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].

Group 1: Industry Overview - The BLDC motor drive control chip industry has significant market potential due to the advantages of BLDC motors, such as high reliability, low vibration, high efficiency, low noise, and energy savings, alongside decreasing semiconductor manufacturing costs [1] - The penetration rate of BLDC motors in downstream applications, including computing and communication devices, transportation, power tools, and industrial and automotive sectors, is continuously increasing [1] Group 2: Company Performance - The company achieved a revenue of 600 million yuan in 2024, representing a year-on-year growth of 45.94%, and a net profit attributable to shareholders of 222 million yuan, up 27.18% year-on-year [2] - 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 shareholders was 50 million yuan, a slight decrease of 0.29% year-on-year [2] Group 3: Competitive Advantages - The company possesses core advantages in chip technology, motor drive architecture, and motor technology, utilizing its proprietary ME core architecture specifically designed for motor control, unlike many domestic MCU manufacturers that use ARM Cortex-M [3] - The company has made forward-looking research and development investments in sensorless algorithms and motor vector control algorithms, expanding the application fields of high-performance motors [3] - The company can propose specific driving methods tailored to customer motor characteristics, optimizing the performance of motor systems [3] Group 4: Growth Outlook - The company is expected to benefit from the growing demand in the industrial sector, with additional growth potential from the automotive and robotics sectors, driving net profit growth [3] - The net profit forecast for 2025-2026 has been raised to 307 million yuan and 406 million yuan, respectively, with a new forecast for 2027 set at 538 million yuan, corresponding to PE ratios of 61/46/34X [3]