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 ...

福达股份 20250413 • 中国头部企业在全球化布局中具备优势，但需警惕脱钩及美国制造业回流 风险，美国可能通过关税返还等机制吸引制造业回流，这将对中国企业带 来国内和国际市场的挑战。 • 国内市场全面突破冲击下，工业软件国产替代需求涌现，尤其是在汽车等 领域，金泽斐和润等软件开发公司有望受益，国产工业软件替换成为重要 机会。 • 中国工程师红利推动"中国研发、海外生产"模式兴起，利好具备研发和 技术标准定义能力的头部及专精特新企业，使其摆脱内卷，实现微笑曲线 两端利润。 • 中国标准输出有望伴随"中国研发、海外生产"模式发展，在顶层设计和 反内卷政策下，或将催生类似 TUV 南德、VDA 等标准制定机构，中华企业、 生意经纬、阿尔特等公司在海外设计服务领域潜力巨大。 • 福达股份主业高增长确定性强，机器人业务具弹性，投资逻辑类似双林股 份，先炒主营增量，再拓展机器人业务催化估值，有望成为下一个双林股 份。 • 某公司在美国市场敞口极小，2024 年海外收入仅占总收入的极小部分，关 税政策对其业绩无影响，受益于内需和欧洲市场，业绩可能超预期，需上 修业绩预期。 • 某公司 2025 年产能翻倍，新增产能已 ...

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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 ...

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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].

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, indicating a strategic shift towards high-end intelligent manufacturing [1][7]. - The company reported a revenue of 1.647 billion yuan for 2024, representing a year-on-year growth of 21.83%, with a net profit attributable to the parent company of 185.28 million yuan, up 78.96% year-on-year [7][10]. - The company is expanding its production capacity significantly, aiming for 4 million crankshafts by 2025, with a new super factory expected to start full production in July 2025 [8][10]. Summary by Sections Financial Performance - For 2024, the company achieved a revenue of 1,647.57 million yuan, with projected revenues of 2,390.19 million yuan in 2025, 3,166.96 million yuan in 2026, and 3,901.61 million yuan in 2027, reflecting growth rates of 21.83%, 45.07%, 32.50%, and 23.20% respectively [2][10]. - The net profit attributable to the parent company is expected to grow from 185.28 million yuan in 2024 to 538 million yuan in 2027, with growth rates of 78.96%, 53.13%, 42.24%, and 33.31% respectively [2][10]. Business Segments - The crankshaft business generated 1.036 billion yuan in revenue in 2024, with a growth rate of 41.32% and a gross margin of 30.25% [10]. - The company has successfully entered the supply chains of major clients such as Geely and BYD, with six new projects confirmed, two of which began mass production in 2024 [7][10]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 2.00 yuan per 10 shares for the 2024 fiscal year, amounting to 1.27 billion yuan, which represents 68.34% of the net profit attributable to shareholders [7][10]. - The total planned distribution, including share buybacks, is 1.77 billion yuan, accounting for 95.38% of net profit, demonstrating strong financial confidence [7][10]. Future Outlook - The company forecasts a compound annual growth rate (CAGR) of 42.7% for net profit over the next three years, with expected net profits of 2.8 billion yuan in 2025, 4.0 billion yuan in 2026, and 5.4 billion yuan in 2027 [7][10].