MINDEO(SZ:300656) China Post Securities·2026-03-04 04:25Investment 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 "smartIDM" ecosystem to enhance production capacity and ensure supply chain stability while maintaining market competitiveness [4]. - The company plans to raise up to 1 billion yuan for expanding the production capacity of its 6-inch wafer foundry, targeting high-voltage power semiconductor devices and integrated circuits [5]. - The AiDC business is expected to maintain steady growth, contributing stable operating cash flow and improving product performance through innovations in machine vision technology [6][7]. Financial Projections - Revenue is projected to reach 305 million yuan in 2025, 478 million yuan in 2026, and 838 million yuan in 2027, with a net profit of -96 million yuan in 2025, turning positive at 13 million yuan in 2026 and 105 million yuan in 2027 [8][10]. - The company anticipates significant growth rates in revenue, with a forecasted increase of 56.79% in 2026 and 75.34% in 2027 [10]. - The earnings per share (EPS) is expected to improve from -0.56 yuan in 2025 to 0.61 yuan in 2027 [10].