GUILIN FUDA (SH:603166) Zheng Quan Shi Bao Wang·2024-11-28 11:59Core Viewpoint - Fuda Co., Ltd. has transformed from a traditional manufacturing enterprise into an industry leader over the past decade, achieving internationalization, digital management, and new energy product development [1][2]. Group 1: Company Development - Fuda Co., Ltd. was established in 1995 as Guilin Auto Parts Factory and restructured in 2000, focusing on crankshafts and forging [2]. - The company went public on November 27, 2014, marking its entry into the capital market [2]. - Fuda established a joint venture with German leader Alfen-Kessler in 2018 to expand its large crankshaft product market [2]. - In 2022, Fuda entered the new energy sector by establishing a subsidiary for electric drive technology [2]. - The company began production of high-precision gear projects for electric drive systems in August 2023 [2]. Group 2: Technological Innovation - Fuda has evolved from focusing on commercial vehicle engine crankshafts to a new structure centered on precision forgings, new energy hybrid crankshafts, and electric drive gears [3]. - The company invests over 5% of its annual revenue in R&D, with total R&D investment nearing 800 million yuan over the past decade [3]. - Fuda holds over 300 patents and has participated in the formulation of more than 10 national industry standards [3]. Group 3: Financial Management and Dividends - Since its IPO, Fuda has distributed a total cash dividend of 1.12 billion yuan, maintaining an average dividend payout ratio exceeding 90% [4]. - The company has raised 1.5 billion yuan through IPO and refinancing, all allocated for smart upgrades and capacity enhancement [5]. - Fuda maintains a debt-to-asset ratio of 30%-40%, effectively utilizing financial leverage while controlling risks [5]. Group 4: Future Outlook - Fuda aims to enhance its core competitiveness and create greater value for investors, focusing on innovation and sustainable development [6]. - The company has established an annual production capacity of 600,000 sets of electric drive gears and is becoming a supplier for major companies like BYD and Geely [6]. - Fuda has initiated research into core components for robotic reducers, laying a foundation for future strategic business development [6].