Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expectation of stock performance exceeding the market by 10% to 20% within the next six months [7][25]. Core Views - The company has demonstrated stable growth in performance, with a 42.04% year-on-year increase in revenue to 137 million yuan and a 38.07% increase in net profit attributable to shareholders, reaching 56.45 million yuan in the first half of 2024 [2][20]. - The company's strong profitability is highlighted by a gross margin of 81.17%, despite a slight year-on-year decline of approximately 3.95 percentage points [2][20]. - Significant growth in cash flow from operating activities, which surged by 126,717% year-on-year to 90 million yuan, is attributed to a substantial increase in cash received from sales [2][20]. Summary by Sections Financial Performance - In the first half of 2024, the company achieved revenue of 137 million yuan, a 42.04% increase year-on-year, and a net profit of 56.45 million yuan, up 38.07% [2][20]. - The company’s net profit after deducting non-recurring items reached 47.49 million yuan, reflecting a 59.99% year-on-year growth [2]. - The gross margin for the reporting period was 81.17%, showing a decline of about 3.95 percentage points compared to the previous year [2][20]. Research and Development - The company invested 53.72 million yuan in R&D, marking a 61.84% increase year-on-year, which constitutes 39.12% of its revenue, an increase of approximately 4.79 percentage points [3][20]. - The R&D team comprises 82 members, accounting for 47.40% of the total workforce, with 58.54% of them holding master's or doctoral degrees [3][20]. Market Position and Growth Potential - The company is positioned as a leader in high-performance MEMS inertial sensors, with applications across various sectors including aerospace, marine, and industrial IoT [20]. - The report anticipates that the company's diverse product applications will contribute to long-term stable growth, supported by national policies favoring advancements in related fields [20]. - The projected earnings per share (EPS) for 2024-2026 are 0.58 yuan, 0.82 yuan, and 1.12 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 50.1X, 35.4X, and 25.9X [20].
芯动联科：MEMS惯性传感龙头地位稳固，2024H1业绩优异