Investment Rating - The report maintains an "Accumulate-A" rating for the company [1][6]. Core Views - The company has shown significant growth in revenue and net profit for 2024, with revenue reaching 405 million yuan, a year-on-year increase of 27.57%, and net profit reaching 222 million yuan, a year-on-year increase of 34.33% [1][2]. - The rapid growth in revenue is primarily driven by the successful introduction and validation of MEMS accelerometer products in various applications, leading to increased market penetration [1][2]. - The company has increased its R&D investment by 36.52% in 2024, amounting to 109 million yuan, which is expected to enhance product competitiveness and support future growth [3][6]. Financial Performance - In 2024, the company achieved a gross margin of 85.03%, up 2.02 percentage points from the previous year, and a net margin of 54.93%, up 2.76 percentage points [2][8]. - The revenue composition for 2024 includes MEMS gyroscopes (351 million yuan, 86.75%), MEMS accelerometers (27.84 million yuan, 6.88%), inertial measurement units (21.40 million yuan, 5.29%), and technical services (4.23 million yuan, 1.05%) [1][2]. - The company forecasts revenues of 588 million yuan, 822 million yuan, and 1.129 billion yuan for 2025, 2026, and 2027, respectively, with corresponding net profits of 311 million yuan, 426 million yuan, and 576 million yuan [6][8]. Product Development - The company has successfully developed and started small-scale production of FM accelerometers, as well as single-chip dual-axis and tri-axis products, contributing to the rapid growth of MEMS accelerometer revenue [1][3]. - Ongoing R&D efforts include advancements in gyroscopes, accelerometers, pressure sensors, and IMUs, which are crucial for applications in autonomous driving and industrial robotics [3][6].
芯动联科（688582）：新品发布驱动MEMS加速度计收入快速增长、盈利能力显著提升