Investment Rating - The report assigns an "Accumulate" rating to the company [4]. Core Viewpoints - The company, Xindong LianKe, is a leading domestic player in high-performance silicon-based MEMS inertial sensors, possessing core technology and achieving stable mass production [4][10]. - The company has demonstrated strong revenue growth, with a CAGR of 41.15% from 0.80 billion to 3.17 billion from 2019 to 2023, and a net profit CAGR of 44.51% from 0.38 billion to 1.65 billion during the same period [4][27]. - The company is well-positioned to benefit from the growing demand in the autonomous driving sector, which is expected to drive sales of high-performance MEMS inertial sensors [4][10]. Summary by Sections Company Overview - Xindong LianKe was founded in 2012 and went public on the STAR Market in June 2023, focusing on high-performance silicon-based MEMS inertial sensors [10]. - The company has achieved significant milestones in product development and validation, leading to increased production and sales [27]. Financial Analysis - The company maintains high gross and net profit margins, with gross margins consistently above 80% and net margins around 50% [4][27]. - Revenue from MEMS gyroscopes constitutes the majority of the company's income, accounting for over 80% of total revenue in recent years [27][34]. Market Trends - The global MEMS inertial sensor market is expected to grow steadily, with increasing applications in high-end industrial, unmanned systems, and high-reliability sectors [4][10]. - The company’s products are competitively priced compared to international counterparts, enhancing its market position [4][32]. Product and Technology - The company specializes in MEMS gyroscopes and accelerometers, with performance metrics that meet international standards [4][19]. - The technology barrier in high-performance MEMS inertial sensors is significant, making it difficult for competitors to catch up quickly [4][10]. Growth Potential - The report forecasts net profits for 2024, 2025, and 2026 to be 2.30 billion, 3.20 billion, and 4.44 billion respectively, with corresponding EPS of 0.58, 0.80, and 1.11 [4][27]. - The increasing number of trial and mass production projects among clients indicates a stable growth trajectory for the company [34].
芯动联科：高性能MEMS惯性传感器领军企业