Investment Rating - The report assigns a "Buy" rating to the company [3] Core Views - The company is a leader in high-end MEMS inertial sensors, experiencing rapid growth [5] - The company's main products include high-performance MEMS gyroscopes, accelerometers, and inertial measurement units, with MEMS gyroscopes accounting for over 70% of revenue [5] - The company's products have achieved international advanced levels in core performance metrics, with high gross margins maintained over the long term [5] - The MEMS inertial sensor market is growing rapidly, with a global market size of approximately $4 billion in 2021, and the Chinese market reaching 13.6 billion RMB [6] - The company's gyroscope products have reached navigation-grade performance, with core parameters comparable to or even surpassing those of leading international competitors [7] Company Overview - The company was founded in 2012 and has been focusing on MEMS gyroscopes and accelerometers, with applications expanding into various fields such as industrial monitoring, unmanned systems, and marine navigation [14] - The company's products are characterized by high precision, small size, and low cost, making them suitable for a wide range of applications including industrial, automotive, and consumer electronics [18] - The company has a strong R&D team, with over 50% of employees engaged in research and development [31] - The company operates in a Fabless model, focusing on the design, testing, and sales of MEMS inertial sensor chips, while outsourcing wafer manufacturing and packaging [32] Market and Industry Analysis - The global MEMS inertial sensor market was valued at $3.5 billion in 2021, with MEMS gyroscopes and accelerometers accounting for $1.59 billion, or 45.4% of the total market [6] - The Chinese inertial sensor market reached 13.6 billion RMB in 2021 and is expected to continue growing steadily [6] - The MEMS industry is dominated by international giants such as Honeywell, ADI, and Sensonor, with the top three companies holding over 50% of the market share in high-performance MEMS inertial sensors [81] - The company's high-performance MEMS gyroscopes are gradually replacing traditional fiber optic and laser gyroscopes in certain applications due to their cost advantages and smaller size [89] Financial Performance and Projections - The company reported revenue of 270 million RMB in the first three quarters of 2024, a year-on-year increase of 41.2%, with net profit reaching 138 million RMB, up 42.4% year-on-year [5] - The company's gross margin has remained high, with MEMS gyroscopes and accelerometers achieving international advanced levels in core performance metrics [5] - Revenue is projected to grow to 4.55 billion RMB in 2024, 6.54 billion RMB in 2025, and 9.44 billion RMB in 2026, with net profit expected to reach 232 million RMB, 331 million RMB, and 459 million RMB respectively [8] - The company's EPS is forecasted to be 0.58 RMB, 0.83 RMB, and 1.15 RMB for 2024, 2025, and 2026, with a PE ratio of 84.0, 59.0, and 42.5 based on the current stock price of 48.67 RMB [8] Growth Opportunities - The company is expanding into high-end industrial and unmanned systems, with several projects underway in these areas [107] - The company is also exploring opportunities in the pressure sensor market, with products such as resonant MEMS absolute pressure sensors [107] - The company is well-positioned to benefit from the growth of emerging fields such as humanoid robots and autonomous driving, where IMU and inertial navigation technologies are essential [108][115]
芯动联科：MEMS惯性传感器龙头，多领域共振高速成长