Core Viewpoint - The report from Tianfeng Securities highlights the strong growth potential of Fute Technology (301607.SZ) due to its high-quality customer structure and clear benefits from European trends, along with opportunities for valuation enhancement from potential new businesses [1] Company Overview - Fute Technology, established in 2011, started with electric grid charging and swapping products and has gradually focused on high-voltage power systems for vehicles, expanding into non-vehicle areas to form a complete product line [1] - The company successfully listed on the Shenzhen Stock Exchange's ChiNext in September 2024, marking a new stage in its development [1] Market Position and Growth - The report indicates that China's key components for new energy vehicles (NEVs) have gained strong international competitiveness, with significant achievements in overseas market expansion [2] - Fute Technology, as a leading supplier of high-voltage power systems in China, shows strong development potential, with overseas business revenue expected to rise from approximately 6.8% in 2024 to over 17% in the first half of 2025 [2] International Expansion - To meet overseas customer delivery and service demands, Fute Technology has established a production base in Thailand, which will enhance its capacity to fulfill orders from clients like Renault and Stellantis [3] - The company aims to optimize its global supply chain through local procurement, enhancing supply chain stability and supporting ongoing market share growth [3] Financial Performance - In the first half of 2025, Fute Technology achieved total revenue of 1.474 billion yuan, a year-on-year increase of 122.64%, with a profit of 67 million yuan, reflecting a growth of 14.71% [3] Customer Relationships - Fute Technology has established stable partnerships with well-known automotive companies, including GAC Group, NIO, Xpeng Motors, Xiaomi Motors, Renault, and Stellantis, demonstrating strong customer expansion capabilities [3] - The company is also reducing reliance on single customers by securing projects with traditional automakers like BYD and Changan [4] Industry Trends - The onboard power supply industry is evolving towards integration, high voltage, and diversified functionality, with Fute Technology leading in these areas [5] - The company has developed a three-in-one system product that integrates onboard chargers, DC/DC converters, and power distribution units, significantly reducing size, weight, and cost [5] Technological Advancements - Fute Technology is leveraging third-generation semiconductor materials like silicon carbide (SiC) to enhance power density and support high-voltage fast charging scenarios [5] - The growing popularity of bidirectional charging technologies (such as V2L and V2G) is expanding the functionality of onboard power supplies, allowing NEVs to serve as mobile energy storage [6] Strategic Positioning - Fute Technology is strategically positioned in the core track of NEV development, entering a high-growth phase due to its comprehensive advantages in technology, customer relationships, and global layout [6]
绑定小米、蔚来等多款爆款车型，富特科技的下一个舞台在欧洲？