10月31日，飞龙股份盘中上涨2.14%，截至09:48，报22.88元/股，成交9350.86万元，换手率0.76%，总 市值131.51亿元。 资金流向方面，主力资金净流入407.62万元，特大单买入182.42万元，占比1.95%，卖出0.00元，占比 0.00%；大单买入1704.90万元，占比18.23%，卖出1479.70万元，占比15.82%。 飞龙股份今年以来股价涨102.84%，近5个交易日涨1.60%，近20日跌12.07%，近60日涨33.64%。 今年以来飞龙股份已经5次登上龙虎榜，最近一次登上龙虎榜为8月21日，当日龙虎榜净买入-5988.28万 元；买入总计1.68亿元 ，占总成交额比6.49%；卖出总计2.28亿元 ，占总成交额比8.81%。 资料显示，飞龙汽车部件股份有限公司位于河南省西峡县工业大道，成立日期2001年1月9日，上市日期 2011年1月11日，公司主营业务涉及汽车零部件及其机械产品的研发、制造、销售。主营业务收入构成 为：汽车发动机热管理节能减排部件48.69%，汽车发动机热管理重要部件38.78%，汽车新能源热管理 部件8.57%，液冷领域热管理部件1.90% ...

偿债能力方面，2025年三季度，飞龙股份资产负债率为39.88%，高于去年同期的35.85%，也高于行业平均 39.06%。从盈利能力看，当期毛利率为25.77%，较去年同期的21.42%有所提升，且高于行业平均21.53%。 董事长孙锋掌舵，总经理孙耀忠薪酬同比增加62.01万元 公司控股股东为河南省宛西控股股份有限公司，实际控制人为孙耀志、孙耀忠。董事长孙锋，1975年9月 出生，硕士研究生，现任公司董事长及宛西控股和宛西制药董事长、总经理，有丰富的管理经验并获多项 荣誉。总经理孙耀忠，1960年7月出生，大专学历，高级经济师，现任公司党委书记、副董事长、总经 理。其2024年薪酬157.13万，较2023年的95.12万增加了62.01万。 A股股东户数较上期减少11.15% 飞龙股份成立于2001年1月9日，于2011年1月11日在深圳证券交易所上市，注册及办公地址均为河南省。 公司是国内汽车水泵行业的龙头企业，拥有先进的生产技术和完善的质量控制体系，在汽车零部件领域具 有较强的竞争力。 公司主要从事汽车零部件及其机械产品的研发、制造、销售，所属申万行业为汽车-汽车零部件-底盘与发 动机系统，涉及长安 ...

Group 1: Report Overview - The report is about the analyst meeting of Feilong Co., Ltd., a company in the automotive parts industry, with a research date of October 30, 2025 [1][2] Group 2: Research Basic Information - Research object: Feilong Co., Ltd. [17] - Industry: Automotive parts [2] - Reception time: October 30, 2025 [17] - Reception personnel: Deputy General Manager and Board Secretary Xie Guolou, Securities Affairs Representative Xie Kun [17] Group 3: Detailed Research Institutions - Reception object type: Investment company [20] - Institution: Changzhou Investment [20] - Related personnel: Tang Hao, Li Yuanjie [20] Group 4: Company Introduction - Feilong Co., Ltd. was founded in 1952 and is a listed company focusing on thermal management system solutions [24] - The company's development is divided into two stages: before 2017, it focused on R & D, production and sales of automotive thermal management components; since 2017, it has expanded into the civilian market [24] - The company has a national - level enterprise technology center and four R & D centers in Shanghai, Wuhu, Neixiang and Xixia [24] - Its products are sold nationwide and exported to the Americas, Europe, Southeast Asia, etc., serving over 300 factory bases globally with more than 200 domestic and foreign customers in production [24] Group 5: Investor Interaction Q&A Question 1: Number and application of electronic water pumps in new - energy vehicles - Each new - energy vehicle generally has 2 - 5 electronic water pumps, mainly used in motors, electronic controls and batteries [25] Question 2: Self - production rate of electronic pump products - The self - production rate of the company's electronic pump series products exceeds 90%, including injection molding, motors, and chip mounting [27] Question 3: Market competitiveness of thermal management integrated module products - The competitiveness comes from the "integrated" design concept, which replaces traditional multi - component solutions, improves assembly efficiency and space utilization, and optimizes system performance [28] - Multiple projects are in the volume - increasing cycle, and the scale effect is gradually emerging [28] Question 4: Company's competitive advantages compared with the industry - Based on engine thermal management business, it maintains or increases market share and develops new - energy thermal management business [30] - The application fields expand from the automotive field to civilian thermal management fields such as server liquid cooling, data center liquid cooling, etc. [30] Question 5: Current R & D projects - There are over 120 R & D projects in the liquid - cooling field, covering server liquid cooling, charging piles, energy storage, etc. [31] Question 6: R & D direction of liquid - cooling technology - The company focuses on cold - plate liquid - cooling technology and promotes the R & D and application of immersion liquid - cooling technology [32] Question 7: Global strategy layout - The company adheres to the business philosophy of "persistence, dual - wheel drive, meticulous operation, and brand building" and develops both domestic and international markets [33] - It deepens cooperation with global automakers, integrates into the global supply chain through the "old - bringing - new" model, and uses the Thai factory to undertake overseas orders [34] - It focuses on the Southeast Asian market through the Thai factory to seize new - energy industry opportunities and expand overseas resources [35]

