Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is positioned as a leading crankshaft manufacturer, with new growth avenues opened through its ventures into the new energy and robotics sectors [8]. - The demand for crankshafts is expected to rise due to the increasing popularity of hybrid vehicles, which still require crankshafts despite the rise of pure electric vehicles [8]. - The company has made significant investments in new energy gear technology and robotics, which are anticipated to contribute to future revenue growth [8]. Summary by Sections 1. Company Overview - Founded in 1995, the company has established itself as a leader in crankshaft manufacturing, with a product range that includes clutches, precision forgings, gears, and bolts [8][13]. - The company has entered the new energy sector with electric drive gears and is developing robotic reducer products, indicating a strategic shift towards diversification [8][13]. 2. Crankshaft Business Growth - The company has shifted its focus from commercial vehicles to passenger vehicles, capturing significant market share with clients like BYD and Li Auto [8][13]. - The crankshaft production line is expected to reach a capacity of 1 million hybrid crankshafts by May 2025, enhancing the company's performance in this segment [8][13]. 3. New Energy Gear Expansion - The company has invested 408 million yuan in developing new energy electric drive precision gear business, with production expected to start in July 2024 [8][13]. - The company has secured multiple projects with major clients such as BYD and Geely, indicating strong demand for its new energy gear products [8][13]. 4. Robotics Sector Entry - The company has entered the robotics market by acquiring a 35% stake in Changban Robot Technology, leveraging its existing client base and technical expertise [8][13]. - The synergy between its traditional automotive components and new robotics products is expected to provide a competitive advantage [8][13]. 5. Financial Projections - The company is projected to achieve revenues of 24.34 billion yuan in 2025, with a net profit of 3.01 billion yuan, reflecting significant growth potential [8][13]. - The earnings per share (EPS) are expected to increase from 0.47 yuan in 2025 to 0.71 yuan by 2027, indicating a positive outlook for investors [8][13].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [8]. Core Views - The company is positioned as a leader in crankshafts, with new growth avenues opened up by its ventures into the new energy and robotics sectors. The anticipated revenue growth is driven by the increasing demand for hybrid vehicles and the development of precision gears for electric drive systems [8][13]. Summary by Sections 1. Company Overview and Growth Potential - The company has been a leader in crankshaft manufacturing for 30 years and is expanding into new energy and robotics, with significant milestones achieved in recent years [8][13]. - The company has established a strong foothold in the hybrid vehicle market, with a projected 40% penetration rate for hybrid models in the new energy vehicle segment by 2024 [8][13]. 2. Financial Performance and Projections - The company is expected to achieve total revenue of 24.34 billion yuan in 2025, with a net profit of 3.01 billion yuan, reflecting a significant growth trajectory [8][13]. - The earnings per share (EPS) are projected to increase from 0.47 yuan in 2025 to 0.71 yuan by 2027, indicating a robust financial outlook [8][13]. 3. Crankshaft Business Dynamics - The crankshaft business is expected to benefit from the rising demand for hybrid vehicles, with the company capturing over 50% of the crankshaft supply for BYD's hybrid models in 2024 [8][13]. - The company is set to launch a new production line capable of producing 1 million hybrid crankshafts by May 2025, further solidifying its market position [8][13]. 4. New Energy Gear Expansion - The company has invested 408 million yuan to develop precision gears for electric drive systems, with production expected to commence in July 2024 [8][13]. - The anticipated production capacity for these gears is 600,000 sets, which is expected to significantly contribute to revenue starting in 2025 [8][13]. 5. Robotics Sector Entry - The company has entered the robotics sector by acquiring a 35% stake in a robotics technology firm, aiming to leverage synergies with its existing automotive client base [8][13]. - The development of planetary gear reducers for robotics is underway, with initial prototypes successfully tested [8][13].

