioned to benefit from the growth of emerging fields such as humanoid robots and autonomous driving, where IMU and inertial navigation technologies are essential [108][115]
芯动联科:高性能MEMS惯性龙头加速国产化
华泰证券· 2025-01-02 03:10
Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 65.09 [46][48] Core Views - The company is a leading player in high-performance MEMS inertial sensors, with products reaching navigation-grade precision, comparable to international giants like Honeywell [55][46] - The company's MEMS gyroscopes and accelerometers are expected to benefit from domestic substitution and downstream demand expansion in areas such as autonomous driving, commercial aerospace, and robotics [46][65] - The global high-performance inertial sensor market is projected to grow from $3.1 billion in 2021 to $4.5 billion by 2027, driven by the increasing adoption of MEMS technology [46][66] MEMS Gyroscopes - MEMS gyroscopes are replacing traditional fiber optic and laser gyroscopes due to their smaller size, lower cost, and improved performance [2][3] - The company's MEMS gyroscopes have achieved a bias stability of less than 0.1°/h, meeting navigation-grade performance requirements [12][16] - In 2021, MEMS gyroscopes accounted for 86% of the global industrial market, with potential for further penetration into tactical and navigation-grade applications [3][12] MEMS Accelerometers - Capacitive MEMS accelerometers are replacing traditional high-performance accelerometers due to their high precision, low power consumption, and cost-effectiveness [7][8] - The company's MEMS accelerometers have a bias stability of less than 20μg, reaching international advanced levels [18][22] - MEMS accelerometers are widely used in consumer electronics, automotive, industrial, and high-reliability fields [7][8] Company Advantages - The company has a leading position in MEMS gyroscopes, with products that are globally competitive in terms of performance and cost [11][16] - The company is actively expanding into new product lines and markets, including automotive-grade IMUs and pressure sensors, which are expected to drive future growth [29][43] - The company has formed a closed-loop technology system in high-performance MEMS, with strong R&D investment and a high gross margin of over 80% [32][40] Market and Industry Trends - The global MEMS inertial sensor market is expected to grow from $3.7 billion in 2022 to $4.3 billion by 2025, with a CAGR of 5.2% [85] - The company is well-positioned to benefit from the increasing demand for high-performance MEMS sensors in emerging fields such as autonomous driving, commercial aerospace, and robotics [46][65] - The company's products are expected to replace traditional inertial sensors in high-end industrial and high-reliability applications, driven by their performance and cost advantages [46][66]
芯动联科(688582) - 2024年12月18日投资者关系活动记录表
2024-12-19 09:08
Company Overview - Anhui Core Motion Microsystems Co Ltd was established in 2012 and successfully listed on the Shanghai Stock Exchange STAR Market on June 30, 2023, with the stock code 688582 [2] - The company specializes in the R&D, testing, and sales of high-performance silicon-based MEMS inertial sensors, forming a proprietary product system and achieving mass production and application [2] - Core Motion has established a complete business process and supply chain system, covering key aspects such as MEMS inertial sensor chip design, MEMS process development, packaging, and testing [3] - The company's MEMS sensor chips have reached navigation-grade accuracy, with main technical indicators on par with international mainstream manufacturers, filling a domestic gap in high-performance silicon-based MEMS inertial sensors [3] Products and Applications - Core Motion's main products include high-performance MEMS inertial sensors, specifically gyroscopes and accelerometers, which are core components of inertial systems [3] - These products are widely used in various fields such as unmanned systems, industrial robots, autonomous driving, commercial aerospace, ships, oil exploration, high-speed railways, geological exploration, emergency