Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [1] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive sectors [1] - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management modules, with significant achievements in overseas markets [1][2] Group 2: Product Development and Market Reach - Each new energy vehicle typically requires 2-5 electronic water pumps, primarily used in motors, controls, and batteries [2] - The company serves over 200 domestic and international clients, with products exported to the Americas, Europe, and Southeast Asia, supporting more than 300 factory bases globally [2] - Current clients for new energy thermal management integrated modules include Chery, Li Auto, SAIC, and Lantu, with some projects already in mass production [2] Group 3: Strategic Responses and Competitive Advantages - The company has a 10% revenue exposure to the U.S. market, with minimal impact from recent tariff changes, and is actively relocating production to Thailand to mitigate risks [2] - Competitive advantages in the civilian sector include nearly 10 years of experience, a strong client base of over 70 companies, and diverse application scenarios across various industries [3] - Ongoing projects in the civilian sector exceed 100, with some already in mass production, showcasing the company's robust technological foundation [3]

Group 1: Research Basic Information - The research object is Wanliyang, belonging to the automotive parts industry, with a reception time of May 13, 2025. The listed company's reception staff includes the Financial Controller, Board Secretary Zhang Leigang, and Strategic Center Director Xu Wanhong [16] Group 2: Detailed Research Institutions - The research institutions include Yinshi Finance, Shaanxi Olympus, Taihu County People's Government, Guoyuan Securities, Hangzhou Added - value Investment, and Mingde Capital, along with their corresponding types and related personnel [17] Group 3: Main Content Company Business Scope - The company's business includes automotive parts and new energy storage business. The automotive parts business involves R & D, production, and sales of automotive transmission and drive system products, non - highway transmission/drive system products, and parts export business. The new energy storage business includes power generation - side energy storage power stations, grid - side independent energy storage power stations, user - side energy storage power stations, and power trading [22][23][24] Shareholding of Top Ten Shareholders - Anhui Guoyuan Trust Co., Ltd. - Guoyuan Trust - Anrui No. 1 Single Fund Trust and China Resources Shenzhen International Trust Co., Ltd. - China Resources Trust · Huaying No. 16 Single Fund Trust are trust products established by Anhui Chery Automobile Sales Co., Ltd., a wholly - owned subsidiary of Chery Automobile Co., Ltd., as the sole trustee, and are affiliated parties and concerted actioners of Chery Automobile Co., Ltd. [25] Robot Parts Business - The company has established an industrialization team for robot reducer products, aiming to enrich product models, promote industrialization, and increase market share [27] Heavy - Truck Transmission Business - The company has developed a full range of heavy - truck transmission products and is conducting vehicle - model installation tests and calibration work. As the supporting vehicle models are gradually mass - produced, production and sales will increase [28] Light - Truck Transmission Business - In addition to the stable development of existing light - truck manual products, the company is actively developing electrified products. Currently, the production and sales demand for light - truck transmission products is strong [29] Passenger - Car Transmission Business - In 2024, the direct export sales of the company's passenger - car transmission products increased significantly year - on - year. The company will continue to develop overseas customers and promote the growth of overseas business revenue. It is also developing pure - electric passenger - car EV reducers and related products [30] New Energy Storage Business - The company's grid - side independent energy storage power stations in Zhaoqing, Guangdong and Yiwu, Zhejiang have been put into operation. The company is promoting new project development in Guangdong, Hainan, and Zhejiang, and developing market - oriented operation and maintenance services for energy storage power stations [31] Core Competitiveness - The company has been deeply involved in the automotive parts industry for nearly 30 years, with a full range of products, comprehensive capabilities, a complete supply chain and sales network, strong large - scale manufacturing and quality control capabilities, and continuously enhanced market competitiveness and sustainable development capabilities [32]

