证券代码：300432 证券简称：富临精工 公告编号：2025-012 富临精工股份有限公司 关于控股子公司增资扩股暨引入战略投资者的公告 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，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"、"富临精工"）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》，同意公司控股子公司江 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》。现将具体情况公告如下： 一、本次交易概述 （一）交易基本情况 鉴于公司及控股子公司江西升华与宁德时代签署《战略合作协议》，将在磷 酸铁锂材料产品研发、产能投建、国际化拓展、供应链及资本等方面开展长期可 持续的深度合作，进一步拓展在汽车及智能机器人等创新领域增量零部件及关节 的合作机会，以此达成战略伙伴关系。为进一步发挥各自在产业领域的专业与资 源优势，实现在新能源产业链上下游的合作，提升可持续发展和 ...

富临精工股份有限公司 证券代码：300432 证券简称：富临精工 公告编号：2025-010 表决结果：同意 3 票；反对 0 票；弃权 0 票。 特此公告。 富临精工股份有限公司 第五届监事会第十八次会议决议公告 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。 富临精工股份有限公司（以下简称"公司"）第五届监事会第十八次会议通 知于 2025 年 3 月 6 日以通讯方式向各位监事发出，并于 2025 年 3 月 10 日以现场 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《关于控股子公司增资扩股暨引入战略投资者的议案》 监事会认为，本次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宁德时代新能源科技股份有限公司（以下简称"宁德时 代"）作为战略投资者，是公司与宁德时代建立全面战略合作关系在股权与资本合 作层面的具体推进。有利于进一步优化江西升华资本结构，提升产能规模，不断 增强其资金实力及综合竞争力，有利于进 ...

证券代码：300432 证券简称：富临精工 公告编号：2025-011 富临精工股份有限公司 关于与宁德时代新能源科技股份有限公司签署战略合作协议的公告 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，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 本协议为各方战略合作协议，具体合作项目各方另行协商签订正式协议组织 实施。公司将按照法律法规和《公司章程》的相关规定，对战略合作事项的落地 实施履行相应的审批程序和信息披露义务，敬请广大投资者注意投资风险。 一、协议签订的基本情况 为进一步发挥各自在产业内的禀赋优势，合作各方基于长期良好的合作关系， 经友好协商，富临精工股份有限公司（以下简称"公司"、"富临精工"）及控 股子公司江西升华新材料有限公司（以下简称"江西升华"）与宁德时代新能源 科技股份有限公司（以下简称"宁德时代"）签署《战略合作协议》，合作各方 将在磷酸铁锂材料产品研发、产能投建、国际化拓展、供应链及资本等方面开展 长期可持续的深度合作，进一步拓展在汽车及智能机器人等创新领域增量零部件 及关节的合作机会，以此达成战略伙伴关系。 根据《深圳证券交易所创业板股票上市规则》、《公司章程》等 ...

证券代码：300432 证券简称：富临精工 公告编号：2025-008 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 2、一致行动人聂丹系公司董事，所持限售股股份性质为高管锁定股，其未质押股份不 涉及股份被冻结情况。 3、上表中部分合计数与各明细数相加之和在尾数上如有差异，系以上百分比结果四舍 五入所致。 二、其他情况说明 一、股东股份质押基本情况 1、本次股东股份质押基本情况 | 股东名称 | 是否为控 股股东及 | 本次质押股 | 占其所 | 占公 司总 | 是否 | 是否 为补 | 质押起始日 | 质押到期日 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 持股份 | | 为限 | | | | | 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 | | | | | | | 2025 年 3 月 | 2026 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking its initial coverage [8]. Core Insights - The company, a leading player in engine components, is actively expanding into the new energy sector, particularly in "electric drive + thermal management + suspension systems" and "lithium iron phosphate" markets. The lithium iron phosphate business is experiencing a turning point with increasing demand for high-pressure lithium iron phosphate products, leveraging its competitive advantage in oxalic acid processing [2][4][7]. Summary by Sections Engine Components - The company is a well-established leader in engine components, maintaining high profitability in traditional products. It has achieved significant market shares in various products, with a 21% and 13% market share in mechanical and hydraulic tappets respectively as of 2014. The VVT product currently holds a 12% market share, ranking first. The automotive engine market remains robust, benefiting from hybrid and export growth, with expectations for further market share gains in new technology areas like EVVT [4][31][35]. New Energy Business - The company has capitalized on the transition to new energy, expanding its product offerings to include electric drive systems, thermal management, and suspension systems. The electric drive system market is projected to exceed 100 billion, with revenues reaching 750 million in 2023, a 56.3% year-on-year increase. The thermal management market is also significant, with revenues of 380 million in 2023, reflecting a 93.5% year-on-year growth [4][5][31]. Lithium Iron Phosphate - The company entered the lithium iron phosphate sector in 2021, utilizing an oxalic acid method for production, which provides a competitive edge in high-pressure performance. The cost structure is expected to improve significantly with a projected 30-40% self-supply rate of lithium dihydrogen phosphate by 2025, potentially reducing costs by 600-700 yuan per ton [5][7]. Robotics - The company is venturing into the robotics sector, focusing on core components for robotic joints. With a market potential exceeding 30 billion, the company has established partnerships for mass production of robotic components, positioning itself as a key supplier in the industry [6][7]. Financial Projections - The company is expected to see a stable growth foundation from its engine components and lithium iron phosphate businesses, with new growth opportunities in robotics. Projected net profits for 2024, 2025, and 2026 are 410 million, 1.08 billion, and 1.52 billion respectively, with corresponding P/E ratios of 55, 21, and 15 [7].

