Investment Rating - The investment rating for the electric power equipment industry is "Positive" (maintained) [1] Core Viewpoints - The report highlights a significant increase in BEV sales among major automakers in Europe, indicating a strong trend towards electrification in the automotive industry. Renault's BEV sales grew by 88% year-on-year, Volkswagen's by 113%, and BMW's by 64% in Q1 2025 [4][14][23] - The introduction of new electric vehicle models is expected to sustain the electrification trend, with various automakers planning to launch competitively priced electric vehicles in the coming years [6][37] - The report discusses the implications of carbon emission regulations, noting that a shift to a three-year average assessment period for emissions targets could alleviate pressure on automakers and allow for better planning and execution of new model launches [53] Summary by Sections Sales Performance - In Q1 2025, Renault's BEV sales increased by 88% year-on-year, with a penetration rate of 17.1% [15] - Volkswagen's BEV deliveries in Europe rose by 113%, achieving a market share of approximately 26% [19][21] - BMW's BEV sales in Europe grew by 64%, with a penetration rate of 18.7% [23] New Model Launches - Stellantis plans to introduce multiple new models priced below €25,000, which are expected to boost sales in Q2 2025 [40] - Renault's new model, the Renault 4, is set to launch in Q2 2025, building on the success of the Renault 5 [41] - Volkswagen will showcase a new range of entry-level BEVs in September 2025, with the ID.2 model expected to launch in 2026 [45] Carbon Emission Regulations - The European Parliament has approved a revision of carbon emission regulations, shifting to a three-year average assessment, which is seen as beneficial for the industry [53] - Stellantis believes that relaxing the assessment timeline can prevent panic pricing strategies in late 2025 [54] - BMW is confident in meeting the revised emission targets, having already exceeded previous goals [58] Investment Recommendations - The report recommends investing in companies involved in lithium batteries, such as CATL and Yiwei Lithium Energy, as well as companies producing lithium materials and components [59]

Investment Rating - The report assigns an initial investment rating of "Buy" for the company [5]. Core Views - The company is expected to achieve revenue of 1.934 billion yuan in 2024, with a year-on-year growth of 5.38%, and a net profit of 95 million yuan, reflecting a slight decline of 1.90% year-on-year [2][9]. - In Q1 2025, the company reported revenue of 506 million yuan, a significant increase of 94.79% year-on-year, although it experienced a quarter-on-quarter decline of 32.57% [2]. - The company is actively expanding its overseas market, with expected revenue from international markets reaching 132 million yuan in 2024, marking a substantial year-on-year increase of 5815% [5][9]. Summary by Sections Financial Performance - In 2024, the overall gross margin of the company was 22.29%, a decrease of 1.10 percentage points year-on-year, primarily influenced by non-automotive products and technical services [3]. - The sales, management, R&D, and financial expense ratios for 2024 were 1.54%, 5.10%, 10.35%, and 0.17%, respectively, showing a year-on-year decrease in sales, management, and R&D expenses [3]. Product Sales - The company sold 900,000 sets of new energy vehicle products in 2024, achieving a revenue of 1.82 billion yuan, which accounted for 94.27% of total revenue [4]. - Key products include on-board chargers (OBC), DC/DC converters, and integrated power products, with stable partnerships established with major automotive manufacturers [4]. International Market Expansion - The company has made significant strides in the international market, becoming the first independent supplier for a major European luxury automotive brand project in 2024, alongside securing multiple projects with Renault and Stellantis [5][9]. - The international market revenue is projected to represent 6.82% of total revenue in 2024, indicating a strong start in international market development [9]. Future Projections - Revenue forecasts for 2025-2027 are approximately 2.667 billion yuan, 3.437 billion yuan, and 4.105 billion yuan, respectively, with net profits expected to be around 142 million yuan, 198 million yuan, and 233 million yuan [9][10]. - The projected P/E ratios for 2025-2027 are 36.38, 26.19, and 22.23, respectively, indicating a favorable outlook for the company's financial performance [9].

