证券代码：603166 证券简称：福达股份 公告编号：2024-020 桂林福达股份有限公司 第六届董事会第二十二次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、董事会会议召开情况 桂林福达股份有限公司（以下简称"公司"）第六届董事会第二十二次会议（以下 简称"本次会议"）于 2025 年 3 月 26 日在公司三楼会议室采用现场会议方式召开。本 次会议通知于 2025 年 3 月 15 日通过电话、电子邮件发出，会议由公司董事长黎福超先 生召集并主持，应出席本次会议的董事为 9 名，出席现场会议的董事 9 名，公司全部监 事及高级管理人员列席了本次会议，本次会议的召集、召开及出席的人员均符合《公司 法》等有关法律、法规、部门规章和《公司章程》的规定，合法、有效。 二、董事会会议审议情况 1、审议通过了《关于 2024 年年度报告全文及摘要的议案》。 本议案已经审计委员会审议通过，并提交董事会审议。 公司董事会同意对外报出《桂林福达股份有限公司 2024 年年度报告》、《桂林福 达股份有限公司 202 ...

Financial Performance - The company achieved a consolidated net profit of RMB 185,280,977.88 for the year 2024, representing a 78.96% increase compared to RMB 103,533,629.13 in 2023[5]. - Total operating revenue for 2024 was RMB 1,647,567,445.74, marking a 21.83% increase from RMB 1,352,319,134.60 in 2023[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 179,598,167.89, an increase of 82.59% from RMB 98,364,059.80 in the previous year[21]. - The net cash flow from operating activities reached RMB 472,984,819.90, a significant increase of 135.73% compared to RMB 200,645,678.98 in 2023[21]. - Total assets at the end of 2024 amounted to RMB 4,088,693,972.05, reflecting a 19.12% increase from RMB 3,432,556,617.40 at the end of 2023[21]. - The company's net assets attributable to shareholders increased to RMB 2,392,799,427.91, a 3.24% rise from RMB 2,317,751,853.62 in 2023[21]. - The basic earnings per share increased to 0.29 yuan, up 81.25% compared to 0.16 yuan in 2023[22]. - The weighted average return on equity rose to 7.84%, an increase of 3.47 percentage points from 2023[22]. Dividend Policy - The company plans to distribute a cash dividend of RMB 1.00 per 10 shares to all shareholders, as part of its commitment to enhance investor returns[5]. - The total cash dividend for the fiscal year 2024 is planned to be ¥126,617,890.20, which is 68.34% of the net profit attributable to ordinary shareholders in the consolidated financial statements[168]. - The company has implemented a cash dividend policy, distributing at least 15% of the distributable profit as cash dividends annually, with a minimum of 80% of the distribution in the absence of significant capital expenditures[160][161]. - In the reporting period, the company distributed cash dividends amounting to RMB 62,948,945.10, which represents 85.59% of the net profit attributable to shareholders[162]. Operational Highlights - The company launched 16 new fuel vehicle crankshaft products, with 5 projects entering small batch production[30]. - The company reported a significant 38% growth in aftermarket sales for its clutch products[31]. - The production of new energy hybrid crankshafts and electric drive gears has become a major focus, contributing to the company's strategic shift[30]. - The company successfully completed the development and sample delivery of 10 new products for various clients, including BYD and Chery[31]. - The sales volume of new energy vehicles exceeded 10 million units, accounting for over 40% of total vehicle sales in 2024[29]. - The company achieved a 12% reduction in internal quality waste loss rate through strengthened internal quality management[32]. - The company’s finished goods inventory decreased by 16% year-on-year, indicating effective inventory management[35]. - The company’s production line upgrades resulted in a 70% increase in production speed and a 15.9% increase in mold lifespan, enabling an annual production capacity of 1 million crankshaft blanks[36]. Market Trends - In 2024, China's automobile production and sales reached 31.28 million and 31.44 million units, respectively, marking a year-on-year growth of 3.7% and 4.5%[38]. - The new energy vehicle sales surpassed 10 million units for the first time, accounting for over 40% of total sales, indicating a shift towards high-quality development[38]. - The production and sales of new