In 1Q26,Fortior Technology achieved revenue of RMB250mn(+46.2%YoY,+15.8%QoQ),attributable NP of RMB88mn(+75.1%YoY,+70.8%QoQ),and recurring attributable NP of RMB83mn(+89.4%YoY,+100.0%QoQ).In 1Q26,all downstream segments performed well,with businesses such as industrial,sports and mobility,and small home appliances maintaining rapid growth,driving the company's overall revenue to achieve robust YoY and QoQ growth.GPM declined slightly YoY and QoQ due to the relatively intense competitive landscape in the small home appliance segment,but thanks to the company's proactive expense control and adecline in share-based payments,the company's 1Q26 attributable NP saw significant YoY and QoQ growth,with attributable NPM reaching 35.3%(+5.82pp YoY,+11.34pp QoQ).We are positive on the company's continued consolidation of its relatively high market share in areas such as smart small home appliances,and believe it will benefit further from its presence in high-growth areas such as AI servers,automobiles,and robots,opening up new growth space.Maintain BUY.
1Q26:Industrial&sports mobility businesses grew fast
In 1Q26,downstream market demand in areas such as small home appliances,white goods,and automobiles was relatively muted,but the company gained market share by leveraging its differentiated competitive advantages,with related businesses growing steadily.Driven by robust demand for AI server cooling fans,the company's industrial revenue achieved high growth.Mobility tools also performed well thanks to new product iterations,which underpinned steady revenue growth at Fortior in 1Q26.The company achieved GPM of 51.82%in 1Q26(-0.68pp YoY,-2.87pp QoQ),with the YoY and QoQ decline likely due to the still-intense competitive landscape in the small home appliance segment,which strained the GPM of related businesses.That said,optimization of the product mix will help keep Fortior’s overall GPM stable.Thanks to proactive expense control,a decline in share-based payment expenses,and the emergence of operating leverage,the key expense ratios(selling+administrative+R&D)in 1Q26 was 23.1%(-8.3pp YoY,-20.7pp QoQ),with attributable NPM of 35.3%.
Earnings forecasts and valuation
Driven by robust demand for AI server cooling fans,we raise our 2026/2027/2028 revenue forecasts to RMB1,073/1,436/1,883mn(+5.5/+7.0/+6.8%vs prior estimates)and attributable NP to RMB372/530/726mn(+5.4/+6.8/+6.7%vs previous estimates).We are positive on the company’s status as aleading domestic BLDC motor drive control IC supplier,and think its proactive development of new products such as highly integrated motor drive controls,sensors,and coreless motors in the robotics field should further open up growth space.We assign a79.5x 2026E PE(previous:76.6x 2026E PE,revised upward mainly due to sector valuation upward revision,in line with its peers’average on Wind consensus),deriving atarget price of RMB256.80(previous:RMB234.40).Maintain BUY.
Risks:Intensifying market competition;weaker downstream demand than we expect;escalating US-China trade tensions.

　　1Q26公司实现营收2.50亿元（yoy：+46.2%，qoq：+15.8%），归母净利润0.88亿元（yoy：+75.1%，qoq：+70.8%），扣非归母净利润0.83亿元（yoy：+89.4%，qoq：+100.0%）。1Q26下游各个领域全面开花，工业、运动出行、小家电等业务保持较快增速，驱动公司整体营收实现同环比稳健增长。毛利率因小家电领域竞争格局较为激烈，同环比略有下滑，但得益于公司积极费用管控、股份支付下降，公司1Q26归母净利润同环比增速显著，归母净利润率达35.3%（yoy：+5.82pct，qoq：+11.34pct）。看好公司持续巩固智能小家电等领域较高市场份额，并进一步受益在AI服务器、汽车、机器人等高增长领域深度布局，打开新成长空间，维持“买入”评级。
　　1Q26：工业与运动出行业务快速增长，盈利能力显著改善
