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 ...