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][13]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing. It has acquired a 35% stake in Changban (Yangzhou) Robot Technology Co., Ltd. and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [8][13]. - The company's crankshaft business remains strong, with a gross margin of 29.7% in 2023, up 3.5 percentage points year-on-year. The company is also expanding its precision forging capabilities to enhance control over the entire supply chain [8][13]. - The company has successfully opened overseas markets, with significant sales growth in large crankshafts and new energy gear products, indicating potential for future growth [8][13]. - A stock incentive plan has been announced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [8][13]. Financial Summary - Revenue is projected to grow from 1,352.32 million CNY in 2023 to 3,021.46 million CNY by 2026, with a compound annual growth rate (CAGR) of 40.98% from 2024 to 2026 [2][17]. - Net profit attributable to the parent company is expected to increase from 103.53 million CNY in 2023 to 400.71 million CNY in 2026, with a CAGR of 57.0% over the same period [2][17]. - Earnings per share (EPS) is forecasted to rise from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][17]. - The company’s price-to-earnings (PE) ratio is projected to decrease from 81 in 2023 to 21 in 2026, indicating improving valuation as earnings grow [2][17]. Business Segments - The crankshaft segment is expected to see revenue growth of 36.42% in 2024, with a gross margin stabilizing around 30% [10][12]. - The new energy electric drive gear segment is anticipated to grow significantly, with revenues projected at 0.25 million CNY in 2024 and reaching 3 million CNY by 2026 [13]. - The company is also focusing on expanding its capabilities in the robotics sector, which is expected to become a new profit growth point [8][13].

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced an investment in Changban Technology, acquiring a total of 35% equity through a phased capital increase and share acquisition, aiming to enhance its capabilities in precision screw technology for robotics [5][8] - The collaboration with Changban Technology is expected to create synergies in production technology and supply chain, enhancing the company's position in the humanoid robot and smart equipment sectors [8] - The company is transitioning from traditional engine crankshaft production to focus on new energy electric drive gears and robotics, which are anticipated to drive significant revenue growth [8] - The financial forecast indicates a strong growth trajectory, with expected net profits of 183 million, 280 million, and 394 million yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 76.6%, 53.1%, and 40.8% [6][8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,352 million yuan in 2023 to 3,288 million yuan by 2026, with a compound annual growth rate of approximately 24.8% [6][10] - The gross profit margin is expected to improve slightly from 23.8% in 2023 to 25.4% in 2026, indicating operational efficiency [6] - The return on equity (ROE) is forecasted to increase from 4.5% in 2023 to 12.9% in 2026, suggesting enhanced profitability [6]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Views - The company announced an investment in Changban Technology, acquiring a total of 35% equity through a phased capital increase and share acquisition, aiming to establish a joint venture for robot components [5][8] - The collaboration is expected to create synergies in production technology and supply chain, enhancing capabilities in both linear and rotary actuators for robotics [8] - The company is transitioning from traditional crankshaft manufacturing to focus on new energy electric drive gears and robotics, which are anticipated to drive significant revenue growth [8] Financial Data and Profit Forecast - Total revenue is projected to grow from 1,352 million in 2023 to 3,288 million by 2026, with a compound annual growth rate (CAGR) of approximately 24.8% [6][10] - Net profit is expected to increase from 104 million in 2023 to 394 million by 2026, reflecting a CAGR of about 40.8% [6][10] - The company’s gross margin is forecasted to remain stable, with slight improvements from 23.8% in 2023 to 25.4% in 2026 [6]

