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研报掘金丨东吴证券:福达股份电驱齿轮步入收获期,维持“买入”评级
Ge Long Hui A P P·2025-08-13 07:45

Core Viewpoint - Fuda Co., Ltd. is experiencing significant growth in its performance for the first half of 2025, driven by strong momentum in its crankshaft business and the upcoming mass production of new products in the second half of 2025 [1] Group 1: Performance and Growth - Fuda Co., Ltd. reported high growth in its performance for the first half of 2025 [1] - The company is expected to achieve mass production of six new products in the second half of 2025 [1] - Fuda has secured four new project designations from clients including Geely, United Electronics, and Schaeffler, anticipating mass production in the second half of 2025 [1] Group 2: New Product Development - The company plans to launch two new products and has three additional products designated for future production [1] - The establishment of a high-precision reverse planetary roller screw grinding production line with a capacity of 30,000 sets is set to be completed by July 9, 2025 [1] - One planetary reducer product has entered the small batch delivery phase, while two products are in the sample testing phase [1] Group 3: Strategic Initiatives - Fuda Co., Ltd. is advancing its second-phase investment and equity conversion for the Longshan project to enhance its layout in reverse planetary ball screws and reducers [1] - The transition to a new energy era is expected to bring incremental growth in hybrid crankshafts and electric gears, validating the second growth curve [1] - The expansion into robotics is anticipated to create a third growth space for the company [1]