Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company reported a significant increase in Q1 2025 performance, with revenue reaching 471 million yuan, a year-on-year growth of 47.0% and a net profit attributable to shareholders of 65 million yuan, reflecting a year-on-year increase of 106.1% [5][7] - The company is focusing on its core business and expanding into new areas, particularly in the robotics sector, which is seen as a strategic new business [7] - The company plans to divest its 50% stake in a joint venture, which is expected to optimize resource allocation and enhance liquidity [7] Financial Data and Profit Forecast - For Q1 2025, the company achieved a gross margin of 27.1%, up 3.0 percentage points year-on-year, and a net profit margin of 13.8%, up 4.0 percentage points year-on-year [7] - The revenue forecast for 2025 is set at 2,545 million yuan, with a year-on-year growth rate of 54.5%, and the net profit forecast is 311 million yuan, reflecting a growth rate of 67.9% [6][9] - The report projects continued growth in net profit for 2026 and 2027, with estimates of 413 million yuan and 513 million yuan respectively [6][9]

关于桂林福达股份有限公司 差异化权益分派事项的核查意见 国泰海通证券股份有限公司 国泰海通证券股份有限公司（以下简称"保荐机构"、"国泰海通"）作为桂林福达 股份有限公司（以下简称"福达股份"、"公司"）持续督导的保荐机构，根据《证券 发行上市保荐业务管理办法》《上海证券交易所股票上市规则》《上海证券交易所上 市公司自律监管指引第 7 号——回购股份》《上海证券交易所上市公司自律监管指南 第 2 号——业务办理》等有关规定，就福达股份差异化权益分派事项进行了审慎核 查，发表核查意见如下： 一、本次差异化权益分派的原因 1、公司于 2023 年 1 月 3 日召开第五届董事会第三十三次会议，审议通过《关 于以集中竞价交易方式回购股份方案的议案》，回购用于实施股权激励计划。截至本 核查意见出具日，该次累计回购股份 8,000,000 股，存放于公司回购专用证券账户 B885452811。 公司于 2024 年 9 月开始实施 2024 年限制性股票激励计划，向 53 名激励对象 授予的 7,200,000 股限制性股票，公司已于 2024 年 10 月 11 日办理完成授予登记 手续。扣减上述已授予股权激励股份数 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-027 桂林福达股份有限公司2024年年度权益分派实施公告 一、 通过分配方案的股东大会届次和日期 本次利润分配方案经公司2025 年 4 月 16 日的2024年年度股东大会审议通过。 二、 分配方案 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法律责任。 重要内容提示： 每股分配比例 A 股每股现金红利0.10元 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2025/5/9 | － | 2025/5/12 | 2025/5/12 | 差异化分红送转： 是 1. 发放年度：2024年年度 2. 分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任 公司上海分公司（以下简称"中国结算上海分公司"）登记在册的本公司全体股东。 根据《上海证券交易所上市公司自律监管指引第 7 号——回购股份》等有关 规定，上市公司回购专用 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 17.64 CNY, based on a 38X PE for 2025 [4][56]. Core Insights - The company is positioned as a leading domestic automotive crankshaft manufacturer, actively expanding into the new energy and humanoid robot sectors [1][12]. - The shift towards hybrid vehicles is reshaping the crankshaft market, providing significant growth opportunities for third-party crankshaft manufacturers like the company [2][31]. - The company is developing its humanoid robot components business through self-research and investments, including a partnership with Changban Technology [3][44]. Summary by Sections Company Overview - The company, established in 1995 and listed in 2014, specializes in the R&D, production, and sales of crankshafts, precision forgings, new energy electric drive gears, clutches, spiral bevel gears, and high-strength bolts [12][15]. - It has expanded into the new energy gear business in 2022 and plans to enter the robot sector in 2024 [12][18]. Automotive Parts Business - The hybrid vehicle market is expected to drive significant growth in the crankshaft business, with the company aiming to capture a leading market share [2][32]. - The company has established strong relationships with major clients like BYD and Chery, securing over 50% of the crankshaft supply for BYD's hybrid models [32][34]. Robot Business Development - The company is actively developing its robot reducer business, having formed a dedicated technical team and achieved initial results in product development [3][44]. - An investment in Changban Technology aims to enhance its capabilities in producing robot components, leveraging both companies' strengths [3][47]. Financial Projections - Revenue is projected to grow significantly, with estimates of 25.4 billion CNY in 2025, 31.7 billion CNY in 2026, and 38.7 billion CNY in 2027, reflecting year-over-year growth rates of 54%, 25%, and 22% respectively [4][52]. - The net profit attributable to the parent company is expected to reach 3.0 billion CNY in 2025, with a growth rate of 62% [4][52].

