飞龙股份分析师会议-20250520

Group 1: Research Basic Information - The research object is Feilong Co., Ltd., belonging to the automotive parts industry, and the reception time was May 20, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Xie Guolou, and Securities Affairs Representative Xie Kun [17] Group 2: Detailed Research Institutions - The reception object type is investment company, and the institution is Danshuiquan Investment. The relevant personnel are Lü Peijin and Liu Yaoyang [20] Group 3: Company Overview - Feilong Automobile Parts Co., Ltd. was founded in 1952 and has a history of over 70 years. It is a listed company dedicated to thermal management system solutions. Its development is divided into two stages. Before 2017, it focused on R & D, production, and sales of automotive thermal management component products. Since 2017, it has expanded into non - automotive fields. It has a national - level enterprise technology center and four R & D centers. Its products are sold nationwide and exported to regions such as the Americas, Europe, and Southeast Asia, serving over 200 domestic and foreign customers and more than 300 factory bases globally [22] Group 4: Investor Interaction Q&A - Each new energy vehicle generally requires about 2 - 5 electronic water pumps, mainly used in the motor, electronic control, and battery of the vehicle [23] - The customers of the company's new energy thermal management integrated module products include Chery, Li Auto, SAIC, and Voyah, and some projects have been mass - produced [24] - The company has formed a professional technical and marketing team for the server liquid - cooling field, supplying electronic water pumps and temperature control valve series products, with some projects in mass supply. There are also projects in communication for thermal management integrated module products [25] - The company's business in the robot parts field is still in the R & D stage, with uncertainties [26] - On May 14, 2024, China and the United States announced a significant reduction in bilateral tariff levels. The company's export volume to the US market in 2024 accounted for about 10% of its revenue, and the current tariffs have little impact on the company's overall operation. The company is taking measures such as promoting the construction of the Thai production base and deepening the international market diversification strategy [27] - The company's competitive advantages in the civilian field include a first - mover advantage with nearly 10 years of experience, over 100 ongoing projects, and some mass - produced; a customer advantage with over 70 customers; and application scenario expansion in multiple thermal management - related fields [29]