研报掘金丨天风证券：首予富特科技“买入”评级，未来业绩增长可期

Core Viewpoint - Futek Technology is a leading supplier of core components for high-voltage power systems in the electric vehicle industry, with a strong focus on onboard chargers, DC/DC converters, and integrated power products [1] Company Overview - The company has established partnerships with top domestic and international clients, including GAC Group, Great Wall Motors, NIO, EasyJet, Renault, Xpeng Motors, Xiaomi Motors, BYD, Changan Automobile, Leap Motor, Stellantis, and a major European luxury brand [1] - The gross margin of the company's integrated three-in-one system products has been increasing year by year, contributing to the growth of the main business's gross margin and maintaining industry leadership [1] Industry Analysis - The competitive landscape of the onboard power supply industry is relatively concentrated, with clear advantages for the industry, particularly in the context of future growth driven by overseas clients and capacity expansion [1] - The non-onboard high-voltage power system has made breakthroughs, expanding its application scenarios [1] Future Outlook - The company's performance growth is expected to be promising, with an initial coverage rating of "Buy" [1]