Core Viewpoint - 中银国际认为FORTIOR (01304) is a leading Chinese foundry-free company specializing in brushless direct current (BLDC) motor driver chips, with strong growth potential in various sectors [1] Company Summary - FORTIOR is expected to solidify its leading position in consumer electronics and home appliances while expanding its market share in emerging fields such as industrial, automotive, and robotics [1] - The company has accumulated technology in electromagnetic induction and is focusing on developing high-precision sensors, particularly rotary transformers/decoders, which are anticipated to secure orders in multiple high-end niche markets [1] - 中银国际 projects a compound annual growth rate (CAGR) of 42% for revenue and 40% for net profit from 2024 to 2027 [1] Investment Rating - 中银国际 has initiated coverage on the stock with a "Buy" rating and set a target price of HKD 240.5, corresponding to a price-to-earnings (P/E) ratio of 55 times the expected earnings per share for 2026 [1]

Core Viewpoint - 中银国际 reports that FORTIOR (01304) is a leading fabless company in China focused on brushless direct current (BLDC) motor driver chips, with expectations to strengthen its position in consumer electronics and home appliances while expanding market share in emerging sectors like industrial, automotive, and robotics [1] Group 1: Company Overview - FORTIOR specializes in BLDC driver chips and is recognized as a leading fabless company in China [1] - The company is expected to leverage its technological advancements in electromagnetic induction to develop high-precision sensors, particularly rotary transformers/decoders [1] Group 2: Market Position and Growth - The company is anticipated to consolidate its leading position in consumer electronics and home appliances [1] - FORTIOR is projected to continue expanding its market share in emerging fields such as industrial, automotive, and robotics [1] Group 3: Financial Projections - The revenue compound annual growth rate (CAGR) for FORTIOR from 2024 to 2027 is expected to be 42% [1] - The net profit CAGR for the same period is projected to be 40% [1] - The target price set by 中银国际 is 240.5 HKD, corresponding to a 55 times price-to-earnings ratio based on the expected earnings per share in 2026 [1]