Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has announced an investment agreement with the Pinghu Economic and Technological Development Zone to establish production capacity for electric drive gears and robotic joint components, which is expected to catalyze future growth in its robotics segment [6] - The company is positioned to leverage the advantages of the Pinghu industrial cluster, enhancing its competitiveness in the automotive parts manufacturing sector [6] - The company anticipates significant growth in its traditional business areas, particularly in crankshafts and precision forgings, driven by the rising demand for PHEV vehicles [6] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,648 million in 2024 to 3,806 million by 2027, with a compound annual growth rate (CAGR) of approximately 26.7% [5] - The net profit attributable to the parent company is expected to increase from 185 million in 2024 to 513 million by 2027, reflecting a CAGR of 32.8% [5] - The company’s earnings per share (EPS) is forecasted to rise from 0.10 in Q1 2025 to 0.79 by 2027 [5] Business Expansion and Strategy - The company is focusing on the strategic development of its robotics components business, aiming for mass production of planetary gear reducers and collaboration with Changban Technology [6] - The investment in Pinghu is seen as a significant step in expanding the company's capabilities in the robotics sector, with expectations for new client developments and production capacity enhancements [6] - The company plans to maintain a strong market position in the crankshaft segment, particularly with major clients like BYD, while also expanding its market share among other automotive manufacturers [6]

Summary of Fuda Co., Ltd. Conference Call Company Overview - **Company**: Fuda Co., Ltd. - **Industry**: Automotive components, specifically crankshafts and robotics Key Points and Arguments 1. **Production Capacity Expansion**: Fuda plans to add 1.8 million crankshafts in 2025, bringing total capacity to 4.2 million, doubling from the previous year, driven by increased orders from clients like BYD, Chery, and new client Li Auto [2][3] 2. **Revenue Growth**: The increase in crankshaft shipments is expected to generate approximately 700 million yuan in additional revenue, with a profit increase of at least 120 million yuan, leading to an estimated total annual performance of at least 320 million yuan [2][4] 3. **Strong Q1 Performance**: The company reported record profits in Q1 2025, with a projected sequential growth of 10%-15% in Q2 due to new production lines coming online [2][4] 4. **Investment in Robotics**: Fuda invested in Changban Technology, focusing on planetary roller screw design and processing, leveraging its grinding technology to enhance cost efficiency and product integration [2][4] 5. **Client Development in Robotics**: Changban Technology has made progress in humanoid service robots, collaborating with domestic companies and universities, entering the small batch sampling phase, which opens new market opportunities for Fuda [2][4][5] 6. **Market Perception Gap**: There is a significant expectation gap in the market regarding Fuda's capabilities in humanoid robotics and the pricing of its new reducer solutions, indicating potential for market valuation growth [3][7] 7. **Future Market Valuation**: Fuda's market capitalization could reach 20 billion yuan, with its main business and robotics-related business each contributing approximately 10 billion yuan [3][8] 8. **Key Milestones**: A critical milestone is expected in late June 2025, when Changban's annualized capacity of 10,000 sets will be validated, which could signal further client acquisition [3][9] Additional Important Information - **Client Order Projections**: BYD's orders are expected to rise to nearly 2.5 million crankshafts, with Chery aiming for 600,000 to 700,000, and other clients like Saily and Haos Power also increasing their orders [3][4] - **Technological Advancements**: Fuda's extensive experience in grinding technology is anticipated to provide a competitive edge in both screw and reducer product lines [4][5][6]

Group 1 - China Energy Construction won a major coal-fired power project with a bid amount of approximately 14.586 billion yuan, involving six 660 MW supercritical coal-fired generating units and supporting environmental facilities, with a total construction period of about 36.5 months [1] - Taiji Industry plans to repurchase company shares with a total amount not less than 1 billion yuan and not exceeding 1.2 billion yuan, with a maximum repurchase price of 10.38 yuan per share [1] - Youxun Technology won a project from State Grid with a bid amount of approximately 176 million yuan, accounting for 17.44% of the company's audited revenue for 2024 [2] Group 2 - Daili New Materials established an investment fund with a total subscribed capital of 163.3 million yuan, with Daili contributing 10 million yuan, accounting for 6.12% of the fund [4] - Wanyi Technology received a government subsidy of 2.3475 million yuan, which has been confirmed and classified according to relevant accounting standards [6] - Anke Biotech received a drug registration certificate for Acetate Atosiban Injection, which is used for treating preterm labor [7] Group 3 - Renfu Pharmaceutical received a drug registration certificate for Progesterone Soft Capsules, which are used to treat functional disorders caused by progesterone deficiency [9] - Linyang Energy is a recommended candidate for a major contract with State Grid, with a total expected bid amount of approximately 165 million yuan [11] - Hongtian Technology plans to invest 200 million to 300 million yuan to establish a wholly-owned subsidiary in Gansu Province [28] Group 4 - Hunan Xiang Electric received a total of 40 million yuan in government subsidies, which accounts for 16.07% of the company's audited net profit for 2024 [44] - Nengke Technology plans to repurchase shares with a total amount not less than 10 million yuan and not exceeding 20 million yuan, with a maximum repurchase price of 43.00 yuan per share [46] - Xiamen XGMA received 10 million yuan in historical debt repayment, which is expected to increase the company's net profit for 2025 by 3.186 million yuan [48]

