MEMSensing(SH:688286) Guohai Securities·2025-11-04 07:42Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10][11] Core Insights - The company has shown significant growth in revenue and profitability, with a year-on-year revenue increase of 37.73% for the first three quarters of 2025, reaching 464 million yuan [4][10] - The company is positioned as a leader in the MEMS (Micro-Electro-Mechanical Systems) sector, benefiting from the rise of AI technologies, with substantial growth in sales of pressure and inertial sensors [7][10] - The company has diversified its product offerings, moving from a single product focus to multiple growth drivers, indicating a strong platform-based business model [10] Financial Performance - For Q3 2025, the company achieved a revenue of 160 million yuan, a year-on-year increase of 21.9% [5] - The gross margin for Q3 2025 was 27.68%, up 4.67 percentage points year-on-year [5] - The net profit attributable to the parent company for Q3 2025 was 11 million yuan, an increase of 240 million yuan compared to Q3 2024 [5] Market Position and Product Development - The company has been recognized as one of the top ten MEMS companies in China, reflecting its technological advantages and market dominance [7] - The company has a comprehensive sensor product matrix covering various technologies, with applications in consumer electronics, healthcare, and industrial control [7] - New product launches, such as AI+AR glasses and TWS earphones, highlight the company's innovation and market responsiveness [8][10] Future Projections - Revenue projections for 2025-2027 are 681 million yuan, 904 million yuan, and 1.184 billion yuan, respectively, with corresponding net profits of 55 million yuan, 99 million yuan, and 154 million yuan [9][10] - The company is expected to maintain a strong growth trajectory, with EPS projected to reach 0.98 yuan in 2025 and 2.75 yuan by 2027 [9][10]