Fortior Technology(Shenzhen) (SH:688279) Minsheng Securities·2024-04-25 08:30Investment Rating - The report maintains a "Recommended" rating for the company, with a current price of 103.39 CNY [2][10]. Core Views - The company achieved a revenue of 411 million CNY in 2023, representing a year-over-year growth of 27.37%, and a net profit of 175 million CNY, up 23.13% year-over-year [1][10]. - The revenue structure improved in 2023, with a notable increase in the white goods sector, where revenue share rose from 10.35% in 2022 to 14.45% in 2023, achieving 59 million CNY, a growth of 78% [1]. - The company is focusing on R&D investments, which totaled 85 million CNY in 2023, a 32.6% increase year-over-year, representing 20.58% of revenue [1][10]. - The projected net profits for 2024, 2025, and 2026 are 228 million CNY, 317 million CNY, and 431 million CNY respectively, with corresponding PE ratios of 42, 30, and 22 [1][11]. Financial Summary - In Q4 2023, the company reported a revenue of 130 million CNY, a year-over-year increase of 45.39%, and a net profit of 51 million CNY, up 94.9% year-over-year [1]. - The gross margin for 2023 was 53.39%, a decrease of 3.82 percentage points year-over-year, but it improved to 54.51% in Q1 2024 [1]. - The company’s total assets are projected to grow from 2,494 million CNY in 2023 to 3,395 million CNY by 2026 [4][11].