MEMSensing(688286) 光大证券·2024-11-04 00:46Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company's Q3 2024 performance met expectations, with revenue reaching 337 million yuan, a year-on-year increase of 29.95%, and a net profit attributable to shareholders of -48 million yuan, a reduction in loss of 41.58% [1][2]. - New products are gaining traction, particularly in the pressure product line, which saw a revenue increase of 156.61% year-on-year, driven by the new micro differential pressure sensor products, which experienced a staggering 474.65% growth [2]. - The company's profitability is improving, with the gross margin for Q3 2024 reaching 23.01%, an increase of 10.58 percentage points year-on-year, indicating a positive trend in operational performance [2]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved a revenue of 337 million yuan, with a Q3 revenue of 131 million yuan, reflecting a year-on-year growth of 26.75% [1][2]. - The net profit attributable to shareholders for Q3 2024 was -13 million yuan, a reduction in loss of 55.20% compared to the previous year [1]. Product Development - The company is focusing on new product development, with significant contributions from the micro differential pressure sensors and barometers, which have expanded their market presence [2]. Profitability and Forecast - The report forecasts the company's net profit for 2024-2026 to be -15 million yuan, 15 million yuan, and 37 million yuan respectively, indicating a recovery in profitability as new products enter the growth phase [3].