Core Viewpoint - Fortior is positioned as China's leading fabless company in the brushless direct current (BLDC) motor driver IC market, with expectations of significant growth in various segments, including consumer electronics, industrial, automotive, and robotics [1][2]. Company Overview - Fortior is the only domestic player in China's top ten BLDC motor driver companies for 2023 and 2024, with a focus on sensorless field-oriented control (FOC) algorithms and proprietary motor engine (ME) core [1]. - The company has established a strong reputation since its founding in 2010, ranking sixth in the BLDC motor driver market in China with a 4.8% revenue market share as of 2023 [2]. Growth Projections - Fortior is projected to achieve a revenue compound annual growth rate (CAGR) of 42% and a net income CAGR of 40% from 2024 to 2027 [1]. - The company delivered a 36% revenue CAGR and a 25% net income CAGR from 2022 to 2024, with a gross profit margin (GPM) of +50% [2]. Market Potential - There is significant market potential in emerging sectors such as industrial, automotive, and robotics, with ongoing R&D in high-power motor control ICs and sensor technologies [3]. - Key emerging products include BF magnetic resolvers and RDC decoders, which offer innovative performance and low bill of materials (BOM) costs, as well as a joint venture with Sanhua targeting humanoid robot hand applications [3]. Valuation - The target price for Fortior is set at HK$240.5, based on a price-to-earnings (P/E) ratio of 55x for 2026E earnings [3].