各位领导,大家下午好,我是动物汽车的郭雨萌。那我这边的话,推荐飞龙股份的一个核心原因,其实主要还是因为公司所做的这个电子水泵这个产品,在目前的所有的风冷的一个领域来讲的话,公司的一个夜冷可以实现一个高功率。 更长的一个寿命同时可以降低能耗实现更小的一个空间所以其实拉长时间来看的话所有需要能够去热做要做热管理又需要去散热的这些领域来讲的话飞龙卷做的一个程序都可以有一个很好的应用尤其是现在不管是做机器人的一个程序的一些动作就是飞龙卷做的电子水泵所做的 整个业务空间都是非常广阔的。飞龙的话,去年是刚刚开始它的一个飞车端的业务,那今年的话也伴随着H客户的一个放量,那公司的一个产品快速地在飞车端里面去做一个应用。 到了明年后我们可以看到飞龙哥从整个社团去向外快速延伸的进入一个爆发的阶段所以我们在当下时间点其实还是飞龙股份非常低位同时也是一个刚开始的阶段所以在当下时间点的话我们去给各位领导做一个黑马公司的推荐从我们整个公司的发展历程来看的话 我们也做了一个相关的一些梳理。大公司的话,其实做零部件那一块做了很多年了,从1952年开始建厂。之前的话,可能大家也听过公司的名字,就是西贡理工。从公司在1989年就开始去生产排气吸 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is a leader in automotive water pumps, with IDC liquid cooling and humanoid robot businesses expected to drive a second growth curve, leveraging technology reuse and customer collaboration to potentially exceed performance expectations [1] Financial Projections - Revenue projections for 2025-2027 are estimated at 56 billion, 68 billion, and 80 billion RMB, with year-on-year growth rates of 19%, 21%, and 18% respectively, resulting in a CAGR of 19% [5] - Net profit attributable to the parent company is projected to be 4.4 billion, 5.4 billion, and 6.5 billion RMB for the same period, with growth rates of 34%, 21%, and 22%, leading to a CAGR of 25% [5] - The corresponding P/E ratios are expected to be 19X, 16X, and 13X [5] Market Position and Comparisons - The average P/E ratio for comparable companies such as Yinlun, Shuguang, and Shenling is 35X for 2026E, while the company's current P/E is only 16X, indicating significant upside potential [3] - The company has a 25% market share in the domestic automotive water pump market and a 20% share in the turbocharger casing market, establishing it as a leader in these segments [10] Growth Catalysts - Future catalysts include orders for liquid cooling pumps, robot orders, and quarterly earnings growth [4] - The liquid cooling server market is expected to grow at a CAGR of 46.8% from 2024 to 2029, with the company positioned to capture a share of this emerging market [10] - The company has entered the humanoid robot sector, with potential for growth similar to that of a comparable company, Sanhua Intelligent Control [10]

飞龙股份 20250413 摘要 Q&A 飞龙股份在电子水泵领域的优势和市场前景如何？ 飞龙股份在电子水泵领域具有显著优势，主要体现在其液冷技术上。相比传统 风冷技术，液冷能够实现更高功率、更长寿命，同时降低能耗并节省空间。这 使得飞龙股份的产品在需要热管理和散热的各个领域具有广泛应用前景。目前， 公司已经开始涉足非车端业务，并伴随 H 客户的放量，产品在车端应用也迅速 增长。预计到 2026 年，公司将在车端市场迎来爆发性增长。 • 飞龙股份 2024 年总收入约 47 亿元，传统业务贡献 17 亿元，涡轮增压器壳 体 22 亿元，电子水泵收入达 4.9 亿元，预计 2025 年非车端业务将实现翻 倍增长，显著提升公司整体收入。 • 公司出口收入占比不到 10%，对美国直接出口 2.4 亿元。为应对关税影响， 公司计划在墨西哥设立工厂进行转口，以减轻关税带来的不利影响。 • 2024 年扣非后利润约 3.5 亿元，受员工福利奖金及新工厂费用影响。预计 2025 年利润将达到 5 亿元左右，目前估值不到 15 倍，盈利能力有待提升。 • 公司未来发展重点是扩大非车端市场份额，已与阿里巴巴、联想、浪潮等 企业展 ...