证券之星消息，2025年10月30日飞龙股份（002536）发布公告称公司于2025年10月30日接受机构调研，常 州投资集团汤浩 李元杰参与。 具体内容如下： 一、副总经理、董事会秘书谢国楼介绍公司情况 飞龙汽车部件股份有限公司（以下简称"公司"）始建于 1952年，至今已有 70 多年的发展历史，是一家致 力于热管理系统解决方案的上市公司。 公司发展主要分为两个阶段，第一个阶段是 2017 年之前，公司着力汽车热管理部件产品的研发、生产和 销售，比如机械水泵、排气歧管、涡轮增压器壳体（以下简称"涡壳"）、电子泵系列产品、温控阀系列产 品和热管理集成模块等，目前汽车水泵和涡壳两类产品已荣获国家工信部认定的制造业单项冠军，同时大 力开拓海外业务；第二个阶段是 2017 年至今，公司在发展汽车热管理领域的基础上，重点开拓民用领域 客户和市场，助力公司快速转型升级。 目前公司拥有国家级企业技术中心，建立了上海、芜湖、内乡和西峡四个研发中心，其中上海和芜湖为新 能源热管理部件产品研发中心，着力开发电子泵系列和温控阀系列产品，拓展电磁阀、热管理集成模块等 产品。产品销售覆盖全国市场，并出口美洲、欧洲、东南亚等地区，已 ...

南财智讯10月30日电，飞龙股份在投资者关系活动中表示，公司依托技术研发体系，在液冷领域持续推 进创新，目前有超过120个研发项目正在进行，覆盖服务器液冷、充电桩、储能、机器人、低空经济等 多个前沿应用领域。 ...

Company Overview - Established in 1952, Feilong Automotive Components Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [2] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients and applications [2][3] Product Development and Market Position - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management integrated modules [2] - The company has achieved national recognition for its mechanical water pumps and turbocharger housings, which are classified as manufacturing industry champions [2] - Currently, the company serves over 200 domestic and international clients, with products sold across various regions including the Americas, Europe, and Southeast Asia [3] Investor Interaction Insights - Each new energy vehicle typically requires 2-5 electronic water pumps, depending on the model and technical configuration [3] - The self-manufacturing rate of the company's electronic pump products exceeds 90%, covering components like injection molding, motors, and chips [3] - The competitive advantage of the thermal management integrated module lies in its "integrated" design, enhancing assembly efficiency and overall system performance [3] Future Outlook and R&D Initiatives - The company is focusing on deepening the integrated module's industrial and value chain, transitioning from a core component expert to a system solution provider [3] - Currently, over 120 R&D projects are underway, particularly in liquid cooling technologies for various applications including servers, charging stations, and robotics [4] - The company aims to leverage its existing customer resources to integrate into global supply chains, with a focus on expanding in Southeast Asia through its overseas factory in Thailand [4]

Market Overview - The automotive parts sector increased by 0.82% on October 29, with Sanxiang Technology leading the gains [1] - The Shanghai Composite Index closed at 4016.33, up 0.7%, while the Shenzhen Component Index closed at 13691.38, up 1.95% [1] Top Gainers in Automotive Parts Sector - Sanxiang Technology (code: 920195) closed at 24.97, with a significant increase of 29.98% and a trading volume of 143,100 shares, amounting to a transaction value of 325 million yuan [1] - Kete Co., Ltd. (code: 920978) saw a rise of 12.23%, closing at 41.30 with a trading volume of 68,900 shares [1] - Lintai New Materials (code: 920106) increased by 12.20%, closing at 96.01 with a trading volume of 19,200 shares [1] - Other notable gainers include Jianbang Technology (10.42%), Mingke Precision Technology (9.99%), and Shanzi Gaoke (9.97%) [1] Top Losers in Automotive Parts Sector - Taixiang Co., Ltd. (code: 301192) experienced the largest decline, down 11.04% to 37.30 with a trading volume of 59,600 shares [2] - Changrun Co., Ltd. (code: 603201) fell by 9.36%, closing at 17.44 with a trading volume of 82,600 shares [2] - Qingdao Double Star (code: 6650000) decreased by 8.62%, closing at 7.00 with a trading volume of 2,072,900 shares [2] Capital Flow Analysis - The automotive parts sector saw a net inflow of 1.331 billion yuan from institutional investors, while retail investors experienced a net outflow of 429 million yuan [2] - The main capital inflow was concentrated in stocks like Shanzi Gaoke, which had a net inflow of 195.5 million yuan from institutional investors [3] - Other stocks with significant institutional inflows include Junsheng Electronics (40.8 million yuan) and Top Group (26.9 million yuan) [3]