Group 1: Company Overview - The company operates in two main business segments: automotive parts and new energy storage [1] - The automotive parts segment includes the R&D, production, and sales of transmission and drive system products for passenger vehicles, commercial vehicles, and new energy vehicles [1] - The new energy storage segment focuses on power-side storage power stations, grid-side independent storage power stations, user-side storage power stations, and electricity trading [1] Group 2: Passenger Vehicle Transmission Business - In 2024, the company's direct export sales of passenger vehicle transmission products saw a significant year-on-year increase [2] - The company is actively developing overseas clients to sustain revenue growth from international markets [2] - There is a strong push for electric vehicle (EV) reducers and related products, contributing to increasing sales [2] Group 3: Commercial Vehicle Transmission Business - The light truck transmission business is expanding with a focus on both manual and electric products, including P2 and PS hybrid systems [2] - The heavy truck transmission business includes AMT automatic transmissions and pure electric drive systems, with production and sales expected to grow as client models are launched [2] Group 4: New Energy Storage Business - The company has operational independent storage power stations in Zhaoqing, Guangdong (100MW/200MWh) and Yiwu, Zhejiang (100MW/200MWh) [3] - These projects leverage the company's extensive experience in design, integration, construction, and operation within the energy storage sector [3] - New project developments are underway in Guangdong, Hainan, and Zhejiang provinces to further enhance the new energy storage business [3] Group 5: Robotics Components Business - A dedicated team for the industrialization of robotic reducers has been established to enhance product offerings [4] - The company is focusing on the development and integration of harmonic reducers and planetary reducers to improve market share [4]

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The turbocharger business has become the core growth driver in the automotive parts sector, with a revenue of 9.86 billion yuan in 2024, representing a year-on-year growth of 25.12% [2] - The aerospace parts business benefited from the development opportunities of domestic large aircraft, achieving a revenue of 1.26 billion yuan in 2024, a year-on-year increase of 46.14% [3] - The company is strategically expanding into the robot parts business, positioning it as a key future growth area [3] Summary by Sections Financial Performance - In 2024, the company achieved a total revenue of 1.753 billion yuan, a year-on-year increase of 15.38%, and a net profit attributable to shareholders of 51 million yuan [1] - For Q1 2025, the revenue was 388 million yuan, with a year-on-year growth of 0.29%, and a net profit of 21 million yuan, up 107.58% [1] Business Segments - The automotive parts segment generated 1.580 billion yuan in revenue in 2024, with a gross margin of 14.22%, an increase of 4.83 percentage points from the previous year [2] - The aerospace parts segment's revenue growth is driven by increasing demand for domestic aircraft, particularly the C919 [3] Profit Forecast and Valuation - The forecast for net profit attributable to shareholders is 136 million yuan for 2025, 190 million yuan for 2026, and 262 million yuan for 2027 [4] - The company is expected to maintain a strong growth trajectory in the coming years, with significant contributions from both existing and new business segments [4]

Group 1: Company Overview - The company specializes in the research and manufacturing of automotive turbochargers, engine components, and aerospace military parts [3] - Key products include camshaft assemblies, belt pulley assemblies, connecting rod assemblies, structural parts, sheet metal parts, system components, and shaft components [3] Group 2: Automotive Business Performance - Turbocharger sales from 2022 to 2024 were 321,700 units, 932,900 units, and 1,189,600 units respectively, indicating rapid growth [4] - Engine component revenue is expected to see significant growth in 2025 due to new client product launches and increased capacity utilization [5] - The company is focusing on new product development, including electric air conditioning compressors and brake motors, which will provide new growth opportunities [5] Group 3: Aerospace Business Outlook - The aerospace parts business is expected to grow rapidly in 2025, with an improved customer and product structure [6] - The company plans to expand into drone assembly business, enhancing its aerospace parts segment [6] Group 4: Robotics Business Strategy - The company positions robotics components as a key future business, with full support in funding, R&D, and talent development [7] - Current development includes harmonic reducer products, with plans to explore other robotics components based on market demand [7]

