Summary of Conference Call Notes Company and Industry Overview - The conference call primarily discusses **Fulin Precision** and its performance in the **new energy vehicle (NEV)** and **lithium iron phosphate battery** sectors, as well as developments in the **robotics** industry. Key Points and Arguments Financial Performance - In Q1 2025, the company reported revenue of **27 billion** CNY, a year-on-year increase of **80%**. The net profit attributable to shareholders was **1.24 billion** CNY, up **211.85%** year-on-year, driven by the rapid growth of NEV incremental components and high-pressure lithium iron phosphate cathode materials [2][4][6]. Lithium Iron Phosphate Battery Sector - The high-pressure lithium iron phosphate cathode materials are entering a phase where both technical performance and cost are prioritized. Collaborations with core customers and optimized business conditions are expected to further improve profitability, mitigating the impacts of cyclical adjustments and homogenized competition [2][6]. - The company aims to achieve a production and sales target of **250,000 tons** of lithium iron phosphate batteries in 2025, with a capacity of **300,000 tons** expected by June [2][11][30]. Robotics Sector - The company is accelerating its expansion into the robotics joint assembly and module product markets, with production capacity and testing equipment in place. The development advantages and growth elasticity in the incremental components and robotics joint parts sectors are anticipated to become evident [2][7][10]. - The company holds five invention patents for harmonic reducers and is collaborating with major manufacturers to advance product validation and joint development [3][20]. Cost Reduction and Efficiency Improvement - Continuous cost reduction and efficiency improvement measures are being implemented. Scale operations and optimized supplier business conditions are expected to lower costs, with positive impacts anticipated from the completion of major material construction projects in Q3 to Q4 [2][8][40]. Market Dynamics and Strategic Positioning - The lithium iron phosphate battery industry is entering a stage of optimized structure and stable profit improvement. The company plans to leverage its strategic partnerships and long-term agreements to enhance profitability in Q2 [8][21][30]. - The company is also focusing on the fast-charging market, which has become a significant technological driver in the lithium battery materials sector [24]. Future Growth and Development Plans - The company is targeting a revenue growth of at least **25%** in 2025, driven by the rapid rollout of new products and adaptation to mainstream vehicle models [32][38]. - In the robotics sector, the company is preparing for significant revenue growth in 2025 and 2026, with ongoing collaborations with major manufacturers [9][10][20]. Supply Chain and Geopolitical Considerations - The company has minimal exposure to U.S. trade barriers due to its market focus on non-U.S. regions. However, global supply chain disruptions are acknowledged as a cost-increasing factor [18]. - The company plans to establish a supply chain for ferrous oxalate and lithium dihydrogen phosphate by Q3, aiming for a cost reduction target of **2,000 CNY** per ton, enhancing the competitiveness of its lithium iron phosphate technology [43]. Additional Important Insights - The company is actively engaging in new project development and customer expansion, with significant collaborations in the automotive sector [34][35]. - The overall gross margin is expected to stabilize this year, supported by strategic measures and a focus on projects with cash flow and profit guarantees [42]. - The company is preparing for open house events in May to showcase its new energy incremental component production base and robotics production line [48].

Financial Performance - In 2024, the company achieved an operating revenue of CNY 8.47 billion, a year-on-year increase of 47.02% [3] - The net profit attributable to shareholders reached CNY 397 million, up 173.11% year-on-year [3] - The net profit after deducting non-recurring gains and losses was CNY 320 million, reflecting a growth of 149.32% [3] - In Q1 2025, the company reported an operating revenue of CNY 2.70 billion, a year-on-year increase of 80.30% [3] - The net profit attributable to shareholders for Q1 2025 was CNY 124 million, a significant increase of 211.85% [3] Business Segments - The automotive parts segment generated CNY 3.64 billion in revenue, a growth of 23.28% [3] - The lithium battery cathode materials segment achieved CNY 4.83 billion in revenue, marking a 71.99% increase [3] - The company’s electric drive systems and intelligent thermal management systems for new energy vehicles are rapidly increasing in volume and contributing to performance [3] Market Trends and Strategies - The demand for high-performance lithium iron phosphate (LFP) materials is rising, particularly for fast-charging applications [4] - The company is focusing on expanding its production capacity for high-density LFP materials, with plans to increase effective capacity from 215,000 tons to 300,000 tons [18] - The company is actively engaging in the intelligent robotics sector, developing key components such as precision reducers and electric joints [5][6] Partnerships and Collaborations - A joint venture was established with Zhiyuan Robotics to develop humanoid robot applications, leveraging both parties' strengths [7] - The company is expanding its customer base in the robotics field, aiming for large-scale production and market adaptation [6][7] Future Outlook - The company aims to enhance its capabilities in the intelligent robotics sector and expand its market share in the new energy vehicle components market [18] - The focus will remain on technological innovation and product upgrades to meet the evolving demands of high-end battery manufacturers and automotive OEMs [14][15] - The company plans to strengthen its supply chain and reduce production costs to improve profitability [18]