　　1Q26下游小家电、白电以及汽车领域市场需求较为平淡，但凭借差异化竞争优势，公司进一步提升市场份额，相关业务仍取得稳健增长；在AI服务器散热风扇旺盛需求驱动下，公司工业收入实现高增；出行工具得益于新品迭代，亦表现亮眼，共同推动公司1Q26营收稳健增长。毛利率方面，1Q26公司实现毛利率51.82%（yoy：-0.68pct，qoq：-2.87pct），同环比下降预计主因小家电领域市场竞争格局仍较激烈，相关业务毛利率有所承压，但后续产品结构持续优化将推动公司整体毛利率保持稳定。得益于积极费用管控、股份支付费用下降以及经营杠杆体现，1Q26主要期间费用率（销售+管理+研发）为23.1%（yoy：-8.3pct，qoq：-20.7pct），归母净利率达35.3%。
　　26年展望：工业等持续高增，关注旋变和空心杯电机等商用进展
　　我们预计26年公司在工业/运动出行/白电等市场将保持较快增长：1）工业：数据中心服务器需求旺盛，公司已进入全球主流服务器散热风扇厂商供应链，并在工业伺服及机器人方面应用逐步实现量产；2）运动出行：公司产品持续升级迭代，有望更好把握下游新需求机遇，3）白电：下游客户国产替代意愿明显提升，公司持续加深与一线品牌终端客户合作，产品已经广泛应用于冰箱、洗衣机、空调室内机等场景，并逐步拓展至空调压缩机等环节，市场份额有望稳步提升；4）汽车：公司产品广泛应用于车载水泵、油泵、电子扇、压缩机、座椅电动调节、车窗天窗控制等核心车载场景，并积极深挖车企及Tier1厂商的定制化需求，客户版图从国内向全球持续拓展。此外，公司已推出适用在伺服驱动、机器人关节等领域的旋变解码芯片与创新型双磁式旋变传感器，对标市场主流产品，且与三花合作空心杯电机研发进展顺利，有望进入量产阶段。
　　盈利预测与估值
　　AI服务器散热风扇需求旺盛，我们上修公司2026-2028年营业收入至10.73/14.36/18.83亿元（较前值：+5.5%/+7.0%/+6.8%），归母净利润为3.72/5.30/7.26亿元（较前值：+5.4%/+6.8%/+6.7%）。看好公司作为国内领先的BLDC电机驱动控制芯片供应商，积极围绕机器人领域布局高集成度电机驱控、传感器、空心杯电机等新品，进一步打开成长空间，给予79.5x26PE（前值76.6x26PE，上修主因板块估值上修，可比一致预期均值79.5x），目标价256.8元（前值为234.4元），维持“买入”评级。
　　风险提示：市场竞争加剧，下游需求不及预期，中美贸易摩擦升级。

Fortior Technology has reported 2025 revenue of RMB774mn(+28.91%YoY)and an attributable net profit of RMB219mn(-1.54%YoY).While revenue was largely in line with our RMB781mn estimate,the profit was slightly below our RMB239mn projection owing to higher-than-expected expense accruals in 4Q.For 4Q25,revenue was RMB216mn(+29.0%YoY,+18.2%QoQ)with an attributable net profit of RMB52mn(+34.08%YoY,+1.88%QoQ),driven by momentum in industrial/automotive segments,whose increasing revenue contributions lifted the 4Q gross margin by 4.31pp QoQ to 54.69%.However,elevated year-end expense accruals pushed the 4Q operating expense ratio(selling&administrative+R&D)to 43.8%(+10.66pp QoQ),compressing the attributable net margin by 3.83pp QoQ to 23.92%for the quarter.We remain positive on the company’s position in smart appliances and accelerating penetration across industrial,auto,and white goods markets as key growth drivers.We note that its strategic initiatives in robotics,including highly integrated motor control systems,sensors,and coreless motors,are progressing well,providing additional earnings growth optionality.Maintain BUY.
2025:revenue mix improved
For 2025,the company delivered steady revenue growth with acontinued mix improvement.The auto/industrial segments fared well,contributing 11.84/15.62%of total revenue.In white goods,penetration rates increased across washing machines,air conditioners,and refrigerators,driving both absolute sales and share growth.While competition intensified in smart appliances,power tools,and mobility devices,the company defended its leading position to achieve further revenue growth,although the contribution declined by 8.95pp YoY to 53.48%.The gross margin for the year was stable at 52.57%(-0.67pp YoY),but the attributable net profit declined by 1.54%YoY to RMB219mn due to RMB50mn of additional share-based compensation expenses.Excluding this impact,the net profit grew by 18.88%YoY.
Earnings forecasts and valuation
We project 2026/2027/2028 revenue of RMB1,017/1,342/1,763mn(+31.5/31.9/31.4%YoY)and attributable net profit of RMB353/496/680mn(+61.1/40.7/37.0%YoY).In our view,as China’s leading BLDC motor drive control IC supplier,the company is well positioned to benefit from the robust development of AI server and robotics markets.In addition,we expect resolver and coreless motor solutions to further expand its addressable market.We apply a76.6x 2026E PE(previous:86.6x,revised downward due to sector multiple compression)vs its peers’average of 76.6x on Wind consensus,for our target price of RMB234.40(previous:RMB264.1).Maintain BUY.

