证券代码：300432 证券简称：富临精工 公告编号：2025-033 富临精工股份有限公司 关于控股子公司引进战略投资者进展暨完成工商变更登记的公告 三、公司变更登记情况 江西升华已于近日完成工商变更登记，并取得宜春经济技术开发区行政审批 局换发的《营业执照》，具体信息如下： 1、公司名称：江西升华新材料有限公司 2、统一社会信用代码：91360900351324998T 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。 一、交易概述 富临精工股份有限公司（以下简称"公司"）于 2025 年 3 月 10 日召开第五 届董事会第二十二次会议、第五届监事会第十八次会议，审议通过了《关于控股 子公司增资扩股暨引入战略投资者的议案》，公司控股子公司江西升华新材料有 限公司（以下简称"江西升华"）以增资扩股方式引入战略投资者宁德时代新能 源科技股份有限公司（以下简称"宁德时代"）并签署《投资协议》《股东协议》， 宁德时代以人民币 40,000 万元认购江西升华新增注册资本 33,898 万元，并取得 江西升华本次交易交割完成后基于完全摊薄基础上 18.7387%的股权 ...

| 股东名称 | 是否为控 股股东及 | 本次质押股 | 占其所 持股份 | 占公 司总 | 是否 为限 | 是否 为补 | 质押起始日 | | 质押到期日 | 质权人 | 质押用途 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 其一致行 | 份数量（股） | 比例 | 股本 | 售股 | 充质 | | | | | | | | 动人 | | | 比例 | | 押 | | | | | | | 四川富临 实业集团 有限公司 | 是 | 11,370,000 | 3.06% | 0.93% | 否 | 否 | 2025 年 4 30 日 | 月 | 富临集团解 除质押时止 | 中国民生 银行股份 有限公司 | 生产经营 资金需要 | | | | | | | | | | | | 成都分行 | | 2、股东股份累计质押基本情况 证券代码：300432 证券简称：富临精工 公告编号：2025-032 富临精工股份有限公司 关于控股股东部分股权质押的公告 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 ...

Core Viewpoint - The company reported a significant improvement in financial performance for 2024 and Q1 2025, with a notable increase in revenue and a return to profitability, indicating a positive outlook for future growth [1][2]. Financial Performance - In 2024, the company achieved a revenue of 8.47 billion yuan, representing a year-on-year increase of 47.02%, and a net profit attributable to shareholders of 397 million yuan, marking a turnaround from losses [1][2]. - For Q1 2025, revenue reached 2.70 billion yuan, showing a year-on-year increase of 80.30% and a quarter-on-quarter increase of 4.22%, with a net profit of 124 million yuan, reflecting a year-on-year increase of 211.85% and a quarter-on-quarter increase of 43.71% [1][2]. Business Segments - The lithium battery cathode materials segment generated revenue of 4.83 billion yuan in 2024, up 71.99% year-on-year, while the automotive components segment generated 3.64 billion yuan, up 23.28% year-on-year [2]. - The gross margin for lithium battery cathode materials improved significantly, while the automotive components segment experienced a decline in gross margin due to capacity ramp-up and market competition [2]. Market Position and Strategy - The company is accelerating its layout in the fast-charging market, with lithium iron phosphate cathode materials showing a substantial increase in shipment volume, reaching 126,000 tons in 2024, a year-on-year increase of 179% [3]. - The automotive components business is experiencing steady growth, with new projects from domestic brands and mainstream new energy vehicle companies contributing to performance [4]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025-2026, estimating net profits of 958 million yuan and 1.41 billion yuan, respectively, reflecting downward adjustments of 26.49% and 17.98% [5]. - The target price for the company's shares is set at 26.77 yuan, based on a valuation approach using comparable companies' price-to-earnings ratios [5].

Core Insights - Source Le Sheng Asset Management has conducted research on a listed company, Fulin Precision, indicating a positive outlook for its new energy component business in 2024, with steady growth expected in smart electric control systems and electric drive systems [1] - The company has secured multiple projects with various automotive manufacturers for new product deliveries, particularly in lithium battery cathode materials, driven by increased demand in the new energy consumer market [1] - Fulin Precision has successfully turned its lithium iron phosphate business profitable in Q1, with expectations for improved profitability in Q2 due to increased production and sales [1] Company Overview - Fulin Precision is focusing on upgrading from traditional precision machining to smart electric control and mechatronics by 2025, aiming to enhance its research and manufacturing capabilities in robotic electric joints [1] - The company has developed various components with annual production capacities, including electric drive reducers, electromagnetic valves, and electronic water pumps [1] - The new generation of high-density lithium iron phosphate materials is progressing well, with the fourth generation already in mass production and the fifth generation under development [1]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for the next 6-12 months with expected price appreciation of over 15% [6]. Core Insights - The company reported a revenue of 8.47 billion yuan for 2024, a year-on-year increase of 47%, and a net profit of 320 million yuan, marking a return to profitability [3]. - In Q1 2025, the company achieved a revenue of 2.7 billion yuan, representing an 80% year-on-year growth and a 4% quarter-on-quarter increase, with a net profit of 83 million yuan, up 171% year-on-year and 17% quarter-on-quarter [3]. - The company is experiencing significant growth in its iron-lithium segment, with revenues of 4.8 billion yuan, a 72% increase year-on-year, and a sales volume of 126,000 tons, up 179% year-on-year [4]. - The automotive parts business is expanding, with multiple new projects secured, including components for leading electric vehicle manufacturers [5]. Summary by Sections Performance Review - The company reported a total revenue of 8.47 billion yuan for 2024, with a net profit of 320 million yuan, indicating a turnaround from previous losses [3]. - Q1 2025 results showed a revenue of 2.7 billion yuan and a net profit of 83 million yuan, both significantly higher than the previous year [3]. Operational Analysis - The iron-lithium segment saw a revenue increase to 4.8 billion yuan, with a gross margin improvement of 20.8 percentage points [4]. - The automotive parts segment is gaining traction with several new projects, including components for popular electric vehicle models [5]. Profit Forecast and Valuation - The company is projected to achieve net profits of 900 million yuan, 1.45 billion yuan, and 2.02 billion yuan for 2025, 2026, and 2027, respectively [6]. - The report highlights a structural supply-demand tightness in the high-pressure iron-lithium market, with expectations for continued market share growth and profit improvement [6].

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]

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]