峰岹科技：2024H1业绩超预期，看好公司未来长期成长空间

Investment Rating - The report upgrades the investment rating to "Buy" based on the company's strong performance and future growth potential [2][4]. Core Views - The company reported a significant revenue increase of 57.78% year-on-year for H1 2024, reaching 282 million yuan, and a net profit increase of 46.68%, amounting to 122 million yuan [1]. - The growth is attributed to the expanding applications in the white goods, industrial, and automotive sectors, aligning with the company's long-term development strategy [1]. - The company's cost control is effective, with a decrease in expense ratios, although gross and net profit margins are under short-term pressure [1]. - The company is a leader in domestic BLDC driver control chips, competing with international firms like TI, and has several competitive advantages in technology and product design [1]. Financial Performance Summary - For 2024-2026, the company is expected to achieve revenues of 585 million, 768 million, and 989 million yuan, with year-on-year growth rates of 42.3%, 31.3%, and 28.7% respectively [2][3]. - The projected net profits for the same period are 246 million, 317 million, and 405 million yuan, with growth rates of 40.7%, 28.9%, and 27.6% respectively [2][3]. - The report indicates a PE ratio of 28.8x for 2025, reflecting the company's anticipated high growth phase [2]. Product and Market Position - The company has a strong product advantage with proprietary technology in motor control processors, which are not constrained by ARM licensing fees [1]. - The dual-core structure of the company's main control chips enhances efficiency and stability, positioning it favorably in the semiconductor industry [1].