Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company is expected to achieve revenue exceeding 4.00 billion yuan in 2025, representing a year-on-year growth of over 100%. The forecasted net profit attributable to shareholders is between 210 million and 250 million yuan, indicating a year-on-year increase of 122% to 164% [5] - The significant growth in revenue and net profit is attributed to the sustained demand in the electric vehicle industry, increasing customer demand for products, and steady capacity release [5] - The company has deepened its partnerships with leading new energy vehicle manufacturers, benefiting from the sales of popular models, which has driven its market share to 13.4%, ranking second in the industry [5] - The global electric vehicle market continues to grow rapidly, with domestic sales expected to reach 16.49 million units in 2025, a year-on-year increase of 28.2%, and European sales projected at approximately 2.94 million units, a growth of 33% [5] - The company has successfully expanded its production capacity and established strong collaborations with both domestic and international mainstream manufacturers, enhancing its competitive position in the supply chain [5] Financial Performance and Forecast - The company’s projected total revenue for 2025, 2026, and 2027 is 4.08 billion, 5.40 billion, and 6.59 billion yuan, respectively, with year-on-year growth rates of 110.8%, 32.4%, and 22.2% [6] - The forecasted net profit for the same years is 242 million, 365 million, and 517 million yuan, with corresponding growth rates of 155.6%, 51.0%, and 41.5% [6] - The earnings per share (EPS) are expected to be 1.56, 2.35, and 3.32 yuan for 2025, 2026, and 2027, respectively [6]
富特科技：2025年业绩预告点评：业绩增长超预期，国内外市场协同加速发展-20260121