Core Viewpoint - Fengmao Co., Ltd. is accelerating its expansion by investing up to 1.5 billion yuan to establish an automotive parts production base in Jiaxing, aimed at enhancing its production capacity and competitiveness in the automotive supply chain [1][2]. Investment and Expansion - The company plans to sign an investment cooperation agreement with the Jiaxing High-tech Industrial Development Zone Management Committee to purchase land for the new production base [2]. - The total investment for the project is expected to be no more than 1.5 billion yuan, with an anticipated annual output value of approximately 1.5 billion yuan and annual tax revenue of about 60 million yuan once fully operational [2]. Product Development and Market Strategy - The new facility will focus on producing thermal management systems, air suspension systems, sealing systems, and transmission systems, addressing market demand and enhancing service capabilities [2]. - Fengmao has been actively expanding its overseas market presence, with foreign sales revenue increasing from 31.86% in 2019 to 50.72% in 2024, benefiting from higher gross margins compared to domestic sales [3]. Financial Performance - The company's revenue grew from 555 million yuan in 2021 to 949 million yuan in 2024, with net profit increasing from 70.02 million yuan to 162 million yuan during the same period [1]. - In 2024, the gross margin for overseas sales reached 40.17%, while domestic sales gross margin was 20.66% [3]. R&D and Innovation - Fengmao is recognized as a national-level "little giant" enterprise specializing in precision rubber components, with a focus on R&D and innovation [4]. - The company has seen a steady increase in R&D expenses, from 25.73 million yuan in 2022 to 47.19 million yuan in 2024, reflecting its commitment to maintaining competitive advantages [6]. Product Line Growth - In 2024, the transmission system components contributed 682 million yuan in revenue, accounting for 71.94% of total revenue, with a year-on-year growth of 25.20% [5]. - The company is also diversifying its product applications, with plans to develop lightweight air spring products for new energy vehicles, indicating a strategic move towards a second growth curve [6].
丰茂股份拟15亿投建嘉兴汽配基地 深化全球布局境外毛利率达40.17%