Investment Highlights - Fuda Co., Ltd. is a leading manufacturer of crankshafts in China, established in 1995 and listed in 2014, with product offerings including crankshafts, clutches, precision forgings, gears, and bolts [1] - The company is entering new growth avenues through its focus on the new energy sector and robotics, with expectations for significant revenue contributions from these areas in the future [1] Crankshaft Demand Growth - The demand for crankshafts is expected to rise due to the increasing sales of hybrid vehicles, which still require crankshafts despite the rise of pure electric vehicles [2] - By 2024, the penetration rate of hybrid vehicles in the new energy vehicle market is projected to reach 40%, revitalizing the passenger car crankshaft market [2] - Fuda has successfully transitioned its crankshaft business from commercial vehicles to passenger vehicles, with over 50% of its crankshaft supply for BYD in 2024 [2] - A new production line with a capacity of 1 million hybrid crankshafts is expected to be operational by May 2025, indicating further potential for revenue growth [2] Expansion in New Energy Gears - Fuda has invested 408 million yuan to establish a subsidiary focused on new energy electric drive precision gears, with production expected to start in July 2024 [3] - The company anticipates significant revenue growth from this segment between 2025 and 2026, with a full production capacity of 600,000 sets [3] - Fuda has secured multiple projects with major clients such as BYD and Geely, indicating strong market demand for its new energy gear products [3] Robotics Sector Development - Fuda is expanding into the robotics sector, having acquired a 35% stake in Changban Robot Technology in March 2024 and successfully developing a planetary reducer prototype by November 2024 [4] - The company aims to leverage synergies between its existing automotive clients and new robotics customers, enhancing its competitive position in the robotics market [4] - Fuda's technical expertise in precision gears and its existing manufacturing capabilities are expected to facilitate cost reductions and operational efficiencies in the robotics sector [4] Financial Projections - Revenue forecasts for Fuda are projected at 2.434 billion yuan in 2025, 3.019 billion yuan in 2026, and 3.394 billion yuan in 2027, with net profits expected to reach 301 million yuan, 385 million yuan, and 460 million yuan respectively [4] - The company is expected to achieve earnings per share (EPS) of 0.47 yuan, 0.60 yuan, and 0.71 yuan for the years 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 38, 30, and 25 times [4]

回复：尊敬的投资者您好，公司 2024 年度实现营业收入人民币 164,756.74 万元， 比上年同期增长 21.83%，主要是报告期内乘用车曲轴，特别是混合动力曲轴市场需求量 增加所致。感谢您的关注。 证券代码：603166 证券简称：福达股份 公告编号：2025-029 桂林福达股份有限公司 关于 2024 年度暨 2025 年第一季度业绩说明会 召开情况的公告 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、本次说明会召开情况 桂林福达股份有限公司（以下简称"公司"）于 2025 年 05 月 07 日 09:30-11:30 在 上海证券交易所"上证路演中心"以"自行视频录制和网络文字互动"方式召开了 2024 年 度暨 2025 年第一季度业绩说明会。公司董事、总经理王长顺先生，董事、副总经理、 财务总监张海涛先生，副总经理、董事会秘书范帆先生，独立董事秦联先生，独立董事 李万峰先生，独立董事蒋红芸女士参加了本次业绩说明会，就投资者普遍关心的问题在 信息披露允许的范围内进行了回答。 二、投资者提出的问题及 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-028 桂林福达股份有限公司 关于股票交易异常波动的公告 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： ● 桂林福达股份有限公司（以下简称"公司"）股票于 2025 年 4 月 29 日、4 月 30 日、5 月 6 日连续 3 个交易日内收盘价格涨幅偏离值累计超过 20%。 ● 经公司自查并向控股股东及实际控制人核实，不存在应披露而未披露的重大 事项。 公司敬请广大投资者注意投资风险，理性决策，审慎投资。 一、股票交易异常波动的具体情况 公司股票于 2025 年 4 月 29 日、4 月 30 日、5 月 6 日连续 3 个交易日内收盘价 格涨幅偏离值累计超过 20%，根据《上海证券交易所股票上市规则》的有关规定，属 于股票交易异常波动情形。 二、公司关注并核实的相关情况 针对公司股票交易异常波动的情况，公司对有关事项进行了核查，现将有关情 况说明如下： （一）生产经营情况 经公司自查，公司目前生产经营正常。公司所处行业政策没有发生重大调 ...

