【私募调研记录】同犇投资调研飞龙股份

Core Insights - The recent research conducted by Tongben Investment 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 anticipated revenue growth in the second half of the year is driven by new overseas projects, increased orders for new energy vehicles, and the ramp-up of liquid cooling products [1] Company Overview - Feilong Co., Ltd. produces turbine casing products that are essential for traditional fuel and hybrid vehicles, contributing significantly to its revenue [1] - The company has over 50 clients, including BorgWarner and Cummins, supplying products such as turbine casings, exhaust manifolds, and water pumps [1] - The new energy thermal management products are sold through both platform-based and customized sales models, applicable in various sectors including automotive, server liquid cooling, data centers, artificial intelligence, and charging stations [1] Product Development - The value of integrated thermal management 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] - The maximum power of liquid cooling pumps has been enhanced to 40 kW, meeting customer standards [1] - The company has four production lines with an annual capacity of up to 1.2 million units, and a new project in Zhengzhou aims to produce 5.6 million new energy thermal management components [1] Strategic Initiatives - Feilong Co., Ltd. has completed the trial production of its first overseas smart factory, marking a significant strategic milestone [1] - The company is addressing the impact of U.S. tariffs by advancing the construction of its 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 into the robotics sector [1]