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 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price range of 17.5 to 19.7 yuan [2][8]. Core Insights - The company reported a record high net profit margin in Q1 2025, with revenue of 470 million yuan, a year-on-year increase of 47%, and a net profit of 65 million yuan, up 106% year-on-year [2][8]. - The company's transition towards robotics is accelerating, with significant growth expected in the coming years [8]. Financial Performance Summary - **Revenue Forecast**: - 2024A: 1,648 million yuan - 2025E: 2,351 million yuan (42.7% YoY growth) - 2026E: 2,829 million yuan (20.3% YoY growth) - 2027E: 3,228 million yuan (14.1% YoY growth) [4][9] - **Net Profit Forecast**: - 2024A: 185 million yuan - 2025E: 282 million yuan (52.4% YoY growth) - 2026E: 351 million yuan (24.3% YoY growth) - 2027E: 407 million yuan (15.8% YoY growth) [4][9] - **Earnings Per Share (EPS)**: - 2024A: 0.29 yuan - 2025E: 0.44 yuan - 2026E: 0.54 yuan - 2027E: 0.63 yuan [4][9] - **Valuation Ratios**: - Price-to-Earnings (P/E) ratio for 2025E: 34 [4][9] - Price-to-Book (P/B) ratio for 2025E: 3.6 [4][9] Business Development Insights - The company is experiencing significant growth in its crankshaft business, particularly in the passenger vehicle segment, with over 50% supply share for BYD's hybrid models [8]. - The company is set to enter a new expansion cycle with the production of 1 million automated new energy hybrid crankshafts expected to commence before May 2025 [8]. - The robotics transformation is highlighted as a key focus, with the company developing a planetary gearbox product for robots, with milestones set for 2024 [8].

Core Viewpoint - The company, Guilin Fuda Co., Ltd., has released its quarterly report, ensuring the accuracy and completeness of the financial information presented, and confirming that there are no false statements or significant omissions [2][3]. Financial Data Summary - The financial statements for the first quarter of 2025 are unaudited, with the company confirming that there were no profits from mergers under common control for the current and previous periods, both reported as 0 yuan [5]. - The report includes a consolidated balance sheet, consolidated income statement, and consolidated cash flow statement for the period from January to March 2025, all prepared in Renminbi [5]. Shareholder Information - The report does not provide any updates on the number of shareholders or changes in the top ten shareholders' holdings [4]. Other Important Information - The company has not identified any significant non-recurring gains or losses during the reporting period [3][5].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 471,082,544.92, representing a 46.97% increase compared to CNY 320,532,521.26 in the same period last year[4] - Net profit attributable to shareholders reached CNY 65,106,813.28, a significant increase of 106.06% from CNY 31,595,670.03 year-on-year[4] - Basic and diluted earnings per share both doubled to CNY 0.10, up 100% from CNY 0.05 in the same quarter last year[4] - Operating profit for Q1 2025 was CNY 73,730,931.55, compared to CNY 32,335,716.76 in the same period last year, indicating an increase of about 128.2%[17] - The total profit for Q1 2025 was CNY 71,130,231.25, compared to CNY 32,335,733.11 in Q1 2024, reflecting an increase of about 120.5%[17] - Total revenue from sales of goods and services in Q1 2025 was CNY 665,670,904.80, compared to CNY 296,169,926.71 in Q1 2024, reflecting an increase of about 124.5%[19] Cash Flow - The net cash flow from operating activities surged by 339.03%, amounting to CNY 198,765,209.51, compared to CNY 45,273,713.55 in the previous year[4] - Cash flow from operating activities for Q1 2025 was CNY 198,765,209.51, up from CNY 45,273,713.55 in Q1 2024, marking a growth of approximately 339.5%[19] - The company reported a significant increase in cash inflows from operating activities, totaling CNY 668,533,414.05 in Q1 2025, compared to CNY 304,575,878.74 in Q1 2024, an increase of approximately 119.5%[19] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 98,894,137.46, up from CNY 67,911,471.00 at the end of Q1 2024, representing an increase of approximately 45.5%[20] Assets and Liabilities - Total assets increased by 6.91% to CNY 4,371,188,156.05 from CNY 4,088,693,972.05 at the end of the previous year[5] - Total liabilities increased to CNY 1,910,849,317.96 from CNY 1,695,894,544.14, marking an increase of 12.7%[13] - The company's equity attributable to shareholders rose to CNY 2,460,338,838.09 as of March 31, 2025, compared to CNY 2,392,799,427.91 at the end of 2024, an increase of 2.8%[14] Shareholder Information - The company reported a total of 50,521 common shareholders at the end of the reporting period[9] - The largest shareholder, Fuda Holdings Group Co., Ltd., holds 53.10% of the shares, amounting to 343,134,040 shares[9] Operating Costs and Expenses - Total operating costs for Q1 2025 were CNY 406,529,369.17, up 38.8% from CNY 292,983,788.90 in Q1 2024[16] - The company incurred a total operating expense of CNY 469,768,204.54 in Q1 2025, compared to CNY 259,302,165.19 in Q1 2024, indicating an increase of about 81.0%[19] - Research and development expenses increased to CNY 27,828,899.02 in Q1 2025, compared to CNY 19,858,213.40 in Q1 2024, reflecting a growth of 40.0%[16] Investment Activities - The net cash flow from investing activities for Q1 2025 was -CNY 199,507,457.85, compared to -CNY 48,299,312.25 in Q1 2024, indicating a deeper investment outflow[20] - Investment income for Q1 2025 was CNY 748,565.43, a recovery from a loss of CNY 655,467.77 in Q1 2024[16] Market Demand - The increase in revenue was primarily driven by higher market demand for passenger car crankshafts, especially hybrid crankshafts[6] Non-Recurring Loss - The company recorded a total non-recurring loss of CNY 407,525.84 during the reporting period[6]

