Company Overview - Founded in 2012 and listed on the Shanghai Stock Exchange's STAR Market in June 2023, with stock code 688582 [2] - Specializes in the R&D, testing, and sales of high-performance silicon-based MEMS inertial sensors [2] - Has established a complete business process and supply chain system, with proprietary high-performance MEMS inertial sensor products [2] - MEMS sensor chips have reached navigation-grade precision, filling a domestic gap in high-performance silicon-based MEMS inertial sensors [2] Product and Market - Main products include high-performance MEMS inertial sensors, such as gyroscopes and accelerometers, which are core components of inertial systems [2] - Products are used in various fields including unmanned systems, industrial robots, autonomous driving, commercial aerospace, and more [2][3] - FM accelerometer has achieved nearly 1,000 units in shipments and is undergoing customer validation [5] - Accelerometer product line is expected to replicate the revenue growth trajectory of gyroscope products, with significant future market potential [5] Financial Performance - Maintained stable product prices despite market pressures, with no significant changes in pricing for customers with stable procurement volumes [4] - Achieved growth in both production and sales volumes, leading to a slight reduction in unit costs through economies of scale [4] - Gross margin remains high due to effective cost control and technological innovation [4] - Orders are balanced across various fields, with a significant order disclosed in July 2024 contributing to stable revenue growth [4] Competitive Analysis - Gyroscope products have performance advantages over international giants like Honeywell, with highly integrated ASIC solutions [7] - The company focuses solely on MEMS inertial devices, leveraging its resources to enhance product performance and market competitiveness [7] - Unlike traditional IDM manufacturers, the company's foundry model allows for faster response to market changes and technological updates [7] Future Outlook - Plans to continue investing in R&D to maintain market competitiveness and leadership [5] - Expects the accelerometer product line to achieve significant revenue growth, particularly with dual-axis and tri-axis accelerometers [5] - Gross margins in new fields like low-altitude and satellite applications are expected to remain similar to current levels, while automotive applications may see lower margins (30-40%) [6]
芯动联科(688582) - 2024年10月25日投资者关系活动记录表