Investment Rating - The report initiates coverage with a "Buy" rating for the company, highlighting its strong competitive position in the high-performance MEMS inertial sensor market [2][8]. Core Insights - The company is a leading domestic player in high-performance MEMS inertial sensors, having developed a comprehensive product line that includes gyroscopes, accelerometers, pressure sensors, and IMUs, achieving core performance metrics at an internationally advanced level [7][19]. - The MEMS market is expanding, with the company actively exploring diverse high-potential applications, including autonomous driving and low-altitude aviation, which are expected to drive significant revenue growth [7][10]. - The company's robust technical capabilities and stable shareholder structure provide a solid foundation for sustained growth, with projected net profits of 330 million, 470 million, and 656 million yuan for 2025 to 2027, respectively [6][8]. Financial Data and Profit Forecast - Total revenue is forecasted to grow from 405 million yuan in 2024 to 1.2 billion yuan by 2027, with a compound annual growth rate (CAGR) of 38.8% [6]. - The net profit attributable to shareholders is expected to increase from 222 million yuan in 2024 to 656 million yuan in 2027, reflecting a CAGR of 39.6% [6]. - The company maintains a high gross margin of around 85%, with a projected return on equity (ROE) increasing from 9.6% in 2024 to 19.5% by 2027 [6][41]. Market Position and Competitive Advantages - The company has established significant technical barriers, enabling it to break the overseas monopoly in high-performance MEMS gyroscopes and accelerometers, which are now being adopted in various high-reliability applications [7][10]. - The product lines are designed to meet the needs of multiple sectors, including consumer electronics, automotive, industrial, and aerospace, with a focus on high-potential scenarios that are expected to drive growth [7][10]. - The company’s strategic partnerships and investments in new market segments, such as OCS, further enhance its competitive positioning and growth prospects [7][10].
芯动联科（688582）：强芯强国之特种模块、芯片系列报告之八：MEMS惯性传感器领军者，国产替代叠加场景拓展驱动高增长