【私募调研记录】知远投资调研飞龙股份

Group 1 - The core viewpoint of the article highlights that Feilong Co., Ltd. is expected to see an increase in performance in the first half of 2025 due to stable raw material prices, optimized product structure, and improved management [1] - The company anticipates revenue improvement 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] - Feilong's turbine shell products are significant revenue contributors, utilized in traditional fuel and hybrid vehicles, with overseas supply including turbine shells, exhaust manifolds, and water pumps for over 50 clients such as BorgWarner and Cummins [1] Group 2 - The new energy thermal management products adopt platform-based and customized sales models, widely applied in automotive, server liquid cooling, data centers, artificial intelligence, and charging piles [1] - The value of thermal management integrated modules has significantly increased, with liquid cooling products including electronic pumps and temperature control valves, and future expansion into temperature control module products [1] - 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] Group 3 - The Zhengzhou Feilong fundraising project aims for an annual production of 5.6 million new energy thermal management components and is currently under construction [1] - The company's global strategic layout includes the completion of its first overseas smart factory, which serves as an important strategic hub [1] - Feilong is addressing the impact of U.S. tariffs by advancing the construction of its Thailand production base and adjusting its capacity layout [1] Group 4 - The company is also expanding into the robotics sector, focusing on humanoid robots and providing core components and liquid cooling solutions [1] - Future development strategies include solidifying the automotive thermal management business, expanding overseas markets, entering emerging application fields, and advancing the robotics market [1]