峰岹科技(688279)：专注于电机驱动控制 成长空间广阔

Group 1: Industry Overview - The BLDC motor drive control chip industry has significant market potential due to the advantages of BLDC motors, such as high reliability, low vibration, high efficiency, low noise, and energy savings, alongside decreasing semiconductor manufacturing costs [1] - The penetration rate of BLDC motors in downstream applications, including computing and communication devices, transportation, power tools, and industrial and automotive sectors, is continuously increasing [1] Group 2: Company Performance - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%, and a net profit attributable to shareholders of 222 million yuan, up 27.18% year-on-year [2] - In Q1 2025, the company reported a revenue of 171 million yuan, a year-on-year increase of 47.34%, while the net profit attributable to shareholders was 50 million yuan, a slight decrease of 0.29% year-on-year [2] Group 3: Competitive Advantages - The company possesses core advantages in chip technology, motor drive architecture, and motor technology, utilizing its proprietary ME core architecture specifically designed for motor control, unlike many domestic MCU manufacturers that use ARM Cortex-M [3] - The company has made forward-looking research and development investments in sensorless algorithms and motor vector control algorithms, expanding the application fields of high-performance motors [3] - The company can propose specific driving methods tailored to customer motor characteristics, optimizing the performance of motor systems [3] Group 4: Growth Outlook - The company is expected to benefit from the growing demand in the industrial sector, with additional growth potential from the automotive and robotics sectors, driving net profit growth [3] - The net profit forecast for 2025-2026 has been raised to 307 million yuan and 406 million yuan, respectively, with a new forecast for 2027 set at 538 million yuan, corresponding to PE ratios of 61/46/34X [3]