中银国际发布研报称，FORTIOR(01304)是一间专注于无刷直流电机(BLDC)驱动芯片的中国领先无晶圆 厂公司。该行预期，峰岹科技将在消费性电子和家用电器领域巩固其领先地位，并在工业、汽车和机器 人等新兴领域持续扩大市场份额。同时，因应公司在电磁感应领域的技术积累，重点开发高精度感测 器，尤其是旋转变压器/解码器，预计其将在多个高端细分市场获得订单。该行预期，公司2024至27年 的收入年复合增长率为42%，净利润年复合增长率为40%。该行首次覆盖该股，给予"买入"评级，目标 价240.5港元，对应2026年预期每股收益55倍市盈率。 ...

Core Perspective - The 2025 World Intelligent Industry Expo, co-hosted by the Chongqing and Tianjin municipal governments, will take place from September 5 to 8 in Chongqing, focusing on artificial intelligence and smart connected new energy vehicles as its main themes [1][2]. Group 1: Event Overview - The expo aims to showcase innovative achievements in the intelligent industry and create a global platform for dialogue on digital economy development [1]. - It features five specialized sectors: smart connected new energy vehicles, digital cities, intelligent robots, smart home, and low-altitude economy [1][2]. Group 2: Smart Connected New Energy Vehicles - This sector emphasizes a "smart new ecosystem," focusing on the latest products, cutting-edge technologies, and solutions in smart connected new energy vehicles and related systems [1]. - Specialized events will include discussions on production management optimization and trends in intelligent driving technology [1]. Group 3: Digital Cities - The digital city sector highlights the modernization of governance in mega-cities through AI and multimedia presentations, showcasing the overall achievements of digital Chongqing [2]. - Key components include an integrated intelligent public data platform and typical applications in grassroots governance [2]. Group 4: Intelligent Robots - The intelligent robot sector will demonstrate innovative applications in real-life scenarios, including emergency rescue and high-risk operations [2]. - The expo will also host the Asia-Pacific Robot World Cup and new technology product launches to promote industry collaboration [2]. Group 5: Smart Home - The smart home sector will create immersive experiences showcasing how technology integrates into daily life, including health monitoring and smart cooking [3]. - It will also focus on applications for the elderly and pets, demonstrating the value of technology in enhancing quality of life [3]. Group 6: Low-altitude Economy - This sector will present new products and technologies related to low-altitude flying equipment and services, utilizing interactive displays [3]. - Events will include an industry development conference and drone racing competitions to foster communication among industry leaders [3]. Group 7: Collaborative Activities - The expo will feature collaborative activities between Tianjin and Chongqing, focusing on AI in the biopharmaceutical industry and intelligent manufacturing equipment supply-demand matching [4]. - Various districts in Chongqing will showcase their intelligent industry developments, with specific emphasis on low-altitude economy and new energy vehicles [4][5]. Group 8: Economic Impact - The Hai Chen Energy base in Tongliang District has achieved a production value of 5.25 billion yuan, marking a 272.2% increase this year, positioning it to become a billion-level enterprise [5].

Group 1 - Chengdu has launched the first city-level Sci-Fi and Future Industry Development Fund with a target size exceeding 3 billion yuan, focusing on sci-fi reading, film, games, and related sectors [2] - ZhenDian Smart Sensor has completed nearly 10 million yuan in angel round financing, aiming to enhance its core technology in industrial and consumer-grade sensors [3] - JuXin Microelectronics has completed a D+ round financing to further develop low-power, high-integration smart sensing chips, breaking foreign monopolies in high-end chip markets [3] - Shanghai Leju Technology has secured exclusive B++ round financing from Kunlun Capital, enhancing its digital services in the energy sector [4] - YiPu Power has completed an A round financing to support innovation in power systems for new energy vehicles and industrial equipment [5] - DeRui Smart Chip has completed a C round financing to advance its research in smart chips for various applications [5] - Hongshi Baosheng Technology has successfully completed an angel round financing, focusing on new material development with potential applications in energy-saving and environmental protection [5] - Suzhou Jiedi has completed a B round financing to expand production and enhance competitiveness in high-end equipment manufacturing [6] Group 2 - Meijin Energy is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international capital layout and competitiveness [7] - Dapeng Industrial has successfully passed the review for listing on the Beijing Stock Exchange, aiming to raise 154 million yuan for smart industrial cleaning equipment projects [7]

