MEMSensing(688286) 民生证券·2024-11-01 08:30Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for future performance [2][4]. Core Insights - The company reported a total revenue of 337 million yuan for the first three quarters of 2024, representing a year-on-year increase of 29.95%. The net profit attributable to shareholders was a loss of 48 million yuan, while the net profit excluding non-recurring items was a loss of 44 million yuan. In Q3 alone, the revenue reached 131 million yuan, up 26.75% year-on-year and 11.52% quarter-on-quarter, marking a historical high for quarterly revenue [2][3]. - The company has seen a steady increase in revenue, with a significant narrowing of net losses. The Q3 gross margin was 23.01%, a notable increase of 10.58 percentage points year-on-year and 2.06 percentage points quarter-on-quarter, indicating a clear recovery trend [2][3]. - The company is actively launching new products and expanding into new markets. The pressure product line saw a revenue increase of 156.61% year-on-year, driven by the introduction of new micro-differential pressure sensor products, which experienced a staggering revenue growth of 474.65% year-on-year [2][3]. - The company emphasizes research and development, with R&D expenditures reaching 58 million yuan in the first three quarters of 2024, the highest in its history. This investment supports the development of new products and technologies, contributing to rapid growth in new market segments [2][3]. Financial Summary - The projected revenues for the company are 504 million yuan, 671 million yuan, and 911 million yuan for 2024, 2025, and 2026, respectively, with growth rates of 35.3%, 33.0%, and 35.9% [3][5]. - The net profit attributable to shareholders is expected to improve significantly, with projections of a loss of 24 million yuan in 2024, a profit of 55 million yuan in 2025, and 104 million yuan in 2026, reflecting growth rates of 76.8%, 333.5%, and 88.5% [3][5]. - The company is positioned as one of the few domestic firms with independent R&D capabilities across the MEMS sensor chip design, manufacturing, and testing processes, indicating strong potential for sustained revenue growth in the coming years [2][4].