芯动联科 20251006 摘要 新动联科是国内少数实现高性能 MEMS 陀螺仪稳定量产的企业之一，已 形成芯片设计、工艺方案、封装与测试的技术闭环，其产品核心指标达 到国际先进水平，专注于中高端 MEMS 传感器研发数十年，积累了丰富 的研发制造经验。 公司研发取得阶段性突破，FM 加速度计已形成量产能力并开始小批量 出货。同时，公司还在持续研发可用于智驾低空以及人形机器人的 6 轴 车规级 IMU，积极拓展多元化应用场景。 全球高性能惯性传感器市场规模庞大，2023 年约为 37 亿美元，预计到 2028 年将达到 70 亿美元，国内市场规模预计超过 70 亿元人民币，国 产替代正当时，新动联科有望进一步扩大市场份额。 新动联科前身是新中有线，具有坚实基础，管理层具有深厚的科研背景。 公司毛利率极高，维持在 85%左右，净利润约 50%，主要源于产品平 均销售单价较高且单位成本相对较低。 MEMS 传感器广泛应用于工业通信、高可靠汽车电子及医疗等领域。在 工业领域，高精度、高可靠性、小型化及数字化导航系统需求不断增长， 为该行业带来广阔发展空间。 新动联科在研发方面有哪些突破？ 公司在研发方面取得了阶段性 ...

Company Overview - Anhui Xindong Lian Technology Co., Ltd. was established in 2012 and successfully listed on the Shanghai Stock Exchange's Sci-Tech Innovation Board on June 30, 2023, with stock code 688582. The company specializes in MEMS technology and integrates integrated circuits with traditional high-end inertial industries, promoting the development of inertial sensors and pressure sensors towards intelligence, miniaturization, ease of use, localization, and IC integration [2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 253.13 million yuan, a year-on-year increase of 84.34%. The net profit attributable to shareholders was 154.32 million yuan, up 173.37% year-on-year. The net cash flow from operating activities was 189.50 million yuan, reflecting a growth of 110.55% [3]. - The company plans to distribute a cash dividend of 1.56 yuan per 10 shares (including tax), totaling 62.51 million yuan, which accounts for 40.51% of the net profit attributable to shareholders [3]. Research and Development - The company's R&D expenses amounted to 58.11 million yuan, representing 22.95% of operating revenue, an increase of 8.17% year-on-year. The proportion of R&D expenses to revenue decreased from 39% in the same period last year to 22.95% due to higher revenue growth [4]. Product Development - The company is focusing on two main routes for its IMU products: high-precision IMU modules for low-altitude economy and aerospace, and low-cost, highly integrated chip IMUs to compete with products from Murata and Bosch [5]. - The company is also developing solutions that combine inertial navigation and visual navigation, anticipating significant future demand for inertial devices [3]. Market Outlook - The demand for FM accelerometers is strong, with many customers now matching the company's FM accelerometers with high-performance gyroscopes [8]. - The company sees a growing market for its inertial devices and IMUs in the drone sector, as the pricing of its products aligns well with the cost requirements of various drone applications [9]. Competitive Landscape - The company competes in the MEMS gyroscope field, where its products are positioned to replace traditional mechanical gyroscopes and fiber optic gyroscopes. MEMS technology offers a balance of low cost and high integration, making it suitable for mass production [7]. - The company maintains a competitive edge with an average price of around 2,000 to 3,000 yuan per chip and a gross margin exceeding 80% [7]. Future Plans - The company aims to continue its stock incentive plans approximately every two years to maintain long-term employee motivation [12]. - The outlook for the second half of 2025 is positive, with expectations of fulfilling existing contracts and securing new orders from major clients [13].

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][9][13] Core Views - The company achieved significant growth in H1 2025, with revenue reaching 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 [4][8] - The company's gross margin improved to 86.54%, an increase of 5.36 percentage points, and the net profit margin rose to 60.96%, a substantial increase of 19.85 percentage points [8] - The growth is attributed to several factors, including leading product performance, successful customer onboarding for mass production, and an increase in trial and sample requests from potential clients [8][9] Financial Performance Summary - Revenue projections for 2025-2027 are adjusted to 355 million yuan (previously 304 million yuan), 512 million yuan (previously 419 million yuan), and 731 million yuan (previously 569 million yuan) respectively [9] - The company’s earnings per share (EPS) are projected to be 0.89 yuan in 2025, 1.28 yuan in 2026, and 1.82 yuan in 2027 [11] - The price-to-earnings (P/E) ratios are expected to be 89.9X for 2025, 62.3X for 2026, and 43.7X for 2027, indicating a strong growth potential [9][11] Research and Development - The company emphasizes technology research and development, with R&D expenses amounting to 58.1 million yuan in H1 2025, representing 22.95% of revenue [8] - Ongoing projects include enhancements to existing products and the development of new types of sensors, such as pressure sensors and high-performance MEMS IMUs for automotive applications [8][9] Market Position and Future Outlook - The company’s MEMS inertial sensors are noted for their superior performance, with the main product, the gyroscope, showing rapid growth [9] - The company has a robust order backlog and significant growth potential, supported by its competitive product offerings and market demand [9]