东吴证券给予福达股份买入评级

Group 1 - The core viewpoint of the report is that Fuda Co., Ltd. (603166.SH) is rated as a "buy" due to expected performance in H1 2025 driven by the ramp-up of new energy crankshafts and the divestment of joint ventures [2] - The company is entering a harvest period for electric drive gears, with six new products expected to be mass-produced in H2 2025 [2] - The production capacity of Changban has exceeded expectations, and the precision reducer is steadily advancing [2]