Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve revenue exceeding 4.00 billion yuan in 2025, representing a year-on-year growth of over 100%. The forecasted net profit attributable to shareholders is between 210 million and 250 million yuan, indicating a year-on-year increase of 122% to 164% [5] - The significant growth in revenue and net profit is attributed to the sustained demand in the electric vehicle industry, increasing customer demand for products, and steady capacity release [5] - The company has deepened its partnerships with leading new energy vehicle manufacturers, benefiting from the sales of popular models, which has driven its market share to 13.4%, ranking second in the industry [5] - The global electric vehicle market continues to grow rapidly, with domestic sales expected to reach 16.49 million units in 2025, a year-on-year increase of 28.2%, and European sales projected at approximately 2.94 million units, a growth of 33% [5] - The company has successfully expanded its production capacity and established strong collaborations with both domestic and international mainstream manufacturers, enhancing its competitive position in the supply chain [5] Financial Performance and Forecast - The company’s projected total revenue for 2025, 2026, and 2027 is 4.08 billion, 5.40 billion, and 6.59 billion yuan, respectively, with year-on-year growth rates of 110.8%, 32.4%, and 22.2% [6] - The forecasted net profit for the same years is 242 million, 365 million, and 517 million yuan, with corresponding growth rates of 155.6%, 51.0%, and 41.5% [6] - The earnings per share (EPS) are expected to be 1.56, 2.35, and 3.32 yuan for 2025, 2026, and 2027, respectively [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company is expected to achieve revenue exceeding 4.00 billion yuan in 2025, representing a year-on-year growth of over 100%. The forecasted net profit attributable to shareholders is between 210 million and 250 million yuan, indicating a year-on-year increase of 122% to 164% [5] - The significant growth in revenue and net profit is attributed to the sustained prosperity of the new energy vehicle industry, increasing customer demand for products, and steady capacity release [5] - The company has deepened its partnerships with leading new energy vehicle manufacturers, benefiting from the sales of popular models, which has driven its development [5] - The global new energy vehicle market continues to grow rapidly, characterized by a dual drive of "domestic expansion + overseas explosion," with the overall industry still in an upward cycle [5] - The company has successfully expanded its production capacity, which aligns well with market demand, providing strong support for continued growth in its vehicle-mounted business [5] Financial Data Summary - For the fiscal year 2025, the company is projected to have total revenue of 4.08 billion yuan, a year-on-year increase of 110.8%, and a net profit of 242 million yuan, reflecting a growth of 155.6% [6] - The projected earnings per share (EPS) for 2025 is 1.56 yuan, with further increases expected in subsequent years [6] - The company's gross margin is expected to stabilize around 20.9% in 2025, with a gradual increase in net profit margin to 5.9% [6]

集成化技术的纵深突破是富特科技绑定核心客户的关键抓手，客户结构的持续优化成为富特科技业绩增 长的坚实基础。公司针对性布局电动化快换平台车型，研发推出4合1集成式智能配电单元，成功实现电 源分配单元、车载充电机、DC/DC转换器及快换接口的高度集成，这款4合1集成式智能配电单元 （IPU）既适配高压快充平台，又兼容极速换电生态，可实现日常高效换电、家用慢充到应急快充的全 场景覆盖。公司在第三代半导体材料应用上也走在行业前列，公司基于碳化硅的高耐温特性、高阻断电 压、高开关速度和低损耗等特性，自主研发了基于第三代宽禁带半导体器件的拓扑应用技术。截至目 前，公司多个量产项目已经应用第三代宽禁带半导体器件，与此同时，公司也在积极开展第三代宽禁带 半导体材料氮化镓（GaN）的应用研究。富特科技的客户包括广汽、蔚来、小米、零跑、小鹏、长安等 优质厂商，配套车型涵盖蔚来ES/ET系列、乐道、萤火虫，小米SU7/YU7等市场畅销车型。 在深耕国内市场的同时，富特科技积极推进国际化战略。自2021年与雷诺达成项目合作以来，公司海外 业务逐步实现量产，2024年公司境外营收1.32亿元，同比增长5815.39%。开源证券的研报指 ...

Core Viewpoint - Fute Technology has shown significant stock price growth in early 2025, with a notable increase in revenue and net profit, indicating strong business performance in the electric vehicle sector [2]. Group 1: Stock Performance - As of January 19, Fute Technology's stock price increased by 21.29% year-to-date, with a 11.23% rise over the last five trading days and a 22.08% increase over the last 20 days [2]. - The stock price reached 48.65 CNY per share, with a market capitalization of 7.561 billion CNY [1]. Group 2: Financial Performance - For the period from January to September 2025, Fute Technology achieved a revenue of 2.559 billion CNY, representing a year-on-year growth of 116.31%, and a net profit attributable to shareholders of 137 million CNY, up 65.94% [2]. - The company's main business revenue composition includes 95.68% from new energy vehicle products, 2.45% from technical services, 1.69% from non-vehicle new energy products, and 0.18% from other sources [2]. Group 3: Shareholder Information - As of January 9, 2025, the number of shareholders for Fute Technology was 10,200, a decrease of 4.25% from the previous period, while the average circulating shares per person increased by 4.44% to 10,962 shares [2]. - The company has distributed a total of 1.9983 million CNY in dividends since its A-share listing [3]. Group 4: Institutional Holdings - As of September 30, 2025, notable changes in institutional holdings include the exit of several funds from the top ten circulating shareholders, indicating potential shifts in investor sentiment [3].

