FDM(SZ:002196) Quan Jing Wang·2025-07-01 09:21Core Insights - The company has secured a development milestone for electric aircraft drive systems in Q1 2024, indicating a strategic focus on the eVTOL market as urbanization and green transportation concepts gain traction [1][2] - The eVTOL industry in China reached a scale of 980 million yuan in 2023, reflecting a year-on-year growth of 77.3%, with expectations for significant commercialization in 2024 and a projected scale of over 9.5 billion yuan by 2026 [1] - The company is a leading supplier in various sectors, including sewing machines and automotive applications, with a market share of approximately 75% in multi-functional household sewing machine motors [2] Company Developments - The company has established partnerships with major domestic and international clients in the new energy vehicle sector, including SAIC-GM-Wuling, Xpeng Motors, and Volkswagen, with a projected output of 700,000 drive motors in 2024 [3] - The company is expanding its production capacity with projects in Lishui and Deqing, aiming to enhance resource integration and strategic positioning [3] - The company has invested significantly in R&D, with a budget of 200 million yuan in 2024, representing 8.07% of its revenue, and has been awarded 109 patents to support its technological advancements [4] Industry Trends - The rise of humanoid robots and low-altitude economy is creating new competitive opportunities for the company, leveraging its existing manufacturing strengths in micro motors and new energy drive systems [5] - The company aims to transition from a ground transportation equipment supplier to a comprehensive power system solution provider, reflecting a broader industry shift towards innovative production capabilities [5]