2025 年 5 月 6 日 关于《桂林福达股份有限公司股票异常波动问询函》的回复 桂林福达股份有限公司： 本人已收到《桂林福达股份有限公司股票异常波动问询函》，经认真核实，现 就相关事项回复如下： 关于《桂林福达股份有限公司股票异常波动问询函》的回复 桂林福达股份有限公司： 本公司已收到《桂林福达股份有限公司股票异常波动问询函》，经认真核实， 现就相关事项回复如下： 本公司作为贵公司控股股东，截至目前，除已披露事项外，不存在包括但不限 于涉及重大资产重组、股份发行、收购、债务重组、业务重组、资产剥离或注入、 股份回购、股权激励、破产重整、重大业务合作、引入战略投资者等重大事项。不 存在任何根据《上海证券交易所股票上市规则》规定的应披露而未披露的重大信息。 于股票交易异常波动期间不存在买卖公司股票的情形。 特此回复。 福达控股集团有限公司 本人作为贵司的实际控制人，截至目前，除已披露事项外，不存在包括但不限 于涉及重大资产重组、股份发行、收购、债务重组、业务重组、资产剥离或注入、 股份回购、股权激励、破产重整、重大业务合作、引入战略投资者等重大事项。不 存在任何根据《上海证券交易所股票上市规则》规定的应披露而 ...

Core Viewpoint - The automotive parts sector is experiencing a strong rally, with several stocks hitting the daily limit up, driven by favorable trade news regarding tariff exemptions for parts manufactured in Canada and Mexico under the USMCA agreement [1] Group 1: Stock Performance - Disenly has achieved three consecutive limit-up days over six trading days [1] - Other stocks such as Jin Qilin, Xin Zuo Biao, and Xin Zhi Group also reached their daily limit up [1] - Companies like Xingmin Zhitong, Rongtai Co., Fuda Co., and Zhongding Co. showed significant price increases [1] Group 2: Trade Policy Impact - The U.S. Customs and Border Protection confirmed that automotive parts made in Canada and Mexico are part of the USMCA and will be exempt from a 25% tariff [1] - This tariff exemption is set to take effect on May 3 [1]

Core Viewpoint - Fuda Co., Ltd. is a leading enterprise in the field of crankshafts for hybrid engines in China's new energy vehicle sector, focusing on technological innovation, smart manufacturing transformation, and deep integration into the new energy industry chain [2][9]. Technological Innovation - The company initiated a core technology research project for high-performance lightweight crankshafts in 2017, achieving over 10% improvement in fatigue strength through self-developed technology [3][4]. - Fuda's R&D team has developed automated processes that enhance product lifespan by 30% to meet the high precision demands of new energy hybrid crankshafts [3]. - The company has invested nearly 800 million yuan in R&D over the past decade, with over 300 patents and participation in the formulation of more than 10 national industry standards [4]. Digital Transformation - Fuda is actively promoting the digital transformation of traditional manufacturing, utilizing 5G industrial internet and big data to enhance production efficiency and stability [5][6]. - The company has achieved an 80% increase in production line efficiency and reduced investment costs by over 30% through smart manufacturing upgrades [6]. - A new project aimed at producing 1.8 million crankshafts annually is underway, integrating full lifecycle intelligent management [6][7]. Market Expansion - Fuda has expanded from clutch production to large crankshafts and has fully transitioned into the new energy vehicle sector, establishing a joint venture with an international company in 2018 [8]. - The company is also entering the robotics core components market, leveraging its strengths in electric drive gears and customer relationships [8][9]. - Fuda's international customer base spans the United States, Japan, and Europe, with plans to expand overseas alongside the global growth of Chinese automotive manufacturers [9].

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 ...