MEMSensing(SH:688286) Guohai Securities·2024-09-03 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company's operating performance has significantly improved, with multiple new products accelerating market penetration [2] - In H1 2024, the company achieved revenue of 206 million, a year-on-year increase of 32.07%, with Q2 revenue reaching 117 million, up 30.34% year-on-year and 33.21% quarter-on-quarter [2] - The gross margin for H1 2024 was 21.43%, an increase of 5.70 percentage points year-on-year, while Q2 gross margin was 20.95%, up 10.14% year-on-year [2] - The company is focusing on R&D, with an investment of 39.23 million in H1 2024, representing a R&D expense ratio of 19.07% [2][5] - The pressure sensor segment showed significant growth, accounting for 38.79% of revenue, an increase of 18.18 percentage points year-on-year [5] Summary by Sections Financial Performance - In H1 2024, the company reported a net profit attributable to shareholders of -35 million, a reduction in loss by 18 million year-on-year [2] - The company expects revenues of 483 million, 607 million, and 769 million for 2024, 2025, and 2026 respectively, with projected net profits of -24 million, 24 million, and 61 million for the same years [6][8] Market Position - The company is one of the few in China with capabilities in multiple MEMS chip design and manufacturing processes, which positions it well for future market growth [5] - The company is actively expanding its market share in the MEMS sensor field, driven by innovation and the exploration of new market opportunities [2] Product Development - The company has made advancements in various sensor products, including new pressure and acoustic sensors, which are expected to see increased demand due to trends in AI and consumer electronics [5] - The company is also focusing on optimizing the performance and cost of its MEMS chips, enhancing their competitiveness in the market [2][5]