Investment Rating - The report assigns an investment rating of "Buy" for the company [2]. Core Insights - The company is a leading domestic supplier of automotive power supplies, with significant partnerships with major clients such as GAC, NIO, and Xiaomi. The company has a market share of approximately 15% in the domestic automotive power supply market as of 2022 and 2023, although it has decreased to 9.6% in the first half of 2024 due to a decline in GAC Aion sales. The company has a robust project pipeline and is expected to achieve high growth in the future [2][3][4]. Summary by Sections Company Overview - Founded in 2011, the company specializes in high-voltage automotive power systems and has established a comprehensive product development system. It has transitioned from grid charging products to automotive power systems, achieving profitability since 2021 [53][54]. Domestic Market Position - The company's core clients are GAC and NIO, with revenue contributions increasing from 50.3% in 2021 to 76.4% in 2023. The company is the main supplier for GAC Aion and has successfully replaced competitors in NIO's supply chain [3][4]. International Expansion - The company has made significant strides in international markets, with projects for Renault and Stellantis underway. It established a wholly-owned subsidiary in France in 2021 and is building a production base in Thailand [4][5]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 1.863 billion, 2.443 billion, and 3.090 billion yuan, respectively. Net profits are projected to be 93 million, 120 million, and 165 million yuan for the same years, with corresponding EPS of 0.84, 1.08, and 1.49 yuan per share [2][6]. Product and Market Trends - The company focuses on high-end automotive models, with a gross margin that ranks among the highest in the industry. The automotive power supply market is expected to grow significantly, driven by the increasing demand for electric vehicles [100][105]. Research and Development - The company emphasizes R&D, with a significant increase in R&D expenses from 1.1 million yuan in 2022 to 2.1 million yuan in 2023. The R&D team is experienced, with many members having over ten years in the industry [80][85].

证券代码：301607 证券简称：富特科技 公告编号：2024-015 浙江富特科技股份有限公司 关于完成工商变更登记并换发营业执照的公告 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。 浙江富特科技股份有限公司（以下简称"公司"）分别于 2024 年 10 月 18 日 召开第三届董事会第九次会议，2024 年 11 月 6 日召开 2024 年第一次临时股东 大会，审议通过了《关于变更注册资本、公司类型、修订<公司章程>并办理工商 变更登记的议案》，具体内容详见公司于 2024 年 10 月 21 日和 2024 年 11 月 6 日在巨潮资讯网（www.cninfo.com.cn）披露的相关公告。 近日，公司已完成变更注册资本、公司类型的工商变更登记手续及《公司章 程》备案手续，并取得了浙江省市场监督管理局核发的《营业执照》，变更后的 具体信息如下： 一、变更后的工商登记信息 1、公司《营业执照》 4、法定代表人：李宁川 5、注册资本：人民币 11,101.4571 万元 6、成立时间：2011 年 8 月 10 日 7、住所：浙江省湖州市安吉县递铺街道 ...

Group 1: Overseas Market Strategy - The penetration rate of new energy vehicles (NEVs) in overseas markets is currently low, indicating significant growth potential [1] - The company is one of the few independent suppliers in China capable of supporting mass production of overseas NEV models, having established itself as a supplier for major international automotive brands [1] - Initial small-batch deliveries for a project with Renault are set to begin in the second half of 2024, with other overseas projects progressing according to customer production schedules [1] Group 2: Domestic Market Competition - The domestic NEV market has rapidly expanded due to improvements in safety, charging speed, and intelligence, leading to intense competition among automakers [2] - Price wars are a significant factor intensifying market competition, which pressures suppliers to continuously optimize product offerings and increase material cost efficiency [2] - The market is expected to evolve into a structure where leading automakers dominate the major market shares, with weaker brands facing potential elimination as consumer awareness of NEVs increases [2] Group 3: Technology Development - The application of the 800V high-voltage platform is crucial for enhancing fast charging power, addressing consumer range anxiety associated with conventional charging methods [2] - The company initiated the development of 800V high-voltage vehicle power supply integration products several years ago, which are now in mass production and support multiple models from brands like Xiaomi and GAC [2] - Several 800V platform projects are currently under research and development [2]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company specializes in high-voltage power supply systems for new energy vehicles, with leading technical indicators in power density and efficiency. Its main products include integrated power supply systems and liquid-cooled ultra-fast charging power modules [3][5] - The company experienced a revenue decline in the first three quarters of 2024 due to customer structure adjustments, with major clients like GAC Group and Yijiete seeing a decrease in demand [4][5] - The company is expected to benefit from the increasing demand for electric vehicles in both domestic and international markets, particularly as European carbon emission regulations approach in 2025 [5][6] Summary by Sections Investment Rating - The company is rated "Outperform the Market" with a target price range of 44.92 to 51.34 CNY based on a PE ratio of 35-40 times for 2025 [6] Financial Performance - In Q3 2024, the company reported total revenue of 520 million CNY, a year-on-year decrease of 0.2%, and a cumulative revenue of 1.18 billion CNY for the first three quarters, down 15.3% year-on-year [4] - The net profit attributable to the parent company for Q3 2024 was 20 million CNY, down 35.4% year-on-year, with a cumulative net profit of 80 million CNY for the first three quarters, down 13.6% year-on-year [4] Revenue Projections - Revenue projections for 2024-2026 indicate a slight decline in 2024 followed by significant growth in subsequent years, with expected revenues of 1.857 billion CNY in 2024, 2.529 billion CNY in 2025, and 3.164 billion CNY in 2026 [7][11] - The company anticipates a recovery in sales driven by the ramp-up of production for new clients such as Xiaomi and the expansion into European markets [5][6] Product Segmentation - The company's main revenue source is from high-voltage power supply systems, with sales of two-in-one and three-in-one systems generating 470 million CNY and 1.3 billion CNY respectively in 2023 [3] - The company is also expanding its non-vehicle high-voltage power supply systems, which are expected to see significant growth in the coming years [8][9] Market Position - The company is positioned to capitalize on the growing electric vehicle market, with strong demand expected in both domestic and international markets as regulations tighten and consumer preferences shift [5][6]