Core Viewpoint - The company, Guilin Fuda Co., Ltd., has signed an investment agreement with the Pinghu Economic and Technological Development Zone Management Committee to invest in two projects related to new energy vehicles and robotics, indicating a strategic move to enhance its market competitiveness in these sectors [1][2][3]. Group 1: Investment Overview - The company plans to invest in the construction of a new energy vehicle electric drive system ultra-precision gear project and a robot transmission joint component project, with a planned land area of approximately 132 acres [1][2]. - The investment amount will be determined based on actual future occurrences, with funding sourced from the company's own funds and direct or indirect financing [1][2]. - The agreement does not constitute a related party transaction and is not classified as a major asset restructuring under relevant regulations [2][3]. Group 2: Project Details - The investment agreement outlines that the projects will be located within the Pinghu Economic and Technological Development Zone, with land acquisition subject to local regulations and assessments [3][4]. - The local government has agreed to provide support based on the achievement of specified economic benefit indicators by the company [3][4]. Group 3: Strategic Purpose and Impact - The investment aligns with the national push for the development of the new energy vehicle industry, capitalizing on the growing market demand and the company's existing capabilities in precision gear production and R&D [4][5]. - The company aims to leverage regional advantages, including talent and industrial support, to establish a solid foundation for commercial and large-scale production in the robotics sector [5]. - The impact of this investment on the company's financial status and operational performance will depend on the progress and implementation of the projects, but it is not expected to significantly affect current performance [5][6].

证券代码：603166 证券简称：福达股份 公告编号：2025-031 桂林福达股份有限公司 关于对外投资暨与平湖经济技术开发区管委会 签订《投资协议》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。 重要内容提示： ● 投资项目名称：公司拟在平湖经济技术开发区投资建设新能源汽车电驱动系统 超精密齿轮项目、机器人传动关节部件项目，规划用地约为 132 亩（实际面积以测量结 果为准）。 ● 投资金额：项目涉及的投资金额以未来实际发生为准，公司拟通过自有资金、 直接或间接融资等方式解决。公司将根据项目的实质性推进，按照《上海证券交易所股 票上市规则》《公司章程》等相关规定，履行相应的决策审批程序。 ● 风险提示： 本协议约定的投资项目尚处于初期规划阶段，具体实施时间、步骤及范围存在变动 可能性。 本协议约定的项目实质性投资尚需按照《上海证券交易所股票上市规则》《公司章 程》等相关规定，履行相应的决策审批程序和信息披露义务。 二、投资协议的主要内容 甲方:平湖经济技术开发区管委会 本协议约定的投资项目尚未进行备案、环评等 ...

Core Viewpoint - Fuda Co., Ltd. plans to invest in the construction of ultra-precision gear projects for electric drive systems in new energy vehicles and robotic joint components in Pinghu Economic and Technological Development Zone [1] Group 1 - The company has signed an investment agreement with the Pinghu Economic and Technological Development Zone Management Committee [1] - The planned land area for the projects is approximately 132 acres [1]

Core Viewpoint - The automotive clutch market in China is experiencing steady growth driven by increasing vehicle ownership and demand for after-sales services, with the market size projected to reach 16.41 billion yuan by 2024, growing at a compound annual growth rate (CAGR) of 4.19% from 2021 to 2024 [1][19]. Industry Overview - The automotive clutch is a critical component of the vehicle transmission system, facilitating the separation and engagement of power between the engine and transmission [3][5]. - The clutch market is characterized by rapid technological updates in domestic manufacturing and a trend towards modular development [5][6]. Market Size and Growth - The Chinese automotive clutch market size is expected to grow from 14.509 billion yuan in 2021 to 16.41 billion yuan in 2024, with a projected market size of 18.51 billion yuan by 2028 [1][19]. - The global automotive clutch market is also expanding, with a projected growth from 11.2 billion USD in 2022 to 13 billion USD by 2026, reflecting a CAGR of 3.8% [17]. Key Players - Major domestic manufacturers include Changchun Yitong, Fuda Co., and Tieliu Co., which leverage scale and customer resources for competitive advantage [21]. - International companies such as ZF Group, Schaeffler Group, and Valeo are also investing in the Chinese market to capture market share [21]. Industry Chain - The upstream of the automotive clutch industry includes raw materials like steel and copper, while the midstream consists of manufacturing processes involving various components [9][10]. - The downstream market is linked to vehicle manufacturers and after-sales service, with demand closely tied to vehicle production and sales [13][14]. Development Trends - The industry is moving towards high-performance, lightweight products, with advancements in materials and smart clutch systems becoming increasingly prevalent [27]. - There is a shift towards localizing supply chains and integrating core components with system solutions, driven by the need for supply chain security [28][29].

