Investment Rating - The report maintains a "Recommended" rating for the company [1][11]. Core Views - The company has demonstrated stable revenue growth, achieving an operating income of 405 million yuan in 2024, a year-on-year increase of 27.57%, and a net profit attributable to shareholders of 222 million yuan, 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 yuan, a 34.76% increase, and the accelerometer revenue growing by 68.57% to 28 million yuan [6][7]. - The company has a strong focus on R&D, with R&D expenses amounting to 109 million yuan, a 36.52% increase, which supports product innovation and competitiveness [6][7]. Summary by Sections Financial Performance - In 2024, the company reported operating income of 405 million yuan and a net profit of 222 million yuan, with a gross margin of 85.03% [3][6]. - Revenue projections for 2025, 2026, and 2027 are 578 million yuan, 812 million yuan, and 1,120 million yuan respectively, with corresponding net profits of 304 million yuan, 419 million yuan, and 569 million yuan [5][8]. Product Development - The company is advancing its MEMS gyroscope and accelerometer product lines, with significant improvements in performance and production capabilities [6][7]. - New product developments include high-performance resonant accelerometers and pressure sensors, which are expected to enhance market competitiveness [6][7]. Market Position - The company is positioned well within the MEMS sensor market, with a focus on high-performance applications in various industries, including automotive and industrial sectors [6][7]. - The report highlights the company's unique product offerings and growth potential, suggesting a favorable outlook for future performance [6][7].
芯动联科（688582）：公司业绩稳定增长，盈利能力进一步增强