MEMSensing(688286) 中银证券·2025-01-22 05:59Investment Rating - The report maintains a "Buy" rating for the company, with a previous rating also being "Buy" [1] Core Views - The company is expected to achieve an annual revenue of RMB 480 million to RMB 510 million in 2024, representing a year-on-year increase of 28.8% to 36.9%. The net profit attributable to the parent company is projected to be between -RMB 45 million and -RMB 30 million, indicating a reduction in losses by 55.8% to 70.5% [4][9] - The company is experiencing growth driven by breakthroughs in pressure products, which are expected to enhance revenue and gross margins. Cost reduction and efficiency improvement measures are also yielding positive results [4][6] - The company is well-positioned for growth in sectors such as AI edge products, pressure sensors, automotive applications, and humanoid robots, maintaining a strong growth outlook [4][6] Summary by Sections Financial Performance - The company forecasts a revenue increase from RMB 373 million in 2023 to RMB 502 million in 2024, and further to RMB 751 million in 2025, reflecting a growth rate of 34.6% and 49.7% respectively [8] - The net profit is expected to improve from -RMB 102 million in 2023 to -RMB 36 million in 2024, and then to RMB 39 million in 2025, indicating a significant turnaround [8] - The earnings per share (EPS) is projected to be -RMB 0.64 in 2024, RMB 0.70 in 2025, and RMB 1.99 in 2026, with corresponding price-to-earnings ratios of 99.9 and 35.0 for 2025 and 2026 respectively [6][8] Market Position and Product Development - The company has made significant progress in high signal-to-noise ratio silicon microphone products, which are expected to benefit from the growing demand in AI mobile applications [9] - New product developments in pressure sensors, automotive applications, and humanoid robots are anticipated to contribute positively to revenue growth in 2025 [9] - The company has already achieved breakthroughs with domestic clients in pressure sensors and is expanding its market reach [9]