Core Viewpoint - Futec Technology (301607.SZ) is set to begin bulk supply of overseas projects in 2024, with an expected first-year revenue contribution of approximately 6.8% from direct exports to international markets [1] Group 1 - In 2025, the company anticipates stable mass production of projects, leading to an increase in supply scale, which is expected to push the revenue contribution from overseas projects to over 17% in the first half of the year [1] - The company aims to leverage the overseas market window to continuously expand its global market share, with additional overseas projects expected to gradually enter mass production starting in 2026 [1]

格隆汇11月11日丨富特科技(301607.SZ)在投资者关系表示，公司的客户结构多元，覆盖了国内传统汽 车品牌、本土造车新势力以及海外主流汽车厂商，是国内少数能够为国际一流整车品牌及高端新能源车 型配套车载高压电源的企业。目前，公司已与广汽、蔚来、长城、小米、小鹏、零跑、长安等多家国内 领先车企建立稳定合作，并凭借在国内市场积累的配套经验、技术实力与快速响应能力，成功进入雷 诺、Stellantis 等多家海外主流客户的供应链体系，在行业内树立了优良口碑，持续巩固公司在全球市场 中的领先地位与竞争力。 ...

Customer Structure - The company has a diverse customer base, including domestic traditional automotive brands, local new car manufacturers, and overseas mainstream automotive manufacturers. It is one of the few companies capable of supplying high-voltage power supplies for international first-class vehicle brands and high-end new energy models [1] - Established stable partnerships with leading domestic car manufacturers such as GAC, NIO, Great Wall, Xiaomi, Xpeng, Leap Motor, and Changan, and successfully entered the supply chains of overseas clients like Renault and Stellantis [1] Overseas Sales Performance - In 2024, overseas projects began bulk supply, with the first-year revenue accounting for approximately 6.8% [1] - By the first half of 2025, overseas revenue share increased to over 17%, marking a significant step in international business expansion [1] - Additional overseas projects are expected to gradually enter mass production starting in 2026, with plans to expand global market share [1] Production Capacity - The core production bases are the Anji Plant I and II, with a combined designed capacity of 1.8 million units as of June 2023 [2] - Anji Plant I, operational since 2021, has a designed capacity of 1.2 million units and is currently running at full capacity; Anji Plant II was successfully launched earlier this year [2] - The company is continuously optimizing production capacity through technical upgrades and process improvements, with plans to invest in new production lines based on customer orders [2] Shareholder Information - A portion of shares from the initial public offering and strategic placement, accounting for 50.71% of total shares, was released for trading on September 4 [2] - Shareholders planning to reduce their holdings will announce their intentions in advance, while others can reduce their holdings without additional disclosure from the company [2]

Core Insights - The company reported a significant increase in Q3 2025 earnings, with revenue reaching 1.085 billion yuan, a year-on-year growth of 108.27% and a quarter-on-quarter growth of 12.05% [1] - The net profit attributable to shareholders was 70 million yuan, marking a year-on-year increase of 186.93% and a quarter-on-quarter increase of 48.09%, indicating a strong recovery trend [1] - The gross margin and net margin for Q3 were 19.48% and 6.45%, respectively, with the net margin improving by 1.77 percentage points year-on-year, reflecting enhanced profitability efficiency [1] Business Performance - The high growth in Q3 performance was primarily driven by the expansion of the new energy vehicle (NEV) business and breakthroughs in overseas customer acquisition [1] - The company focuses on the core sector of onboard power supply, continuously expanding its domestic and international key customer base, with onboard high-voltage power systems accounting for over 90% of revenue [1] - In August 2025, the company's market share in the domestic onboard OBC market increased to 12.0%, with installed capacity growing by 152.3% year-on-year [1] Strategic Developments - The onboard business benefits from the trend of integration and the ramp-up of new customer projects, while the overseas business is supported by the electrification trend in Europe [2] - The company achieved a technological breakthrough in domestic high-power liquid-cooled power modules for non-onboard applications, opening a second growth curve [2] - The implementation of restricted stock incentives is expected to bind core personnel and support long-term growth across various business segments [2] International Expansion - The overseas business is experiencing strong growth momentum due to the electrification trend in Europe, with revenue from overseas reaching 132 million yuan in Q3 2024, a year-on-year increase of 5815.5% [3] - In the first half of 2025, overseas revenue reached 262 million yuan, accounting for 17.76% of total revenue, indicating a rapid increase in international market share [3] - The construction of the Thailand overseas production base is accelerating to expand capacity and meet orders from clients like Renault and Stellantis, optimizing the global supply chain [3] Financial Forecast - The company is expected to continue benefiting from the penetration rate of new energy vehicles, the trend of onboard power integration, and the expansion of overseas markets, leading to rapid growth [3] - The revenue forecasts for 2025-2027 have been adjusted to 3.642 billion, 4.501 billion, and 5.532 billion yuan, respectively, with net profit forecasts of 221 million, 348 million, and 453 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company has shown significant profit recovery in Q3 2025, with a revenue of 1.085 billion yuan, representing a year-on-year growth of 108.27% and a quarter-on-quarter increase of 12.05%. The net profit attributable to the parent company reached 70 million yuan, up 186.93% year-on-year and 48.09% quarter-on-quarter, marking the highest profit growth rate of the year [1]. - The company focuses on the research, production, and sales of high-voltage power systems for electric vehicles, with over 90% of its revenue coming from this segment. In August 2025, the company's market share in the domestic on-board OBC market increased to 12.0%, with a year-on-year growth in installation volume of 152.3% [2]. - The overseas business is benefiting from the electrification trend in Europe, with a projected revenue of 132 million yuan in Q3 2024, a staggering year-on-year growth of 5815.5%. The company is also expanding its overseas production capacity in Thailand to meet orders from clients like Renault and Stellantis [4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 19.48% and a net margin of 6.45%, with the net margin improving by 1.77 percentage points year-on-year. The overall performance in Q3 was primarily driven by the growth in the electric vehicle sector and breakthroughs with overseas clients [1]. - The financial forecast for 2025-2027 estimates revenues of 3.642 billion yuan, 4.501 billion yuan, and 5.532 billion yuan respectively, with net profits projected at 221 million yuan, 348 million yuan, and 453 million yuan [4]. Business Strategy - The company is strategically expanding its client base in the electric vehicle sector, focusing on partnerships with leading manufacturers such as Renault, Xiaomi, and BYD. The integration of SiC devices has created technological barriers, while domestic capacity expansion and overseas base construction enhance supply chain security [2][3]. - The company is also diversifying its business by developing non-automotive high-voltage power systems, including liquid-cooled ultra-fast charging power modules, which are expected to open a second growth curve [3]. Market Outlook - The company is well-positioned to benefit from the increasing penetration of electric vehicles and the trend towards integrated on-board power systems. The ongoing expansion into overseas markets is expected to provide additional growth opportunities [4].

