公司自成立以来，始终强调科技研发，重视技术自主化，通过项目逐渐凝聚技术核心竞争力。2023 年度，公司研发费用为8019.79 万元，较2022 年同期增长43.85%，占收入比重为25.29%。公司作为芯片设计企业，在业务增长的情况下持续保持研发的高投入。2023 年研发人员人数为78 人，较2022 年末增长56%；截至2023 年末，公司已取得发明专利23 项、实用新型专利22 项，集成电路布图设计3 个，在MEMS 惯性传感器领域已形成自主的专利体系和技术闭环。The company's annual performance is outstanding
In 2023, the company achieved operating income of 317 million yuan, a year-on-year increase of 39.77%, and achieved net profit of 165 million yuan, an increase of 41.84% over the previous year. Benefiting from the gradual increase in the number of projects entering trial production and mass production, the company's product production and sales increased steadily over the same period last year, resulting in a steady increase in the company's revenue over the same period of the previous year and a steady increase in net profit. Among them, MEMS gyroscopes and inertial sensor modules grew rapidly, increasing by 42.37% and 128.59% respectively. In the fourth quarter, the company achieved revenue of 125 million yuan, an increase of 32.08% year on year; net profit to mother in the fourth quarter was 684.198 million yuan, an increase of 28.76% year on year. The company maintained a high gross profit margin, achieving a gross profit margin of 83.01% for the full year of 2023.
R&D investment has increased, and product barriers have been continuously strengthened
Since its establishment, the company has always emphasized scientific research and development, emphasized technological autonomy, and gradually consolidated the core competitiveness of technology through projects. In 2023, the company's R&D expenses were 80.199,900 yuan, an increase of 43.85% over the same period in 2022, accounting for 25.29% of revenue. As a chip design company, the company continues to invest heavily in R&D in the face of business growth. The number of R&D personnel in 2023 was 78, an increase of 56% over the end of 2022; by the end of 2023, the company had obtained 23 invention patents, 22 utility model patents, and 3 integrated circuit layout designs, forming an independent patent system and a closed loop of technology in the field of MEMS inertial sensors.
The company's downstream field continues to expand, which is expected to bring additional performance. The company will continue to expand the variety of products developed by the company. The research projects cover pressure sensors, automotive-grade high-performance MEMS IMUs suitable for L3+ autonomous driving, and promote mass production of the company's R&D projects as soon as possible. In the future, new industries such as the industrial Internet of Things, the Internet of Vehicles, smart cities, smart homes, and humanoid robots will all become a broad application space for the MEMS sensor industry. In particular, autonomous vehicles require a variety of high-accuracy and high-reliability sensors, which will create huge industry space. The company has outstanding technical capabilities and is expected to share the expanding downstream market space.
Investment advice
We expect the company to achieve revenue of 460/6.70/960 million yuan in 2024-2026, and realized net profit of 2.40/3.37/ 446 million yuan respectively. The current stock price corresponding to 2024-2026 PE is 63/45/34 times, respectively, maintaining the “increase” rating.
Risk warning
New product development falls short of expectations; market expansion falls short of expectations; market competition intensifies; market demand falls short of expectations.