　　投资要点:
　　公司全链式布局芯片设计+电机驱动架构+电机技术，专注于高性能BLDC电机驱动控制芯片的设计，产品涵盖电机驱动控制的全部关键芯片，包括电机主控芯片MCU/ASIC、电机驱动芯片HVIC、电机专用功率器件MOSFET等。
　　汽车电子及工控增长双引擎，业务结构持续优化。
　　2025年，公司持续深化汽车电子、工业控制等新兴领域战略布局，2025全年经营业绩实现高质量增长，其中汽车电子领域业务发展超预期突破，工业控制领域保持高速增长态势。
　　1、汽车电子业务：业务增长超预期，持续拓展下游领域。2025年，公司在汽车电子领域营收占比大幅提升至11.84%，多款车规级BLDC驱动控制芯片已通过AEC-Q100及ISO26262功能安全认证，产品广泛应用于车载水泵、油泵、电子扇、压缩机等核心场景，并与多家国内外知名车企和Tier1厂商建立深度合作。随着汽车电动化、智能化趋势加深，公司在汽车领域的份额有望持续提升。
　　2、工业控制业务维持高速增长：受益于工业自动化和服务器算力需求攀升，2025年公司工业领域收入占比提升至15.62%，保持高速增长态势，成为业绩增长的重要动力。
　　布局机器人赛道，合作三花智控，深入优化电机驱动架构算法硬件化路径。
　　公司紧抓机器人产业发展机遇，技术与市场布局成效显著。
　　1、核心技术与产品突破：公司持续相关产品布局，发布业界首款基于32位RISC-V双核架构的电机驱动专用MCUFU75XX系列，该芯片融合了公司第二代电机控制引擎（ME2），高度适配机器人应用场景，为公司切入机器人赛道奠定坚实技术基础。该产品融合第二代电机控制引擎（ME2）与高性能RISC-V内核，适配机器人应用场景。
　　2、深化产业合作，卡位核心环节：1）与下游核心客户及Tier1厂商开展深度技术协同与联合开发，推动工业伺服产品在工业自动化产线、高端服务器散热、机器人等领域实现规模化量产；2）公司与三花控股集团设立合资公司，聚焦空心杯电机研发，并已成功实现人形机器人关节核心技术方案的突破。
　　3、拓展机器人传感器产品布局：2025年，公司传感器产品的市场导入与商业化应用持续推进，成功实现从“电机驱控”到“驱控+传感”的解决方案升级，预期为下游客户提供更完整、更高效的电机控制系统一体化解决方案，进一步提升客户粘性与产品附加值。
　　盈利预测和投资评级公司持续自主研发，构建芯片技术+电机驱动架构+电机技术核心壁垒，并于2025年7月成功登陆港交所，构建A+H双融资平台。我们预计公司2026-2028年实现营业收入10.96/15.85/23.34亿元，实现归母净利润3.71/6.10/7.52亿元，对应PE为45.50/27.69/22.48X，首次覆盖，给予“买入”评级。
　　风险提示汽车下游行业景气度不及预期；人形机器人放量进度不及预期；公司在主业领域渗透率进展不及预期；相关核心技术进展不及预期；上游相关产业价格变动影响等。

　　公司发布25年年报，整体符合预期。公司2025年实现收入7.74亿元，同比增长28.91%；实现归母净利润2.19亿元，同比减少1.54%；实现扣非归母净利润1.94亿元，同比增长2.96%；其中，股份支付费用6466万元。分行业来看，公司在智能小家电、电动工具、运动出行等传统优势领域持续巩固市场份额，实现营收占比53.48%；公司汽车电子领域业务实现超预期发展，车规级芯片营收占比大幅提升至11.84%，收入规模同比实现跨越式增长；白色家电领域凭借技术赋能与品类拓展呈现稳步增长态势，营收占比为19.06%；工业领域受益于数据中心算力需求攀升带来的服务器散热需求，收入保持高增占比提升至15.62%；公司收入压舱石稳定，业绩新增长引擎多样化。
　　股份支付费用高企致净利率下降，高研发投入构筑长期核心竞争力。公司2025年期间费用率为33.80%，同比增加5.63pct。其中，销售费用率为5.22%，同比增加1.11pct；管理费用率为6.84%，同比增加1.63pct；财务费用率为-0.11%，同比增加0.49pct；研发费用率为21.86%，同比增加2.42pct。公司2025年毛利率为52.57%，同比下降0.67pct；净利率为28.29%，同比下降8.75pct，净利率下滑主要系股份支付费用等大幅增加所致。
　　与三花共同研发空心杯电机，实现人形机器人关节核心技术方案的突破。公司结合技术优势，持续深入优化电机驱动架构算法硬件化路径，完成核心算法的迭代升级，与下游核心客户及Tier1厂商开展深度技术协同与联合开发，推动工业伺服产品在工业自动化产线、高端服务器散热、机器人等领域实现规模化量产。公司与三花控股集团有限公司设立合资公司，聚焦空心杯电机领域研发与产业化，成功实现人形机器人关节核心技术方案的突破；重磅发布FU75XX系列芯片——系业界首款基于32位RISC-V双核架构的电机驱动专用MCU，适配机器人应用场景，为公司布局机器人赛道打下技术基础。
　　盈利预测与投资建议：我们预计公司2026-2028年收入分别为10.43/13.91/18.39亿元，同比增速分别为34.8%/33.3%/32.2%；预计公司2026-2028年归母净利润分别为3.33/4.78/6.65亿元，同比增速分别为52.2%/43.4%/39.1%；对应2026/2027年PE分别为50.8x/35.4x，估值相比以前具备性价比，考虑到公司下游应用未来市场空间广阔，预计行业处于生命周期成长期且公司未来业绩有望进入持续高增阶段，我们维持“买入”评级。
　　风险提示：新产品研发不及预期风险，下游需求不及预期风险，代工厂商产能受限风险，行业竞争严重加剧风险，宏观经济波动风险。