SMEI(SZ:300456) Guoxin Securities·2025-05-20 08:05Investment Rating - The report maintains an "Outperform the Market" rating for the company [5]. Core Views - In 2024, the company's revenue is expected to decline by 7.3%, with a projected revenue of 1.205 billion yuan and a net loss of 170 million yuan [1][4]. - The MEMS (Micro-Electro-Mechanical Systems) business shows growth, with wafer manufacturing revenue increasing by 31.52% to 656 million yuan, while semiconductor equipment revenue declines by 60.36% to 136 million yuan [2]. - The Swedish production line is performing well, but the capacity utilization remains low at 39.96% due to the high price of MEMS-OCS wafers [2][3]. - The Beijing production line is still ramping up, with a capacity utilization of 25.32% and significant growth in wafer manufacturing, particularly for MEMS micro-mirrors and BAW filters [3]. Financial Summary - The company's projected revenues for 2025-2027 are 1.560 billion yuan, 1.877 billion yuan, and 2.230 billion yuan, respectively, with net profits expected to be 139 million yuan, 277 million yuan, and 474 million yuan [4][5]. - The gross margin for 2024 is reported at 35.11%, with a significant increase in gross margin expected in subsequent years [1][4]. - The company's price-to-book (PB) ratios for 2025-2027 are projected to be 2.36, 2.24, and 2.05, respectively [4].