Fortior Technology(Shenzhen) (688279) 国海证券·2024-08-24 08:30Investment Rating - The report assigns a "Buy" rating for the company, Peakai Technology (688279.SH), marking its first coverage in the sector [1]. Core Insights - The company is positioned as a high-performance motor drive control chip provider, with growth driven by terminal penetration and domestic substitution. It has established a strong market presence in the BLDC motor sector and is expanding into new applications [4][6]. Summary by Sections Company Fundamentals - Peakai Technology, founded in 2010, specializes in the design of high-performance BLDC motor drive control chips and has evolved into a system-level service provider. Its product range includes all key chips for motor drive control, providing specialized chip products, compatible architecture algorithms, and motor structure design solutions [8][10]. - The company has a healthy financial status with steady performance improvements, supported by high-performance products that ensure high profitability. The ownership structure is relatively stable, emphasizing technology and shared growth through equity incentives [15][19]. Industry Trends - The BLDC drive control chip market is experiencing steady growth, driven by energy efficiency trends and expanding applications. The market is expected to grow at a compound annual growth rate (CAGR) of approximately 6.6% from 2024 to 2030, with a projected market size of $30.86 billion by 2030 [37][41]. - Key application areas include small appliances, white goods, electric tools, and automotive electronics, with significant growth potential in emerging fields such as humanoid robots and automotive electronics [32][41]. Competitive Advantages - The company possesses core advantages in chip technology, motor drive architecture, and motor technology, which support its long-term development. The increasing penetration rate of BLDC motors and domestic substitution trends are expected to enhance market share in traditional application areas [4][19]. - The company maintains a high gross margin across its product lines, with the motor control chip (MCU) being the primary profit contributor, accounting for approximately 64% of gross profit in the first half of 2024 [19][22]. Financial Performance - The company reported a revenue of 2.82 billion yuan in the first half of 2024, representing a year-on-year growth of 58%. The net profit attributable to shareholders for the same period was 1.2 billion yuan, up 47% year-on-year [15][17]. - The overall gross margin has improved from 44.66% in 2018 to 53.47% in the first half of 2024, reflecting effective cost control and increased sales scale [22][24]. Management and Governance - The company's ownership structure is stable, with key management holding significant shares, ensuring efficient decision-making. The management team has extensive technical expertise, with a focus on innovation and long-term growth [26][30].