Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company focuses on high-performance silicon-based MEMS inertial sensors, with a strong emphasis on high-reliability applications. It has established itself as a leading chip design company in China, with a proprietary product system and mass production capabilities [3][13]. - The company has shown significant revenue growth from 0.80 billion to 3.17 billion CNY from 2019 to 2023, with a compound annual growth rate (CAGR) of 41%. The net profit has also increased from 0.38 billion to 1.65 billion CNY during the same period, with a CAGR of 45% [3][13]. - The MEMS market is expected to grow from 14.75 billion USD in 2022 to 22.25 billion USD by 2027, with a CAGR of 8.57%. The company is well-positioned to benefit from this growth due to its high technical barriers and strong market presence [3][13]. Summary by Sections Company Overview - The company was founded in 2012 and specializes in the research, testing, and sales of MEMS inertial sensors, including MEMS gyroscopes and accelerometers. Its products are widely used in high-end industrial applications, unmanned systems, and are expanding into autonomous driving and aerospace sectors [3][7]. Financial Performance - The company achieved revenues of 3.17 billion CNY in 2023, with a net profit of 1.65 billion CNY. The revenue growth rates for 2024, 2025, and 2026 are projected to be 42%, 44%, and 45%, respectively [4][13]. - The gross margin has remained above 80%, with a slight decline attributed to the increasing sales of lower-margin products [13][15]. Market Position and Technology - The company has a strong technological edge with 23 invention patents and 22 utility model patents, focusing on high-performance MEMS inertial sensors. Its core technology has reached international advanced levels, making it competitive against traditional gyroscopes [3][13]. - The company operates under a Fabless model, outsourcing production while focusing on design and sales, which enhances its operational efficiency [3][20]. Future Outlook - The report anticipates that advancements in sensor technology and the growth of new industries such as autonomous vehicles and smart cities will create substantial demand for MEMS sensors, positioning the company for future growth [3][13].
芯动联科：深度报告：高性能硅基MEMS惯性传感器领导者，看好高可靠领域渗透率持续提升