Investment Rating - The report assigns a "Buy" rating for the company, marking the first coverage of the stock [1]. Core Insights - The company has demonstrated significant growth in revenue and profitability, with a 291.77% year-on-year increase in Q1 2025 revenue and a return to profitability with a net profit of 44.37 million yuan [4]. - The company is a leader in the MEMS gyroscope field, with a strong performance in various application areas, including high-end industrial, surveying, oil exploration, commercial aerospace, intelligent driving, and high-reliability sectors [5][6]. - The company has secured substantial orders, including contracts worth approximately 270 million yuan and 163.75 million yuan for gyroscopes and accelerometers, which are expected to positively impact operational performance [7][8]. Summary by Sections Financial Performance - In 2024, the company achieved total revenue of 405 million yuan, a year-on-year increase of 27.57%, and a net profit of 222 million yuan, up 34.33% [5]. - The company forecasts revenues of 628 million yuan, 881 million yuan, and 1.198 billion yuan for 2025, 2026, and 2027, respectively, with corresponding EPS of 0.80, 1.07, and 1.43 yuan [9][11]. Product Development - The company has made significant advancements in MEMS gyroscopes and has introduced high-performance FM accelerometers, marking a breakthrough in the accelerometer field [6]. - The company is actively developing a range of pressure sensors to meet diverse market demands, including low-range and high-range products [6]. Market Position - The company has established a strong market presence with increasing penetration rates and a growing number of end customers across various sectors [5]. - The company is focusing on the automotive sector, with plans to develop six-axis chips for future applications and collaborations with automotive manufacturers [8].
芯动联科（688582）：公司事件点评报告：MEMS陀螺仪领域业内领先，应用领域多点开花