Excellent performance in the third quarter of 2023

According to the company's quarterly report for the third quarter of 2023, the revenue in the third quarter of 2023 was 95.5598 million yuan, an increase of 48.47% over the same period last year. In the first three quarters, the company realized revenue of 192 million yuan, an increase of 45.27% over the same period last year. The net profit of returning to the mother was 56.0925 million yuan, up 73.11% over the same period last year, and 96.979 million yuan in the first three quarters of the year, an increase of 52.8% over the same period last year. The net profit after deducting non-return was 49.1861 million yuan, an increase of 64.03% over the same period last year. In the first three quarters, the net profit was 78.8665 million yuan, up 46.73% over the same period last year. Basic earnings per share was 0.14 yuan per share, up 55.56% over the same period last year, and 0.27 yuan per share in the first three quarters, up 50.00% over the same period last year.

The company is the domestic scarcity target of high-performance MEMS inertial sensors. Since its establishment in 2012, the domestic Breakthrough Company has achieved domestic breakthroughs in high-performance MEMS inertial sensors, and its products are widely used in high-end industry, intelligent manufacturing, unmanned systems, high reliability and other fields, breaking the monopoly of overseas leaders such as Honeywell International Inc, ST, Silicon Sensing, and realizing domestic independent control in a real sense.

The core components of high-precision autopilot and humanoid robot IMU are usually composed of a three-axis MEMS gyroscope and a three-axis MEMS accelerometer. The company's core products are high-performance MEMS IMU gyroscopes and MEMS accelerometers, with mature chip design, packaging and testing technology. As the last line of defense of autopilot in the field of positioning, IMU has become the core device of autopilot; humanoid robot needs to increase the number of IMU to meet the precision requirements of free walking, body stability, attitude control and so on. Based on the optimistic assumption that the humanoid robot needs 4 MEMS IMU, autopilot L3 and above precision permeability 20%, and the price of a single IMU is 1000 yuan, we predict that the market size of high-performance MEMS IMU will be up to 10 billion yuan. At present, the self-controllable domestic high-performance three-axis chip has broken through, and the 10 billion market is expected to explode.

Investment suggestion

We are optimistic about the long-term development of the company and the volume of the civil market, and maintain the forecast that the operating income in 2023-2025 will be 330,000,000 yuan, and the forecast net profit of homing in 2023-2025 will be 1.63 pound 2.26 billion yuan, respectively, and the corresponding EPS in 2023-2025 will be 0.41 shock 0.57 trillion yuan. The company's current share price corresponds to a PE of 83-60-42, maintaining a "buy" investment rating.

Risk hint

1) the technological R & D breakthrough is not as expected; 2) the downstream demand is lower than expected; 3) the loss of core technical personnel; 4) the sharp fluctuation of raw material cost affects the gross profit margin; 5) the risk of increasing market competition affecting the gross profit margin.