MEMSensing(SH:688286) Xin Lang Cai Jing·2025-09-10 00:36Core Insights - The company reported a significant revenue growth of 43.9% year-on-year in Q2 2025, with a notable improvement in gross margin [1] - The company achieved a revenue of 304 million yuan in the first half of 2025, representing a year-on-year increase of 47.82%, and turned a profit with a net profit of 25 million yuan [1][2] - The company’s product lines, particularly pressure sensors and inertial sensors, have seen substantial revenue increases, contributing to record-high revenues for the first half of the year [1][2] Revenue and Profitability - In Q2 2025, the company generated revenue of 169 million yuan, reflecting a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2% [1] - The net profit for Q2 2025 was 22 million yuan, showing a remarkable year-on-year growth of 207.9% and a quarter-on-quarter growth of 684.3% [1] - The gross margin for Q2 2025 reached 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [1][2] Product Line Performance - The company’s pressure sensor revenue in the first half of 2025 was 133 million yuan, up 67.05% year-on-year, while inertial sensor revenue was 20 million yuan, up 98.82% year-on-year [2] - High-margin products are increasingly contributing to the company’s profitability, with the MEMS pressure sensors becoming the largest revenue contributor, surpassing acoustic products [2] - The company is actively engaging with international downstream brand clients to enhance product value and market share [2] R&D and Market Opportunities - The demand for consumer electronics driven by AI applications is increasing, presenting opportunities for the company’s MEMS acoustic sensors [3] - The company is developing high signal-to-noise ratio, low-power digital microphones and has begun small-scale shipments of certain models [3] - Ongoing R&D efforts include next-generation products such as bone conduction acoustic sensors for AI glasses and six-dimensional force sensors based on MEMS chips [3] Investment Outlook - The company’s revenue growth is expected to continue, with projected revenue increases of 42.8%, 30.5%, and 27.1% for 2025-2027, reaching 722 million, 943 million, and 1.198 billion yuan respectively [3] - Net profit forecasts for the same period are expected to grow by 243.0%, 93.7%, and 65.5%, reaching 50 million, 98 million, and 162 million yuan respectively [3] - Corresponding PE ratios for 2025-2027 are projected to be 109.3, 56.4, and 34.1 times [3]