Core Viewpoint - The lithium battery industry is experiencing a surge in demand for lithium iron phosphate (LFP), leading to significant price increases and a competitive landscape reshaping the market dynamics [1][4]. Group 1: Market Demand and Price Trends - The current price increase of LFP is driven by sustained market demand and product iteration, particularly for high-density LFP products [1][4]. - Major LFP manufacturers are seeing improved capacity utilization, especially for high-end products, indicating strong market demand [2]. - Recent large orders in the LFP sector include significant contracts from companies like Longpan Technology with Blue Oval and CATL, with total market value approaching 10 billion yuan [3][4]. Group 2: Product Differentiation and High-Density LFP - The price increase is more pronounced for high-density LFP products, which are in high demand due to their superior energy density [7][8]. - High-density LFP products are defined by their packing density, with higher density correlating to better battery performance [7]. - The introduction of advanced products like CATL's Shenxing battery and BYD's upcoming second-generation blade battery is expected to further boost demand for high-density LFP [8][9]. Group 3: Cost Pressures and Industry Strategies - Despite price increases, production costs are also rising, limiting the overall profit impact for manufacturers [10][11]. - The cost of producing high-density LFP is expected to increase significantly due to the need for advanced manufacturing processes [12]. - Companies are adopting integrated strategies to reduce costs and enhance profitability, with a focus on self-sufficiency in raw materials [13][14].

证券代码：300432 证券简称：富临精工 公告编号：2025-007 截至本公告披露日，富临集团持有公司股份 371,244,012 股，占公司总股本 的 30.40%。其中，通过普通证券账户持有公司股份 327,244,012 股，占其所持 有公司股份总数的 88.15%，占公司总股本的 26.80%；存放于招商证券客户信用 交易担保证券账户的公司股份为 44,000,000 股，占其所持有公司股份总数的 11.85%，占公司总股本的 3.60%。 特此公告。 富临精工股份有限公司 董事会 2025 年 2 月 21 日 富临精工股份有限公司 关于控股股东部分股份解除融资融券业务的公告 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，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"）于 2025 年 2 月 21 日收到公司 控股股东四川富临实业集团有限公司（以下简称"富临集团"）关于部分股份解 除融资融券业务的函告，现将具体情况公告如下： 富临集团将其持有的公司 11,000,000 股（占公司总股本的 0.90%）无限售 流通股从招商证券股份有限公司（以下简称" ...

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。 一、对外投资概述 为满足富临精工股份有限公司（以下简称"公司"、"富临精工"）机器人 产业发展需要，加快机器人关键硬件智能电关节的开发与产业化，公司与绵阳市 涪城区人民政府友好协商，拟签订《机器人智能电关节模组研发及生产基地项目 投资协议》（以下简称"《投资协议》"），公司拟在绵阳市涪城区投资建设机 器人智能电关节模组研发及生产基地项目，项目总投资金额 11,000 万元。 证券代码：300432 证券简称：富临精工 公告编号：2025-006 富临精工股份有限公司 关于签订《机器人智能电关节模组研发及生产基地项目投资协议》的 根据《深圳证券交易所创业板股票上市规则》、《公司章程》等规定，本次投 资事项不涉及关联交易，不构成《上市公司重大资产重组管理办法》规定的重大 资产重组，无需提交董事会和股东大会审议。 4、与公司的关系：无关联关系。 三、拟投资项目的基本情况 二、合作对方的基本情况 1、合作对方：绵阳市涪城区人民政府 2、性质：地方行政机关 3、住所：绵阳市涪城区城厢街道文庙街 8 号 1、项目名称： ...