Core Viewpoint - The performance of Fulin Precision (300432) meets market expectations, driven by dual engines of iron-lithium and robotics, with a target price adjustment to 31.5 yuan and a "buy" rating [1] Group 1: Financial Performance - In 2024, the company expects revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit of 400 million yuan, up 173.1% year-on-year, with a gross margin of 12.4%, an increase of 6.9 percentage points [1] - In Q4 2024, revenue is projected at 2.59 billion yuan, with a quarter-on-quarter increase of 63.5% and a year-on-year increase of 13.1%, while net profit is expected to be 90 million yuan, down 161.2% quarter-on-quarter and 51.9% year-on-year [1] - For Q1 2025, revenue is anticipated to be 2.7 billion yuan, reflecting a quarter-on-quarter increase of 80.3% and a year-on-year increase of 4.2%, with a net profit of 120 million yuan, up 211.9% quarter-on-quarter and 43.7% year-on-year [1] Group 2: Iron-Lithium Business - In 2024, iron-lithium shipments are expected to reach 126,000 tons, a year-on-year increase of nearly 179%, with Q4 shipments at 44,000 tons, a quarter-on-quarter increase of 26% [2] - For Q1 2025, shipments are projected to be nearly 50,000 tons, a year-on-year increase of 170%, with a target of 250,000 tons for the year, doubling the previous year's output [2] - The company anticipates a recovery in net profit per ton of iron-lithium to 200 yuan in 2025, driven by cost reductions from self-supplied materials [2] Group 3: Automotive Parts Business - In 2024, the automotive parts business is expected to generate revenue of 3.6 billion yuan, a year-on-year increase of 23%, with new energy components contributing 1.1 billion yuan, up 99% [3] - The gross margin for the automotive parts business is projected at 23.7%, contributing 860 million yuan in gross profit [3] - For Q1 2025, the automotive parts business is expected to contribute a net profit of 80 million yuan, with a stable growth forecast for the year [3] Group 4: Cost Control and Capital Expenditure - In 2024, operating expenses are projected at 620 million yuan, a year-on-year increase of 15.3%, with an expense ratio of 7.3% [4] - Capital expenditure for 2024 is expected to be 810 million yuan, down 32.3%, while Q1 2025 capital expenditure is projected at 300 million yuan, a significant quarter-on-quarter increase [4] - The company reported operating cash flow of 580 million yuan in 2024, an increase of 88.6% year-on-year [4] Group 5: Investment Recommendations - The company has revised its net profit expectations for 2025-2026 to 960 million and 1.54 billion yuan, respectively, with a new forecast for 2027 at 2.04 billion yuan, reflecting significant growth [4] - The target price is set at 31.5 yuan, with a PE ratio of 25x for 2026 [4] - Recent ratings show 7 buy ratings and 1 hold rating from 8 institutions, with an average target price of 27.12 yuan [5]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance meets market expectations, driven by dual engines of lithium iron phosphate and robotics [7] - In 2024, the company is expected to achieve a revenue of 8.47 billion yuan, a year-on-year increase of 47%, and a net profit attributable to shareholders of 0.4 billion yuan, a year-on-year increase of 173.1% [7] - The company anticipates a significant increase in lithium iron phosphate shipments, with a projected doubling in 2025 [7] - The automotive parts business is expected to maintain a 20% growth rate, contributing stable profit increments [7] - The robotics segment is positioned to capture key customers, leveraging existing mechanical processing and mechatronics capabilities [7] Financial Summary - Total revenue for 2023 is reported at 5.76 billion yuan, with projections of 8.47 billion yuan for 2024, 13.14 billion yuan for 2025, and 21.61 billion yuan for 2026 [1][9] - The net profit attributable to shareholders is expected to recover from a loss of 0.54 billion yuan in 2023 to a profit of 0.4 billion yuan in 2024, 0.96 billion yuan in 2025, and 1.54 billion yuan in 2026 [1][9] - The earnings per share (EPS) is projected to increase from -0.44 yuan in 2023 to 0.32 yuan in 2024, reaching 0.79 yuan in 2025 [1][9] - The company’s gross margin is expected to improve from 12.39% in 2024 to 15.46% in 2025 [9] Investment Recommendations - The net profit forecast for 2025 and 2026 has been adjusted to 0.96 billion yuan and 1.54 billion yuan respectively, with a new forecast for 2027 at 2.04 billion yuan [8] - The target price is set at 31.5 yuan, based on a 25x price-to-earnings ratio for 2026 [8]

