《大行》中银国际首次覆盖 FORTIOR 予「买入」评级 目标价 240.5 元

Bank of China International published a research report stating that FORTIOR (01304.HK) is a leading fabless company in China focused on brushless direct current (BLDC) motor driver chips. The firm expects FORTIOR to consolidate its leading position in the consumer electronics and home appliances sectors while continuously expanding its market share in emerging fields such as industrial, automotive, and robotics. At the same time, in response to the company's technological accumulation in the field of electromagnetic induction, it is focusing on the development of high-precision sensors, particularly rotary transformers/decoders, and is expected to secure orders in several high-end niche markets.

The firm anticipates that the company's revenue compound annual growth rate (CAGR) from 2024 to 2027 will be 42%, and the net profit CAGR will be 40%. This is the firm's first coverage of the stock, giving it a "Buy" rating with a target price of 240.5 yuan, corresponding to a 55 times price-to-earnings ratio based on the expected earnings per share in 2026