Per AI Express, on December 29, 2023, Northeast ** released a research report commenting on Minxin shares (688286).
Event: Recently, Minxin Co., Ltd. issued an announcement to complete the private placement fundraising project, with a total amount of 12.6 billion yuan, the number of shares issued is 2.29 million, and the issue price is 5499 yuan shares, a total of 6 objects of this issuance, all of which participated in the subscription in cash.
Comments. The fixed increase has been implemented to open up the growth space. With the rapid growth of downstream new energy vehicles and other industries, the market demand for sensors is expected to be further improved. The funds raised this time will be used for R&D investment in the fields of automotive and industrial-grade pressure sensors, micro differential pressure sensors, etc., strengthen the staffing in the core technology field, continuously improve the company's core competitiveness, and seize the development opportunities of the industry.
Actively layout the field of sensors, which is expected to create a new growth pole. The company disclosed in the record of investor relations activities on December 22 that in 2024, in addition to the main product acoustic sensor, the relatively clear product layout is mainly based on consumer pressure sensors, automotive pressure modules, micro differential pressure products, and accelerometersIn addition, there is also a product research and development layout in the fields of six-dimensional sensors and force touch, and there is mature technology accumulation, and the research and development progress is on schedule.
With the development of emerging fields such as humanoid robots, the demand for components such as six-dimensional sensors is gradually following the industry to achieve explosive growth. According to our article "Humanoid Robots (Part I): History, Change and Future", the demand for industrial scenarios will reach 328 by 203040,000 units, and the demand for home & commercial scenarios reached 4350,000 units, the overall market size is close to 40 billion US dollars. Therefore, the company is currently actively deploying products in emerging fields such as six-dimensional sensors, and is expected to seize the trend of downstream market demand and open up new growth poles in the future.
The technology accumulation is abundant, and the future potential is unlimited. As the only listed company in China that has mastered the design and manufacturing process of multi-category MEMS chips, the company is committed to becoming an industry-leading MEMS chip platform enterprise. After years of technology accumulation and R&D investment, the company has independent R&D capabilities and core technologies in all aspects of existing MEMS sensor chip design, wafer manufacturing, packaging and testing, and can independently design ASIC chips that provide signal conversion, processing or driving functions for MEMS sensor chips, and realize the localization of the whole production process of MEMS sensors.
Profitability**: Optimistic about the company's technology accumulation and active layout in the field of sensors, it is expected to benefit from the outbreak of market demand in downstream fields in the future and create a new growth pole. We expect the company to achieve operating income of 374/ 5.09/ 6.7.8 billion yuan, corresponding to 10 7 6 times. It gives a valuation of 8x PS in 2024 and a target price of 728 yuan, covered for the first time, given an "overweight" rating.
Risk warning: downstream demand is lower than expected, and profitability** and valuation judgment are less than expected.
*: Huibo Investment Research).
Disclaimer: The content and data in this article are for reference only and do not constitute investment advice. Do so at your own risk.
Edited by Tsang Kin-fai).
National Business Daily.