证券代码：002536 证券简称：飞龙股份 公告编号：2025-032 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 特别提示： 1、本次申请解除限售股东共 2 人，解除限售的股份数量合计为 9,012,812 股，占目前飞龙汽车部件股份有限公司（以下简称"公司"）总股本的 1.5680%。 2、本次限售股份可上市流通日为 2025 年 4 月 16 日（星期三）。 一、本次解除限售股份的基本情况 公司本次上市流通的限售股类型为向特定对象发行限售股。 经中国证券监督管理委员会核准（证监许可〔2023〕1131 号），公司向特 定对象发行人民币普通股（A 股）74,074,074 股，募集资金总额人民币 779,999,999.22 元，扣除发行费用人民币 11,255,485.24 元（不含增值税）， 实际募集资金净额为人民币 768,744,513.98 元。上述募集资金已全部到位，大 华会计师事务所（特殊普通合伙）对公司本次发行募集资金的到位情况进行了审 验，并于 2023 年 9 月 6 日出具了《飞龙汽车部件股份有限公司向特定对象发行 A 股股票验 ...

中国国际金融股份有限公司 经中国证券监督管理委员会核准（证监许可〔2023〕1131 号），公司向特定对象 发行人民币普通股（A 股）74,074,074 股，募集资金总额人民币 779,999,999.22 元，扣 除发行费用人民币 11,255,485.24 元（不含增值税），实际募集资金净额为人民币 768,744,513.98 元。上述募集资金已全部到位，大华会计师事务所（特殊普通合伙）（以 下简称"大华会计师事务所"）对公司本次发行募集资金的到位情况进行了审验，并于 2023 年 9 月 6 日出具了《飞龙汽车部件股份有限公司向特定对象发行 A 股股票验资报 告》（大华验字[2023]000537 号）。 公司本次发行新增股份的登记托管手续于 2023 年 9 月 13 日在中国证券登记结算有 限责任公司深圳分公司办理完毕。新增股份已于 2023 年 10 月 16 日在深圳证券交易所 上市。本次发行各发行对象认购情况如下： 1 关于飞龙汽车部件股份有限公司 向特定对象公开发行股票部分限售股解禁上市流通的核查意见 中国国际金融股份有限公司（以下简称"保荐机构"）作为飞龙汽车部件股份有限公 司（以下简 ...

飞龙汽车部件股份有限公司 关于变更部分募投项目实施地点的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 证券代码：002536 证券简称：飞龙股份 公告编号：2025-033 《产线设备租赁协议》 特此公告。 飞龙汽车部件股份有限公司董事会 2025 年 4 月 11 日 一、关于变更部分募投项目实施地点的进展情况 近日，公司收到飞龙芜湖与重庆飞龙江利汽车部件有限公司（以下简称"飞 龙重庆"）签署的《产线设备租赁协议》（以下简称"《租赁协议》"），根据 该《租赁协议》显示：经双方经友好协商，飞龙芜湖将一条 500W 电子水泵产线 设备（募投项目生产线）以每年 79.37 万元的价格租赁给飞龙重庆，租赁期限 5 年，支付方式为分期按季度支付。截至本公告披露日，租赁设备已交付给飞龙重 庆使用，交付地点为重庆市渝北区双凤桥街道长空路 318 号。 二、备查文件 飞龙汽车部件股份有限公司（以下简称"公司"）于 2025 年 3 月 18 日召开 第八届董事会第十四次会议和第八届监事会第十二次会议，审议通过了《关于募 投项目延期、变更部分募投项目实施地点及调 ...

Core Viewpoint - Feilong Co., Ltd. is accelerating its business expansion in the automotive parts sector, particularly in the new energy vehicle (NEV) market, through a strategic partnership with Huada Technology to enhance its product advantages in both NEV and civilian sectors [2][3][4]. Business Expansion and Financial Performance - Feilong Co., Ltd. has transitioned from being a supplier of automotive thermal management components to a provider of multi-scenario thermal management solutions, maintaining strong growth in both traditional and new energy sectors [2][4]. - In 2024, the company reported a revenue of 4.723 billion yuan, a year-on-year increase of 15.34%, and a net profit of 330 million yuan, up 25.92%, marking a historical high [2][7]. - The new energy business accounted for 11.14% of total revenue in 2024, with a revenue of 526 million yuan, reflecting a growth of 40.44% year-on-year [5]. Strategic Partnership - The strategic cooperation with Huada Technology aims to leverage each company's strengths in the NEV, energy storage, and data center thermal management sectors, focusing on joint development and production of core components and integrated solutions [3][4]. - Both companies have committed to protecting their strategic collaboration and addressing market competition through transparent communication and joint investment when necessary [4]. Research and Development - Feilong Co., Ltd. invested 272 million yuan in R&D in 2024, representing 5.76% of its revenue, with a workforce of 575 R&D personnel [5][6]. - The company holds a total of 601 patents, including 159 invention patents, showcasing its commitment to innovation [6]. Market Presence and Customer Base - The company has established a strong market presence with over 200 domestic and international clients, including more than 130 clients in the new energy sector [7]. - In 2024, overseas sales contributed significantly to the company's revenue, with direct sales reaching 2.604 billion yuan, a year-on-year increase of 33.31%, accounting for 55.13% of total revenue [8]. Shareholder Returns - Feilong Co., Ltd. plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 172 million yuan, which represents 69.70% of the annual net profit [8].

