MEMSensing(SH:688286) Tianfeng Securities·2025-05-08 06:23Investment Rating - The investment rating for the company is upgraded to "Buy" due to strong performance of new products and anticipated demand from AI applications [4][6]. Core Views - The company achieved a revenue of 506 million yuan in 2024, representing a year-on-year increase of 35.71%, and a net profit attributable to shareholders of -35.24 million yuan, a reduction in loss by 67 million yuan [1][4]. - The fourth quarter of 2024 saw a significant turnaround with a revenue of 169 million yuan, a year-on-year growth of 48.86%, and a net profit of 13 million yuan, marking a return to profitability [1][2]. - The company has made substantial progress in the pressure sensor business, with its revenue share increasing to 41.85%, up by 19.19 percentage points from the previous year [2][3]. Financial Performance - The company reported a comprehensive gross profit margin increase of 8.07 percentage points year-on-year, indicating a recovery in product profitability [2]. - Research and development expenses for 2024 were 80.97 million yuan, a 3.93% increase from the previous year, with 201 R&D personnel accounting for 33.06% of the total workforce [3]. - The company forecasts a net profit of 38.43 million yuan for 2025 and 66.16 million yuan for 2026, with a new estimate of 180 million yuan for 2027 [4][11]. Market Position and Strategy - The company is focusing on technological innovation and has made significant investments in R&D, particularly in AI-related products such as MEMS acoustic sensors and digital microphones [3]. - The product structure is continuously optimized, transitioning from a single product focus to a multi-product line strategy, enhancing its market position as a platform company based on MEMS technology [2][3]. - The company has initiated a share buyback program, repurchasing 425,399 shares, which represents 0.76% of the total share capital, to maintain investor interests [4].