Group 1: European Electric Vehicle Market Trends - The recovery of electric vehicle sales in Europe in the first half of the year is driven by subsidy policies, vehicle prices, and carbon emission regulations, stimulating consumer demand [1] - Key factors influencing future sales trends include potential adjustments to purchase subsidies in major countries like Germany, the introduction of affordable new models like the Renault R5, and the progress of public charging infrastructure [1] - The European market's potential is still being released, but growth may become more stable [1] Group 2: Company Business Outlook for 2026 - The company maintains stable cooperation with long-term clients such as GAC and NIO, providing a solid foundation for performance [1] - New projects with clients like Xiaomi, Leap Motor, and Changan are progressing steadily, supporting order growth [1] - The expansion into overseas markets is proceeding as planned and is expected to become a new growth point [1] Group 3: Future Trends in Onboard Power Products - In the short term, existing products with relatively single functions will face price pressure due to industry competition [2] - In the medium to long term, product pricing will depend on technological value, with advancements in 800V high-voltage architecture and "multi-in-one" integration expected to enhance product complexity and value [2] - The application of new technologies like gallium nitride (GaN) semiconductors will lead to breakthroughs in performance and value [2] Group 4: Technical Development Directions for Onboard Power - The development of onboard power technology is showing a phased and diversified path, with small three-electric integration currently dominating the domestic market due to its cost-effectiveness and maturity [2] - Large integration solutions are becoming an important trend, primarily led by OEMs, and this pattern is expected to remain for the next 2-3 years [2] - In overseas markets, small three-electric integration is also predominant, with only a few small models beginning to explore large integration solutions, which are progressing more slowly than in the domestic market [2]

Group 1 - The core viewpoint of the news is that Futec Technology's stock has experienced fluctuations, with a year-to-date increase of 57.24% but a recent decline of 4.68% over the last five trading days [2][3] - As of November 5, Futec Technology's stock price was 42.58 CNY per share, with a market capitalization of 6.618 billion CNY and a trading volume of 42.8532 million CNY [1] - The company has been actively traded, appearing on the "Dragon and Tiger List" four times this year, with the most recent net purchase of 20.8434 million CNY on June 27 [2] Group 2 - Futec Technology's main business involves the research, production, and sales of high-voltage power supply systems for new energy vehicles, with 95.68% of its revenue coming from vehicle-mounted products [2][3] - For the period from January to September 2025, the company reported a revenue of 2.559 billion CNY, representing a year-on-year growth of 116.31%, and a net profit of 137 million CNY, up 65.94% year-on-year [3] - As of October 20, the number of shareholders increased by 30.44% to 13,600, while the average circulating shares per person decreased by 23.34% to 7,960 shares [3] Group 3 - The company has distributed a total of 1.9983 million CNY in dividends since its A-share listing [4] - As of September 30, 2025, several institutional investors exited the top ten circulating shareholders list, indicating potential changes in investor sentiment [4]

