Summary of Conference Call Company and Industry Involved - The conference call primarily discusses **Fuda** and its collaboration with **Changban Robotics** in the robotics industry. Key Points and Arguments 1. **Framework Agreement**: Fuda has reached a framework agreement with Changban Robotics for deep cooperation in the future, including a two-phase capital increase and equity transfer to hold a total of 35% of Changban's shares [2][9][10]. 2. **Formation of Joint Venture**: A joint venture named "Fudan Changban Robotics Components Company" will be established to focus on robotics components, leveraging Changban's technology and Fuda's automation capabilities [2][4]. 3. **Strengths and Weaknesses**: Changban is recognized for its strong technology in industrial mother machines and precision manufacturing but lacks experience in large-scale industrial production and business relationships, which Fuda aims to complement [3][4]. 4. **Production Capacity Goals**: The initial goal is to achieve a production capacity of 10,000 units of reverse planetary ball screws, with a focus on rapid scaling and maintaining product consistency and cost efficiency [9][13][14]. 5. **Cost Advantages**: Changban's ability to produce components at a lower cost due to its in-house manufacturing capabilities is highlighted, suggesting a competitive edge even with potential price reductions in the market [5][12]. 6. **Market Potential**: The robotics market is expected to experience significant growth, with Fuda positioning itself to capitalize on this trend by leveraging its existing customer base and technological expertise [6][7]. 7. **Investment Strategy**: Fuda's investment approach focuses on establishing strong production capabilities and cost advantages rather than relying on speculative profit forecasts in a rapidly changing industry [9][10]. 8. **Sales and Distribution Channels**: Fuda plans to utilize its existing sales channels and customer relationships to support Changban's product introduction and market penetration [17][18]. 9. **Management Structure**: The management of the joint venture will involve collaboration between Fuda and Changban, with specific roles assigned to ensure effective product development and market management [19][20]. 10. **Future Outlook**: The collaboration is expected to enhance both companies' competitive positions in the robotics sector, with a focus on innovation and market responsiveness [6][7][14]. Other Important but Possibly Overlooked Content 1. **Investment Amount**: The initial investment for the capital increase is estimated at around 100 million, with expectations of generating significant revenue and profit from the production of ball screws [10][15]. 2. **Technological Integration**: Changban's ability to produce its own tools and components is seen as a critical advantage in maintaining production efficiency and quality [12][22]. 3. **Customer Engagement**: Fuda is actively engaging with potential customers and has already initiated discussions to accelerate product sampling and market entry [23][24]. 4. **Long-term Vision**: The strategic partnership is viewed as a long-term investment, with expectations of substantial returns as the robotics market evolves [13][14][25]. 5. **Competitive Landscape**: The discussion acknowledges the competitive pressures from traditional manufacturers and emphasizes the need for innovation and cost leadership to succeed [39][41]. This summary encapsulates the essential points discussed during the conference call, providing insights into the strategic direction and operational plans of Fuda and Changban Robotics in the evolving robotics industry.

仅限参会人员内部参考任何机构或个人不得以任何形式对电话会议任何内容进行泄露或外发请勿以任何方式索要、泄露、散布、转发电话会议纪要任何泄露电话会议纪要等信息的行为均为侵权行为申望洪源研究保留追究泄露转发者法律责任的权利 好各位投资者早上好我是上海集财分析师大卫杰今天会有我和傅哲一起让大家非常有幸能够邀请到福达股份的董秘范总首先还是要恭喜一下范总包括福达股份能完成了一笔非常重要的交易福达也是我们近期其实一直在认真推荐的包括写非常深度的傅哲也写了报告的这么一个公司我们觉得基础素质非常优秀 然后同时呢在这次交易完成之后其实在丝杠领域包括汽车包括机器人上面也一定会有一次新的腾飞那下面呢我们会先请范总帮我们介绍一下这次收购的交易的一些主要的情况后续呢我们就把时间交给傅哲和各位投资者来大家一起来交流一下关于公司的一些情况好那接下来也请范总那我就谢谢大总了 从我们角度来说我们也是花了相对比较多的时间从我们在去年对比确定要榨取进入基层产业之后我们就一直在找相对比较好的一个着眼点因此从去年开始包括到今年之前 把市场上很多的跟思考对相关的标题,我们全部做了认真的研究跟评估之后,我们最终决定聚焦于跟长美这边来进行探讨。 长满这边我们 ...

