UIGreen(688661) 申万宏源·2024-08-16 06:41Investment Rating - The report assigns a "Neutral" investment rating to the company, reflecting a downward adjustment due to underperformance in customer onboarding for semiconductor probes and increased operational costs [6]. Core Insights - The company, Helin Micro-Nano (688661), specializes in MEMS micro-components and semiconductor test probes, showcasing a range of core testing interface products at the 2024 Munich Shanghai Electronics Show [5]. - The MEMS market is projected to grow from approximately 22.3 billion by 2027, with a compound annual growth rate (CAGR) of 9.0% [5]. - The company has established relationships with leading clients such as GoerTek, Luxshare Precision, and Nvidia, with a 20% market share in MEMS microphones [5]. Financial Summary - The company's total revenue for 2023 is projected at 286 million yuan, with an expected increase to 404 million yuan in 2024, representing a year-on-year growth rate of 41.4% [7]. - The net profit forecast for 2024 has been revised down to 62 million yuan, with projections of 107 million yuan and 151 million yuan for 2025 and 2026, respectively [6][9]. - The gross margin is expected to improve significantly from 25.1% in 2023 to 45.3% in 2024 [7]. Market Position - Helin Micro-Nano is positioned in the upstream of the MEMS and semiconductor supply chain, focusing on the production of precision components for various applications, including micro microphones and pressure sensors [5]. - The company is gaining traction in the semiconductor probe market, which has a low domestic production rate, indicating potential for growth as it develops new products [5].