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 17.64 CNY, based on a 38X PE for 2025 [4][56]. Core Insights - The company is positioned as a leading domestic automotive crankshaft manufacturer, actively expanding into the new energy and humanoid robot sectors [12][2]. - The shift towards hybrid vehicles is reshaping the crankshaft market, creating significant growth opportunities for third-party crankshaft manufacturers like the company [2][31]. - The company has established a dedicated robotics division and is investing in humanoid robot components, leveraging its existing manufacturing capabilities [3][44]. Summary by Sections Company Overview - The company, founded in 1995 and listed in 2014, specializes in the research, production, and sales of automotive crankshafts, precision forgings, new energy electric drive gears, clutches, spiral bevel gears, and high-strength bolts [12][1]. - In 2022, the company expanded into the new energy gear sector and established a new energy electric drive technology company, which commenced production in 2023 [12][1]. Automotive Parts Business - The hybrid vehicle market is expected to significantly increase demand for crankshafts, as traditional automakers are reducing investments in engines, leading to a shift towards outsourcing [2][31]. - The company has established strong partnerships with leading automotive manufacturers, securing over 50% of the crankshaft supply for BYD's hybrid models [32][33]. Robotics Business - The company is developing its own humanoid robot components, including planetary gear reducers, and has formed a joint venture with Changban Technology to enhance its capabilities in this area [3][47]. - The investment in Changban Technology aims to leverage its precision screw and reducer technology, which is critical for humanoid robot joints [48][47]. Financial Projections - Revenue is projected to grow significantly, with estimates of 25.4 billion CNY in 2025, representing a year-over-year increase of 54% [4][52]. - The company anticipates achieving a net profit of 3.0 billion CNY in 2025, with a growth rate of 62% [4][52]. Valuation - The report compares the company to peers such as Shuanghuan Transmission and Haoneng Co., with an average valuation of 38X for 2025 [56][57].

Core Viewpoint - The reducer concept sector has shown significant growth, with a 4.01% increase, leading the market in terms of gains, while other sectors experienced declines [1][2]. Sector Performance - The reducer concept sector had 101 stocks rising, with notable performers including Hongchang Technology and Jingjin Electric, both reaching a 20% limit up. Other top gainers included Ningbo Dongli, Southern Precision, and Fuda Shares, with increases of 17.91%, 17.07%, and 14.02% respectively [1][2]. - Conversely, the worst performers included ST Nachuan, Shaoneng Shares, and China National Heavy Duty Truck, which saw declines of 10.29%, 8.59%, and 5.20% respectively [1][2]. Capital Flow - The reducer concept sector attracted a net inflow of 2.07 billion yuan, with 66 stocks receiving net inflows, and 5 stocks exceeding 100 million yuan in net inflows. Southern Precision led with a net inflow of 383 million yuan, followed by Fuda Shares, Julun Intelligent, and Qin Chuan Machine Tool with net inflows of 137 million, 136 million, and 127 million yuan respectively [2][3]. - In terms of capital inflow ratios, Fuda Shares, Southern Precision, and Jingjin Electric had the highest net inflow rates at 23.49%, 22.59%, and 15.69% respectively [3]. Stock Performance - Notable stocks in the reducer concept sector included: - Southern Precision: 9.99% increase, 31.93% turnover rate, 382.57 million yuan net inflow, 22.59% net inflow ratio [3]. - Fuda Shares: 9.97% increase, 5.78% turnover rate, 136.99 million yuan net inflow, 23.49% net inflow ratio [3]. - Other significant stocks included Julun Intelligent, Qin Chuan Machine Tool, and Lingyi Manufacturing, with respective increases of 2.50%, 6.54%, and 3.10% [3][4].

登录新浪财经APP 搜索【信披】查看更多考评等级 ●本次交易在董事会审批范围内，不需经股东大会审议。 ●本次交易不存在重大交易风险。 一、交易概述 桂林福达股份有限公司（以下简称"公司"或"FUDA"）与Maschinenfabrik Alfing Kessler GmbH（以下简 称"ALFING"）于2018年共同出资设立"桂林福达阿尔芬大型曲轴有限公司"（以下简称"合资公 司"或"ALFU"），双方各持有合资公司50.00%的股权。 为进一步优化资产结构及资源配置，公司于2025年4月27日与ALFING签署了两份《股权转让协议》， 拟分两期（第一期转让25%股权、第二期转让25%股权）将所持有的合资公司全部50%股权转让给 ALFING，依据审计评估结果为基础进行协商后，双方确定合资公司50%的股权转让价格合计为人民币 9,600万元（第一期转让价为4,800万元、第二期转让价为4,800万元）。股权转让完成后，公司将不再持 有合资公司的股权。 ●交易简要内容：公司与ALFING签署了两份《股权转让协议》，拟分两期向ALFING转让合资公司共计 50%股权，两期股权转让价款共计为人民币9,600万元（ ...