Summary of the Conference Call for 福达股份 Industry Overview - The global supply chain is undergoing regional restructuring, with economic divisions becoming more apparent across hemispheres and major regions. Chinese enterprises, particularly leading firms, are positioned to benefit from this trend due to their global layout capabilities, capital, experience, and customer relationships. However, there are risks associated with potential decoupling and the return of U.S. manufacturing, which may be incentivized through tariffs and other mechanisms [3][4]. Key Points on 福达股份 - 福达股份 is experiencing strong growth in its main business, with a resilient robotics segment. The investment logic mirrors that of 双林股份, focusing first on the growth of core products before expanding into robotics to catalyze valuation [4][9]. - The company has minimal exposure to the U.S. market, with overseas revenue projected at only 0.04 billion, representing a small fraction of its total revenue. Consequently, tariff policies are unlikely to impact its performance, and there is potential for upward revision of earnings expectations due to strong domestic and European demand [10]. - By 2025, 福达股份 plans to double its production capacity, with new capacity already secured by major clients such as 比亚迪, 理想, 赛力斯, and 奇瑞. The company is also collaborating with a European tier-one supplier, household power, which supplies to Volvo and Renault, indicating a robust fundamental outlook [11]. - The main business is expected to support revenues of 7 to 8 billion, with projected main business income exceeding 3 billion in 2025. Given the high growth rate and certainty in market positioning, a price-to-earnings ratio of around 25 times is deemed appropriate [12]. Opportunities and Risks - The domestic market's comprehensive breakthrough is creating a surge in demand for domestic industrial software, particularly in the automotive sector. Companies like 金泽斐 and 润 are expected to benefit from this trend as the need for domestic alternatives grows [4][6]. - The "China R&D, overseas production" model is gaining traction, driven by the availability of skilled Chinese engineers in emerging markets. This shift is anticipated to allow leading and specialized firms to escape the "involution" trap and achieve higher profitability [7]. - The output of Chinese standards is expected to grow alongside the "China R&D, overseas production" model, potentially leading to the emergence of organizations similar to TUV and VDA, which could enhance global standard-setting capabilities [8]. Conclusion 福达股份 is well-positioned for growth with a strong core business and expanding robotics segment. The company faces minimal risks from U.S. tariffs and is set to benefit from increasing domestic demand and strategic partnerships. The evolving landscape of the global supply chain presents both opportunities and challenges for Chinese enterprises, particularly in the context of industrial software and production models.

哈三联连续两个交易日上演"地天板"，股价创逾3年新高。此前福达股份、恒润股份、宇环数控、汇州 智能、爱仕达、泰尔股份均走出"地天板"行情。 订阅A股市场资讯 +订阅 ...

关于股东大会开设网络投票提示服务的公告 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。 桂林福达股份有限公司（以下简称"公司"）拟于2025年4月16日9时召开2024年年度股东会，本次会议采 用现场投票和网络投票相结合的表决方式。具体内容请详见公司2025年3月27日披露于上海证券交易所 网站（http://www.sse.com.cn）及指定信息披露媒体的《福达股份关于召开2024年年度股东会的通知》 （公告编号：2025-019）。 证券代码：603166 证券简称：福达股份 公告编号：2025-023 桂林福达股份有限公司 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、便利投票。公司拟使用上 证所信息网络有限公司（以下简称"上证信息"）提供的股东会提醒服务，委托上证信息通过智能短信等 形式，根据股权登记日的股东名册主动提醒股东参会投票，向每一位投资者主动推送股东会参会邀请、 议案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一键通服务用户使用手 册》（https://vo ...