Summary of Conference Call Notes Company Overview - The company discussed is 富宁 (Funing), which operates in three main business segments: high-pressure stone density, hydraulic components, and robotics [1][7]. Key Points and Arguments High-Pressure Stone Density - Funing has a leading advantage in high-pressure stone density, with significant production capacity expansion planned [1][3]. - The company aims to increase output from approximately 120,000 tons last year to over 250,000 tons this year, with a long-term goal of reaching 500,000 tons [3]. - The expected unit economics for this segment is projected to be above 2,000 RMB per ton, with potential for price increases depending on competitors' actions [4][20]. Hydraulic Components - The hydraulic components segment has a stable profit margin, with a market share of around 20% [5]. - The company is expanding into the electric vehicle (EV) market, focusing on components like electric drive systems and thermal management, which are expected to grow by over 30% [1][5]. Robotics - Funing has been developing its robotics segment for three years, focusing on components like gear reducers and planetary gear reducers [6]. - The company has a strong client base and significant R&D experience, positioning it well in the domestic humanoid robotics market [6][7]. - The robotics segment is currently undervalued in the market, with potential for substantial growth [6][14]. Market Dynamics - The overall demand for high-pressure stone products is expected to grow significantly, driven by the needs of major battery manufacturers like 宁德时代 (CATL) [17][18]. - Despite some downward adjustments in domestic energy storage demand, the overall impact on Funing's operations is minimal, with a projected growth in battery demand [15][16]. Financial Performance - The company's revenue from hydraulic components is expected to reach approximately 3.6 billion RMB in 2024, aligning closely with the revenue from high-pressure stone products [8]. - The profitability metrics, including gross and net margins, have shown volatility due to fluctuations in the high-pressure stone segment, but recovery is anticipated as prices stabilize [9]. Future Outlook - Funing's strategy includes expanding its robotics capabilities and enhancing its product offerings in the EV sector, which are expected to contribute significantly to future revenue [10][26]. - The company is also exploring partnerships and joint ventures to strengthen its market position in robotics [12]. Valuation - The current market valuation of Funing is considered low compared to peers in the robotics sector, with potential for revaluation as the company continues to grow [27]. Additional Important Information - The company is actively working on cost reduction strategies, including upstream material sourcing to lower production costs [20][23]. - Funing's unique production methods for high-pressure products are expected to yield better quality and strength compared to competitors [21]. This summary encapsulates the key insights from the conference call, highlighting Funing's strategic focus, market positioning, and financial outlook.

核心观点 市场表现： 2025/2/3-2/7，我们构建的国信人形机器人指数上涨14.28%，强于沪深300指数12.3pct，强于上证综合指数12.64pct，年初至今上涨51.77%；部分核心公司中拓普集团 上涨11.48%，三花智控上涨15.54%，北特科技上涨7.16%，双林股份上涨6.63%，贝斯特上涨11.31%，长华集团上涨0.32%，祥鑫科技上涨17.4%，双环传动上涨7.94%，斯菱股 份上涨13.12%，豪能股份上涨7.27%，精锻科技上涨4.75%，蓝黛科技上涨7.96%，凌云股份上涨10.84%，旭升集团上涨11.84%，肇民科技上涨7.4%，爱柯迪上涨6.1%，整体来 看机器人板块表现较为强势。 行业动态： 行业新闻方面： 1)华依科技推出国产高精度ARU人形机器人专用姿态传感器,成为国内某头部人形机器人制造商新一代人形机器人的IMU供应商；2）Figure宣布终 止与OpenAI合作，并表示其在完全自主研发的端到端机器人AI方面取得重大突破，还承诺将在未来30天内展示新的进展；3）波士顿动力公司宣布与机器人与人工智能研究所 （RAI Institute）达成合作，旨在为其电动人形机 ...