敏芯股份：跟踪报告之三：多款新产品推广日见成效，新的业绩增长点不断显现

Investment Rating - Buy (Maintained) [1] Core Views - The company is a leading domestic MEMS chip design and manufacturing enterprise, with capabilities in MEMS sensor chip design, wafer manufacturing, packaging, and testing, achieving full domestic production [1] - The company focuses on the consumer electronics industry (e.g., mobile phones, computers, headphones, smartwatches, VR devices, smart home devices) and is expanding into automotive, industrial control, and medical markets [1] - New products such as micro-differential pressure sensors, barometers, and accelerometers are gaining traction, with significant progress in customer acceptance and mass production [1] - The company is actively integrating industry resources and expanding its industrial layout, including strategic investments in MEMS technology platforms and downstream sensor products [1][11] Financial Performance and Forecast - Revenue is expected to grow from 293 million yuan in 2022 to 724 million yuan in 2026, with a CAGR of 25.4% [4] - Net profit is forecasted to recover from -102 million yuan in 2023 to 37 million yuan in 2026 [4] - Gross margin is projected to improve from 16.8% in 2023 to 25.4% in 2026 [14] - ROE (Diluted) is expected to turn positive, increasing from -9.53% in 2023 to 3.33% in 2026 [4] Product Development and Market Expansion - Micro-differential pressure sensors are being applied in electronic vaporizers, with customized chip development and mass production for brand customers [1] - Barometers for wearable devices have gained recognition from major domestic clients, with batch shipments and expansion into ODM markets [1] - Accelerometers are seeing improved yields and increased production capacity, with potential breakthroughs in brand customer markets [1] Strategic Investments and Industry Integration - The company invested 1,000 million yuan in Shanghai Xinwu Technology, a national-level smart sensor innovation center, to enhance MEMS wafer manufacturing capabilities [11] - The company established Minyi Chain Semiconductor Technology (Shanghai) Co., Ltd., with a 70% stake, to strengthen its MEMS technology platform and achieve domestic substitution goals [1] - The company invested 712.5 million yuan in Shenzhen Keli Sandian Technology Co., Ltd., to expand its product portfolio and explore new market applications [1]