MEMSensing(688286) 中银国际·2025-04-29 07:38Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1][5] Core Views - The company has shown a significant turnaround in its performance with a revenue growth of 35.7% year-on-year in 2024, and a substantial reduction in losses by 65.4% to RMB 0.4 billion. Notably, Q4 2024 marked the first quarter since 2022 where the company achieved a positive net profit attributable to shareholders [3][8] - The company's strategic focus on edge AI and humanoid robots is expected to drive future revenue growth, maintaining the "Buy" rating [3][5] Financial Summary - The company is projected to achieve a net profit attributable to shareholders of RMB 0.41 billion, RMB 0.97 billion, and RMB 1.59 billion for the years 2025, 2026, and 2027 respectively, with corresponding earnings per share of RMB 0.73, RMB 1.73, and RMB 2.84 [5][7] - The revenue for 2024 is expected to be RMB 5.06 billion, with a growth rate of 35.7%, and the EBITDA is projected to be RMB 4 million [7][9] - The gross margin for 2024 is reported at 24.9%, an increase of 8.1 percentage points year-on-year, while the net margin improved to -7.0%, up by 20.6 percentage points year-on-year [8][9] Business Performance - The company's MEMS pressure sensor revenue surged by 150.7% year-on-year, contributing significantly to the overall revenue growth, which is now diversified beyond a single growth driver [8] - The company has initiated several R&D projects targeting the demands of humanoid robots, including MEMS six-dimensional force/torque sensors and flexible pressure and temperature sensors [8]