MEMSensing(SH:688286) Minsheng Securities·2024-04-30 07:30Investment Rating - The report maintains a "Recommended" rating for the company [3][5]. Core Views - The company achieved a revenue of 373 million yuan in 2023, representing a year-on-year growth of 27.3%, but reported a net loss attributable to shareholders of 102 million yuan [3]. - In Q1 2024, the company generated revenue of 88 million yuan, a year-on-year increase of 34.4%, with a net loss of 14 million yuan [3]. - The revenue in Q4 2023 was 114 million yuan, showing a year-on-year growth of 52.2% and a quarter-on-quarter increase of 10.7%, with a net loss of 20 million yuan, indicating a narrowing of losses [3]. - The MEMS acoustic sensors generated revenue of 256 million yuan in 2023, up 10.4% year-on-year, while MEMS pressure sensors and MEMS inertial sensors saw revenues of 84.43 million yuan and 24.22 million yuan, respectively, with growth rates of 107.22% and 43.77% [3]. - The company has been launching new products and expanding into new markets, including the promotion of MEMS differential pressure sensors in electronic vaporizer products and waterproof barometers for wearable devices [3]. - R&D investment reached 77.91 million yuan in 2023, accounting for 21% of revenue, with a total of 93 domestic and international invention patents held [3]. Financial Forecasts - The projected revenues for 2024, 2025, and 2026 are 504 million yuan, 671 million yuan, and 911 million yuan, respectively, with growth rates of 35.3%, 33.0%, and 35.9% [4]. - The net profit attributable to shareholders is expected to improve from a loss of 24 million yuan in 2024 to a profit of 55 million yuan in 2025 and 104 million yuan in 2026 [4]. - The company’s PS ratios for 2024, 2025, and 2026 are projected to be 4.2, 3.1, and 2.3, respectively [4].