Group 1 - A recent study led by a team from Rice University has achieved the strongest phonon interference effect in silicon carbide systems to date, known as "Fano resonance," with an intensity two orders of magnitude higher than previously reported [1] - This phonon-based technology is expected to advance molecular-level sensing technology and open new application pathways in energy harvesting, thermal management, and quantum computing [1] - The breakthrough relies on constructing a two-dimensional metallic interface on a silicon carbide substrate, significantly enhancing the interference effect of different vibration modes within silicon carbide [1] Group 2 - The interference sensitivity is high enough to detect single molecules without the need for chemical labels, and the device is simple and scalable, promising applications in quantum sensing and next-generation molecular detection [2] - In low-temperature experiments, the team confirmed that this effect is entirely due to phonon interactions rather than electronic effects, making this "pure phonon" quantum interference rare and specific to the two-dimensional metal/silicon carbide system [2]

Core Viewpoint - Galaxy Microelectronics plans to invest 310 million yuan in the construction of a high-end integrated circuit discrete device industrialization base to enhance production capacity and scale [1] Group 1: Investment and Expansion Plans - The investment will be funded by the company's own or self-raised funds, with a construction period of 30 months [1] - The project aims to lay the foundation for the future construction of a high-end integrated circuit discrete device industrialization base [1] Group 2: Market Position and Product Offerings - Galaxy Microelectronics is a leading manufacturer of semiconductor discrete devices, with products including small signal devices, power devices, optoelectronic devices, power management ICs, and third-generation semiconductor devices (SiC, GaN) [1] - The products are widely used in automotive electronics, consumer electronics, industrial control, new energy, and 5G communication sectors [1] Group 3: Financial Performance and Market Demand - The market size of China's semiconductor discrete device industry has been expanding, with Galaxy Microelectronics' revenue projected to grow from 676 million yuan in 2022 to 909 million yuan in 2024 [1] - The company faces limitations in production capacity due to site, equipment, and human resources, necessitating the expansion of semiconductor discrete device capacity to meet growing market demand [1] Group 4: Technological Advancements and Product Development - Silicon remains the mainstream semiconductor discrete device process platform, but new materials like SiC and GaN are maturing and gaining market share in applications such as electric vehicles and photovoltaic inverters [2] - In 2024, the company plans to optimize its product structure, focusing on increasing the sales proportion of MOS products, TVS, and voltage regulator products [2] - The company has made significant breakthroughs in customer expansion for automotive-grade semiconductor device industrialization projects [2] Group 5: New Industry Layout and Collaborations - The automotive-grade semiconductor device industrialization project is in the capacity ramp-up stage, covering IGBT and SiC MOSFET products, and has received supply chain certifications from multiple automotive companies [2] - The company aims to meet international automotive standards (AEC-Q101) and gradually replace market shares held by overseas manufacturers like Infineon and ON Semiconductor [2] - Optoelectronic couplers and LED products are being applied in industrial automation and medical equipment, with collaborations to develop high-precision sensors and power management modules [2]

Core Viewpoint - The Ministry of Industry and Information Technology will promote the integration of technological innovation and industry in the second half of 2025, focusing on core technology breakthroughs and industrial chain security in high-end instruments and meters [2][4]. Group 1: Policy Directions - The first policy direction is to promote the integration of technological innovation and industry, with a focus on key core technology breakthroughs in high-end instruments and meters, such as high-precision sensors and intelligent detection equipment [5][6]. - The second direction involves improving the industrial policy system, which includes developing special support policies covering the entire R&D, production, and application chain, such as tax incentives and financial support [7][8]. - The third direction emphasizes strengthening industrial chain security, ensuring stable supply of strategic mineral resources necessary for high-end instrument manufacturing [9][10]. Group 2: Implementation Measures - The implementation measures include building technology innovation platforms and incubators to support high-end instrument startups with technology, funding, and market access [11]. - Financial and market support will be expanded through low-interest loans and government procurement policies to prioritize domestic high-end instruments [12]. - Digital transformation will be promoted by integrating artificial intelligence with manufacturing to develop new products and services [13][14]. - The establishment of standards and certification systems will enhance product quality consistency and support international certifications to improve export competitiveness [15][16].

Core Insights - The integration of artificial intelligence and robotics is driving the development of embodied intelligent agents towards higher levels of autonomy and intelligence [1] - Key components of embodied intelligent agents include high-precision sensors, bionic actuators, edge computing chips, and flexible materials, which directly impact the performance and application scenarios of robots [1] - The forum will focus on the technological frontiers, common challenges, and application ecosystems of core components in embodied intelligence, inviting industry experts and representatives from the supply chain for discussions [1] Forum Details - The forum is themed "Focusing on Core Components to Empower Embodied Intelligence" and is organized by various institutions including the China Association for Science and Technology [2] - Scheduled for August 10, 2025, at the Beijing Yichuang International Exhibition Center [2] - The agenda includes expert reports, solution presentations, and roundtable discussions on industry hot topics [3] Industry Context - The event is part of the World Robot Conference, emphasizing the urgent need for high-performance core components in industrial and humanoid robots [3] - Key components such as bionic tactile sensors and flexible drive mechanisms are seen as critical breakthroughs to overcome performance bottlenecks in robotic systems [3]

