Fortior Technology(Shenzhen) (SH:688279) GOLDEN SUN SECURITIES·2025-01-24 05:54Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company has formed a joint venture with Sanhua Holdings to focus on the research, design, manufacturing, and sales of hollow cup motors, which is expected to enhance its strategic development [1] - The company is positioned to lead in the humanoid robot market due to its strong technological capabilities and integrated solutions for BLDC motor drive control chips [2] - The company is projected to experience significant revenue growth, with expected revenues of 5.85 billion, 7.68 billion, and 9.89 billion yuan for 2024, 2025, and 2026 respectively, representing year-on-year growth rates of 42.3%, 31.3%, and 28.7% [3] Financial Projections - Revenue and net profit forecasts for 2024-2026 are as follows: - 2024: Revenue of 5.85 billion yuan, net profit of 2.46 billion yuan - 2025: Revenue of 7.68 billion yuan, net profit of 3.17 billion yuan - 2026: Revenue of 9.89 billion yuan, net profit of 4.05 billion yuan - Corresponding year-on-year growth rates for net profit are 40.7%, 28.9%, and 27.6% [3][4] Financial Metrics - The company’s earnings per share (EPS) are projected to be 2.66 yuan in 2024, 3.43 yuan in 2025, and 4.38 yuan in 2026 [4] - The price-to-earnings (P/E) ratio is expected to decrease from 81.0 in 2024 to 62.8 in 2025 and further to 49.2 in 2026, indicating improving valuation [4]