Financial Performance - The company achieved operating revenue of 1.933 billion, a year-on-year increase of 5.38% [7] - The net profit attributable to shareholders was 94.6 million, showing a slight decline compared to the previous year [7] - The total assets and net assets attributable to shareholders experienced significant growth [7] Market Expansion - In 2024, the revenue from exported vehicle-mounted products increased to 6.8% of total revenue, indicating progress in international market development [2] - The company successfully secured projects with leading global automotive brands, contributing to future revenue growth [5] - The global sales of new energy vehicles reached 18.236 million units in 2024, a year-on-year growth of 24.4% [5] Research and Development - The R&D investment for 2024 was 200 million, accounting for 10.35% of operating revenue, with a capitalization rate of 0% [2] - The R&D team expanded to 813 members, covering various key functions to enhance innovation capabilities [7] - The company maintains a high level of R&D investment to support long-term development and ensure product performance remains industry-leading [3] Accounts Receivable - The accounts receivable and notes receivable increased by 136.22% compared to the previous year, with a 13.41 percentage point rise in their proportion of total assets [7] - The increase in accounts receivable is primarily due to high sales in the fourth quarter, with good quality of receivables from major clients [7] Strategic Outlook - The company plans to strengthen its domestic market while leveraging its brand advantages to explore international clients [2] - Future gross margin levels are expected to be influenced by customer pricing and supply chain cost reduction measures [4] - The company aims to enhance its market share in the global high-voltage power supply systems for new energy vehicles [2]

证券代码：301607 证券简称：富特科技 公告编号：2025-023 浙江富特科技股份有限公司 2024 年年度股东大会决议公告 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。 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重复投票表决的，以第一次投票表决结果为准。 4、会议召集人：公司董事会 5、会议主持人：董事长李宁川先生 6、本次股东大会会议的召集、召开与表决程序，符合有关法律、行政法规、 部门规章、规范性文件及《公司章程》的规定，会议合法有效。 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：2025 年 5 月 15 日（星期四）14:30 （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：2025 年 5 月 15 日 9:15-9:25，9:30-11:30 和 ...

二、会议出席人员 浙江富特科技股份有限公司 关于召开 2024 年度业绩说明会的公告 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。 证券代码：301607 证券简称：富特科技 公告编号：2025-022 浙江富特科技股份有限公司（以下简称"公司"）已于 2025 年 4 月 24 日披 露了《2024 年年度报告》，为便于广大投资者更全面深入地了解公司 2024 年度 经营成果、财务状况，公司计划于 2025 年 5 月 16 日（星期五）举行 2024 年度 业绩说明会，就投资者关心的问题进行交流，欢迎广大投资者积极参与。 一、业绩说明会基本情况 1、会议召开时间：2025 年 5 月 16 日（星期五）15:00-16:30 2、会议召开方式：远程网络互动交流 3、参会方式：投资者可通过全景网（https://ir.p5w.net）参与本次年度业绩说 明会 浙江富特科技股份有限公司董事会 2025 年 5 月 12 日 出席本次业绩说明会的人员有：董事长、总经理李宁川先生，独立董事钱辉 先生，董事、董事会秘书、财务总监李岩先生，具体以当天实际参会人员为准 ...

Group 1: Customer Structure and Revenue - In 2024, the concentration of customers decreased, with the top five customers accounting for 36.16% of revenue, down from 56.15% in 2023, a reduction of 3.87% year-on-year, due to the orderly mass production of new customer projects [1] - The company expects continued optimization of customer structure as the scale of designated customers expands [1] Group 2: Pricing Strategy - The company bases its pricing strategy on BOM raw material costs, considering manufacturing costs, period expenses, and reasonable profit margins, with dynamic adjustments based on project complexity and customer requirements [1] Group 3: Overseas Business Expansion - In 2024, direct export revenue accounted for 6.8% of total revenue, indicating initial success in overseas business expansion [2] - The company focuses on major international automotive enterprises, enhancing its market share through customized products and solutions [2] Group 4: Impact of Third-Generation Semiconductor Materials - The company has developed topology application technology based on SiC, improving power density and reducing component count, thus lowering costs and enhancing product reliability [3] - Ongoing research into GaN materials is also being conducted, with updates to be disclosed in future reports [3] Group 5: Gross Margin Fluctuations - Gross margin fluctuations are influenced by market competition and supply chain costs, with a slight decline in overall gross margin due to aggressive pricing strategies in the automotive sector [4] - The company aims to stabilize gross margin through technology cost reduction and supply chain collaboration [4] Group 6: Business Diversification - The company has expanded its business beyond core operations, developing products like smart DC charging power modules and liquid-cooled ultra-fast charging power modules, leveraging existing technology and experience [5] - The functionality of vehicle-mounted products has diversified, with plans to extend business based on market trends and energy network demands [6]

