FLAC(SZ:002536) Dong Jian Yan Bao·2025-10-30 13:46Group 1: Report Overview - The report is about the analyst meeting of Feilong Co., Ltd., a company in the automotive parts industry, with a research date of October 30, 2025 [1][2] Group 2: Research Basic Information - Research object: Feilong Co., Ltd. [17] - Industry: Automotive parts [2] - Reception time: October 30, 2025 [17] - Reception personnel: Deputy General Manager and Board Secretary Xie Guolou, Securities Affairs Representative Xie Kun [17] Group 3: Detailed Research Institutions - Reception object type: Investment company [20] - Institution: Changzhou Investment [20] - Related personnel: Tang Hao, Li Yuanjie [20] Group 4: Company Introduction - Feilong Co., Ltd. was founded in 1952 and is a listed company focusing on thermal management system solutions [24] - The company's development is divided into two stages: before 2017, it focused on R & D, production and sales of automotive thermal management components; since 2017, it has expanded into the civilian market [24] - The company has a national - level enterprise technology center and four R & D centers in Shanghai, Wuhu, Neixiang and Xixia [24] - Its products are sold nationwide and exported to the Americas, Europe, Southeast Asia, etc., serving over 300 factory bases globally with more than 200 domestic and foreign customers in production [24] Group 5: Investor Interaction Q&A Question 1: Number and application of electronic water pumps in new - energy vehicles - Each new - energy vehicle generally has 2 - 5 electronic water pumps, mainly used in motors, electronic controls and batteries [25] Question 2: Self - production rate of electronic pump products - The self - production rate of the company's electronic pump series products exceeds 90%, including injection molding, motors, and chip mounting [27] Question 3: Market competitiveness of thermal management integrated module products - The competitiveness comes from the "integrated" design concept, which replaces traditional multi - component solutions, improves assembly efficiency and space utilization, and optimizes system performance [28] - Multiple projects are in the volume - increasing cycle, and the scale effect is gradually emerging [28] Question 4: Company's competitive advantages compared with the industry - Based on engine thermal management business, it maintains or increases market share and develops new - energy thermal management business [30] - The application fields expand from the automotive field to civilian thermal management fields such as server liquid cooling, data center liquid cooling, etc. [30] Question 5: Current R & D projects - There are over 120 R & D projects in the liquid - cooling field, covering server liquid cooling, charging piles, energy storage, etc. [31] Question 6: R & D direction of liquid - cooling technology - The company focuses on cold - plate liquid - cooling technology and promotes the R & D and application of immersion liquid - cooling technology [32] Question 7: Global strategy layout - The company adheres to the business philosophy of "persistence, dual - wheel drive, meticulous operation, and brand building" and develops both domestic and international markets [33] - It deepens cooperation with global automakers, integrates into the global supply chain through the "old - bringing - new" model, and uses the Thai factory to undertake overseas orders [34] - It focuses on the Southeast Asian market through the Thai factory to seize new - energy industry opportunities and expand overseas resources [35]