证券代码：603166 证券简称：福达股份 公告编号：2025-023 桂林福达股份有限公司 关于股东大会开设网络投票提示服务的公告 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。 桂林福达股份有限公司（以下简称"公司"）拟于 2025 年 4 月 16 日 9 时召开 2024 年年度股东会，本次会议采用现场投票和网络投票相结合的表决方式。具体内 容请详见公司2025年3月27日披露于上海证券交易所网站（http://www.sse.com.cn） 及指定信息披露媒体的《福达股份关于召开 2024 年年度股东会的通知》（公告编号： 2025-019）。 为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、便 利投票。公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供的股东 会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股东名册主动提 醒股东参会投票，向每一位投资者主动推送股东会参会邀请、议案情况等信息。投资 者在收到智能短信后，可根据《上市公司股东会网络投票一键通服务用户使用手册 ...

桂林福达股份有限公司 2024 年年度股东大会会议材料 2025 年 4 月 16 日 股票简称：福达股份 股票代码：603166 桂林福达股份有限公司 GUILIN FUDA CO., LTD 2024 年年度股东大会会议材料 | 4 | y | 1 | 1 | . | 1 | | --- | --- | --- | --- | --- | --- | | | | | | | | | 2024 | | 年年度股东大会会议须知 2 | | --- | --- | --- | | 2024 | | 年年度股东大会会议议程 4 | | 关于 | 2024 | 年年度报告全文及摘要的议案 5 | | 关于 | 2024 | 年度董事会工作报告的议案 6 | | 关于 | 2024 | 年度监事会工作报告的议案 7 | | 关于 | 2024 | 年度财务决算的议案 8 | | 关于 | 2024 | 年度利润分配的预案 9 | | | | 关于提请股东大会授权董事会进行中期分红方案的议案 11 | | 关于 | 2024 | 年度独立董事述职报告的议案 12 | | | | 关于续聘会计师事务所的议案 13 | | ...