Core Insights - The integration of artificial intelligence and robotics is driving the development of embodied intelligent agents towards higher levels of autonomy and intelligence [1] - Key components of embodied intelligent agents include high-precision sensors, bionic actuators, edge computing chips, and flexible materials, which are crucial for enhancing robot performance and application scenarios [1] - The upcoming forum will focus on the technological frontiers of core components, common challenges, and application ecosystems in various fields such as humanoid robots, industrial automation, and medical rehabilitation [1] Forum Details - The forum is themed "Focusing on Core Components to Empower Embodied Intelligence" and will take place on August 10, 2025, at the Beijing Yichuang International Exhibition Center [2] - The World Robot Conference will be held from August 8 to 12, 2025, featuring over 200 leading domestic and international companies, showcasing industrial robots, humanoid robots, service robots, and special robots [2] - The forum aims to gather reports from industry experts and representatives to discuss technological breakthroughs and industry collaboration in the field of embodied intelligent components [3] Technical Focus - The forum will address core component technologies such as bionic tactile sensors and flexible drive mechanisms, as well as common challenges like reliability, cost control, and standardization [3] - Topics for reports may include the current status and bottlenecks of core technologies related to perception, execution, and intelligent emergence, as well as key technical difficulties in sensors and actuators [3] Participation Invitation - The forum invites industry experts and representatives to participate and share insights, with opportunities to present new technologies, products, and sign cooperation agreements [3]

Core Viewpoint - The company demonstrates steady performance in its financial results for 2024 and Q1 2025, with a focus on high-quality development amidst global economic changes [1][4]. Financial Performance - For the year 2024, the company achieved operating revenue of 575 million, a year-on-year increase of 15.48% - The net profit attributable to shareholders reached 125 million, up 23.07% - The net profit after deducting non-recurring items was 115 million, reflecting an 18.48% increase - Basic earnings per share (EPS) stood at 0.59, a growth of 22.92% [1] - In Q1 2025, the company reported revenue of 111 million, a year-on-year increase of 3.57% - The net profit attributable to shareholders was 22.18 million, a decline of 12.39% - The net profit after deducting non-recurring items was 20.76 million, down 8.08% - Basic EPS for Q1 2025 was 0.10, a decrease of 16.67% [1] Business Development - The company is adapting to global economic changes by focusing on "product acceleration and scenario deepening" for high-quality development [1] - The calibration testing business is entering its third decade, providing comprehensive solutions for pressure, temperature, humidity, and electrical testing instruments, with applications in various industries [1] - The digital platform business is in its first decade, offering integrated testing platforms and smart measurement solutions, while integrating testing technology with industrial IoT [2] Sensor Technology - The company has over 20 years of experience in sensor evaluation and compensation algorithms, leading to a competitive edge in the sensor industry [3] - The pressure sensors based on silicon piezoresistive technology have achieved performance metrics better than 0.01% F.S [3] - The high-precision sensor business is also in its first decade, aiming to meet industrial users' demands for wide range and high precision [3] Investment Outlook - The company is expected to see long-term growth, with revised revenue forecasts for 2025-2027 at 665 million, 770 million, and 892 million respectively [4] - Projected net profits for the same period are 158 million, 187 million, and 221 million respectively [4] - Corresponding EPS estimates for 2025-2027 are 0.74, 0.88, and 1.04 [4] - The current stock price corresponds to a PE ratio of 23, 20, and 16 for the years 2025-2027, maintaining a "buy" investment rating [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has demonstrated stable performance, with a 2024 annual revenue of 575 million yuan, representing a year-on-year growth of 15.48%. The net profit attributable to shareholders reached 125 million yuan, up 23.07% year-on-year [5][8] - In Q1 2025, the company achieved a revenue of 111 million yuan, a year-on-year increase of 3.57%, while the net profit attributable to shareholders decreased by 12.39% to 22.18 million yuan [5] - The calibration testing products are evolving, and the digital platform business is providing growth momentum, with applications expanding into various sectors including biomedicine and new energy [6][7] Financial Performance Summary - The company forecasts revenues of 665 million yuan, 770 million yuan, and 892 million yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 158 million yuan, 187 million yuan, and 221 million yuan [8][11] - The projected EPS for 2025, 2026, and 2027 is 0.74 yuan, 0.88 yuan, and 1.04 yuan respectively, with a current P/E ratio of 23, 20, and 16 for the respective years [8][11] - The gross margin is expected to improve from 64.7% in 2024 to 69.5% in 2027, indicating enhanced profitability [11][12]