敏芯股份：AI引领新增长

Investment Rating - Buy | Maintain [2] Core Views - AI drives new growth opportunities in the acoustic sector, with the company well-positioned to benefit from product upgrades and higher signal-to-noise ratio demands due to AI advancements [5] - The company is actively expanding into new product areas such as automotive, medical, robotics, and IMU, with orders already coming in and profitability expected to improve [5] - The company is expected to achieve a turnaround in 2024, with a gradual narrowing of losses and approaching breakeven [5] - The company has a strong R&D capability in MEMS technology and is transitioning to mass production across multiple product lines [5] Financial Projections - Revenue is projected to grow from 373 million yuan in 2023 to 800 million yuan in 2026, with a CAGR of 29.03% [5] - EBITDA is expected to turn positive in 2024, reaching 144.29 million yuan by 2026 [5] - Net profit attributable to the parent company is forecasted to improve from -101.85 million yuan in 2023 to 63.04 million yuan in 2026 [5] - EPS is projected to increase from -1.82 yuan in 2023 to 1.13 yuan in 2026 [5] Company Overview - Latest closing price: 61.01 yuan [4] - Total market capitalization: 3.4 billion yuan [4] - 52-week high/low: 71.70 yuan / 30.01 yuan [4] - Debt-to-asset ratio: 12.7% [4] - P/E ratio: -32.11 [4] - Largest shareholder: Li Gang [4] Industry and Market Performance - The company operates in the electronics sector, with a focus on MEMS technology and acoustic products [5] - The stock has shown significant volatility, with a 48% decline at its lowest point in the past year [3]