Research Report Goldmine | China Post Securities: First "Overweight" rating for Mindray Electronics, focusing on a dual-engine strategy driven by power semiconductors

Gelonghui March 5 — China Post Securities Research Report states that Mindray Electronics has established a dual-driven strategy of “Deep Cultivation in AiDC and Focus on Power Semiconductors,” with the power semiconductor business as the company’s future core growth engine. Currently, the company has completed key layout in the entire industry chain of power semiconductor wafer materials, chip design, and wafer foundry through its controlling subsidiaries Guangxin Micro and Guangwei Integration, as well as investments in Jingrui Electronics and Xinwei Taike. It has also built a “smart IDM model”—integrating core industry chain segments through equity participation or control—effectively ensuring supply chain security and stability while maintaining the independent market competitiveness of each segment, achieving a balance between industry chain collaboration and individual efficiency. The proposed issuance of no more than 1 billion yuan will be used to expand the production capacity of Guangxin Micro’s 6-inch wafers. AiDC business remains steady, with continuous product performance improvements. In the future, the company will continue to expand into niche markets within machine vision, deepen cooperation with leading enterprises, and launch high-cost-performance, differentiated new products. It is expected that the company will achieve revenues of 305 million, 478 million, and 838 million yuan from 2025 to 2027, with net profits attributable to the parent of -96 million, 13 million, and 105 million yuan, respectively. This is a first-time coverage, with a “Buy” rating.