Group 1 - Wangsha Co., Ltd. has never established any form of business cooperation, brand authorization, or product production relationship with Henan Jianzhizhi Medical Equipment Co., Ltd. [1] - Guolian Aquatic Products and its subsidiaries do not have any situation of being named on the CCTV 3.15 Gala [1] - The recent operating conditions of Haiyang Wang are normal [1] - The AI agent technology results related to home care scenarios by Guomai Technology have not yet formed commercial revenue [1] - The recent operating conditions of Juyi Rigging are normal, and there have been no significant changes in the internal and external operating environment [1] Group 2 - In 2024, the net profit of招商积余 is expected to increase by 14.24%, proposing a dividend of 2.40 yuan per 10 shares [1] - In 2024, the net profit of Jianghang Equipment is expected to decrease by 35.02%, proposing a dividend of 0.9 yuan per 10 shares [1] Group 3 - Chairman's spouse and some executives of Haimer Technology plan to increase their holdings in the company [1] - Dash Intelligent has won a smart hospital project bid worth 90.75 million yuan [1] - Ningbo Construction's wholly-owned subsidiary has won a general contracting project for real estate development and construction [1] - Jinlihua Electric's subsidiary has won a project from the Southern Power Grid worth approximately 95.29 million yuan [1] - Xiangxin Technology has signed a strategic cooperation agreement for key components of humanoid robots with San Du (Foshan) Intelligent Technology Co., Ltd. [1] Group 4 - Yang Lei will become the actual controller of Yong'an Hang, and the stock will resume trading [1] - Hualing Steel has introduced investors to increase capital in Hunan Lian Steel Electromagnetic Materials Co., Ltd. to accelerate the construction of the silicon steel project [1] Group 5 - Fuda Co., Ltd. plans to acquire a 35% stake in Changban Technology and jointly establish a joint venture company for robot components [1] - Hefei Urban Construction has terminated the issuance of shares to purchase assets [1] Group 6 - The actual controller of *ST Xulan has received a notice of investigation from the China Securities Regulatory Commission [1] - Zhongqingbao's stock will be subject to other risk warnings, and the stock abbreviation will change to "ST Zhongqingbao" [1] - Huawen Group's stock will also be subject to other risk warnings [1] Group 7 - Xiangyou Pump's stock abbreviation will change to "Meihu Co., Ltd." on March 20 [2]

证券代码：603166 证券简称：福达股份 公告编号：2025-011 桂林福达股份有限公司 关于对外投资暨签订收购股权及投资框架协议的公告 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： ● 交易概述：在满足一定条款和条件下，公司通过分期增资方式、收购股权方式 获得标的公司合计 35%股权。另外，公司在通过增资方式成为标的公司股东后，拟与标 的公司共同出资设立合资公司。 ● 本框架协议中涉及增资、股权收购事项不构成关联交易，也不构成重大资产重 组。协议中约定投资成立合资公司预计涉及关联交易，在履行设立合资公司事项时，公 司将另行履行相应决策审批程序和信息披露义务。 ● 本次对外投资在董事会审议范围内，无需提交股东大会审议。 ● 投资风险提示 1、本次签订的框架协议仅为公司与交易对方达成的收购意向，不作为股权收购的 依据。 2、标的公司经营业务系公司最新战略发展方向。公司在新领域的投资过程中可能 存在对市场环境、行业政策、技术水平等认知不足的风险。 3、在协议履行过程中，可能存在因政策调整或市场环境变化以 ...

公司股票于 2025 年 3 月 4 日、3 月 5 日、3 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 证券代码：603166 证券简称：福达股份 公告编号：2025-010 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 3 月 4 日、3 月 5 日、3 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 （四）其他股价敏感信息 公司于 2025 年 1 月 22 日在上海证券交易所网站（www.sse.com.cn）披露了《福 达股份 2024 年度业绩预增公告》（公告编号：2 ...

福达控股集团有限公司 2025 年 3 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 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。 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： 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 ...