Group 1 - The core point of the article is that Fuda Co., Ltd. (603166) reported significant growth in its financial performance for the first quarter of 2025, with revenue reaching 471 million yuan, representing a year-on-year increase of 46.97% [1] - The net profit for the same period was 65.11 million yuan, showing a remarkable year-on-year growth of 106.06% [1]

证券代码：603166 证券简称：福达股份 公告编号：2025-025 桂林福达股份有限公司 关于召开 2024 年度暨 2025 年第一季度 业绩说明会的公告 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法律责任。 重要内容提示： （一）会议召开时间：2025 年 05 月 07 日（星期三）09:30-11:30 投资者可于 2025 年 04 月 25 日（星期五）至 05 月 06 日（星期二）16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 foto@glfoto.cn 进行提 问。公司将在说明会上对投资者普遍关注的问题进行回答。 桂林福达股份有限公司（以下简称"公司"）已于 2025 年 03 月 27 日发布公司 2024 年度报告，并将于 2025 年 04 月 26 日发布公司 2025 年第一季度报告，为便于广大投资 者更全面深入地了解公司 2024 年度及 2025 年第一季度经营成果、财务状况，公司计划 于 2025 年 05 月 07 日（星期三）09:30-11:30 举行 20 ...

北京德恒律师事务所 关于桂林福达股份有限公司 2024 年年度股东大会的 法律意见 北京市西城区金融街 19 号富凯大厦 B 座 12 层 电话：010-52682888 传真：010-52682999 邮编：100033 北京德恒律师事务所 关于桂林福达股份有限公司 2024 年年度股东大会的法律意见 北京德恒律师事务所 关于桂林福达股份有限公司 2024 年年度股东大会的 法律意见 致：桂林福达股份有限公司 桂林福达股份有限公司（以下简称"公司"）2024 年年度股东大会（以下 简称"本次会议"）于 2025 年 4 月 16 日（星期三）召开。北京德恒律师事务所 接受公司委托，指派李哲律师、王冰律师（以下简称"德恒律师"）出席本次会 议。根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民 共和国证券法》（以下简称"《证券法》"）、《上市公司股东会规则》（以下 简称"《股东会规则》"）、《桂林福达股份有限公司章程》（以下简称"《公 司章程》"）的规定，德恒律师就本次会议的召集、召开程序、现场出席会议人 员资格、表决程序等相关事项进行见证，并发表法律意见。 为出具本法律意见，德恒律师出席了本 ...

证券代码：603166 证券简称：福达股份 公告编号：2025-024 桂林福达股份有限公司 2024 年年度股东大会决议公告 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法律责任。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 4 月 16 日 (二) 股东大会召开的地点：桂林市西城经济开发区秧塘工业园秧十八路福达股份 三楼会议室 (三) 出席会议的普通股股东和恢复表决权的优先股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 765 | | --- | --- | | 2、出席会议的股东所持有表决权的股份总数（股） | 401,565,971 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股份总数 | | | 的比例（%） | 63.0709 | 说明：截至本次股东大会股权登记日，公司总股本为 646,208,651 股，其中回购专用证券账户 中有股份 9,519,200 股，回购专用账户中的股份不享有股东大会表决权，故公司有表决权股份总数 ...

