峰岹科技（688279）：24业绩符合预期，看好公司未来传感器产品放量

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%, and a net profit of 222 million yuan, with a year-on-year growth of 27.18% [1] - The company is expected to see significant growth in its sensor products, particularly in the white goods, automotive electronics, and industrial sectors [1][3] - The company has a strong R&D focus, with a R&D expense ratio of 19.44% in 2024, indicating a commitment to innovation and future growth [2] Financial Performance - The company’s revenue for 2025 is projected to be 850 million yuan, with a year-on-year growth rate of 41.6%, and a net profit of 328 million yuan, reflecting a growth rate of 47.5% [3][5] - The gross margin for 2024 is reported at 53.24%, with a net margin of 37.04%, showing stable profitability despite slight fluctuations [2] - The company’s earnings per share (EPS) is expected to increase from 2.41 yuan in 2024 to 3.55 yuan in 2025 [5] Market Position - The company ranks sixth in the BLDC motor driver control chip market in China, holding a market share of 4.8% [3] - The company is recognized as a leader in the domestic BLDC driver control chip sector, competing effectively against international firms [3] Future Outlook - Revenue projections for 2026 and 2027 are 1.214 billion yuan and 1.755 billion yuan, respectively, with corresponding growth rates of 42.9% and 44.5% [3][5] - The company is expected to enter a phase of sustained high growth, driven by expanding market opportunities in various downstream applications [3]