峰岹科技（688279）：BLDC“驱控+传感”双核驱动

Investment Rating - The report initiates coverage on Fengcai Technology with a "Buy" rating and a target price of RMB 307.5, based on a 64.2x PE for 2026 [1][6]. Core Views - Fengcai Technology is recognized as a leading domestic supplier of BLDC motor drive control chips, demonstrating high growth potential and strong profitability. The company has captured significant market share in smart home appliances and mobility sectors, with a reported market share of 80.7% in vacuum cleaners and 83.6% in fans [19][20]. - The BLDC motor control and drive chip market is expected to grow rapidly, with a projected CAGR of 20.9% from 2024 to 2028, indicating substantial room for domestic manufacturers to increase their market share [20][21]. Summary by Sections Company Overview - Fengcai Technology provides comprehensive solutions for BLDC motors, including control, drive, power, and sensors, achieving a higher-than-average profitability in the industry. The company is expected to benefit from market penetration in white goods and automotive sectors in the short term, while robotics may offer greater growth opportunities in the long term [1][2][3]. Market Dynamics - The BLDC motor market is experiencing increased penetration due to demands for energy efficiency and intelligent control. The domestic market is currently dominated by foreign manufacturers, with a low domestic production rate of approximately 23% [20][21]. - The company has successfully expanded its product applications beyond low-voltage scenarios to include white goods and automotive markets, with revenue contributions expected to rise significantly [3][19]. Financial Projections - Revenue is projected to grow from RMB 411.36 million in 2023 to RMB 1.449 billion by 2027, reflecting a CAGR of 34.15%. Net profit is expected to increase from RMB 174.85 million in 2023 to RMB 582.14 million by 2027, with a CAGR of 37.82% [8][28]. - The company anticipates maintaining a high gross margin of 53.24% in 2024, significantly above the industry average of 31.81% [22]. Competitive Advantages - The company differentiates itself through high integration of control, drive, power, and sensor functions, which allows for a one-stop solution for customers. This integration, along with proprietary algorithms, enhances performance while reducing costs [22][23]. - The introduction of sensor products is expected to facilitate entry into the robotics market and provide long-term growth opportunities, as the global market for BLDC motor control and drive chips is projected to reach RMB 263 billion in 2023 [4][23]. Growth Drivers - The company is focusing on expanding its presence in the white goods, automotive, and robotics markets, leveraging its established reputation in the motor control chip sector to drive growth [20][21]. - The anticipated growth in the BLDC motor control chip market, coupled with the company's strategic initiatives, positions it well for sustained revenue and profit growth [19][20].