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [2] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [2][3] Group 2: Product Capacity and Clients - Current annual production capacity includes: 8 million mechanical water pumps, 4.6 million exhaust manifolds, 8 million turbocharger housings, and 1.2 million oil pumps [4] - The company has established connections with over 130 major clients for its electronic pump series, including Chery, Li Auto, and VinFast [5] Group 3: Product Applications and Market Expansion - The company's new energy thermal management components are primarily used in water media applications, such as electronic pumps and temperature control valves [5] - Future applications of thermal management modules will extend to various fields, including data centers, AI, and renewable energy sectors [8] Group 4: Strategic Response and Future Plans - To mitigate the impact of U.S. tariffs, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [8] - The company aims to solidify its automotive thermal management business while expanding into new applications and markets, including Southeast Asia and Central Asia [8]

Group 1 - The company’s wholly-owned subsidiary, Zhengzhou Feilong Automotive Parts Co., Ltd., has been included in the seventh batch of national-level specialized and innovative "little giant" enterprises [2] - The recognition as a "little giant" enterprise highlights the government’s acknowledgment of the subsidiary's innovation capabilities, product quality, and overall strength, which is expected to enhance the company's market competitiveness and support sustainable development [2] - Zhengzhou Feilong will continue to focus on the new energy thermal management sector, advancing technology research and innovation breakthroughs, and aims to serve as a benchmark for "little giant" enterprises [2]

Core Viewpoint - The company reported a revenue decline in the first three quarters of 2025, but net profit showed growth, indicating a mixed performance amidst rising costs and strategic expansions in new business areas [3][11]. Financial Performance - For Q1-Q3 2025, the company's revenue reached 3.237 billion yuan, a year-on-year decrease of 7.38%, while net profit attributable to shareholders was 287 million yuan, an increase of 7.54%. The net profit excluding non-recurring items was 304 million yuan, up 16.66% year-on-year [3]. - In Q3 2025, revenue was 1.076 billion yuan, with a year-on-year decline of 4.68% and a quarter-on-quarter increase of 2.28%. The net profit for Q3 was 76 million yuan, down 7.90% year-on-year and 13.09% quarter-on-quarter [3]. Profitability Metrics - The net profit margin for Q1-Q3 2025 was 8.86%, an increase of 1.23 percentage points year-on-year, while the gross margin was 25.77%, up 4.35 percentage points year-on-year. In Q3 2025, the net profit margin was 7.09%, down 0.25 percentage points year-on-year and 1.25 percentage points quarter-on-quarter, with a gross margin of 26.28%, up 0.46 percentage points year-on-year and 0.56 percentage points quarter-on-quarter [4]. Expense Analysis - The expense ratio for Q3 2025 was 17.50%, showing an increase of 0.08 percentage points year-on-year and 2.85 percentage points quarter-on-quarter. The breakdown of expenses included sales (3.41%), management (6.51%), R&D (7.68%), and financial expenses, with financial expenses increasing by 14 million yuan quarter-on-quarter due to prior exchange gains [5][6]. Strategic Developments - The company established a wholly-owned subsidiary, Hangyi Technology, in July 2025, focusing on non-automotive liquid cooling pumps for data centers and energy storage, with over 80 major clients and more than 120 ongoing projects [7]. - In July 2025, the company received a project designation for a thermal management integrated module from SAIC Motor, with expected sales revenue exceeding 400 million yuan over the project lifecycle [9]. - In October 2025, the company increased its investment in its wholly-owned subsidiary, Feilong International, by up to 300 million yuan, primarily for investment in Longtai Automotive in Thailand, aiming to expand its global business scale [10]. Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025-2027 to 430 million, 624 million, and 756 million yuan, respectively, reflecting a decrease from previous estimates. The current market capitalization corresponds to a PE ratio of 30, 21, and 17 times for 2025-2027. Despite short-term expense increases, the company maintains a "buy" rating due to ongoing expansion in the liquid cooling sector and significant margin improvements [11].