Core Viewpoint - The company has secured short-term orders that exceed its total revenue for the entire year of 2024 [1]. Group 1: Inertial Sensors - Inertial sensors utilize inertial technology through embedded micro-mechanical chips (MEMS) and dedicated control circuit chips (ASIC) to sense the motion posture and trajectory of objects [3]. - These sensors do not rely on external information and do not radiate energy externally, making them highly effective in various applications [3]. - The main types of inertial sensors are gyroscopes, which sense angular velocity, and accelerometers, which sense linear acceleration, allowing for the calculation of an object's motion state relative to its initial position [5]. Group 2: Applications of Inertial Sensors - Inertial sensors are widely used across various fields, from strategic areas like satellite radar and aerospace to commercial sectors such as consumer electronics, humanoid robots, low-altitude economy, smart driving, drones, and oil exploration [5]. - The ability of inertial sensors to maintain navigation when GPS signals are lost, such as when a car enters a tunnel, highlights their critical role in modern technology [4].

据证券之星公开数据整理，近期芯动联科（688582）发布2025年中报。截至本报告期末，公司营业总收 入2.53亿元，同比上升84.34%，归母净利润1.54亿元，同比上升173.37%。按单季度数据看，第二季度 营业总收入1.65亿元，同比上升43.83%，第二季度归母净利润1.1亿元，同比上升89.4%。本报告期芯动 联科盈利能力上升，毛利率同比增幅6.61%，净利率同比增幅48.3%。 本次财报公布的各项数据指标表现尚佳。其中，毛利率86.54%，同比增6.61%，净利率60.96%，同比增 48.3%，销售费用、管理费用、财务费用总计1801.37万元，三费占营收比7.12%，同比减24.12%，每股 净资产5.98元，同比增12.36%，每股经营性现金流0.47元，同比增110.18%，每股收益0.39元，同比增 178.57% 财务报表中对有大幅变动的财务项目的原因说明如下： 货币资金变动幅度为-32.89%,原因:用于现金管理的资金规模增加。 交易性金融资产变动幅度为101.87%,原因:本期末购买的结构性存款等理财增加。 预付款项变动幅度为46.33%,原因:预付原材料款的增加。 其他流动资产 ...

Core Viewpoint - The company has signed significant contracts with client P, indicating strong demand and growth potential in the coming years, with an upward revision of profit expectations and target price [1][4]. Group 1: Contract and Revenue Growth - The company announced a sales contract with client P for gyroscope and accelerometer products totaling 164 million yuan, expected to be completed in 2025 [1]. - Combined with a previous contract of 270 million yuan signed on January 17, the total confirmed revenue contracts for 2025 amount to 434 million yuan, surpassing the entire revenue of 400 million yuan for 2024 [1]. - The company is expected to see accelerated order growth in 2025, with an increase in product variety and repeat purchases from major clients [1]. Group 2: Financial Performance in Q1 2025 - In Q1 2025, the company reported revenue of 88 million yuan, a year-on-year increase of 291.8% but a quarter-on-quarter decrease of 33.9% [2]. - The net profit attributable to shareholders was 44 million yuan, reflecting a year-on-year increase of 2869.2% and a quarter-on-quarter decrease of 47.2% [2]. - The company achieved a gross margin of 83.9%, indicating stable order delivery quality and profitability [2]. Group 3: Future Outlook and Product Development - The impact of tariffs on the company is limited, as nearly 100% of revenue comes from domestic clients, with a supply chain primarily using non-U.S. suppliers [3]. - New product orders are expected to increase, with mass shipments of FM resonant accelerometers and pressure sensors since 2024, and the introduction of cost-effective six-axis IMU chips for the civilian market in 2025 [3]. - The company aims to expand its customer base in high-performance and high-reliability sectors, including commercial aerospace and autonomous driving [3]. Group 4: Profit Forecast and Valuation - The company has revised its revenue forecasts for 2025, 2026, and 2027 upwards by 10%, 10%, and 6% respectively, to 670 million, 940 million, and 1.26 billion yuan [4]. - The net profit forecasts for the same years have also been increased by 15%, 15%, and 14% to 360 million, 450 million, and 580 million yuan [4]. - The target price has been raised to 79.28 yuan, reflecting a premium over comparable company valuations due to expected profit growth [4].

Core Viewpoint - The recent "reciprocal tariffs" imposed by the U.S. have caused significant market fluctuations, but the company, ChipMotion Technology (688582), asserts that these tariffs do not have a direct major impact on its business operations [1][2]. Financial Performance - The company forecasts Q1 2025 revenue between 86 million to 89 million yuan, representing a year-on-year growth of approximately 283.34% to 296.71%, with net profit expected to be between 41 million to 46 million yuan, indicating a turnaround from losses [1]. - In 2024, the company achieved revenue of 405 million yuan, a year-on-year increase of 27.57%, and net profit of 222 million yuan, up 34.33% [2]. Business Operations - The company specializes in the research, testing, and sales of high-performance silicon-based MEMS inertial sensors, including gyroscopes and accelerometers, which are used in various applications such as navigation, posture sensing, and state monitoring [1]. - The company’s MEMS sensor chips have reached navigation-grade accuracy, positioning them competitively alongside international peers and filling a domestic gap in the high-performance MEMS inertial sensor market [1]. Market Dynamics - The company’s downstream clients are primarily domestic module manufacturers, and its end customers do not involve the U.S. market, thus mitigating any significant sales impact from the tariffs [2]. - The supply chain is mainly composed of domestic and non-U.S. suppliers, with some U.S. components having domestic alternatives, ensuring no major disruptions [2]. Product Development - The company has secured a major contract worth 270 million yuan for gyroscope sales, expected to be fulfilled by December 31, 2025, with stable supply chain operations unaffected by tariff changes [3]. - The company is expanding its production capacity for accelerometers, which are anticipated to see accelerated growth, with successful mass production of resonant FM accelerometers and dual-axis and tri-axis accelerometers [3]. Future Outlook - The company believes that inertial and pressure sensors are foundational in the industrial system, with broad applications that will support long-term revenue growth [3]. - The MEMS inertial sensors represent the third generation of products, expected to replace earlier generations, with applications in emerging fields such as smart driving, low-altitude operations, commercial aerospace, and robotics, providing significant growth opportunities [3].