energy vehicles (NEVs) reached 12.888 million and 12.866 million units, with year-on-year growth of 34.4% and 35.5%[40]. - NEVs accounted for 40.9% of total new car sales in 2024, an increase of 9.3 percentage points compared to 2023[40]. - The market for multi-cylinder gasoline engines is expected to reach 20.02 million units in 2024, with a growth rate of 0.30%[89]. Research and Development - Research and development expenses amounted to RMB 961.97 million, an increase of 10.16% year-on-year, reflecting the company's commitment to innovation[62]. - The company has accumulated over 300 patents, including 74 invention patents, and actively participates in the formulation of 10 national and industry standards[58]. - The company has established partnerships with several prestigious universities and research institutions, enhancing its technological development capabilities[58]. - The number of R&D personnel is 436, accounting for 15.88% of the total workforce[73]. Corporate Governance - The company's governance structure complies with modern corporate governance standards, ensuring shareholder rights and effective decision-making processes[129]. - The board of directors consists of 9 members, including 3 independent directors, and has held 12 meetings during the reporting period[130]. - The company adheres to strict information disclosure practices, ensuring transparency and equal access to information for all shareholders[131]. - The company emphasizes investor relations management, enhancing communication through regular performance briefings, analyst meetings, and roadshows[132]. Environmental Responsibility - The company has invested in advanced wastewater treatment facilities with a capacity of 1,440 tons per day, ensuring compliance with national discharge standards[180]. - The company has adopted a comprehensive hazardous waste management system, detailing responsibilities and operational standards for waste handling[179]. - The company has been recognized as a national "green factory" for its outstanding achievements in green development[186]. - The company has implemented waste management initiatives, including a comprehensive waste classification system and resource recycling, significantly reducing waste emissions[182]. Legal Matters - The company is involved in a lawsuit with a claim amount of 21.51 million yuan, which may impact its net profit significantly[200]. - The court ruled that the company must pay a total of 17,396,719.40 yuan, including penalties, which will be paid cumulatively by the end of December 2024[200]. - The company disputes the court's decision and is currently seeking a review from the higher court[200]. - The lawsuit relates to discrepancies in electricity billing from 2011 to 2015, with the company claiming that the billing was not accurately calculated[200].

证券代码：603166 证券简称：福达股份 公告编号：2025-013 桂林福达股份有限公司 关于公司 2024 年度利润分配预案的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示: ● 每股分配比例：每 10 股派发现金红利人民币 1.00 元（含税），不送红股， 不进行资本公积金转增股本。 ● 本次利润分配以实施权益分派股权登记日登记的总股本扣减公司回购专用账 户的股数为基数进行现金红利分配，具体日期将在权益分派实施公告中明确。 ● 在实施权益分派的股权登记日前公司总股本发生变动的，公司拟维持每股分配 比例不变，相应调整分配总额，并将在相关公告中披露。 ● 公司不触及《上海证券交易所股票上市规则（2024 年 4 月修订）》第 9.8.1 条 第一款第（八）项规定的可能被实施其他风险警示的情形。 ● 本次利润分配预案尚需提交公司股东会审议。 一、利润分配预案内容 投资者回报，并在保证公司正常经营业务发展的前提下，拟实施 2024 年度现金红利分 配，具体如下： 公司拟以实施权益分派股权登记日登记的总 ...

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 41261.59万股，累计占流通股比： 64.58%，较上期变化： -588.19万股。 | 持有数量(万股) 名称 | | 占总股本比 | 增减情况 | | --- | --- | --- | --- | | | | 例(%) | (万股) | | 福达控股集团有限公司 | 34313.40 | 53.70 | 不变 | | 黎福超 | 2400.00 | 3.76 | 不变 | | 桂林福达股份（603166）有限公司回购专用证券账户 | 951.92 | 1.49 | -720.00 | | 黎锋 | 608.40 | 0.95 | 不变 | | 吕桂莲 | 543.96 | 0.85 | 不变 | | 招商银行股份有限公司-金信深圳成长灵活配置混合型发 | | | | | 起式证券投资基金 | 529.02 | 0.83 | 新进 | | 顾晓林 | 500.70 | 0.78 | 300.55 | | 苏春晓 | 500.00 | 0.78 | -3.97 | | 李进德 | 324.51 | 0.51 | -41.79 | | 黎莉 | ...

