Fortior Technology (Shenzhen) Co Ltd (688279) Q4 2024 earnings summary

Executive summary

• FY24 revenue rose 45.94% YoY to RMB600.32m; net income increased 27.18% to RMB222.36m and adjusted net income, excluding non-recurring items, grew 59.17% to RMB188.08m.

• Growth was driven by product sales into white goods, automotive and industrial applications, alongside recovery in downstream demand and continued R&D investment.

Financial highlights

• Revenue was RMB600.32m, up 45.94% YoY; operating profit reached RMB220.47m versus RMB169.95m in 2023.

• Net income was RMB222.36m, up 27.18% YoY; adjusted net income excluding non-recurring gains was RMB188.08m, up 59.17%.

• Q4 revenue totaled RMB167.50m, net income RMB38.55m, operating cash flow RMB64.64m and adjusted net income RMB32.51m.

• Operating cash flow increased 65.91% to RMB184.73m; investing cash flow was negative RMB412.31m, mainly reflecting cash-management purchases and property investment.

Outlook and guidance

• Strategy prioritizes R&D and product development for smart and white goods, automotive, industrial control and robotics, as well as overseas sales-channel expansion and talent development.

• H-share listing application was filed with the Hong Kong Stock Exchange on Jan. 15, 2025; proceeds are planned for R&D, product and application expansion, overseas growth and strategic investments or acquisitions.

• Industrial servo and automotive products are progressing through development and commercialization; management plans further system-level technical support to advance adoption and volume production.