证券代码：301607 证券简称：富特科技 公告编号：2026-001 浙江富特科技股份有限公司投资者关系活动记录表 投资者关系活 动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 __ 时间 2026 年 1 月 16 日 地点 上海 参与单位名称 农银基金、永赢基金 上市公司接待 人员姓名 董事会秘书 李岩 投资者关系经理 李晨红 投资者关系活 动主要内容介 绍 1、公司业绩增长的主要原因是什么？ 主要有两大方面：一是整个新能源汽车市场态势仍旧高速 增长，为公司的业绩增长提供了有利的外部条件。二是公司与 国内外多家主流主机厂建立起深度合作关系，国内市场方面， 为蔚来、小米、零跑等主流车企配套了多款畅销车型；国际市 场方面，公司的国际化道路战略初显成效，与雷诺汽车达成深 度合作，成功配套其多款主力车型，实现了海外销售占比的稳 步提升，国内国际双市场协同发展的格局正加速成型，同时， 今年公司安吉二厂也顺利投产，团队基于业务需求迅速响应提 升产能，提供了关键支撑。基于前述内容，公司 2025 年业绩 整体实现翻番的结果。 2、公司现阶段客户情况及未来拓 ...

在国内市场，富特科技根基稳固，近年来该公司在持续深化与广汽集团、蔚来汽车、长城汽车等老牌合 作伙伴合作的基础上，陆续实现对小鹏汽车、小米汽车、长安汽车、零跑汽车等新兴头部品牌的配套量 产，为国内业务的持续增长注入新动力。与此同时，富特科技积极推进国际化战略，海外市场开拓初见 成效。2025年，该公司与雷诺汽车达成深度合作，成功配套其多款主力车型，海外销售占比稳步提升。 富特科技相关人士称："作为国内车载高压电源行业的领先企业，公司除已定点的海外品牌项目外，仍 在积极接洽其他国际一流车企。"现阶段，富特科技国内外市场协同发展格局正加速成型。 对此，中关村物联网产业联盟副秘书长袁帅在接受《证券日报》记者采访时表示："富特科技深度绑定 国内头部新能源车企，不断将本土竞争优势转化为核心技术与解决方案，叠加国内外市场协同的双轮驱 动模式，将为该公司业绩增长注入持续动力。" 在业务快速扩张的同时，产能建设的稳步推进成为富特科技承接市场需求、巩固行业地位的重要保障。 据悉，2025年，富特科技第二生产基地顺利投产，新增产能与市场需求形成精准匹配，为车载业务的持 续增长提供了有力支撑，进一步巩固了该公司在产业链中的竞争地位。 ...

Group 1 - On January 16, Futec Technology executed a block trade of 500,000 shares, with a transaction value of 23.105 million yuan, accounting for 3.15% of the total trading volume for the day [1][2] - The transaction price was 46.21 yuan per share, which represents a 3% discount compared to the market closing price of 47.64 yuan [1][2]

开源证券研报指出，富特科技2025年预计实现归母净利润2.1-2.5亿元，同比翻倍以上增长。公司前期储 备的国内外项目陆续释放，尤其是海外客户量产趋于稳定，境外营收占比提升，带来利润弹性。且公司 第二生产基地已顺利投产，产能扩张与市场需求相匹配，为车载业务持续增长提供了有力支撑。公司是 国内车载电源头部供应商，国内外均处向上周期，该行上调盈利预测，预计公司2025-2027年归母净利 润分别为2.34、3.97、5.04亿元（原为2.32、3.20、4.06亿元），当前股价对应PE分别为29.3、17.3、13.6 倍，维持"买入"评级。 ...

融资融券数据显示，该股最新（1月15日）两融余额1.11亿元，其中，融资余额为1.11亿元，近5日融资 余额合计增加1676.45万元，增幅为17.83%。（数据宝） （文章来源：证券时报网） 富特科技股价出现异动，截至今日9时32分，股价大涨10.47%，成交228.81万股，成交金额1.12亿元， 换手率为2.11%，公司发布的最新业绩预告显示，预计2025年实现净利润2.10亿元—2.50亿元，净利润 同比增长121.98%—164.26%。 资金面上看，富特科技近5日主力资金总体呈净流入状态，累计净流入2330.75万元，其中，上一交易日 主力资金全天净流入210.19万元。 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a significant increase in performance, with projected net profit for 2025 estimated between 210 million to 250 million yuan, representing a year-on-year growth of 121.98% to 164.26% [4] - The company has successfully expanded its domestic market share in the vehicle power supply sector, with an increase from 5.6% in 2024 to 8.3% in the first half of 2025, and further to 13.4% in November 2025 [5] - The international revenue share has significantly increased, projected to exceed 17% in the first half of 2025, benefiting from the electrification trend in Europe and successful partnerships with major automotive manufacturers [6] - The company has adjusted its profit forecasts for 2025-2027, now expecting net profits of 234 million, 397 million, and 504 million yuan respectively, with corresponding P/E ratios of 29.3, 17.3, and 13.6 times [4] Financial Summary - The company reported a revenue of 1,835 million yuan in 2023, with projections of 1,934 million yuan in 2024 and 4,091 million yuan in 2025, indicating a year-on-year growth of 111.5% for 2025 [8] - The gross profit margin is expected to stabilize around 20.1% from 2025 onwards, while the net profit margin is projected to increase to 8.2% by 2027 [8] - The earnings per share (EPS) is forecasted to rise from 0.62 yuan in 2023 to 3.24 yuan in 2027 [8]