证 券 研 究 报 告 证券分析师 戴文杰 A0230522100006 daiwj@swsresearch.com 樊夏沛 A0230523080004 fanxp@swsresearch.com 联系人 朱傅哲 (8621)23297818× zhufz@swsresearch.com 2025 年 03 月 02 日 小米把'马力廉价'具象化，豪华 不只是'贵' 看好 ——2025/2/21-2025/2/28 汽车周报 本期投资提示： 行 业 及 产 业 请务必仔细阅读正文之后的各项信息披露与声明 本研究报告仅通过邮件提供给 中庚基金 使用。1 行 业 研 究 / 行 业 点 评 汽车 ⚫ 观点：短期市场虽然经历调整，但我们仍然相信智能化/Ai/机器人是今年汽车板块的重 要主线，而需求复苏将成为一条重要的支撑岸线贯穿全年行情。我们相信上半年随着政 策效果快速落地，情绪面依然乐观。而小米 Su7 Ultra 的发布成功，让我们坚信新势力 对传统汽车行业的冲击是巨大且确定的。我们认为后续机会在：1、汽车智能化和机器 人由 0 到 10 的估值弹性，建议关注优势企业小鹏、比亚迪、吉利、小米、理想、拓 普、三 ...

Summary of Fuda Co., Ltd. Conference Call Company Overview - Fuda Co., Ltd. primarily focuses on automotive power systems and transmission system components, including crankshafts, gears, and clutches [3][5] - The company has established strong relationships with leading clients such as BYD, Seres, Ideal, and Chery, contributing to sustained high growth [3][5] Financial Projections - Expected net profits for 2024, 2025, and 2026 are projected to be 170 million, 280 million, and 390 million CNY respectively, with a compound annual growth rate (CAGR) exceeding 50% [3][12] - Revenue targets for 2025 and 2026 are set at 2.67 billion and 3.48 billion CNY, with year-on-year growth rates of 58% and 30% respectively [3][13] Market Dynamics - Fuda benefits from the increasing penetration of the new energy vehicle (NEV) market, particularly in hybrid and extended-range models, driven by demand from major clients [3][8] - The crankshaft market is evolving, with more independent brands sourcing from third-party suppliers, benefiting Fuda as a leading enterprise [8] Competitive Advantages - Fuda possesses vertical integration capabilities, controlling the entire production process from forging to finished products, which enhances cost control and profitability [3][5][11] - The gross margin for crankshaft processing is close to 25%, with an overall profit margin of approximately 11% [3][5] Strategic Initiatives - The company is actively expanding into the core components of robotics, particularly focusing on planetary gear reducers, leveraging existing client relationships [3][4][12] - Fuda's new energy electric drive gear business is entering a growth phase, with revenue targets set at 25 million, 160 million, and 300 million CNY for 2024 to 2026 [3][10] Ownership Structure - Fuda is a family-owned enterprise controlled by the Li family, which holds 58.1% of the shares, ensuring stable strategic execution [7] Industry Trends - The domestic crankshaft market demand is stable at around 8 billion CNY, with a unit value of approximately 400 CNY per vehicle [8] - The shift towards new energy vehicles is leading to increased reliance on third-party suppliers, enhancing Fuda's market position [8] Valuation and Investment Rating - Fuda's estimated price-to-earnings (PE) ratio is approximately 23 times for 2025 and 17 times for 2026, which is competitive compared to peers [13][14] - Given the company's strong growth prospects and potential in the machinery sector, an initial buy rating has been assigned [14]

证券代码：603166 证券简称：福达股份 公告编号：2025-009 桂林福达股份有限公司 关于 2025 年度"提质增效重回报"行动方案 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个别及连带责任。 为深入贯彻党的二十大和中央金融工作会议精神，落实国务院《关于进一步提高 上市公司质量的意见》的要求，桂林福达股份有限公司（以下简称"公司"积极响应 上海证券交易所《关于开展沪市公司"提质增效重回报"专项行动的倡议》，制定公 司 2025 年度"提质增效重回报"行动方案。有关具体内容如下： 一、聚焦主业，开创新赛道，推动公司实现高质量可持续发展 金分红，累计现金分红总额达 11.37 亿元，年度平均分红率为 84.33%，年度平均分 红金额为 1.03 亿元。其中，2022 年实施的 2021 年度现金分红比例达 155.09%。公 司过去三年（2022 年-2024 年）实施了三次现金分红，累计现金分红金额 1.79 亿元， 年度平均分红率为 77.81%。此外，公司基于对未来发展前景的信心和对公司价值的 高度认可，为有效维护广大投资 ...