Summary of Conference Call Notes Company and Industry Overview - The company discussed is 福达 (Fuda), which operates in the automotive and robotics sectors, focusing on crankshafts and new business opportunities in robotics [1][5]. Key Points and Arguments - **Crankshaft Business Growth**: 福达 is experiencing significant growth in its core crankshaft business, driven by two main factors: the rising demand for hybrid passenger vehicles and the high demand in data centers [1]. - **Market Share in Hybrid Vehicles**: 福达 is the leading third-party supplier of hybrid crankshafts in China, with an expected market share exceeding 40% in 2024. The company anticipates continued growth in its market share this year [1]. - **Joint Venture with Alfin**: 福达 established a joint venture with Alfin in 2018, each holding a 50% stake. This venture primarily supplies major clients, including Yuchai and MTU. The order demand for crankshafts is expected to surge starting from late 2024, securing 福达's production capacity through 2025 [2]. - **Revenue from Data Centers**: The revenue from data center crankshafts is projected to reach approximately 300 million yuan by 2025. 福达's share of this revenue, considering its 50% stake in the joint venture, is expected to contribute around 20 million yuan in investment income this year [3]. - **Sales Volume and Revenue Projections**: The total shipment of hybrid crankshafts last year was estimated at 2.2 to 2.3 million units, with an expected increase of at least 1.7 million units this year. At an average price of 400 yuan per unit, this could generate an additional revenue of 600 to 700 million yuan [4]. - **High Profit Margins**: 福达 maintains a high gross margin of over 30% in its crankshaft business due to its integrated capabilities in manufacturing and design [4]. Robotics Business Development - **Expansion into Robotics**: 福达 has strategically entered the robotics sector, leveraging its existing capabilities in new energy electric drive gears to develop new products like chip actuators [5]. - **Client Base and Market Potential**: The company has established relationships with major clients such as Schaeffler, Celis, Xiaomi, and BYD, which positions 福达 well to capitalize on the growing robotics market [6]. - **Valuation of Robotics Segment**: The valuation of 福达's robotics business could potentially reach between 10 billion to 20 billion yuan, depending on the successful implementation of core components and client projects [7]. - **Overall Valuation Outlook**: The combined valuation of 福达's core business and robotics segment could exceed 20 billion yuan, indicating significant upside potential from its current valuation of around 8 billion yuan [7]. Additional Important Insights - The company has been closely monitored since last year, with ongoing updates provided to investors regarding its traditional and new business developments [7].

Summary of Conference Call Company and Industry - The conference call involved **Fuda Co., Ltd.**, a company in the **automotive parts industry** focusing on crankshafts and related components. Key Points and Arguments 1. **Strong Financial Performance**: Fuda reported a revenue of **1.8 billion** yuan, representing a **year-on-year growth of 82.59%**. Operating cash flow also saw a significant increase, reaching **473 million** yuan, up **135.73%** year-on-year. The earnings per share for the reporting period was **0.29 yuan** [2][2][2]. 2. **Production Capacity Expansion**: The company plans to expand its production capacity from **200,000 tons** to approximately **400,000 tons** over the next two years, indicating a **100% increase** in capacity [3][4][4]. 3. **High Utilization Rates**: Fuda's production capacity utilization exceeded **100%** in the last quarter, indicating strong demand and supply constraints. The company has been operating at full capacity since the third quarter of the previous year [3][3][3]. 4. **Strategic Partnerships**: Fuda announced a partnership with **Changman Technology** to enhance its robotics business, which is seen as a third growth curve for the company. This partnership aims to diversify product offerings and improve market competitiveness [4][5][5]. 5. **Client Base Expansion**: The company has successfully expanded its client base, including major automotive manufacturers such as **BMW**, **Geely**, and **Dongfeng**. Fuda has also made significant inroads with European clients, including **Haas Power**, which serves major automotive brands [6][7][7]. 6. **Production Challenges and Solutions**: The company faced challenges in meeting demand due to supply constraints but is optimistic about resolving these issues through capacity expansion and improved production processes [3][3][3]. 7. **Future Outlook**: Fuda is confident about its growth trajectory, with expectations of continued strong performance in 2024 and beyond, driven by increased production capacity and a robust client pipeline [2][2][2]. 8. **Market Dynamics**: The automotive parts industry is experiencing dynamic changes, with a shift towards electric and hybrid vehicles. Fuda is adapting its product offerings to align with these trends [5][5][5]. 9. **Investment in Technology**: The company is investing in technology to enhance its production capabilities and product quality, which is crucial for maintaining competitiveness in the evolving market landscape [5][5][5]. 10. **Long-term Strategy**: Fuda's long-term strategy includes diversifying its product lines and enhancing its technological capabilities to capture a larger market share in the automotive parts industry [5][5][5]. Other Important but Overlooked Content - The company emphasized the importance of maintaining strong relationships with key clients, which is seen as a competitive advantage in securing future contracts and expanding market presence [6][6][6]. - There was a discussion about the impact of new accounting standards on financial reporting, which may affect the perceived profitability in the short term but is expected to stabilize in the long run [10][10][10]. - The management highlighted the importance of strategic planning in navigating the complexities of the automotive supply chain, especially in light of global economic uncertainties [27][27][27].