FLAC(SZ:002536) Chang Jiang Shang Bao·2025-04-08 00:44Core Viewpoint - Feilong Co., Ltd. is accelerating its business expansion in the automotive parts sector, particularly in the new energy vehicle (NEV) market, through a strategic partnership with Huada Technology to enhance its product advantages in both NEV and civilian sectors [2][3][4]. Business Expansion and Financial Performance - Feilong Co., Ltd. has transitioned from being a supplier of automotive thermal management components to a provider of multi-scenario thermal management solutions, maintaining strong growth in both traditional and new energy sectors [2][4]. - In 2024, the company reported a revenue of 4.723 billion yuan, a year-on-year increase of 15.34%, and a net profit of 330 million yuan, up 25.92%, marking a historical high [2][7]. - The new energy business accounted for 11.14% of total revenue in 2024, with a revenue of 526 million yuan, reflecting a growth of 40.44% year-on-year [5]. Strategic Partnership - The strategic cooperation with Huada Technology aims to leverage each company's strengths in the NEV, energy storage, and data center thermal management sectors, focusing on joint development and production of core components and integrated solutions [3][4]. - Both companies have committed to protecting their strategic collaboration and addressing market competition through transparent communication and joint investment when necessary [4]. Research and Development - Feilong Co., Ltd. invested 272 million yuan in R&D in 2024, representing 5.76% of its revenue, with a workforce of 575 R&D personnel [5][6]. - The company holds a total of 601 patents, including 159 invention patents, showcasing its commitment to innovation [6]. Market Presence and Customer Base - The company has established a strong market presence with over 200 domestic and international clients, including more than 130 clients in the new energy sector [7]. - In 2024, overseas sales contributed significantly to the company's revenue, with direct sales reaching 2.604 billion yuan, a year-on-year increase of 33.31%, accounting for 55.13% of total revenue [8]. Shareholder Returns - Feilong Co., Ltd. plans to distribute a cash dividend of 3 yuan per 10 shares, totaling 172 million yuan, which represents 69.70% of the annual net profit [8].