Shanxi Securities·2025-03-20 02:02Investment Rating - The report maintains an "Accumulate-A" rating for the company, indicating a positive outlook for future performance [9]. Core Insights - The report highlights that the capital market is boosting consumption, with brokerage firms showcasing advantages in wealth management [6][9]. - The company has demonstrated steady revenue and net profit growth, with a significant increase in the revenue from MEMS accelerometers, driven by successful product launches and market penetration [9]. - The report emphasizes the importance of expanding channels for property income, as outlined in the government's consumption stimulus plan, which aims to enhance market stability and investor confidence [7][9]. Summary by Sections Market Trends - Major domestic indices showed mixed performance, with the Shanghai Composite Index closing at 3,426.43, down 0.10%, while the Shenzhen Component Index closed at 10,979.05, down 0.32% [4]. Company Performance - The company reported a revenue of 405 million yuan for 2024, a year-on-year increase of 27.57%, and a net profit of 222 million yuan, up 34.33% [9]. - The revenue from MEMS accelerometers reached 27.84 million yuan, reflecting a growth of 68.57% year-on-year, contributing significantly to overall sales [9]. Investment Recommendations - The company is projected to achieve 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 [9]. - The report suggests that the company’s focus on R&D and product innovation will enhance its competitive edge and support future growth [9].