Summary of Fuda Co., Ltd. Conference Call Company Overview - Fuda Co., Ltd. reported a remarkable performance in Q1 2025, with a year-on-year growth rate of 339%, significantly surpassing the typical seasonal performance of the automotive industry, driven by capacity expansion and improvement in commercial vehicle business [2][3] Key Financial Metrics - Revenue for Q1 2025 reached approximately 470 million yuan, with a non-recurring net profit of 65.51 million yuan, reflecting a 112% year-on-year increase [3] - The net cash flow from operating activities was about 198 million yuan, showing a 339% increase year-on-year [3] - Gross margin for Q1 2025 was 27.1%, and net profit margin was around 14%, attributed to enhanced production efficiency and improved commercial vehicle business [2][8] Strategic Business Moves - The company decided to sell its 51% stake in Fuda's second subsidiary to optimize its business structure, focusing on strategic areas such as intelligent connected vehicles, new energy vehicles, and core components for robotics [2][4][7] - The sale is expected to positively impact Fuda's profits in 2025, with a total transaction amount of 96 million yuan, generating over 10 million yuan in balance sheet premium and more than 90 million yuan in profit statement gains [2][7] Capacity and Production - As of April 2025, Fuda's annualized capacity reached over 3.3 million sets, with expectations to increase to around 4.2 million sets by the end of the year [4][9] - The company has been operating at full capacity, with a production model that allows for quick adjustments to meet different customer demands, particularly in hybrid vehicle models [10] Robotics Business Development - Fuda's robotics business is advancing on two fronts: the self-developed planetary reducer, which is expected to start receiving orders in 2025, and a partnership with Changqing Technology to produce planetary roller screws [6][12] - The company has signed a confidentiality agreement with a sales company and has delivered the first batch of samples for the planetary reducer [6] Market Position and Future Outlook - Fuda is focusing on expanding its market share in the European market, with significant increases in export volumes expected in 2025 [14] - The company is strategically positioning itself to maintain flexibility for rapid expansion while ensuring resource optimization through the sale of non-core assets [15][16] Competitive Landscape - The robotics market is viewed as being in its early stages, with ongoing technological iterations expected. Fuda believes that its strong equipment capabilities will provide a competitive edge in cost and quality [13] - The company is committed to focusing on core areas such as passenger vehicles, new energy electric drive gears, and core components for robotics, aiming to leverage its strengths in these sectors for future growth [12][13]

证券代码：603166 证券简称：福达股份 公告编号：2025-026 桂林福达股份有限公司 关于转让合资公司股权暨签订股权转让协议的公告 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： ●交易简要内容：公司与 ALFING 签署了两份《股权转让协议》，拟分两期向 ALFING 转让合资公司共计 50%股权，两期股权转让价款共计为人民币 9,600 万元（依 据审计评估结果为基础进行协商后确定最终价格），转让完成后，公司不再持有合 资公司股权。 为进一步优化资产结构及资源配置，公司于 2025 年 4 月 27 日与 ALFING 签署了 两份《股权转让协议》，拟分两期（第一期转让 25%股权、第二期转让 25%股权）将 所持有的合资公司全部 50%股权转让给 ALFING，依据审计评估结果为基础进行协商 后，双方确定合资公司 50%的股权转让价格合计为人民币 9,600 万元（第一期转让价 为 4,800 万元、第二期转让价为 4,800 万元）。股权转让完成后，公司将不再持有 合资公司的股权。 公司于 ...

本报告依据中国资产评估准则编制 桂林福达股份有限公司拟转让股权涉及的 桂林福达阿尔芬大型曲轴有限公司股东全部权益价值 资产评估报告 京信评报字(2025)第 162 号 中京民信 (北京)资产评估有限公司 == 日 F年 中国资产评估协会 资产评估业务报告备案回执 | 报告编码: | 1142020031202500276 | | --- | --- | | 合同编号: | HBBM2025-028 | | 报告类型: | 法定评估业务资产评估报告 | | 报告文号: | 京信评报字(2025)第162号 | | 报告名称: | 桂林福达股份有限公司拟转让股权涉及的 桂林福达阿尔芬大型曲 轴有限公司股东全部权益价值 资产评估报告 | | 评估结论: | 171,806,900.00元 | | 评估报告日: | 2025年04月23日 | | 评估机构名称: | 中京民信(北京)资产评估有限公司 | | 签名人员: | (资产评估师) 李新星 正式会员 编号: 42190022 | | | 张峰 (资产评估师) 正式会员 编号: 11130010 | | | 李新星、张峰已实名认可 | (可扫描二维码查询备案业 ...