Investment Rating - Buy rating (first coverage) [1] Core Views - The company is a leading domestic supplier of high-end MEMS inertial navigation systems with significant technological barriers and long-term growth potential [4] - The high-performance MEMS market is expected to maintain rapid growth driven by applications such as eVTOL, autonomous driving, and military drones [5] - The company has strong R&D capabilities and pricing power, with its core performance indicators for high-performance gyroscopes reaching international advanced levels [6] Financial Projections - Revenue is expected to grow from 227 million yuan in 2022 to 990 million yuan in 2026, with a CAGR of 43.5% [7] - Net profit is projected to increase from 117 million yuan in 2022 to 439 million yuan in 2026, with a CAGR of 34.5% [7] - Gross margin is expected to remain high, ranging from 79% to 85.9% from 2022 to 2026 [7] Industry Overview - The global high-performance MEMS gyroscope market is expected to grow at a CAGR of 42.3% from 2023 to 2028, driven by applications in military, industrial, and autonomous driving sectors [5] - The eVTOL market is projected to reach 9.5 billion yuan by 2026, with a CAGR of 72.3% from 2024 to 2026 [5] - The autonomous driving IMU market in China is expected to grow from 3.151 billion yuan in 2023 to 15.494 billion yuan by 2030, with a CAGR of 25.55% [5] Company Strengths - The company is one of the few domestic companies capable of mass-producing high-performance MEMS gyroscopes, with core performance indicators reaching international advanced levels [4] - The company has strong pricing power due to the lack of domestic competitors at the same level, maintaining high gross margins [6] - The company has a robust R&D team, with 82 R&D personnel accounting for 47.4% of total employees, and 58.54% of R&D personnel holding master's or doctoral degrees [21] Market Opportunities - The company is well-positioned to benefit from the growth of low-altitude economy, autonomous driving, and military applications, which are key drivers for the MEMS industry [52] - The company's MEMS gyroscopes are expected to replace fiber optic and laser gyroscopes in certain high-end applications due to their cost advantages and compact size [30] - The company's MEMS IMU products are expected to see increased demand in humanoid robots, with each robot requiring 4 IMUs for posture control and stability [63]
芯动联科：中小盘首次覆盖报告：终端应用百花齐放，高性能MEMS龙头蓄势待发