FLAC(SZ:002536) Xin Lang Cai Jing·2025-10-31 00:07Core Viewpoint - Feilong Co., Ltd. is a leading player in the domestic automotive water pump industry, showcasing strong competitiveness in the automotive parts sector with advanced production technology and a comprehensive quality control system [1] Financial Performance - For Q3 2025, Feilong's revenue reached 3.237 billion yuan, ranking 19th out of 103 in the industry, below the average of 3.82 billion yuan, and significantly lower than the top competitors Weichai Power at 170.571 billion yuan and Top Group at 20.928 billion yuan [2] - The company's net profit for the same period was 279 million yuan, ranking 17th in the industry, slightly above the average of 275 million yuan, but far below Weichai Power's 10.852 billion yuan and Top Group's 1.969 billion yuan [2] Profitability and Debt Ratios - As of Q3 2025, Feilong's debt-to-asset ratio was 39.88%, higher than the previous year's 35.85% and above the industry average of 39.06% [3] - The gross profit margin for the same period was 25.77%, an increase from 21.42% year-on-year, and above the industry average of 21.53% [3] Management and Shareholder Structure - The chairman, Sun Feng, has extensive management experience, while the general manager, Sun Yaozhong, saw a salary increase of 620,100 yuan, bringing his total compensation to 1.5713 million yuan for 2024 [4] Shareholder Dynamics - As of September 30, 2025, the number of A-share shareholders decreased by 11.15% to 97,700, while the average number of shares held per shareholder increased by 12.55% to 5,570.17 shares [5] - Notable changes among the top ten shareholders include Hong Kong Central Clearing Limited increasing its holdings by 2.0024 million shares, while Dongwu Securities highlighted a strong performance in revenue and net profit for Q1 to Q3 2025 [5] Future Outlook - Huafu Securities projects Feilong's revenue for 2025 to 2027 to be 4.958 billion, 5.278 billion, and 5.595 billion yuan respectively, with net profits of 449 million, 528 million, and 618 million yuan [6] - Key business highlights include significant growth potential in the AIDC sector, leading market share in the new energy vehicle segment, and stable development in traditional automotive operations [6]