元，对应利润率水平若达到 10%以上，对应福达 50%的投资收益上限也仅为 2000 万元左右。因此，该业务对未来两年福达的增量业绩基本可以忽略。 2025 年福达股份的核心增量来源是什么？ 福达股份 20250325 摘要 Q&A 福达股份近期股价波动的原因是什么？ 福达股份近期股价波动主要是由于市场情绪和交易面的影响。上午阿里高管关 于 AIDMA 泡沫化的发言导致相关产业链普遍下跌，下午整个科技成长板块，包 括机器人板块，都出现了较大回调。福达股份的回调更多是跟随整体市场趋势， 而非公司基本面发生变化。 福达股份在数据中心曲轴制造业务上的影响如何？ 福达股份在数据中心曲轴制造业务上的体量并不大。该业务主体为福达阿尔芬， 是公司的联营企业，持股比例 50%，不并表，仅产生投资收益。2024 年上半年 （2025 年），福达股份净利润不到 150 万元，对应投资收益乘以 50%后基本可 以忽略不计。即使未来福达阿尔芬将产能全部拉满，预计收入体量也不到 3 亿 • 福达股份的回调主要受市场整体趋势影响，公司基本面未发生显著变化， 应关注回调带来的布局机会。 • 数据中心曲轴业务对福达股份业绩影响较小，该业务由 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-012 桂林福达股份有限公司 关于对外投资进展暨签订增资协议的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重 大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 一、对外投资概述 甲方一：桂林福达股份有限公司（以下简称"投资人"、"福达股份"）； （2）乙方： 乙方一：长坂（扬州）机器人科技有限公司（以下简称"标的公司"）；"集团公 司"指标的公司与其现在及未来不时直接和间接控制的子公司、分公司（截止本协议签 署日，标的公司设有 1 家全资子公司及 0 家控股子公司） （3）丙方： 桂林福达股份有限公司（以下简称"公司"）基于公司发展战略及经营规划，推动 公司立足现有新能源业务寻求外延式发展，加速开拓人形机器人业务，发展新的利润增 长点，公司于 2025 年 3 月 14 日与高峰、娄宪芝、扬州星辰制造技术有限公司、扬州瑞 祥机器人技术有限公司、扬州青缸管理咨询合伙企业（有限合伙）签署《关于股权收购 及投资的框架协议》，拟在满足一定条款和条件下，通过分期增资方式获得长坂（扬州） 机器人科技有限公司（以下 ...

Investment Rating - The report maintains a "Positive" outlook on the automotive industry, indicating an expectation for the sector to outperform the overall market performance [2][20]. Core Insights - The report highlights the strategic investment by Fuda Co., which plans to acquire a 35% stake in Changban Robotics, enhancing its capabilities in the robotics sector through technology collaboration [3][4]. - The collaboration between Fuda and Changban is structured in three phases, with an initial investment of 18 million yuan for a 6% stake, followed by further investments contingent on production milestones [5]. - The report emphasizes the growth potential in the automotive sector, particularly in the context of new energy vehicles and robotics, suggesting that companies like BYD and Xiaopeng are well-positioned to benefit from technological advancements and market trends [6][9]. Summary by Sections Fuda Co. Update - Fuda Co. is set to acquire a 35% stake in Changban Robotics, focusing on precision transmission components and robotics, which will complement its existing capabilities in electric drive gear technology [3][4]. - The partnership aims to leverage both companies' strengths in linear and rotational actuators, facilitating a comprehensive approach to robotics [4][5]. Ai+ Strategy Meeting - Chuanhuan Technology has made significant progress in the liquid cooling pipeline and high-value connector business, which could drive short-term growth if orders materialize [6]. - Yuanrong Qihang is positioned as a leading third-party provider for advanced driving solutions, with expectations for increased collaboration with major OEMs [6][8]. New Vehicle Launches - The report notes the competitive pricing strategies of new models from Xiaopeng and Leap, with the Xiaopeng G6 and Leap B10 expected to enhance market competitiveness in the 100,000 to 200,000 yuan price range [10][11]. - The introduction of new models is anticipated to stimulate sales and strengthen the market position of these companies, particularly in the context of increasing consumer demand for intelligent features [12]. Investment Recommendations - The report recommends focusing on domestic leading manufacturers such as BYD and Xiaopeng, as well as companies with strong performance growth and robotics capabilities [6][9]. - It also suggests monitoring undervalued robotics companies in the Hong Kong market, such as Minshi Group, which are expected to benefit from ongoing technological advancements [9].

