MEMSensing(688286)2024-12-30 07:33Group 1: Micro Differential Pressure Products - The company began R&D on micro differential pressure products in 2019, signed development agreements with leading international clients in 2020, and started small batch shipments in 2021. By Q3 2023, the products gained recognition from key clients, leading to rapid growth in shipment volume in the first three quarters of 2024 [2] - The current penetration rate of the company's products is high, with a technology iteration logic being established, which is expected to further enhance product margins as shipment volumes and penetration rates of downstream products increase [2] - The company anticipates rapid growth in shipment volumes of its main products in 2024, with new high-margin products performing well. The company is gradually approaching breakeven, supported by orders in medical, automotive, robotics, and IMU sectors [2] Group 2: Acoustic Products - The shipment volume of acoustic products reached record highs in the first three quarters of the year, but current pricing remains stable with limited growth potential. New opportunities are emerging due to the launch of AI models, leading to increased demand for higher signal-to-noise ratio products [5] - Communication with top domestic smartphone manufacturers indicates a clear demand for higher signal-to-noise ratio silicon microphone products, which is expected to lead to an increase in average product value as new products are introduced [5] - The company differentiates itself from competitors by aiming to become a platform company with a diverse product line, leveraging its full industry chain capabilities and proprietary chip designs to supply branded clients [5]