Group 1: Company Overview - Founded in August 2011, Zhejiang Fute Technology Co., Ltd. is a national high-tech enterprise focused on providing charging and discharging solutions for both vehicle-mounted and non-vehicle-mounted applications in the new energy vehicle sector [1] - The company has transitioned from single products to integrated solutions, with key products including on-board chargers (OBC), DC/DC converters, and high-voltage power systems for both vehicle-mounted and non-vehicle-mounted applications [1] Group 2: Customer Structure - The customer base includes traditional domestic automakers, new energy vehicle manufacturers, and overseas automotive companies, establishing a strong reputation and competitive edge in the global market [2] - Notable domestic clients include GAC, NIO, Great Wall, Xiaomi, and Xpeng, while international clients include Renault and Stellantis [2] Group 3: Product Development Trends - The high-voltage power supply industry is evolving towards higher conversion efficiency, power density, reliability, and integration [2] - The company is advancing the application of SiC semiconductor devices to enhance technical specifications and is also initiating research on GaN semiconductor devices [2] - The growth of electric vehicle ownership is expected to drive the adoption of V2G technology for grid interaction, as well as V2L and V2V functionalities in future energy internet development [2] Group 4: Future Business Direction - The company aims to focus on the vehicle-mounted power supply sector while gradually expanding into non-vehicle-mounted high-voltage power systems, particularly in battery charging and discharging applications [2]

法律意见书 浙江天册律师事务所 关于 浙江富特科技股份有限公司 2024 年第一次临时股东大会的 法律意见书 浙江天册律师事务所 浙江省杭州市杭大路 1 号黄龙世纪广场 A 座 11 楼 310007 电话：0571-87901111 传真：0571-87901500 法律意见书 关于浙江富特科技股份有限公司 2024 年第一次临时股东大会的 法律意见书 浙江天册律师事务所（以下简称"本所"）接受浙江富特科技股份有限公 司（以下简称"富特科技"或"公司"）的委托，指派本所律师参加公司 2024 年第一次临时股东大会，并根据《中华人民共和国证券法》（以下简称"《证 券法》"）、《中华人民共和国公司法》（以下简称"《公司法》"）和《上 市公司股东大会规则（2022 年修订）》（以下简称"《股东大会规则》"）等 法律、法规和其他有关规范性文件的要求出具本法律意见书。 在本法律意见书中，本所律师仅对本次股东大会召集、召开程序、出席人 员的资格、召集人的资格、表决程序及表决结果的合法有效性发表意见，不对 会议所审议的议案内容和该等议案中所表述的事实或数据的真实性和准确性 发表意见。 一、本次股东大会召集、召开的程序 （ ...

浙江富特科技股份有限公司 证券代码：301607 证券简称：富特科技 公告编号：2024-014 2024 年第一次临时股东大会决议公告 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。 特别提示： 1、本次股东大会无否决议案的情形。 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开及出席情况 （一）会议召开情况 1、会议召开时间： （1）现场会议时间：2024 年 11 月 6 日（星期三）13:30 （2）网络投票时间：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：2024 年 11 月 6 日 9:15-9:25，9:30-11:30 和 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 2024 年 11 月 6 日 9:15-15:00。 2、现场会议地点：浙江省杭州市西湖区吉园街 36 号春树云筑 1 号楼 16 楼 公司会议室。 3、会议召开方式：本次会议采取现场投票与网络投票相结合的方式召开， 股东大会股权登记日在册的公司股东有权选择现场投票、网络投票中的一种方式 行使表决权，如果同一表决权出现 ...

