Core Insights - Beidouxing Investment conducted research on Feilong Co., indicating 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 Overview - Feilong Co.'s key products include turbine shells used in traditional fuel and hybrid vehicles, which are significant revenue contributors [1] - The company supplies products such as turbine shells, exhaust manifolds, and water pumps to over 50 clients, including BorgWarner and Cummins [1] Product Development - The new energy thermal management products utilize platform-based and customized sales models, applicable in automotive, server liquid cooling, data centers, artificial intelligence, and charging stations [1] - The value of integrated thermal management modules has significantly increased, with liquid cooling products including electronic pumps and temperature control valves, and future expansion into temperature control modules [1] Production Capacity - The maximum power of liquid cooling pumps has been enhanced to 40kW, meeting customer standards [1] - The company has four production lines with an annual capacity of up to 1.2 million units, and a project in Zhengzhou aims to produce 5.6 million new energy thermal management components [1] Strategic Initiatives - The first overseas smart factory has completed trial production, serving as a crucial strategic hub for the company's global expansion [1] - The company is addressing the impact of U.S. tariffs by advancing the construction of a production base in Thailand and adjusting its capacity layout [1] - Future strategic plans include solidifying the automotive thermal management business, expanding overseas markets, exploring emerging application fields, and advancing the robotics sector [1]
【私募调研记录】北斗星投资调研飞龙股份