浙江富特科技股份有限公司 章程 二○二五年 四 月 | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 2 | | 第三章 | 股份 | 2 | | 第一节 | 股份发行 | 2 | | 第二节 | 股份增减和回购 | 5 | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东大会 | 7 | | 第一节 | 股东 | 7 | | 第二节 | 股东大会的一般规定 | 9 | | 第三节 | 股东大会的召集 | 11 | | 第四节 | 股东大会的提案与通知 | 13 | | 第五节 | 股东大会的召开 | 14 | | 第六节 | 股东大会的表决和决议 | 17 | | 第五章 | 董事会 | 21 | | 第一节 | 董事 | 21 | | 第二节 | 董事会 | 24 | | 第六章 | 总经理及其他高级管理人员 | 31 | | 第七章 | 监事会 | 33 | | 第一节 | 监事 | 33 | | 第二节 | 监事会 | 34 | | 第八章 | 财务会计制度、利润分配和审计 | 35 | | 第一节 | 财务会计制度 | 35 ...

证券代码：301607 证券简称：富特科技 公告编号：2025-020 浙江富特科技股份有限公司 关于取消 2024 年年度股东大会部分提案并增加临时提案 暨股东大会补充通知的公告 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"）于 2025 年 4 月 22 日召开 第三届董事会第十次会议，审议通过了《关于变更公司注册资本、修订<公司章 程>并办理工商变更登记的议案》，并将该议案提交公司 2024 年年度股东大会审 议。 公司于 2025 年 4 月 29 日召开第三届董事会第十一次会议，审议通过了《关 于变更公司注册资本、修订<公司章程>并办理工商变更登记的议案》，为了节约 会议资源，提高议事效率，公司实际控制人、控股股东李宁川先生向董事会提交 书面提案函，提请董事会将调整后的《关于变更公司注册资本、修订<公司章程> 并办理工商变更登记的议案》以临时提案的方式提交 2024 年年度股东大会审议。 根据《公司法》《上市公司股东会规则》的相关规定：单独或者合计持有公 司 1%以上股份的股东，可以在股东大会召开 10 ...

证券代码：301607 证券简称：富特科技 公告编号：2025-017 浙江富特科技股份有限公司 经与会董事认真讨论，审议并通过如下事项： 1、审议通过《关于变更公司注册资本、修订<公司章程>并办理工商变更登 记的议案》 根据公司治理及经营管理实际情况需要，公司董事会拟将副总经理人数由 6 名调整为 5-9 名，并基于此对《公司章程》中副总经理人数的相关条款进行修订。 如《2024 年度利润分配及资本公积金转增股本预案》经 2024 年年度股东大 会审议通过，完成权益分派后，公司总股本将由 111,014,571 股变更为 155,420,399 股，公司注册资本将由人民币 111,014,571 元变更为 155,420,399 元。依据《中华人民共和国公司法》《上市公司章程指引》《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》等有关规定，结合上述 注册资本变更情况及公司实际情况，公司拟对《公司章程》相应内容进行修订。 具体内容详见公司同日披露于巨潮资讯网（www.cninfo.com.cn）的《关于 变更公司注册资本、修订<公司章程>并办理工商变更登记的公告》（公告编号： 20 ...