MEMSensing(SH:688286) Guoxin Securities·2025-09-09 15:23Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - In Q2 2025, the company achieved a significant revenue growth of 43.9% year-on-year, with a notable improvement in gross margin due to product structure optimization [1][2] - The company reported a revenue of 304 million yuan in the first half of 2025, representing a year-on-year increase of 47.82%, and a net profit of 25 million yuan, marking a turnaround from losses [1] - The revenue from pressure sensors and inertial sensors saw substantial growth, with pressure sensor revenue increasing by 67.05% and inertial sensor revenue by 98.82% in the first half of 2025 [2] - The company is actively developing new products in response to the growing demand for AI-related consumer electronics, including high-SNR digital microphones and bone conduction acoustic sensors [3] Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 169 million yuan, a year-on-year increase of 43.9% and a quarter-on-quarter increase of 25.2% [1] - The gross margin for Q2 2025 reached 36.2%, an increase of 15.2 percentage points year-on-year and 10.2 percentage points quarter-on-quarter [1] - The company expects revenue growth rates of 42.8%, 30.5%, and 27.1% for 2025, 2026, and 2027, respectively, with projected revenues of 722 million yuan, 943 million yuan, and 1.198 billion yuan [4] Product Development - The company has seen a rapid increase in the revenue share of inertial sensors, which accounted for approximately 6.5% of total revenue in the first half of 2025 [2] - The company is focusing on high-margin products, with MEMS pressure sensors becoming the largest revenue contributor, surpassing acoustic products [2] - New product developments include sensors for AI applications, with successful small-batch shipments of digital microphones already underway [3] Profitability Forecast - The net profit is projected to grow significantly, with expected increases of 243.0%, 93.7%, and 65.5% for 2025, 2026, and 2027, respectively, reaching 50 million yuan, 98 million yuan, and 162 million yuan [4] - The company’s PE ratios for 2025, 2026, and 2027 are forecasted to be 109.3, 56.4, and 34.1, respectively [4]