飞龙股份（002536）公告，2025年第一季度营收为11.1亿元，同比下降10.55%；净利润为1.23亿元，同 比增长3.06%。 ...

Financial Performance - The company's revenue for Q1 2025 was ¥1,109,607,225.31, a decrease of 10.55% compared to ¥1,240,409,962.15 in the same period last year[2] - Net profit attributable to shareholders increased by 3.06% to ¥122,639,390.68 from ¥118,994,724.84 year-on-year[2] - The net profit after deducting non-recurring gains and losses rose by 11.95% to ¥122,840,914.97 compared to ¥109,733,231.14 in the previous year[2] - Total operating revenue for the current period is CNY 1,109,607,225.31, a decrease of 10.55% from CNY 1,240,409,962.15 in the previous period[20] - Net profit for the current period is CNY 120,958,182.81, representing an increase of 3.37% compared to CNY 116,971,998.24 in the previous period[21] - Earnings per share (EPS) for the current period is CNY 0.2134, up from CNY 0.2070 in the previous period[22] Cash Flow - The net cash flow from operating activities decreased by 31.59% to ¥138,193,381.92 from ¥202,000,761.41 in the same period last year[2] - Cash generated from operating activities is CNY 1,268,670,221.28, slightly up from CNY 1,256,277,859.36 in the previous period[24] - Operating cash inflow totaled $1,333,379,790.95, slightly up from $1,328,804,958.52 year-over-year[25] - Operating cash outflow amounted to $1,195,186,409.03, compared to $1,126,804,197.11 in the previous period[25] - Net cash flow from operating activities was $138,193,381.92, down from $202,000,761.41 year-over-year[25] - Cash inflow from investment activities reached $142,378,954.90, significantly higher than $5,810,252.00 in the prior period[25] - Cash outflow from investment activities was $297,837,392.93, compared to $15,804,518.93 previously[25] - Net cash flow from investment activities was -$155,458,438.03, worsening from -$9,994,266.93 year-over-year[25] - Cash inflow from financing activities totaled $120,200,000.00, up from $34,900,000.00 in the previous period[26] - Cash outflow from financing activities was $71,356,312.12, compared to $16,590,959.04 previously[26] - Net cash flow from financing activities was $48,843,687.88, an increase from $18,309,040.96 year-over-year[26] - The ending balance of cash and cash equivalents was $305,452,745.83, down from $509,274,429.52 in the previous period[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,423,003,318.88, reflecting a 1.90% increase from ¥5,321,675,423.00 at the end of the previous year[4] - The company reported a total asset of CNY 5,423,003,318.88 as of March 31, 2025, an increase from CNY 5,321,675,423.00 at the beginning of the period[15] - The company's total liabilities amount to CNY 1,983,224,036.24, a decrease from CNY 2,000,746,548.94[19] - The company’s current liabilities include short-term borrowings of CNY 62,075,438.19, up from CNY 34,359,444.56, reflecting an increase of approximately 80.5%[15] - The company’s total current assets amounted to CNY 3,066,267,780.12, slightly down from CNY 3,079,210,700.17, a decrease of approximately 0.4%[15] - The company’s total non-current assets increased to CNY 2,356,735,538.76 from CNY 2,242,464,722.83, indicating a growth of about 5.1%[16] Shareholder Equity - Shareholders' equity attributable to the parent company increased by 3.61% to ¥3,456,690,286.20 from ¥3,336,158,669.75 at the end of the previous year[4] - Total equity attributable to shareholders of the parent company is CNY 3,456,690,286.20, an increase from CNY 3,336,158,669.75[19] Operational Efficiency - The weighted average return on net assets was 3.61%, slightly down from 3.62% year-on-year[4] - Total operating costs decreased to CNY 978,962,983.95, down 12.99% from CNY 1,125,387,848.57[20] - Research and development expenses increased to CNY 68,215,488.03, compared to CNY 59,132,741.40 in the previous period, reflecting a focus on innovation[20] Other Financial Metrics - The company reported a significant increase in accounts receivable financing by 64.90% to ¥167,703,268.78, primarily due to an increase in received bills[8] - The company received government subsidies amounting to ¥5,827,988.72, related to advanced manufacturing VAT deductions[7] - The company reported a decrease in other comprehensive income, with a net amount of CNY -2,107,774.23 compared to CNY -367,662.83 in the previous period[21] - Accounts receivable decreased to CNY 1,054,218,765.11 from CNY 1,142,040,845.84, indicating a decline of about 7.7%[15] - Inventory decreased to CNY 696,471,107.20 from CNY 748,451,228.42, representing a reduction of approximately 6.9%[15] - The company’s fixed assets decreased to CNY 1,534,129,619.99 from CNY 1,581,541,208.22, showing a decline of about 3.0%[16] - The company’s accounts payable decreased to CNY 650,456,051.71 from CNY 713,026,178.53, reflecting a decline of approximately 8.8%[15]

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 ...

汽车水泵龙头，拓展 IDC 液冷市场 证券研究报告 | 公司点评 | 汽车零部件 ——飞龙股份点评报告 投资要点 ❑ 一句话逻辑 公司为汽车水泵龙头，IDC 液冷、人形机器人业务为第二增长曲线，技术复用及 客户协同有望驱动业绩超预期。 ❑ 公司的预期差在哪里？ 可比企业银轮股份、曙光数创和申菱环境平均 PE(2026E)为 35X，目前公司该值 仅为 16X，向上弹性较大。 ❑ 后续有哪些催化 液冷泵订单、机器人订单、季度业绩增长。 ❑ 盈利预测 液冷产业进展不及预期、机器人进展不及预期等。 飞龙股份(002536) 报告日期：2025 年 04 月 14 日 投资评级: 买入(维持) 分析师：邱世梁 执业证书号：S1230520050001 qiushiliang@stocke.com.cn 分析师：周艺轩 执业证书号：S1230524060001 zhouyixuan@stocke.com.cn 研究助理：顾淳晖 guchunhui@stocke.com.cn | 基本数据 | | --- | | 收盘价 | ￥14.71 | | --- | --- | | 总市值(百万元) | 8455.10 | | ...

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 - 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].