MEMSensing(SH:688286) Haitong Securities·2024-05-08 08:02Investment Rating - The report maintains an "Outperform" rating for the company [15][17]. Core Insights - The company achieved a significant year-on-year revenue growth of 27.34%, reaching 373 million yuan in 2023, despite a net loss of 102 million yuan [4][18]. - The sales volume of the company's products saw a substantial increase in the second half of 2023, with record high revenues in the third and fourth quarters [16]. - The gross margin improved significantly, with quarterly gross margins increasing by 1.62 percentage points and 9.84 percentage points in Q3 and Q4 respectively [16]. Financial Performance - The company’s total revenue is projected to grow from 373 million yuan in 2023 to 616 million yuan by 2026, with a compound annual growth rate (CAGR) of approximately 19.4% [9][22]. - The gross profit is expected to increase from 62.63 million yuan in 2023 to 130.75 million yuan in 2026, with the gross margin improving from 16.8% to 21.2% [9][22]. - The net profit is forecasted to turn positive by 2025, with estimates of 11 million yuan and 24 million yuan for 2025 and 2026 respectively [18][22]. Product Development and Market Trends - The company is focusing on the development of MEMS (Micro-Electro-Mechanical Systems) sensors, which are gaining acceptance in various high-demand sectors such as smart homes, industrial internet, and automotive applications [5][20]. - The MEMS acoustic sensor market is expected to grow, with the company projecting a revenue increase of 10.41% in 2023, driven by a recovery in the smartphone market [20]. - The pressure sensor business is anticipated to grow at a rate of 30% annually from 2024 to 2026, supported by the domestic market's demand and the acceleration of localization [20]. Valuation Metrics - The report suggests a price-to-sales (P/S) valuation range of 5.5 to 6.5 times for 2024, indicating a reasonable value range of 42.79 to 50.57 yuan per share [17][22]. - The estimated earnings per share (EPS) for 2024 is projected at -0.44 yuan, turning positive in 2025 with an EPS of 0.19 yuan [18][22].