Summary of Fuda Co., Ltd. Conference Call Company Overview - **Company**: Fuda Co., Ltd. - **Industry**: Automotive Parts Manufacturing Key Points and Arguments Acquisition and Strategic Direction - Fuda Co., Ltd. has completed a significant acquisition to strategically enter the automotive parts industry, focusing on Changban Company, which has unique advantages in reverse planetary roller four-bar design and manufacturing [3][4] - The acquisition will be executed in two phases: the first phase involves an investment of 18 million to quickly establish a production capacity of 10,000 sets of reverse planetary roller four-bar per shift, while the second phase will further enhance R&D capabilities [3][4] Production and Market Strategy - Fuda plans to rapidly increase production capacity to meet market demand and leverage its existing sales network to introduce new products from Changban, targeting long-term clients like Schaeffler [3][5] - The collaboration is expected to create a product line synergy, as Changban offers various products including planetary reducers and precision cycloidal pinwheel reducers, which Fuda can mass-produce [3][5] Financial Performance and Market Outlook - For January and February 2025, Fuda reported good operational performance, with overall market conditions similar to the previous year, driven by increased hybrid penetration rates and growing downstream customer demand [7] - The company maintains an optimistic outlook for the entire year, supported by steady capacity expansion [7] Core Business and Production Capacity - Fuda's crankshaft business, managed by its second factory in partnership with DeGuang Arsen, is one of the largest manufacturers of large crankshafts globally, with high capacity utilization and a product range that includes large diesel generator drives [8] - The planned capacity for this business is close to 3,000 tons, and the operational status is strong, indicating that the industry’s top-tier conditions may persist for some time [8] Product Value and Cost Control - Fuda is currently producing various products, including linear and rotary actuators, with a focus on cost advantages and product quality [6] - The company recognizes that different application scenarios will affect the value of core components, and it aims to mitigate risks through diversified strategies and effective cost control [6] Robotics Development Strategy - Fuda's strategy in the robotics sector emphasizes foundational industry development and collaboration with partners to expand capabilities [9] - The company is committed to a multi-directional approach to reduce risks associated with single-direction strategies while ensuring competitive pricing for large-scale production [9] Additional Important Information - The collaboration with Changban is expected to enhance Fuda's competitive edge through complementary strengths in large-scale automated production and industrial manufacturing [4] - The integration of marketing channels will replace existing procurement with cost-effective new products, further enhancing market penetration [5]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Views - The company is transitioning into the robotics sector, aiming for a high-end intelligent manufacturing transformation. This strategic move is expected to create new profit growth points [7]. - The company has a strong position in the crankshaft business, with a gross margin of 29.7% in 2023, which is an increase of 3.5 percentage points year-on-year. The company is also expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company has successfully opened overseas markets, with significant sales growth in large crankshafts and new energy gear products, indicating potential for future growth [7]. - The company has launched an equity incentive plan to boost confidence among management and core personnel, with specific profit targets set for the coming years [7]. Financial Summary - **Revenue Forecast**: The company expects revenues to grow from 1,352.32 million CNY in 2023 to 3,021.46 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 25.46% [2][12]. - **Net Profit Forecast**: The net profit attributable to the parent company is projected to increase from 103.53 million CNY in 2023 to 400.71 million CNY in 2026, with a CAGR of 41.46% [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - **Return on Equity (ROE)**: ROE is forecasted to improve from 4.47% in 2023 to 13.06% in 2026 [2][12]. - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 81 in 2023 to 21 in 2026, indicating a more attractive valuation over time [2][12]. Business Segments - **Crankshaft Business**: The company anticipates a revenue growth rate of 36.42% in 2024, driven by multiple new product launches and increased production capacity [9]. - **New Energy Gear Products**: Revenue from new energy electric drive gears is expected to grow significantly, with projections of 0.25 million CNY in 2024 and reaching 3 million CNY by 2026 [12]. - **Clutch and Other Products**: The clutch segment is expected to see slower growth, while other business areas are projected to maintain steady growth rates [9][12]. Investment Strategy - The report suggests that the company's strategic investments in robotics and new energy sectors, combined with its strong existing business in crankshafts, position it well for future growth. The equity incentive plan further aligns management's interests with shareholder value creation [7][12].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 15.84 CNY over the next six months, compared to the current price of 12.90 CNY [1]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing, which aligns with its strategic planning [7]. - The company has made significant investments in acquiring a 35% stake in Changban (Yangzhou) Robot Technology Co., and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [7]. - The company’s crankshaft business remains strong, with a gross margin of 29.7% in 2023, and it is expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company is successfully penetrating overseas markets, with notable sales growth in large crankshafts and new energy gear products [7]. - A stock incentive plan has been introduced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [7]. Financial Performance Summary - The company’s projected revenue for 2023 is 1,352.32 million CNY, with expected growth rates of 19.18% in 2023, 26.32% in 2024, 40.98% in 2025, and 25.46% in 2026 [2][12]. - The net profit attributable to the parent company is forecasted to be 103.53 million CNY in 2023, with significant growth expected to 180.25 million CNY in 2024, 283.26 million CNY in 2025, and 400.71 million CNY in 2026 [2][12]. - The earnings per share (EPS) is projected to increase from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - The return on equity (ROE) is expected to rise from 4.47% in 2023 to 13.06% in 2026 [2][12]. Business Segment Analysis - The crankshaft segment is expected to see a revenue increase from 733 million CNY in 2023 to 1,682 million CNY in 2026, with a gross margin stabilizing around 30% [9][12]. - The new energy electric drive gear segment is projected to grow significantly, with revenues expected to reach 300 million CNY by 2026, reflecting a high gross margin of 27% [12]. - The company is also focusing on expanding its precision forging and gear businesses, with substantial growth rates anticipated in the coming years [9][12].