MINDEO(SZ:300656) China Post Securities·2026-03-04 03:16Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Insights - The company is focusing on the power semiconductor sector as a core growth area, establishing a dual-driven strategy centered on "deepening AiDC and focusing on power semiconductors" [4]. - The company has built a "smartIDM model" to enhance supply chain stability while maintaining market competitiveness across various segments [4]. - The company plans to raise up to 1 billion yuan for expanding the production capacity of its 6-inch wafer foundry, aiming to capture opportunities in high-power applications [5]. - The AiDC business is expected to maintain steady growth, contributing stable operating cash flow and improving product performance [6][7]. Financial Projections - Revenue projections for 2025, 2026, and 2027 are estimated at 305 million yuan, 478 million yuan, and 838 million yuan respectively, with net profits expected to shift from a loss of 96 million yuan in 2025 to a profit of 105 million yuan in 2027 [8]. - The company anticipates significant growth rates in revenue, with a forecasted increase of 75.34% in 2027 [10]. - The EBITDA is projected to improve from a negative 58.47 million yuan in 2025 to 393.26 million yuan in 2027 [10]. Company Overview - The latest closing price of the company's stock is 23.68 yuan, with a total market capitalization of 4.1 billion yuan [3]. - The company has a total share capital of 171 million shares, with 133 million shares in circulation [3]. - The company’s largest shareholder is Xu Xiangcan [3].