Group 1: Current Client and Production Status - The company has secured project designations from overseas clients, including Renault, Stellantis, and a major European luxury brand, for its vehicle high-voltage power supply products [1] - The development cycle for these products is lengthy, with some client projects still in the R&D phase, expected to gradually enter mass production starting in 2024 [1] - The company aims to enhance its overseas market share and core competitiveness as projects enter mass production [1] Group 2: Industry Competition Landscape - The supply chain in the sector is divided into two main categories: independent third-party suppliers with strong R&D capabilities and manufacturers incubated by vehicle manufacturers with stable partnerships [2] - The industry has high entry barriers in terms of core technology, experience, and talent accumulation, leading to a gradually stabilizing competitive landscape [2] - Chinese automotive companies have established a first-mover advantage in the electrification wave, enhancing the global competitiveness of component manufacturers [2] Group 3: Strategies for Domestic Market Competition - The domestic automotive market faces significant competitive pressure, which is expected to gradually transmit through the supply chain, typically resulting in annual declines [2] - The company has implemented various measures to address current market conditions, including technological innovation, solution iteration, and production improvements to achieve cost reduction [2] Group 4: Overseas Expansion Efforts - The company established a wholly-owned subsidiary in France in 2021, equipped with an international professional team to serve existing clients and address market and technical needs [2] - In the first half of this year, the company began establishing a production base in Thailand, with factory site selection completed and progress being made in accordance with local laws and regulations [2]

Group 1: Company Overview - The main business of Futec Technology is the research, development, production, and sales of high-voltage power supply systems for new energy vehicles, including on-board chargers (OBC), on-board DC/DC converters, and integrated power supply products [1] - From 2021 to 2023, the compound annual growth rate (CAGR) of the company's R&D investment reached 97.20%, with core technologies widely applied in major products [1] Group 2: R&D Investment - R&D expenses from 2021 to 2023 were CNY 54.31 million, CNY 113.27 million, and CNY 211.20 million, respectively, indicating a consistent high level of investment in R&D activities [1] - As of the end of 2023, the company has formed a multi-dimensional R&D team with over 600 members, accounting for over 40% of the total workforce [2] Group 3: Talent and Innovation - The core team members mainly come from prestigious universities such as Zhejiang University and Harbin Institute of Technology, with many having over 10 years of experience in the automotive and power electronics industries [2] - The company has established a provincial-level R&D center for new energy vehicle power supplies, enhancing its influence in the industry [2] Group 4: International Market Expansion - The company plans to focus on expanding its international market by collaborating with leading automotive enterprises, leveraging their established brand value and consumer loyalty [2] - The rapid development of China's new energy vehicle industry provides the company with advantages in technology, rapid iteration, and cost, which will enhance its competitiveness in the global supply chain [2] Group 5: Disclosure Information - This investor relations activity does not involve any undisclosed significant information [2]

Group 1: Company Overview - The company primarily engages in the research, production, and sales of on-board chargers (OBC), on-board DC/DC converters, and high-voltage power systems for new energy vehicles, as well as non-vehicle high-voltage power systems like liquid-cooled ultra-fast charging piles and smart DC charging modules [1] - The main function of on-board power products is to convert AC power from the grid into DC power for charging new energy vehicle batteries, and to convert high-voltage DC output from batteries into low-voltage DC for various low-voltage loads [1] Group 2: Competitive Advantages - The company places a strong emphasis on R&D investment, maintaining a robust R&D team that has accumulated significant technical advantages and experience [2] - It adheres to automotive-grade management requirements and has obtained IATF16949 quality management system certification, establishing a quality advantage in product development and manufacturing [2] - The company aims to leverage its technical expertise and experience to expand into overseas markets and enhance its global competitiveness [2] Group 3: Business Model - The company's business primarily targets enterprises, with downstream clients mainly consisting of new energy vehicle manufacturers and supporting enterprises [2] - The company collaborates with clients during the new model development phase, providing product solutions and entering mass production after client approval [2] Group 4: Technology Trends - Silicon carbide (SiC) materials, as third-generation semiconductor materials, offer higher voltage resistance, conductivity, and lower switching losses compared to traditional silicon materials, making them a significant trend in the industry [2] - The company is actively researching the application of SiC devices and has achieved mass production of SiC semiconductor devices, indicating a mature application technology [3]