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

China Post Securities Research Report indicates that Mindray Electronics has established a dual-driven strategy of “Deep Cultivation in AiDC and Focus on Power Semiconductors,” with the power semiconductor business being the company’s future core growth driver. 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 capital increase of no more than 1 billion yuan will be used for Guangxin Micro’s 6-inch wafer expansion. 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, respectively, with net profits attributable to parent of -9.6 million, 1.3 million, and 10.5 million yuan. Covering for the first time, we give a “Buy” rating.