GLONGHUI June 27丨Everbright Securities Research Report on the 26th pointed out that Minxin Co., Ltd. (688286.SH) is the only listed company in China that has mastered multi-category MEMS chip design and manufacturing process capabilities, and is an industry-leading MEMS chip platform enterprise. The MEMS process is essentially a micromanufacturing technology. Chips manufactured based on MEMS technology have the characteristics of low power consumption, miniaturization, and intelligence, and are the core of MEMS sensors and actuators. In the future, MEMS will show a trend of high integration and combination of multiple functions with sensors, and has a broad market space. The company is deeply involved in the MEMS field. It has independent R&D capabilities and core technology in all aspects of existing MEMS sensor products. At the same time, it independently designs ASIC chips, and has achieved localization of the entire MEMS sensor production process. In addition, the company's silicon microphone products have begun to be supplied to voice control module manufacturers, and products such as control panels and pressure modules have also begun to be shipped. Considering that it is still time before the company's downstream demand recovers, the company's 23-24 year net profit forecast was lowered to 0.2 1/045 billion yuan (reduction ratio of 59.61%/50%). The original forecast values were 0.52/190 million yuan respectively, and the net profit forecast for 25 years was 67 million yuan, corresponding to the current PE valuation of 145X/67X/45X. As the company's layout in the fields of e-cigarettes, wearables, and automotive electronics gradually enters a harvest period, the company's profitability is expected to recover and maintain its “buy” rating.