公司发布2024年 年报，业绩持续表现优异公司于2025 年8 月18 日发布2025 年中报业绩，实现营业收入 2.53亿元，同比增长84.34%；实现归属于上市公司股东的净利润1.54 亿元，同比增长173.37%；实现归 母扣非净利润1.48亿元，同比增长210.65%。 发布限制性股票激励（草案），彰显公司经营信心公司于2025 年8 月18 日发布公告，拟授予限制性股 票数量320 万股，授予价格（含预留部分）为56.89 元/股，激励对象总人数为129 人，约占公司员工总 人数200 人（截至2024 年12 月31 日）的64.50%，归属条件在业绩考核要求部分对公司的营业收入和净 利润都设定考核目标。本激励规划是公司上市以来的第二次激励，也彰显了公司的经营信心。 公司当前股价对应的PE 为99/66/49 倍，维持"买入"投资评级。 下游领域布局持续开阔，参股新公司积极拥抱新领域公司高性能MEMS 陀螺仪的精度水平可以达到中 低精度的激光陀螺仪和光纤陀螺仪，随着MEMS 惯性技术的愈发成熟，在保持原有低成本、小体积、 可批量生产的特点下，精度水平不断提高，将可在诸多战术级应用场景替代激光陀螺和 ...

Investment Rating - The report maintains a "Buy" investment rating for the company, indicating a favorable outlook for future returns [7]. Core Views - The company has demonstrated exceptional performance in its mid-year report for 2025, achieving a revenue of 253 million yuan, a year-on-year increase of 84.34%, and a net profit attributable to shareholders of 154 million yuan, up 173.37% year-on-year [5]. - The company has announced a stock incentive plan, reflecting strong confidence in its operational performance, with 3.2 million shares to be granted at a price of 56.89 yuan per share [5]. - The company is expanding its presence in downstream sectors and has made a strategic investment in a new company, which is expected to facilitate breakthroughs in new fields [6]. Summary by Sections Financial Performance - For the first half of 2025, the company reported a revenue of 253 million yuan and a net profit of 154 million yuan, with significant year-on-year growth rates of 84.34% and 173.37% respectively [5]. - The basic earnings per share (EPS) reached 0.39 yuan, reflecting a year-on-year increase of 178.57% [5]. Future Projections - The company forecasts revenues of 608 million yuan, 920 million yuan, and 1.399 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 321 million yuan, 483 million yuan, and 645 million yuan [7]. - The projected EPS for the same years is 0.80 yuan, 1.21 yuan, and 1.61 yuan [7]. Market Position and Strategy - The company is leveraging its high-performance MEMS gyroscopes to penetrate various tactical and navigation applications, aiming to replace traditional laser and fiber optic gyroscopes [6]. - The recent investment in Wuhan Yunzhi Guanglian Technology Co., Ltd. is expected to enhance the company's capabilities in software and information technology services [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve significant growth in its 2025 semi-annual performance, with revenue projected to be between 228 million to 278 million yuan, representing a year-on-year increase of 66.04% to 102.45%. The net profit attributable to the parent company is expected to be between 138 million to 169 million yuan, reflecting a year-on-year increase of 144.46% to 199.37% [4] - The company has a strong order backlog and successfully delivered products as planned, contributing to substantial revenue growth in the first half of 2025. The overall net profit margin is anticipated to reach 60.67% [4] - The company has adjusted its profit forecast, expecting net profits for 2025-2027 to be 342 million, 510 million, and 745 million yuan respectively, with corresponding EPS of 0.85, 1.27, and 1.86 yuan per share [4] Financial Summary and Valuation Indicators - Revenue for 2023 is 317 million yuan, with a year-on-year growth of 39.8%. It is projected to reach 1.302 billion yuan by 2027, with a CAGR of 45% [7] - The net profit for 2023 is 165 million yuan, with a year-on-year growth of 41.8%, expected to grow to 745 million yuan by 2027 [7] - The gross margin is expected to be 83% in 2023, improving to 86% by 2027, while the net margin is projected to increase from 52.2% in 2023 to 57.2% in 2027 [10] Market Growth Potential - The eVTOL market is expected to grow significantly, with a projected market size of 9.5 billion yuan by 2026, reflecting a CAGR of approximately 72.3% from 2024 to 2026. The IMU module accounts for about 8% of eVTOL costs [5] - The domestic high-performance MEMS gyroscope market is estimated to reach 1.268 billion yuan in 2023, with a CAGR of approximately 42.3% from 2023 to 2028 [5]