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]. Core Views - The company is transitioning into the robotics sector, aiming for a high-end intelligent manufacturing transformation. This strategic move is expected to create new profit growth points [7]. - The company has a strong position in the crankshaft business, with a gross margin of 29.7% in 2023, which is an increase of 3.5 percentage points year-on-year. The company is also expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company has successfully opened overseas markets, with significant sales growth in large crankshafts and new energy gear products, indicating potential for future growth [7]. - The company has launched an equity incentive plan to boost confidence among management and core personnel, with specific profit targets set for the coming years [7]. Financial Summary - **Revenue Forecast**: The company expects revenues to grow from 1,352.32 million CNY in 2023 to 3,021.46 million CNY by 2026, reflecting a compound annual growth rate (CAGR) of 25.46% [2][12]. - **Net Profit Forecast**: The net profit attributable to the parent company is projected to increase from 103.53 million CNY in 2023 to 400.71 million CNY in 2026, with a CAGR of 41.46% [2][12]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - **Return on Equity (ROE)**: ROE is forecasted to improve from 4.47% in 2023 to 13.06% in 2026 [2][12]. - **Price-to-Earnings (PE) Ratio**: The PE ratio is projected to decrease from 81 in 2023 to 21 in 2026, indicating a more attractive valuation over time [2][12]. Business Segments - **Crankshaft Business**: The company anticipates a revenue growth rate of 36.42% in 2024, driven by multiple new product launches and increased production capacity [9]. - **New Energy Gear Products**: Revenue from new energy electric drive gears is expected to grow significantly, with projections of 0.25 million CNY in 2024 and reaching 3 million CNY by 2026 [12]. - **Clutch and Other Products**: The clutch segment is expected to see slower growth, while other business areas are projected to maintain steady growth rates [9][12]. Investment Strategy - The report suggests that the company's strategic investments in robotics and new energy sectors, combined with its strong existing business in crankshafts, position it well for future growth. The equity incentive plan further aligns management's interests with shareholder value creation [7][12].

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]. Core Insights - The company is transitioning into the robotics sector, aiming for high-end intelligent manufacturing, which aligns with its strategic planning [7]. - The company has made significant investments in acquiring a 35% stake in Changban (Yangzhou) Robot Technology Co., and plans to establish a joint venture to enter the humanoid robot and intelligent equipment market [7]. - The company’s crankshaft business remains strong, with a gross margin of 29.7% in 2023, and it is expanding its precision forging capabilities to enhance control over the entire supply chain [7]. - The company is successfully penetrating overseas markets, with notable sales growth in large crankshafts and new energy gear products [7]. - A stock incentive plan has been introduced, reflecting the company's confidence in achieving ambitious profit targets over the next three years [7]. Financial Performance Summary - The company’s projected revenue for 2023 is 1,352.32 million CNY, with expected growth rates of 19.18% in 2023, 26.32% in 2024, 40.98% in 2025, and 25.46% in 2026 [2][12]. - The net profit attributable to the parent company is forecasted to be 103.53 million CNY in 2023, with significant growth expected to 180.25 million CNY in 2024, 283.26 million CNY in 2025, and 400.71 million CNY in 2026 [2][12]. - The earnings per share (EPS) is projected to increase from 0.16 CNY in 2023 to 0.62 CNY in 2026 [2][12]. - The return on equity (ROE) is expected to rise from 4.47% in 2023 to 13.06% in 2026 [2][12]. Business Segment Analysis - The crankshaft segment is expected to see a revenue increase from 733 million CNY in 2023 to 1,682 million CNY in 2026, with a gross margin stabilizing around 30% [9][12]. - The new energy electric drive gear segment is projected to grow significantly, with revenues expected to reach 300 million CNY by 2026, reflecting a high gross margin of 27% [12]. - The company is also focusing on expanding its precision forging and gear businesses, with substantial growth rates anticipated in the coming years [9][12].

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 ...

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]