SMEI(SZ:300456) Guoxin Securities·2024-02-28 16:00Investment Rating - The report maintains a "Buy" rating for the company [29][31][48] Core Insights - The company has launched a "Quality and Return Improvement" action plan aimed at enhancing its investment value through five key dimensions: main business development, technology research and development, corporate governance, information disclosure, and shareholder returns [2][3][44] - The action plan aligns with the guidance from the Central Political Bureau and the State Council to boost market confidence and improve the quality and investment value of listed companies [2][3] - The company is focusing on maintaining its global leadership in the MEMS pure foundry sector while expanding its production capacity and improving profitability [31][45] Financial Projections - The company expects revenue for 2023, 2024, and 2025 to be 1.263 billion, 1.893 billion, and 2.609 billion yuan respectively, with net profits of 97 million, 274 million, and 408 million yuan [9][31] - The projected price-to-book ratios for the same years are 2.97, 2.82, and 2.62 [9][31] Product Development - The company has successfully initiated mass production of several MEMS products, including MEMS micro-mirrors, MEMS accelerometers, and MEMS ultra-high frequency devices, which are expected to enhance its market position [8][17][36][47] - The company’s subsidiary, Silex, has been recognized as a leading global MEMS pure foundry manufacturer from 2019 to 2022, indicating strong competitive advantages in the MEMS sector [45] R&D and Innovation - The company has maintained a high level of R&D investment, with R&D expense ratios reaching 25.5%, 28.7%, and 44.0% from 2020 to 2022, and has developed core technologies in MEMS processes and related products [34][45] - As of June 2023, the company has registered 24 integrated circuit trademarks and holds 132 domestic and international patents, showcasing its commitment to innovation [34]