丰茂股份分析师会议-20250728

Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core Viewpoints of the Report - The global market for precision rubber components has been growing steadily. The company's transmission business faces a polarized competition pattern, with international giants leading in the high - end and domestic enterprises competing in the mid - low end and gradually expanding to the high - end [18]. - The company's overseas business is accelerating its layout, relying on the "Michelin" brand authorization and expanding cooperation with international customers [19]. - The company is exploring product applications in the robot field, and its robot transmission and sealing system components have started sales [19]. 3. Summary by Related Catalogs 3.1. Basic Information of the Research - Research object: Fengmao Co., Ltd., belonging to the rubber products industry [8]. - Reception time: July 28, 2025. The listed company's reception staff is Wu Xunmiao, the board secretary [8]. - Participating research institutions include securities companies, asset management companies, investment companies, fund management companies, and other financial institutions [9][10][11]. 3.2. Company Business and Industry Overview - Transmission business competition pattern: International companies like Gates and ContiTech dominate the international market with technological and brand advantages. Domestic enterprises, with cost - effectiveness and market - proximity, hold shares in the mid - low end and are moving towards the high - end [18]. - Overseas business: Relying on the "Michelin" brand, the company has expanded cooperation with international customers and exported products to Europe, Southeast Asia, South America, etc. It will continue to expand overseas business in other regions [19]. - Robot business: The company is exploring the application of its core rubber products in robots. The robot transmission and sealing system components have been sold, and the company will strengthen cooperation with relevant customers in the robot industry [19]. 3.3. Company Project Progress - The production and construction projects of the company's fund - raising projects are progressing normally. The transmission belt intelligent factory construction project and the tensioner expansion project are still under construction, with some production lines already in operation, which is expected to optimize production capacity and boost performance [18].