Fortior Technology(Shenzhen) (SH:688279) Xin Lang Cai Jing·2025-04-03 10:46Core Insights - The company reported a revenue of 600 million yuan for 2024, representing a year-on-year increase of 45.9%, with a net profit of 222 million yuan, up 27.2% year-on-year, and a non-net profit of 188 million yuan, up 59.2% year-on-year, which is in line with expectations [1] - The company is benefiting from the accelerated penetration of BLDC motors, with revenue from motor control MCU and ASIC increasing by 40% and 76% respectively in 2024 [2] - The company has increased its R&D investment by 37.9% year-on-year, focusing on emerging fields such as industrial control and automotive applications [3] - A joint venture with Sanhua Holdings is planned to advance research in hollow cup motors, aiming to overcome key technological bottlenecks [4] - The company is positioned as a leading domestic manufacturer of motor drive control chips, with significant growth potential in the BLDC motor market [5] Financial Performance - 2024 revenue reached 600 million yuan, a 45.9% increase year-on-year, with a gross margin of 53.24% and a net margin of 37.04% [1] - Q4 2024 revenue was 167 million yuan, an 11.3% increase quarter-on-quarter, but net profit decreased by 37.6% due to a decline in interest income [1] Business Segments - The main business segment, motor control MCU, generated 385 million yuan in revenue, accounting for 64.2% of total revenue, with a gross margin of 55.71% [2] - The second segment, motor control ASIC, generated 85 million yuan, representing 14.1% of total revenue, with a gross margin of 58.92% [2] R&D and Future Prospects - R&D investment for 2024 was 117 million yuan, a 37.9% increase year-on-year, with a focus on automotive, industrial control, and robotics sectors [3] - The company is expected to benefit from the growth in the white goods and automotive chip markets, with revenue shares increasing in these areas [3] Strategic Partnerships - The planned joint venture with Sanhua Holdings aims to enhance capabilities in the hollow cup motor technology, which is crucial for the robotics sector [4] Market Outlook - The global BLDC motor market is projected to reach 20.991 billion USD in 2024, with a CAGR of 6.8% from 2025 to 2030, indicating a robust growth opportunity for the company [5]