communication, and disaster warning [3] - The company has recently launched a high-performance resonant accelerometer (FM accelerometer), which represents a significant breakthrough in the accelerometer field, with performance improved by an order of magnitude compared to traditional products [5] - Core Motion has successfully developed single-chip dual-axis and triple-axis products, enhancing product integration and providing more convenience to customers [5] Market and Growth - Core Motion's current market penetration rate is relatively low, with last year's revenue reaching only 300 million RMB, indicating significant room for growth [6] - The company's products have been widely used in multiple fields, gradually achieving volume growth, and the company is confident in maintaining steady business growth [6] - Core Motion plans to continue exploring new application areas to ensure sustained development and market competitiveness [6] Technological Advantages - High-performance MEMS inertial sensors are technology-composite products, involving multiple aspects across different fields, and any weakness in any aspect can hinder the production of high-quality products [6] - Core Motion has gathered top experts from various fields since its inception, undergoing a long R&D process from preparation in 2012 to mass production in 2017-2018, which has accumulated the company's technical strength and product advantages [6] Future Development - Core Motion will continue to focus on its areas of technical expertise, particularly in MEMS gyroscopes and accelerometers, while also pursuing technological innovation in pressure sensors [5] - The company has already started supplying small-range pressure sensors to customers and is actively developing new products such as large-range pressure sensors to meet diverse market needs [5] - Core Motion is developing a six-axis automotive chip, with higher integration potentially becoming increasingly advantageous as the automotive industry evolves [4]
机构调研:下游应用端商业化提速,这家公司加码高性能MEMS惯导
财联社· 2024-12-02 05:01
下游应用端商业化提速,商业航天、人形机器人都依赖于MEMS惯导发展,这家公司加码高性能MEMS 惯导项目,主要指标对标国际主流厂商。 调研要点: ①下游应用端商业化提速,商业航天、人形机器人都依赖于MEMS惯导发展,这家公司加码高性能 MEMS惯导项目,主要指标对标国际主流厂商; ②风险提示:调研内容仅为机构与上市公司间的业务交流,不构成投研观点,信息以上市公司公告和分 析师公开报告为准。 芯动联科于11月28日接待机构现场调研时表示,公司主营业务为高性能硅基MEMS惯性传感器的研 发、测试与销售,已形成自主知识产权的高性能MEMS惯性传感器产品体系并批量生产及应用,在 MEMS惯性传感器芯片设计、MEMS工艺方案开发、封装与测试等主要环节形成了技术闭环,建立了完 整的业务流程和供应链体系。 目前,公司主要产品为高性能MEMS惯性传感器,包括陀螺仪和加速度计,均属于惯性系统的核心器 件。其中,陀螺仪和加速度计作为基础的惯性器件,通过下游模组厂商、系统厂商等环节的组装加工 后,向行业客户提供为行业用户实现导航定位、姿态感知、状态监测,平台稳定等多项应用功能。 公司MEMS传感器芯片已达到导航级精度,主要技术指标 ...
芯动联科(688582) - 2024年11月28日投资者关系活动记录表
2024-11-29 10:24
Company Overview - Founded in 2012 and listed on the Shanghai Stock Exchange's STAR Market in June 2023 [2] - Specializes in high-performance silicon-based MEMS inertial sensors, including gyroscopes and accelerometers [2] - Achieved navigation-grade precision, filling a domestic gap in high-performance MEMS inertial sensors [3] - Products applied in unmanned systems, industrial robots, autonomous driving, commercial aerospace, and more [3] Product Development and Technology - MEMS gyroscopes and accelerometers are core components of inertial systems [3] - MEMS sensors offer advantages of small size, lightweight, and low cost compared to earlier generations [4] - Current products address limitations of first and second-generation gyroscopes, such as large size and high cost [4] - Developing high-precision resonant MEMS atmospheric pressure sensors and industrial-grade pressure sensors [6] - Small-range resonant pressure sensors have been finalized and are being sampled to customers [7] Manufacturing and Competitive Advantage - Manufacturing process involves multiple technical challenges across MEMS and ASIC chip production [7] - Maintains competitive edge through continuous R&D in design, algorithms, packaging, and testing [7] - Focuses on further integration, miniaturization, and cost reduction [7] Market Applications and Future Trends - Inertial navigation systems provide autonomous navigation, platform stabilization, and attitude control [5][6] - Combines with satellite navigation systems to enhance accuracy and reliability [5] - Emerging opportunities in automotive market with the advent of L3 and L4 autonomous driving [8] - Potential for domestic chips to meet local demand and expand globally as Chinese automakers increase overseas presence [8] Strategic Partnerships - Collaborating with automakers to establish quality systems and processes [8] - Developing automotive-grade six-axis chips to meet IMU product requirements [8]
