作为国内BLDC电机驱动控制芯片领域的头部企业，峰岹科技2024年营业收入为6亿元，同比增长45.94%；归母净利润为2.22亿元，同比增长27.18%；扣非 归母净利润为1.88亿元。同比增长59.17%。 峰岹科技的主营业务收入主要来源于电机主控芯片MCU、ASIC及电机驱动芯片HVIC三大产品线。2024年，电机主控芯片MCU实现收入3.85亿元，同比增 长39.97%，占总营收的64.17%，仍是公司业绩的核心支柱；电机主控芯片ASIC收入达8474.76万元，同比大增75.63%，占比提升至14.14%，成为增长最快的 业务板块；电机驱动芯片HVIC收入8426.78万元，同比增长26.92%，占比14.06%，保持稳定增长。 作为技术驱动型企业，峰岹科技高度重视研发创新。2024年，公司研发投入达1.17亿元，同比增长37.86%，占营收比重达19.44%。高强度的研发投入助力公 司在工业自动化、智能家居、汽车电子等新兴领域取得突破，进一步拓宽市场应用场景，增强长期竞争力。 7月9日，深圳电机驱动控制芯片设计公司峰岹科技正式在港交所主板敲钟上市。其发行价为120.5港元/股，截至发稿前，其股价为1 ...

Core Viewpoint - Fengcai Technology (688279.SH), a BLDC motor driver control chip design company, has successfully completed its A+H listing, with H shares priced at HKD 120.5, set to begin trading on July 9, 2024 [1][3]. Group 1: Listing Details - Fengcai Technology announced its plan for a secondary listing in Hong Kong in December 2024, aiming to enhance its global brand recognition and competitiveness [2]. - The company submitted its application for the H share issuance to the Hong Kong Stock Exchange on January 15, 2025 [2]. - The total number of H shares for global offering is 16.2995 million, with 1.63 million shares allocated for public offering in Hong Kong [3]. Group 2: Financial Performance - In 2024, Fengcai Technology achieved a revenue of CNY 600 million, representing a year-on-year growth of 45.94%, and a net profit of CNY 222 million, up 27.18% [6]. - The company reported a significant increase in its net profit after deducting non-recurring items, reaching CNY 188 million, a growth of 59.17% [6]. - The revenue from overseas markets reached CNY 37.1308 million in 2024, marking a 125.19% increase year-on-year [5]. Group 3: Investment and R&D Strategy - The company plans to allocate approximately 34% of the net proceeds from the H share issuance to enhance R&D and innovation capabilities [5]. - In 2024, Fengcai Technology's R&D investment amounted to CNY 117 million, a year-on-year increase of 37.86%, accounting for 19.44% of its revenue [6]. - The company aims to become a leading global supplier of motor driver control chips and systems, with ongoing efforts to expand its product offerings and applications in various sectors [5].

证券研究报告 峰岹科技 (688279 CH) |BLDC"驱控+传感"双核驱动 | 华泰研究 | | | 首次覆盖 | | --- | --- | --- | --- | | 2025 年 | 5 月 | 07 日│中国内地 | 半导体 | 首次覆盖峰岹科技并给予"买入"评级，目标价 307.5 元，基于 64.2x 26 年 PE。公司围绕 BLDC 电机提供全套解决方案（控制+驱动+功率+传感器）， 通过工程化创新在智能小家电、运动出行等 BLDC 电机驱控应用中已实现 较高市场份额，并保有高于行业平均的盈利能力。中短期业绩有望受益于公 司产品在白电、汽车等新市场渗透，长期来看机器人有望带来更大成长空间。 充分受益小家电 BLDC 电机渗透，差异化驱动控制方案带来高盈利能力 2015-2018 年，随着 BLDC 电机在智能小家电、运动出行等市场开始渗透， 公司基于前期 BLDC 电机驱动控制产品布局，营收实现快速增长。尽管 MCU 市场进入门槛相对较低，但公司通过自研电机驱动控制处理器内核 ME，并 实现 FOC 算法硬件化，为客户提供高效率、低噪音、高可靠性的差异化控 制效果。公司盈利能力远高于行业 ...