Fortior Technology(Shenzhen) (SH:688279) Minsheng Securities·2025-03-31 14:02Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected price increase of over 15% relative to the benchmark index within the next 12 months [5][11]. Core Insights - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year increase of 45.94%, and a net profit attributable to shareholders of 222 million yuan, up 27.18% year-on-year [1][2]. - The company is actively expanding into new markets such as white goods, automotive, and industrial sectors, which is driving continuous optimization of its revenue structure [1][2]. - The company has significantly increased its R&D investment, totaling 11.7 million yuan in 2024, a year-on-year growth of 37.86%, and has accumulated 120 domestic and international patents [2][3]. Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 167 million yuan, a year-on-year increase of 29.05%, and a quarter-on-quarter increase of 11.30%. However, the net profit for the same quarter decreased by 24.17% year-on-year and 37.61% quarter-on-quarter [1]. - The revenue from smart small appliances, power tools, and sports mobility has decreased to 62.43%, while the sales proportion from the white goods sector has increased to 19.64%, and automotive-grade BLDC driver control chips have reached a revenue share of 7.35% [2]. R&D and Technological Advancements - The company has made significant advancements in chip technology, enhancing integration and stability in its motor control chips, and is focusing on algorithm development for various applications [3]. - The company is addressing key technical challenges in emerging fields such as industrial control and automotive electronics, which is expected to empower its sustainable high-quality development [2][3]. Profit Forecast and Valuation - The profit forecast for the company is adjusted to 299 million yuan for 2025, 405 million yuan for 2026, and 517 million yuan for 2027, with corresponding PE ratios of 72, 54, and 42 [4][9]. - The projected revenue growth rates are 35.2% for 2025, 28.1% for 2026, and 22.6% for 2027, indicating a strong growth trajectory [4][9].