经理层负责组织领导企业内部控制的日常运行。 公司董事会、监事会及董事、监事、高级管理人员保证本报告内容不存在 任何虚假记载、误导性陈述或重大遗漏，并对报告内容的真实性、准确性和完 整性承担个别连带法律责任。 中德证券有限责任公司 关于富临精工股份有限公司 2024年度内部控制自我评价报告的核查意见 中德证券有限责任公司（以下简称"中德证券"或"保荐机构"）作为富 临精工股份有限公司（以下简称"富临精工"或"公司"）2021年度向特定对 象发行股票的保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所创业板股票上市规则》《深圳证券交易所上市公司自律监管指引第2号— 创业板上市公司规范运作》《深圳证券交易所上市公司自律监管指引第13号— 保荐业务》《企业内部控制基本规范》等相关规定，对《富临精工股份有限公 司2024年度内部控制自我评价报告》进行了审慎核查，核查情况如下： 一、重要声明 按照企业内部控制规范体系的规定，公司建立、健全和有效实施内部控制 制度，评价其有效性，并如实披露内部控制评价报告是公司董事会的责任。 监事会对董事会建立和实施内部控制进行监督。 公司内部控制的目标是合理保证经营管理合法 ...

Financial Performance - The company reported a basic earnings per share of 0.3256 yuan for 2024, a significant increase of 173.05% compared to a loss of 0.4457 yuan in 2023 [1] - The total revenue for 2024 reached 8.47 billion yuan, marking a 47.02% increase from 5.761 billion yuan in 2023 [1] - The net profit for 2024 was 0.397 billion yuan, a turnaround from a loss of 0.543 billion yuan in 2023, reflecting a 173.11% improvement [1] - The return on equity (ROE) improved to 9.60% in 2024 from -12.33% in 2023, indicating a recovery in profitability [1] Shareholder Structure - The top ten unrestricted shareholders collectively hold 58.45166 million shares, accounting for 48.43% of the circulating shares, with an increase of 9.14 million shares compared to the previous period [1] - Sichuan Fulian Industrial Group Co., Ltd. remains the largest shareholder with 37.1244 million shares, representing 30.77% of the total share capital [2] - New entrants among the top shareholders include the National Social Security Fund 104 Portfolio and Liu Jing, holding 1.19741 million shares (0.99%) and 0.95687 million shares (0.79%) respectively [2] Dividend Distribution - The company announced a dividend distribution plan of 10 shares for every 4 shares held, along with a cash dividend of 1 yuan (tax included) [2]

