【私募调研记录】圣熙资产调研飞龙股份

Core Insights - The recent research conducted by Shengxi Asset on Feilong Co., Ltd. indicates that the company's performance in the first half of 2025 is expected to improve due to stable raw material prices, optimized product structure, and enhanced management [1] - The company anticipates better revenue in the second half of the year, driven by new overseas projects, growth in orders for new energy vehicles, and increased production of liquid cooling products [1] Company Performance - Feilong Co., Ltd.'s revenue is significantly supported by its turbine casing products, which are essential for traditional fuel and hybrid vehicles [1] - The company has over 50 clients, including BorgWarner and Cummins, for its overseas supply products such as turbine casings, exhaust manifolds, and water pumps [1] Product Development - The new energy thermal management products utilize both platform-based and customized sales models, applicable in various sectors including automotive, server liquid cooling, data centers, artificial intelligence, and charging stations [1] - The value of thermal management integrated modules has significantly increased, with liquid cooling products including electronic pumps and temperature control valves, and future plans to expand into temperature control module products [1] Production Capacity - The maximum power of liquid cooling pumps has been enhanced to 40 kW, meeting customer standards, with four production lines capable of an annual output of up to 1.2 million units [1] - The Zhengzhou Feilong fundraising project aims to produce 5.6 million new energy thermal management components and is currently under construction [1] Strategic Initiatives - The company has completed the trial production of its first overseas smart factory, marking a significant strategic milestone [1] - To mitigate the impact of U.S. tariffs, the company is advancing the construction of its Thailand production base and adjusting its capacity layout [1] - Future strategic plans include solidifying the automotive thermal management business, expanding into overseas markets, exploring emerging application fields, and advancing the robotics sector [1]