Investment Rating - The report assigns a "Buy" rating to the company with a target price of RMB 65.09 [46][48] Core Views - The company is a leading player in high-performance MEMS inertial sensors, with products reaching navigation-grade precision, comparable to international giants like Honeywell [55][46] - The company's MEMS gyroscopes and accelerometers are expected to benefit from domestic substitution and downstream demand expansion in areas such as autonomous driving, commercial aerospace, and robotics [46][65] - The global high-performance inertial sensor market is projected to grow from 4.5 billion by 2027, driven by the increasing adoption of MEMS technology [46][66] MEMS Gyroscopes - MEMS gyroscopes are replacing traditional fiber optic and laser gyroscopes due to their smaller size, lower cost, and improved performance [2][3] - The company's MEMS gyroscopes have achieved a bias stability of less than 0.1°/h, meeting navigation-grade performance requirements [12][16] - In 2021, MEMS gyroscopes accounted for 86% of the global industrial market, with potential for further penetration into tactical and navigation-grade applications [3][12] MEMS Accelerometers - Capacitive MEMS accelerometers are replacing traditional high-performance accelerometers due to their high precision, low power consumption, and cost-effectiveness [7][8] - The company's MEMS accelerometers have a bias stability of less than 20μg, reaching international advanced levels [18][22] - MEMS accelerometers are widely used in consumer electronics, automotive, industrial, and high-reliability fields [7][8] Company Advantages - The company has a leading position in MEMS gyroscopes, with products that are globally competitive in terms of performance and cost [11][16] - The company is actively expanding into new product lines and markets, including automotive-grade IMUs and pressure sensors, which are expected to drive future growth [29][43] - The company has formed a closed-loop technology system in high-performance MEMS, with strong R&D investment and a high gross margin of over 80% [32][40] Market and Industry Trends - The global MEMS inertial sensor market is expected to grow from 4.3 billion by 2025, with a CAGR of 5.2% [85] - The company is well-positioned to benefit from the increasing demand for high-performance MEMS sensors in emerging fields such as autonomous driving, commercial aerospace, and robotics [46][65] - The company's products are expected to replace traditional inertial sensors in high-end industrial and high-reliability applications, driven by their performance and cost advantages [46][66]
芯动联科：高性能MEMS惯性龙头加速国产化