Core Viewpoint - The strategic cooperation between Huada Technology and Feilong Co., aimed at enhancing their positions in the rapidly growing electric vehicle and AI computing markets, is a significant step in deepening the company's layout in the new energy industry [1][2]. Group 1: Strategic Cooperation - Huada Technology and Feilong Co. signed a Strategic Cooperation Framework Agreement to achieve collaborative development in the fields of thermal management for electric vehicles, energy storage, and data centers [1][2]. - The partnership will leverage Feilong's strong R&D capabilities and customer base in new energy thermal management components, while Huada Technology will contribute its expertise in stamping, profiles, and die-casting [1][2]. - Both companies will jointly develop core components and integrated solutions, with potential joint investments to expand market share and respond to rapidly changing customer and market demands [1][2]. Group 2: Development Focus - Feilong Co. will support Huada Technology in developing intelligent AI casting temperature control systems and related fields, while Huada Technology will assist Feilong in the thermal management sector for electric vehicles and energy storage [2]. - A joint team will be established to accelerate project development, with intellectual property rights for thermal management products belonging to Feilong and those for stamping and related technologies belonging to Huada Technology [2]. Group 3: Market Position and Performance - Huada Technology's main business involves the development and production of automotive parts, establishing stable partnerships with major domestic automakers [2]. - The company has been actively expanding its customer base among leading domestic brands and new energy clients, achieving positive results from its customer transformation strategy [3]. - In the first three quarters of 2024, Huada Technology's revenue from new energy vehicle components reached 1.193 billion yuan, accounting for 35% of the company's total revenue [3].

Core Viewpoint - The strategic cooperation between Feilong Co. and Huada Automotive Technology Co. aims to leverage their respective strengths in the rapidly growing fields of new energy vehicles and AI computing power, responding to increasing market demands [2][3] Group 1: Strategic Cooperation - Feilong Co. has signed a strategic cooperation framework agreement with Huada Technology to enhance their new energy business and product advantages in both the new energy vehicle and civilian sectors [2] - The cooperation focuses on the development, production, and sales of core components and integrated solutions in the fields of new energy vehicles, energy storage, and data center thermal management [2] Group 2: Joint Development and Intellectual Property - Feilong Co. will support Huada Technology in the development of intelligent AI casting temperature control systems, stamping, piping, and vacuum die-casting, while committing to joint development of core structural components like flow plates and liquid cooling plates [3] - The intellectual property rights for thermal management products will belong to Feilong Co., while those for stamping, piping, and vacuum die-casting will belong to Huada Technology [3] - Both companies have agreed to promote further equity cooperation by December 31, 2027 [3]

Core Viewpoint - The strategic cooperation between Feilong Co., Ltd. and Huada Technology aims to enhance their competitive edge in the rapidly growing markets of new energy vehicles and AI computing power, focusing on thermal management technology [1][3]. Group 1: Strategic Cooperation - Feilong Co., Ltd. and Huada Technology will collaborate on the development, production, and sales of core components and integrated solutions in the fields of new energy vehicles, energy storage, and data center thermal management [1][2]. - The partnership will leverage Feilong's strong R&D capabilities and customer base in new energy thermal management components, alongside Huada's expertise in stamping, profiles, and die-casting [1][2]. - Both companies will establish a joint team to accelerate project development and consider joint office arrangements [2]. Group 2: Development Focus - Feilong will support Huada in the development of intelligent AI casting temperature control systems and related thermal management components, while Huada will assist Feilong in the new energy vehicle and energy storage sectors [2]. - The intellectual property rights for jointly developed thermal management products will belong to Feilong, while those for stamping, piping, and die-casting will belong to Huada [2]. Group 3: Financial Performance - In the fiscal year 2024, Feilong achieved a revenue of 4.723 billion yuan, representing a year-on-year growth of 15.34%, and a net profit of 330 million yuan, with a growth of 25.92% [4]. - The growth in revenue was driven by the increasing penetration of hybrid vehicle models and rising export demand for turbocharger housings, alongside breakthroughs in the new energy thermal management components [4].