Group 1: Xiangyuan Cultural Tourism - Xiangyuan Cultural Tourism has successfully created a "cultural IP + tourism + technology" full industry chain layout through asset restructuring and strategic transformation, promoting deep integration and innovation in the cultural tourism industry [2][11] - The company faced challenges in its animation business from 2019 to 2020, resulting in a 45.02% revenue decline in 2020. However, it leveraged its rich animation IP resources to achieve a strategic transformation and enhance profitability, with 2023 revenue reaching 722 million yuan, a year-on-year increase of 55.81% [2][11] - The company has expanded its tourism assets across regions such as "Daxiangxi," "Dahuangshan," "Dachengyu," and "Danangling," forming a national chain of scenic spots and enhancing brand value through diversified offerings [3][11] Group 2: Lexin Technology - Lexin Technology is a small but robust IoT chip design manufacturer with a stable operating team and a concentrated shareholding structure, which enhances team motivation and operational stability [4][11] - The company has established a competitive advantage by developing low-power, high-performance chips based on the open-source RISC-V architecture, which better meets the needs of AI devices at the edge [4][12] - Lexin's ecosystem includes a rich developer community of over 3 million global developers, supporting mainstream IoT applications and creating a platform effect that drives growth [12] Group 3: Tonghua Jinma - Tonghua Jinma has shifted from relying on mergers and acquisitions to innovation-driven high-quality development, focusing on R&D breakthroughs and asset optimization [17][19] - The company is advancing a new drug for Alzheimer's treatment, with a projected peak sales potential of around 7 billion yuan, addressing a significant market need for new therapies [17][19] - The company has a target market capitalization of 22.2 billion yuan, indicating a potential upside of 26% from its current market value, with a "buy" rating assigned [19] Group 4: China Duty Free Group - China Duty Free Group reported a 16.38% decline in revenue for 2024, with net profit down 36.4%, reflecting challenges in the duty-free market [21] - The company is expanding its city duty-free store projects in response to policy changes, aiming to enhance its market presence [21][24] - Despite the challenges, the company is focusing on digital transformation and member engagement to improve customer experience and retention [24]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a revenue of 1.648 billion yuan for 2024, representing a year-on-year increase of 21.8%, and a net profit of 185 million yuan, up 79.0% year-on-year [5][6] - The fourth quarter of 2024 saw a revenue of 538 million yuan, with a quarter-on-quarter increase of 33.4% and a year-on-year increase of 37.5%, aligning closely with expectations [5] - The company is benefiting from the significant growth in the PHEV market, with projected sales of 5.1385 million units in 2024, a year-on-year increase of 83.4% [7] - The company is expanding its robot business, focusing on the production of planetary gear reducers and collaborating with Changban Technology to enhance its capabilities in precision transmission components [7] Financial Data and Profit Forecast - The company’s total revenue is projected to grow from 1.352 billion yuan in 2023 to 3.806 billion yuan by 2027, with a compound annual growth rate (CAGR) of 18.0% [6][9] - Net profit is expected to increase from 104 million yuan in 2023 to 466 million yuan in 2027, reflecting a CAGR of 18.4% [6][9] - The gross margin is forecasted to stabilize around 25.6% by 2027, with a return on equity (ROE) projected to reach 15.8% [6][9] Business Segment Performance - The crankshaft segment is expected to generate 1.04 billion yuan in revenue for 2024, a year-on-year increase of 41.3%, with a gross margin of 30.3% [7] - The precision forging segment is projected to achieve 200 million yuan in revenue, up 24.9% year-on-year, with a gross margin of 21.6% [7] - The gear segment is anticipated to see a decline in revenue to 92 million yuan, down 7.5% year-on-year, but with an improved gross margin of 14.4% [7]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of —— yuan over the next six months [1]. Core Insights - The company has made significant progress in its transition to new energy and is beginning to enter the robotics sector [1]. - The company achieved a revenue of 1.648 billion yuan in 2024, representing a year-on-year growth of 21.83% [7]. - The net profit attributable to the parent company for 2024 was 185.28 million yuan, with a remarkable year-on-year increase of 78.96% [7]. - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares, reflecting confidence in its financial strength [7]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 1,647.57 million yuan - 2025E: 2,390.19 million yuan (growth rate: 45.07%) - 2026E: 3,166.96 million yuan (growth rate: 32.50%) - 2027E: 3,901.61 million yuan (growth rate: 23.20%) [2][10] - **Net Profit Forecast**: - 2024A: 185.28 million yuan - 2025E: 283.72 million yuan (growth rate: 53.13%) - 2026E: 403.56 million yuan (growth rate: 42.24%) - 2027E: 538.00 million yuan (growth rate: 33.31%) [2][10] - **Earnings Per Share (EPS)**: - 2024A: 0.29 yuan - 2025E: 0.44 yuan - 2026E: 0.62 yuan - 2027E: 0.83 yuan [2][10] - **Return on Equity (ROE)**: - 2024A: 7.74% - 2025E: 10.75% - 2026E: 13.51% - 2027E: 15.62% [2][10] - **Price-to-Earnings (PE) Ratio**: - 2024A: 48 - 2025E: 32 - 2026E: 22 - 2027E: 17 [2][10] Business Expansion and Strategy - The company is expanding its production capacity, aiming for 4 million crankshafts by 2025, with a new super factory expected to start production in July 2025 [8]. - The company has successfully entered the supply chains of major clients such as Geely and BYD, with six new projects confirmed [7][8]. - The subsidiary Alfen has shown significant profit growth, with a revenue increase of 49.9% in 2024 [7]. Dividend and Share Buyback - The company plans to distribute a total cash dividend of 1.77 billion yuan, which represents 95.38% of its net profit for 2024 [7].