富临精工股份有限公司 独立董事 2024 年度述职报告 （肖世德） 各位股东及股东代表: 本人作为富临精工股份有限公司（以下简称"公司"）的独立董事，根据《公 司法》《证券法》《上市公司独立董事管理办法》《深圳证券交易所创业板股票 上市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司 规范运作》等相关法律法规和《公司章程》《独立董事工作制度》等相关规定和 要求，忠实履行独立董事职责，发挥独立董事作用，切实维护公司和全体股东尤 其是中小股东的利益。现就本人 2024 年度履行独立董事职责情况报告如下： 一、基本情况 本人肖世德，中国国籍，1967 年 2 月生，中共党员，工学学士、硕士、博士 学位。1994 年至今，在西南交通大学机械工程学院工作，2000 年至今任西南交 通大学教授，2003 年至今任西南交通大学博士生导师。2023 年 7 月起担任公司 独立董事。本人具体情况详见公司《2024 年年度报告》中"董事、监事和高级管 理人员情况"部分。 报告期内，本人任职符合《上市公司独立董事管理办法》第六条规定的独立 性要求，不存在影响独立性的情况。 二、2024 年度履职情况 （一）出 ...

证券代码：300432 证券简称：富临精工 公告编号：2025-027 富临精工股份有限公司 关于召开2024年年度股东大会的通知 3、会议召开的合法、合规性：本次股东大会由公司第五届董事会第二十三 次会议审议通过，决定召开公司2024年年度股东大会，本次股东大会的召开符合 有关法律、行政法规、部门规章、规范性文件、深交所业务规则和《公司章程》 等规定。 4、会议召开的日期、时间： （1）现场会议时间：2025年5月19日（星期一）下午14:30； （2）网络投票时间：2025年5月19日； 其中，通过深圳证券交易所交易系统进行网络投票的具体时间为：2025年5 月19日上午9:15-9:25，上午9:30-11:30和下午13:00-15:00；通过深圳证券交易 所互联网投票系统投票的具体时间为：2025年5月19日9:15-15:00期间的任意时 间。 5、会议的召开方式：现场投票与网络投票表决相结合； （1）现场投票：股东本人出席现场会议或者通过授权委托书（见附件二） 委托他人出席现场会议。 （2）网络投票：本次股东大会将通过深交所交易系统和互联网投票系统 (http://wltp.cninfo.com ...

富临精工股份有限公司（以下简称"公司"）第五届监事会第十九次会议通知 于2025年4月24日以电话及专人送达方式向各位监事发出，并于2025年4月28日在 公司会议室以现场方式召开。应出席会议的监事3人，实际出席会议的监事3人。 会议由监事会主席胡国英女士主持。会议的召集、召开符合《公司法》及《公司 章程》规定。 一、审议通过了《2024年度监事会工作报告》 2024年度公司监事会严格按照《公司法》《公司章程》《公司监事会议事规 则》等相关要求，从切实维护公司和全体股东利益出发，认真履行监督职责，促 进了公司的规范化运作。具体内容详见中国证监会指定的创业板信息披露网站。 表决结果：同意3票；反对0票；弃权0票。 本议案尚需提交公司2024年年度股东大会审议。 证券代码：300432 证券简称：富临精工 公告编号：2025-018 富临精工股份有限公司 第五届监事会第十九次会议决议公告 本公司及监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、 误导性陈述或重大遗漏。 二、审议通过了《关于公司2024年年度报告及其摘要的议案》 公司董事会编制的《2024年年度报告》及其摘要真实、准确、完整地反映了 ...

第五届董事会第二十三次会议决议公告 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、 误导性陈述或重大遗漏。 富临精工股份有限公司（以下简称"公司"）第五届董事会第二十三次会议通 知于 2025 年 4 月 24 日以通讯方式向各位董事发出，并于 2025 年 4 月 28 日在公 司会议室以现场方式召开。应出席会议的董事 9 人，实际出席会议的董事 9 人， 公司监事及高级管理人员列席了会议，会议由董事长王志红先生主持。会议的召 集、召开符合《公司法》及《公司章程》规定。 一、审议通过了《2024年度董事会工作报告》 证券代码：300432 证券简称：富临精工 公告编号：2025-017 富临精工股份有限公司 《2024 年度董事会工作报告》具体内容详见中国证监会指定的创业板信息披 露网站。 公司独立董事潘鹰先生、步丹璐女士、肖世德先生向董事会提交了《独立董 事 2024 年度述职报告》，并将在公司 2024 年年度股东大会上进行述职。 公司董事会依据独立董事提交的《独立董事关于独立性自查情况的报告》， 对独立董事独立性情况进行评估并出具《董事会对独立董事独立性自查情况的专 项意见》 ...