芯动联科:中小盘首次覆盖报告:终端应用百花齐放,高性能MEMS龙头蓄势待发
开源证券· 2024-11-01 10:32
Investment Rating - Buy rating (first coverage) [1] Core Views - The company is a leading domestic supplier of high-end MEMS inertial navigation systems with significant technological barriers and long-term growth potential [4] - The high-performance MEMS market is expected to maintain rapid growth driven by applications such as eVTOL, autonomous driving, and military drones [5] - The company has strong R&D capabilities and pricing power, with its core performance indicators for high-performance gyroscopes reaching international advanced levels [6] Financial Projections - Revenue is expected to grow from 227 million yuan in 2022 to 990 million yuan in 2026, with a CAGR of 43.5% [7] - Net profit is projected to increase from 117 million yuan in 2022 to 439 million yuan in 2026, with a CAGR of 34.5% [7] - Gross margin is expected to remain high, ranging from 79% to 85.9% from 2022 to 2026 [7] Industry Overview - The global high-performance MEMS gyroscope market is expected to grow at a CAGR of 42.3% from 2023 to 2028, driven by applications in military, industrial, and autonomous driving sectors [5] - The eVTOL market is projected to reach 9.5 billion yuan by 2026, with a CAGR of 72.3% from 2024 to 2026 [5] - The autonomous driving IMU market in China is expected to grow from 3.151 billion yuan in 2023 to 15.494 billion yuan by 2030, with a CAGR of 25.55% [5] Company Strengths - The company is one of the few domestic companies capable of mass-producing high-performance MEMS gyroscopes, with core performance indicators reaching international advanced levels [4] - The company has strong pricing power due to the lack of domestic competitors at the same level, maintaining high gross margins [6] - The company has a robust R&D team, with 82 R&D personnel accounting for 47.4% of total employees, and 58.54% of R&D personnel holding master's or doctoral degrees [21] Market Opportunities - The company is well-positioned to benefit from the growth of low-altitude economy, autonomous driving, and military applications, which are key drivers for the MEMS industry [52] - The company's MEMS gyroscopes are expected to replace fiber optic and laser gyroscopes in certain high-end applications due to their cost advantages and compact size [30] - The company's MEMS IMU products are expected to see increased demand in humanoid robots, with each robot requiring 4 IMUs for posture control and stability [63]
芯动联科(688582) - 2024年10月25日投资者关系活动记录表
2024-10-29 08:41
Company Overview - Founded in 2012 and listed on the Shanghai Stock Exchange's STAR Market in June 2023, with stock code 688582 [2] - Specializes in the R&D, testing, and sales of high-performance silicon-based MEMS inertial sensors [2] - Has established a complete business process and supply chain system, with proprietary high-performance MEMS inertial sensor products [2] - MEMS sensor chips have reached navigation-grade precision, filling a domestic gap in high-performance silicon-based MEMS inertial sensors [2] Product and Market - Main products include high-performance MEMS inertial sensors, such as gyroscopes and accelerometers, which are core components of inertial systems [2] - Products are used in various fields including unmanned systems, industrial robots, autonomous driving, commercial aerospace, and more [2][3] - FM accelerometer has achieved nearly 1,000 units in shipments and is undergoing customer validation [5] - Accelerometer product line is expected to replicate the revenue growth trajectory of gyroscope products, with significant future market potential [5] Financial Performance - Maintained stable product prices