Industry Overview - The BLDC motor drive control chip industry has a broad market space due to the advantages of BLDC motors such as high reliability, low vibration, high efficiency, low noise, and energy saving. The penetration rate of BLDC motors in downstream applications continues to increase across various sectors including computing and communication devices, transportation, power tools, and industrial and automotive fields [2]. Company Focus - The company specializes in the research and development of high-performance motor drive control chips. The domestic integrated circuit industry started relatively late, and this specific segment has long been dominated by international giants like Texas Instruments (TI), STMicroelectronics (ST), Infineon, and Cypress. The company has developed a proprietary motor control processor core architecture through long-term R&D investment and technical accumulation, achieving widespread application of its products due to its technological and system-level service advantages [3]. Expansion into Emerging Fields - In 2024, the company is expected to benefit from increased server cooling demands driven by data center computing power needs, alongside continuous R&D investments in the industrial sector. The company is making proactive arrangements in the industrial servo field and is actively engaging in technical exchanges with downstream customers or Tier 1 manufacturers to promote the gradual mass production of industrial servo products [4]. Revenue Growth - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%. The net profit attributable to the parent company was 222 million yuan, up 27.18% year-on-year. In Q1 2025, the company reported a revenue of 171 million yuan, a year-on-year increase of 47.34%, while the net profit attributable to the parent company was 50 million yuan, a slight decrease of 0.29% year-on-year. This indicates a sustained growth in revenue levels and strong growth momentum for the company [5]. Competitive Advantages - The company possesses core advantages in three areas: chip technology, motor drive architecture, and motor technology. 1. Chip Technology: Unlike most domestic MCU manufacturers that use ARM Cortex-M processor core architecture, the company employs its proprietary ME core architecture specifically designed for motor control. 2. Motor Drive Architecture Technology: The company has made forward-looking arrangements in mainstream sensorless algorithms and motor vector control algorithms, expanding the application fields of high-performance motors. 3. Motor Technology: The company can propose specific driving methods tailored to the characteristics of customers' motors, optimizing the performance of motor systems [6].

BLDC 电机驱动控制芯片行业市场空间广阔。BLDC 电机凭借高可靠性、低振动、高效率、低噪音、节 能降耗的性能优势以及半导体组件生产制造成本逐渐降低的发展背景，BLDC 电机在计算机及通信设 备、运动出行、电动工具、工业与汽车等下游终端领域的渗透率不断提升。BLDC 电机下游应用呈现持 续增长且渗透率逐渐提高的特点，BLDC 驱动控制芯片行业市场空间持续增长。 公司专注于高性能电机驱动控制专用芯片的研发。国内集成电路产业起步较晚，具体到电机驱动控制芯 片领域，该细分领域长期由德州仪器（TI）、意法半导体（ST）、英飞凌（Infineon）、赛普拉斯 （Cypress）等国际大厂主导。公司专注于高性能电机驱动控制专用芯片的研发，通过长期研发投入与 技术积累，设计出自主知识产权电机控制处理器内核架构，凭借技术性能优势及系统级服务优势实现产 品的广泛应用。 公司持续拓展新兴领域。2024 年，得益于数据中心算力需求带来服务器散热需求的增加以及公司在工 业领域持续的研发投入，公司产品在工业领域实现快速增长。2024 年公司在工业伺服领域进行前瞻性 研发布局，公司积极与下游客户或Tier1 厂商开展技术交流，推动工业 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future returns [6]. Core Insights - The BLDC motor drive control chip industry has significant market potential due to the increasing penetration of BLDC motors in various end-user sectors such as computing, communication, industrial, and automotive applications [2]. - The company focuses on the research and development of high-performance motor drive control chips, leveraging its proprietary processor architecture to gain a competitive edge in the market [2][4]. - The company is expanding into emerging fields, particularly in industrial servo applications, driven by the growing demand for data center cooling solutions [3]. Financial Performance - In 2024, the company achieved a revenue of 600 million yuan, representing a year-on-year growth of 45.94%, and a net profit of 222 million yuan, up 27.18% from the previous year [3][5]. - The revenue forecast for 2025 is set at 841 million yuan, with a growth rate of 40.02%, and the net profit is expected to reach 307 million yuan, reflecting a growth rate of 37.86% [5][9]. - The company's earnings per share (EPS) is projected to increase from 1.89 yuan in 2023 to 5.83 yuan by 2027 [5][12]. Profitability and Valuation - The company is expected to benefit from increasing demand in the industrial sector, with net profit forecasts for 2025 and 2026 adjusted upward by 20% and 25%, respectively [4]. - The projected price-to-earnings (P/E) ratios for 2025, 2026, and 2027 are 61, 46, and 34, respectively, indicating a favorable valuation trend [4][12]. - The company's gross margin is expected to remain stable around 53.5% in 2023, slightly decreasing to 52.5% by 2027 [11].

2025 年 6 月 3 日 公司研究 专注于电机驱动控制，成长空间广阔 ——峰岹科技（688279.SH）跟踪报告之二 要点 BLDC 电机驱动控制芯片行业市场空间广阔。BLDC 电机凭借高可靠性、低振动、 高效率、低噪音、节能降耗的性能优势以及半导体组件生产制造成本逐渐降低的 发展背景，BLDC 电机在计算机及通信设备、运动出行、电动工具、工业与汽车 等下游终端领域的渗透率不断提升。BLDC 电机下游应用呈现持续增长且渗透率 逐渐提高的特点，BLDC 驱动控制芯片行业市场空间持续增长。 公司专注于高性能电机驱动控制专用芯片的研发。国内集成电路产业起步较晚， 具体到电机驱动控制芯片领域，该细分领域长期由德州仪器（TI）、意法半导体 （ST）、英飞凌（Infineon）、赛普拉斯（Cypress）等国际大厂主导。公司专 注于高性能电机驱动控制专用芯片的研发，通过长期研发投入与技术积累，设计 出自主知识产权电机控制处理器内核架构，凭借技术性能优势及系统级服务优势 实现产品的广泛应用。 公司持续拓展新兴领域。2024 年，得益于数据中心算力需求带来服务器散热需 求的增加以及公司在工业领域持续的研发投入，公司产品在 ...