20250702-国证国际证券-FORTIOR-01304.HK-Fortior-IPO点评_4页_1mb

Summary of Fortior-IPO Report

Company Overview

Fortior (Fengtai Technology) was established in 2010 and specializes in BLDC motor drive control chip design and development. It went public on the STAR Market in April 2022 with stock code 688279.SH. Products include MCU, ASIC, HVIC, IPM, and MOSFET chips, utilizing a fabless business model. As of December 2023, it held a 4.8% market share in BLDC motor main control and drive chips by revenue. Financials show revenue growth from 3.23 billion RMB in 2022 to 6.00 billion RMB in 2024, with CAGR of 35.7%. Gross margins decreased from 57.3% in 2022 to 52.6% in 2024 due to market competition; net profits grew steadily, from 1.42 billion RMB to 2.22 billion RMB.

Market Position and Industry Trends

The global BLDC motor market is expected to grow at a CAGR of 10.2% to 21,465 billion RMB by 2028. Fortior benefits from market leadership in China and Native replacement trends, but faces risks from increased competition and supply chain issues.

Strengths and Weaknesses

Strengths include technological expertise, a full product portfolio, and growth potential through Native substitution. Weaknesses involve price pressures from competition and risks from supply chain disruptions and trade policies.

IPO Details

The Hong Kong IPO took place from June 30 to July 4, 2025, with listing on July 9. Maximum price was HKD 120.50 per share, with基石investors contributing about $1.12 billion. Proceeds will fund R&D, product expansion, overseas sales, and strategic acquisitions.

Investment Recommendation

The IPO valuation offers significant discounts compared to the A-share market, with a rating score of 5.2 and buy recommendation amid positive industry outlook.