Group 1 - The company has signed two equity transfer agreements with Maschinenfabrik Alfing Kessler GmbH (ALFING) to transfer a total of 50% equity in Guilin Fuda Alfing Large Crankshaft Co., Ltd, in two phases: 25% in the first phase and 25% in the second phase [1] - The first phase of the equity transfer has been completed, with the company receiving 48 million yuan from the bank-controlled account, and ALFING now holds 75% of the joint venture's equity while the company retains 25% [2] - The transaction is expected to have a positive impact on the company's financial results for the year 2025, with specific accounting treatment and impact amounts to be confirmed by the auditing firm [2] Group 2 - The board of directors has approved the equity transfer and authorized the management to handle the specific matters related to the transfer [1] - The company will fulfill its information disclosure obligations based on the progress of the second phase of the equity transfer agreement [2]

桂林福达股份有限公司 关于转让合资公司股权的进展公告 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、交易概述 证券代码：603166 证券简称：福达股份 公告编号：2025-030 桂林福 达股份有 限公司（ 以下简称 "公司" ）于 2025 年 4 月 27 日与 Maschinenfabrik Alfing Kessler GmbH（以下简称"ALFING"）签署了两份《股 权转让协议》，协议约定，公司拟分两期（第一期转让 25%股权、第二期转让 25%股 权）将所持有的"桂林福达阿尔芬大型曲轴有限公司"（以下简称"合资公司"） 全部 50%股权转让给 ALFING。股权转让完成后，公司将不再持有合资公司的股权。 该事项经公司第六届董事会第二十四次会议审议通过，并同意授权公司管理层负责 办理本次股权转让的具体事宜。 具体内容详见公司于 2025 年 4 月 28 日在上海交易所网站披露的《福达股份关 于转让合资公司股权暨签订股权转让协议的公告》（公告编号：2025-026）。 公司将根据第二期《股权转让协议》 ...

Core Viewpoints - The automotive sector is expected to continue its upward trend, driven by three main themes: AI robotics, AI intelligence, and favorable market conditions [4][8] - The market showed strong performance in the automotive sector, with passenger vehicles and components leading the gains, influenced by better-than-expected adjustments in US-China tariffs and previous significant corrections in the automotive market [4][8] Weekly Review Summary - In the second week of May, the number of compulsory insurance policies reached 443,000 vehicles, reflecting a week-on-week increase of 6.5% and a month-on-month increase of 29.8% [2][7] - The SW automotive index rose by 2.4%, with the best-performing segments being SW passenger vehicles (+4.4%) and SW automotive components (+2.2%), while commercial vehicles and motorcycles showed declines [2][7] Key Industry Changes - Weipai New Energy launched the 2025 model of the Gaoshan vehicle, equipped with the Coffee Pilot Ultra intelligent driving assistance system [3][7] - BYD was added to the Hang Seng Technology Index [3][7] - Geely Automobile reported Q1 2025 revenue of 72.5 billion yuan, a year-on-year increase of 24.5%, and a net profit of 5.67 billion yuan, up 263.4% year-on-year [3][7] - The acquisition of 100% equity in Wuhu Changpeng was completed, and the company was renamed Wuhu Top [3][7] - Baolong Technology's second phase of the 4.8MW distributed photovoltaic project in Ningguo was completed and accepted [3][7] Sector Configuration Recommendations - The company maintains a positive outlook for 2025, focusing on three main themes: AI robotics, AI intelligence, and favorable market conditions, with the robotics theme expected to have the highest elasticity in May [5][8] - Recommended stocks for the AI robotics theme include Top Group, Junsheng Electronics, and Precision Forging Technology [5][8] - For the AI intelligence theme, preferred stocks include Xpeng Motors, Li Auto, and Xiaomi in Hong Kong, and Seres, SAIC Motor, and BYD in A-shares [5][8] - The favorable market conditions theme includes recommendations for bus manufacturers like Yutong Bus and heavy-duty trucks like China National Heavy Duty Truck and Weichai Power [5][8] Market Performance Tracking - The automotive sector ranked third in A-shares and first in Hong Kong this week, with strong performances in passenger vehicles and components [12][21] - The automotive sector's performance in the SW index showed significant gains, with passenger vehicles leading the way [15][21] Sales Data Overview - In April, the total number of passenger vehicles insured was 443,000, with a year-on-year increase of 29.8% [44] - New energy vehicles accounted for 222,000 units, with a penetration rate of 50.2% [44]