Investment Rating - The investment rating for the company is "Recommended" (maintained) with a stock price of 62.79 CNY [1]. Core Views - The company has demonstrated stable revenue growth and enhanced profitability, achieving a revenue of 405 million CNY in 2024, a year-on-year increase of 27.57%, and a net profit of 222 million CNY, up 34.33% year-on-year [3][6]. - The company's MEMS gyroscopes and accelerometers are experiencing steady growth, with the gyroscope revenue reaching 351 million CNY, a 34.76% increase, and the accelerometer revenue growing by 68.57% to 28 million CNY [6][7]. - The company maintains a strong focus on R&D, with R&D expenses amounting to 109 million CNY, a 36.52% increase, which supports product innovation and competitiveness [6][7]. Financial Summary - Revenue projections for 2025-2027 are as follows: 578 million CNY in 2025, 812 million CNY in 2026, and 1,120 million CNY in 2027, with respective year-on-year growth rates of 42.9%, 40.5%, and 37.9% [5][11]. - Net profit forecasts for the same period are 304 million CNY in 2025, 419 million CNY in 2026, and 569 million CNY in 2027, with year-on-year growth rates of 36.8%, 37.7%, and 35.9% [5][11]. - The company’s gross margin is projected to remain strong at around 85% for 2025 and beyond, with a net margin of approximately 52.6% in 2025 [5][11]. Product Development - The company is advancing its product lines, including the development of high-performance MEMS accelerometers and pressure sensors, which are expected to meet market demands for miniaturization and cost reduction [6][9]. - The company has established mass production capabilities for its FM accelerometers, which are anticipated to significantly enhance its market position [6][9]. Valuation Metrics - The projected earnings per share (EPS) for 2025 is 0.76 CNY, with corresponding price-to-earnings (P/E) ratios of 82.7 for 2025, 60.1 for 2026, and 44.2 for 2027 [5][11]. - The price-to-book (P/B) ratios are expected to decline from 10.8 in 2024 to 7.4 by 2027, indicating a potential increase in shareholder value over time [5][11].
芯动联科：公司业绩稳定增长，盈利能力进一步增强-20250318