孚日股份分析师会议-20250515

1. Report Summary - Report industry: Textile and Apparel [2] - Research object: Furui Co., Ltd. [17] - Research date: May 15, 2025 [17] - Company representatives: General Manager Xiao Maochang, Chief Accountant Lü Yaomei, and Board Secretary Peng Shiqiang [17] - Research institutions: Investor online questions, etc. [2] 2. Core Views - The company adheres to the global trade strategy, actively seeks overseas market opportunities, and is exploring countries in Southeast Asia and Africa for potential overseas factories [24][31] - The company is actively expanding non - US overseas markets, and the reduction of tariffs is expected to have a positive impact on its market competitiveness and profitability [24][26] - The Honggui anode material project is in the debugging process, and the new energy project had a monthly average shipment of about 550 tons from January to April [26][33] - The company's subsidiary, Furui Xuanwei, has a monthly average shipment of about 2000 tons of coatings and is actively expanding customers [28][31] - The company is actively handling military - related certificates and China Classification Society (CCS) certification for its coating business [24][29] 3. Summary by Directory 3.1 Research Basic Situation - The research object is Furui Co., Ltd., belonging to the textile and apparel industry. The reception time was on May 15, 2025, and the company's general manager, chief accountant, and board secretary received the research [17] 3.2 Detailed Research Institutions - The reception objects include investors' online questions and other types [20] 3.3 Research Institutions' Proportion - No relevant content 3.4 Main Content Data - Overseas Base and Military Certificate: The company is exploring overseas markets and is actively handling the military certificate for Furui Xuanwei [24] - Non - US Overseas Orders: The company is actively expanding non - US overseas markets [24] - Stock Performance and Suggestions: The company thanks for the suggestion to pay more attention to online community comments [24] - Tariff Impact: The reduction of tariffs is expected to have a positive impact on the company's market competitiveness and profitability [26] - Project Progress: The Honggui anode material project is in the debugging process [26][33] - Coating Business: Furui Xuanwei has a monthly average shipment of about 2000 tons and is actively expanding customers. It is also handling CCS certification and has no plans to apply for DNV and ABS certifications for now [27][28][29] - Equity Acquisition: The acquisition by Weifang Urban Construction Investment has no progress for now [28] - New Energy Project: The capacity utilization rate of the new energy project is about 60%, and the monthly average shipment from January to April was about 550 tons [30][33] - Subsidy Issues: The company is actively communicating with the government about heating subsidies and pipe network subsidies. The audited heating cost subsidy is 270 million yuan, and the unaudited is 50 million yuan, totaling 320 million yuan [31][34][41] - Brand Endorsement: The endorsement contract of Jia Nailiang has expired [35] - Employee Stock Ownership: The company has no plans for employee stock ownership for now [36] - Order Recovery: The company is striving to recover original customer orders and expand new markets [40]