Core Insights - The company reported a significant revenue increase of 116.31% year-on-year for the first three quarters of 2025, reaching 2.559 billion yuan, with a net profit attributable to shareholders of 137 million yuan, up 65.94% year-on-year [1] - In Q3 2025, the company achieved a revenue of 1.085 billion yuan, marking a 108.27% year-on-year growth and a 12.05% quarter-on-quarter increase, with a net profit of 70 million yuan, up 186.93% year-on-year and 48.09% quarter-on-quarter [1] Financial Performance - The gross margin for the first three quarters of 2025 was 19.49%, a decrease of 6.92 percentage points year-on-year, while the net profit margin was 5.35%, down 1.63 percentage points year-on-year [2] - In Q3 2025, the gross margin was 19.48%, down 3.11 percentage points year-on-year and 0.59 percentage points quarter-on-quarter, while the net profit margin improved to 6.45%, up 1.77 percentage points year-on-year and 1.57 percentage points quarter-on-quarter [2] - The company’s expense ratios for sales, management, R&D, and financial expenses were 1.28%, 3.01%, 7.58%, and 0.48% respectively, showing a year-on-year change of -1.78, -3.05, -3.32, and +0.36 percentage points [2] Market Position - The competitive landscape in the vehicle power supply sector is stabilizing, with the company being one of the early entrants in the R&D, production, and sales of high-voltage power supply products for new energy vehicles [2] - The company ranks among the top third-party suppliers in the domestic market, benefiting from years of technological innovation and a strong customer base [2] Customer Expansion - The company has a diverse customer base, including traditional domestic automakers, new energy vehicle manufacturers, and overseas automotive companies [3] - Key domestic clients include Xiaomi Auto, GAC Group, NIO, and XPeng, with significant sales growth driven by popular models [3] - Internationally, the company has secured important projects with Renault, Stellantis, and a major European luxury brand, with overseas revenue accounting for over 17% in the first half of 2025 [3] Investment Outlook - The company is positioned as a leading third-party supplier in the vehicle power supply market, with strong domestic ties and ongoing international market expansion [3] - Due to the better-than-expected Q3 performance, revenue forecasts for 2025-2027 have been adjusted to 3.892 billion, 5.264 billion, and 6.076 billion yuan, representing year-on-year growth rates of 101.3%, 35.3%, and 15.4% respectively [3] - Projected net profits for the same period are 181 million, 261 million, and 329 million yuan, with corresponding EPS of 1.16, 1.68, and 2.12 yuan per share [3]

Group 1: Market Trends and Growth Potential - The Chinese electric vehicle (EV) market saw sales of 11.228 million units from January to September 2025, a year-on-year increase of 34.9%, with an overall penetration rate of 46.1% [1] - The company aims to deepen its domestic market presence while expanding overseas, targeting major international automakers to enhance brand influence [1] - In Europe, the recovery in EV sales is attributed to continued subsidy policies, narrowing price gaps between electric and gasoline vehicles, and carbon emission regulations, but long-term growth depends on cost control and infrastructure improvements [2] Group 2: Company Operations and Financials - The company's personnel expansion is driven by rapid business growth, particularly in new technology development and overseas client acquisition, leading to a short-term increase in expenses [2] - The period expense ratio improved from approximately 17% in 2024 to below 12% in the first nine months of 2025, indicating scale effects as revenue grows [2] - As of June 2025, the company's overall design capacity reached 1.8 million units, with ongoing investments in new production lines based on customer orders [3] Group 3: Product Development and Market Strategy - The V2G (Vehicle-to-Grid) technology is expected to become a significant growth area for the company, relying on technological advancements, policy support, and market mechanisms [4] - The overseas market has become a key growth factor, with 17% of revenue in the first half of 2025 coming from international sales, including bulk supply to Renault and partnerships with Stellantis and a luxury European brand [5]

Core Viewpoint - The significant change in inventory structure of Fute Technology (301607.SZ) has drawn attention following the Shenzhen Stock Exchange's inquiry regarding its stock issuance to specific targets, highlighting the increase in inventory value and its implications for the company's operations [1][2]. Group 1: Inventory Changes - As of June 30, 2025, the company's inventory book value reached 658 million yuan, accounting for 29.84% of current assets [1]. - The balance of inventory goods surged from 30.1 million yuan at the end of 2022 to 141 million yuan by June 30, 2025, with its proportion rising from 11.07% to 25.83% [1]. - The contract fulfillment cost increased dramatically from 18.67 million yuan to 146 million yuan during the same period [1]. Group 2: Reasons for Inventory Changes - The structural change in inventory is attributed to two main factors: increased stockpiling to ensure stable supply for new client projects, particularly for international clients with longer shipping times, and significant investment in overseas technical service projects for major automotive clients like Renault and Stellantis [1]. - The company has adopted a "sales-driven production" model, supported by a strong order backlog, with over 80% of inventory covered by orders as of June 30, 2025 [2]. - Additionally, 88.14% of the inventory consists of items with a turnover age of less than one year, indicating good turnover conditions [2]. Group 3: Inventory Management - The company has made adequate provisions for potential declines in value for long-term stagnant items, carefully assessing the realizable net value of raw materials and finished products related to discontinued models based on scrap prices [2].