despite market pressures, with no significant changes in pricing for customers with stable procurement volumes [4] - Achieved growth in both production and sales volumes, leading to a slight reduction in unit costs through economies of scale [4] - Gross margin remains high due to effective cost control and technological innovation [4] - Orders are balanced across various fields, with a significant order disclosed in July 2024 contributing to stable revenue growth [4] Competitive Analysis - Gyroscope products have performance advantages over international giants like Honeywell, with highly integrated ASIC solutions [7] - The company focuses solely on MEMS inertial devices, leveraging its resources to enhance product performance and market competitiveness [7] - Unlike traditional IDM manufacturers, the company's foundry model allows for faster response to market changes and technological updates [7] Future Outlook - Plans to continue investing in R&D to maintain market competitiveness and leadership [5] - Expects the accelerometer product line to achieve significant revenue growth, particularly with dual-axis and tri-axis accelerometers [5] - Gross margins in new fields like low-altitude and satellite applications are expected to remain similar to current levels, while automotive applications may see lower margins (30-40%) [6]
芯动联科:公司持续加大研发投入夯实产品力,经营情况稳健向好
山西证券· 2024-10-29 03:00
Investment Rating - The report maintains a "Buy-A" rating for the company, indicating an expected outperformance of 5%-15% relative to the benchmark index [1] Core Views - The company has shown robust growth with a 41.21% YoY increase in revenue to 271 million yuan and a 42.39% YoY increase in net profit to 138 million yuan for the first three quarters of 2024 [1] - The company's gross profit margin remains high at 83.97%, with a slight decrease of 1.78 percentage points YoY, while the net profit margin improved by 0.42 percentage points to 50.87% [1] - The company has significantly increased its R&D investment, with a 46.61% YoY growth in R&D spending to 82.51 million yuan in the first three quarters of 2024 [1] Financial Performance - The company's revenue for Q3 2024 reached 134 million yuan, a 40.37% YoY increase, with net profit growing 45.53% YoY to 81.63 million yuan [1] - The company's EPS for the first three quarters of 2024 was 0.35 yuan, a 29.63% YoY increase [1] - The company's ROE for the first three quarters of 2024 was 6.24%, with a total market capitalization of 19.2 billion yuan [1] Future Projections - The company is expected to achieve revenues of 4.45 billion, 6.23 billion, and 8.68 billion yuan in 2024, 2025, and 2026, respectively, with YoY growth rates of 40.5%, 39.7%, and 39.4% [1] - Net profit is projected to be 231 million, 321 million, and 438 million yuan for 2024, 2025, and 2026, respectively, with YoY growth rates of 39.9%, 38.8%, and 36.5% [1] - The company's EPS is expected to be 0.58, 0.80, and 1.10 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 83.0X, 59.8X, and 43.8X [1] R&D and Product Development - The company has been continuously increasing its R&D investment to enhance product competitiveness, with a focus on improving the performance of existing products like gyroscopes and accelerometers, as well as expanding the range of R&D products [1] - R&D expenses for Q3 2024 were 28.79 million yuan, a 24.75% YoY increase [1] Market Performance - The company's stock closed at 48.01 yuan on October 28, 2024, with a circulating market value of 11.67 billion yuan and a total market value of 19.2 billion yuan [1] - The company's stock has shown strong performance, with a year-to-date high of 49.93 yuan and a low of 21.61 yuan [1]
芯动联科:业绩持续表现优异,下游放量在即
华安证券· 2024-10-27 23:30
Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 financial performance remains strong, with revenue reaching 1.34 billion yuan, a year-on-year increase of 40.37%, and net profit attributable to shareholders of 816.33 million yuan, up 45.53% year-on-year [1] - The company's core business performance is excellent, with non-GAAP net profit reaching 765.99 million yuan, a year-on-year increase of 55.73% [1] - The company's gross profit margin has improved, reaching 83.97% in Q3 2024, up 0.96 percentage points from 83.01% in the 2023 annual report [1] - The company's high-performance inertial sensor chips are widely used in high-reliability, high-end industrial, and unmanned systems, with potential for significant downstream market expansion [1] - The company has secured customer projects and large orders, demonstrating the quality of its high-performance inertial sensor chips [1] Financial Performance and Forecasts - Revenue for 2024-2026 is forecasted to be 4.72/6.84/9.68 billion yuan, with net profit attributable to shareholders of 2.37/3.26/4.02 billion yuan [1] - EPS for 2024-2026 is projected to be 0.59/0.82/1.01 yuan, with P/E ratios of 78/57/46 times [1] - The company's gross profit margin is expected to remain high, with forecasts of 81.7%/80.5%/79.7% for 2024-2026 [2] - ROE is projected to increase from 7.8% in 2023 to 15.5% in 2026 [2] Industry and Market Position - The company's high-performance inertial sensor chips are applied in various industries, including commercial aerospace, maritime, resource exploration, industrial IoT, drones, autonomous driving, and robotics [1] - The company maintains a leading position in the high-performance inertial sensor chip market, with strong pricing power and industry status [1] Financial Ratios and Metrics - The company's P/E ratios for 2024-2026 are 77.82/56.61/45.91 times, with P/B ratios of 8.43/7.84/7.11 times [2] - The company's EV/EBITDA ratios for 2024-2026 are 26.12/18.69/13.36 times [2] - The company's net profit margin is expected to remain above 40%, with forecasts of 50.25%/47.69%/41.58% for 2024-2026 [3]
芯动联科:2024年三季报点评:2024Q3业绩表现优异,产品逐步放量推动利润率同环比提升
国海证券· 2024-10-27 15:06
Investment Rating - Buy (maintained) [1] Core Views - The company's Q3 2024 performance was strong, with both revenue and net profit reaching record highs [2][3] - Revenue in Q3 2024 was RMB 134 million, up 40.37% YoY and 16.52% QoQ [3] - Net profit attributable to shareholders in Q3 2024 was RMB 82 million, up 45.53% YoY and 41.38% QoQ [3] - Gross margin in Q3 2024 was 86.84%, up 0.44 pct YoY and 5.55 pct QoQ [2] - Net profit margin in Q3 2024 was 60.86%, up 2.16 pct YoY and 10.33 pct QoQ [2] - The company's operating efficiency improved, with management expense ratio decreasing by 3.49 pct YoY [2] - R&D investment increased by 24.75% YoY, focusing on improving product performance and expanding product categories [2] Market Performance - The company's stock outperformed the CSI 300 index by 41.0% over 1 month, 63.2% over 3 months, and 25.9% over 12 months [2] - Current stock price is RMB 46.18, with a 52-week range of RMB 21.61-49.93 [2] - Total market capitalization is RMB 18.47 billion, with a circulating market cap of RMB 11.23 billion [2] Industry and Product Analysis - The company's MEMS gyroscopes and accelerometers have undergone three iterations, with performance reaching international advanced levels [6] - The company is developing fourth-generation products, including single-chip three-axis gyroscopes and industrial-grade gyroscopes [6] - The FM accelerometer has entered small-scale production, marking a significant industry advancement [6] - The company is developing pressure sensors and 6-axis automotive-grade IMUs for autonomous driving and robotics [6] Financial Forecasts - Revenue is expected to grow to RMB 451 million in 2024, RMB 652 million in 2025, and RMB 943 million in 2026 [6] - Net profit attributable to shareholders is forecasted to be RMB 234 million in 2024, RMB 343 million in 2025, and RMB 492 million in 2026 [6] - ROE is projected to increase from 10% in 2024 to 18% in 2026 [6] - P/E ratio is expected to decline from 78.89 in 2024 to 37.51 in 2026 [6] Growth Drivers - The company benefits from increasing penetration of MEMS sensors in high-reliability fields [6] - Emerging industries such as autonomous vehicles, low-altitude economy, and satellites are expected to create new growth opportunities [6] - The company's technological advantages and continuous product iteration support its competitive position [6]