Group 1: Financial Performance - In 2024, the company's revenue increased by 4.91% year-on-year, while net profit attributable to shareholders grew by 26.91%, indicating a significant disparity in growth rates [1] - The gross margin for brake system bearings slightly increased by 0.15%, while the gross margin for transmission system bearings rose by 2.15%. However, the gross margin in foreign markets decreased by 0.57% [2] Group 2: Production and R&D - The company has established a modern production management system, incorporating MES and ERP systems for digital control of the entire production process [2] - Continuous investment in R&D has led to core technology accumulation in automotive bearings and key components, with product performance reaching industry-leading levels [2] - The company is actively promoting the conversion of R&D results in new energy vehicle drive motor bearings and harmonic reducers, which have reached small-batch production stages [3] Group 3: Market Strategy and Expansion - Currently, foreign revenue accounts for 68.37% of total revenue, with the Thailand factory's capacity utilization rate between 70-80% [3] - The company's development strategy focuses on both core and new business areas, aiming to strengthen partnerships in the aftermarket and OEM markets while exploring new markets [3] - The newly established robotics components division aims to leverage technical advantages and mature supply chain systems to capture opportunities in the rapidly growing robotics industry [4] Group 4: Competitive Positioning - The company emphasizes product differentiation as a core competitive advantage, with a flexible production line capable of quick responses to market demands [4] - The Thailand factory has obtained IATF16949 certification and E-Ruling certification from U.S. Customs, enhancing the company's competitiveness in overseas markets [4] - The company plans to balance cost pressures with downstream customer bargaining power by optimizing product and customer structures [5]

Company Overview - Established in 1952, Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [1] - The company has two main development phases: - Pre-2017: Focused on R&D, production, and sales of automotive thermal management components such as mechanical water pumps and turbocharger housings [1] - Post-2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [2] Product Development and Market Presence - The company has established four R&D centers in Shanghai, Wuhu, Nanyang, and Xixia, with a focus on new energy thermal management components [2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Investor Interaction Insights - The company monitors raw material price fluctuations and employs centralized procurement strategies to mitigate costs [2] - The market share of the turbocharger housing product is among the top in China, recognized as a manufacturing champion by the Ministry of Industry and Information Technology in 2024 [2] - The electronic pump series has over 120 major clients, including Chery, Li Auto, and GAC Aion [2] Challenges and Strategic Responses - Exports to the U.S. accounted for approximately 10% of total revenue in 2024, with manageable impacts from tariffs [3] - Strategies to address tariff impacts include: - Accelerating customer negotiations to establish a reasonable tariff-sharing mechanism [3] - Advancing the construction of a production base in Thailand to adjust capacity [3] - Diversifying international markets to enhance competitiveness and risk resilience [3] Competitive Advantages in Civilian Sector - The company has a first-mover advantage in the civilian sector, with nearly 10 years of experience and over 100 ongoing projects [3] - Established relationships with over 70 clients in the civilian sector, including HP and Shenzhen Xingqihong [3] - Applications of new energy thermal management components span various fields, including automotive, charging stations, 5G base stations, and modern agricultural machinery [3]

4月18日晚，永茂泰（605208）披露2024年财报显示，公司在2024年实现营业收入41亿元，同比增长 15.93%；实现归属于上市公司股东的净利润3750.96万元，同比增长21.35%。 永茂泰将2024年称为"公司市场开拓、降本增效的破局之年，是公司空间拓展、产业升级的谋划之年， 也是公司经营业绩触底反转、开启高质量发展新征程的关键之年。"这一年里，公司坚定汽车用铸造再 生铝合金及铝合金铸造汽车零部件全产业链绿色低碳发展布局，并最终实现了主营产品产销量、营业收 入等指标创历史新高，净利润的逆势增长。 具体而言，在2024年永茂泰共销售铝合金产品约23.41万吨，同比增长约23.66%；销售零部件产品约 2568.03万件，同比增长约1.62%。值得说明的是，永茂泰大力拓展铝液厂区及一定区域内直供业务， 2024年铝合金液销量在公司铝合金业务中占比提升至57.18%；零部件业务方面，公司2024年新能源汽 车零部件收入占公司零部件板块收入比例提升至35.57%，零部件国际客户收入占公司零部件板块收入 比例达到22.08%。 资料显示，在2024年8月，永茂泰与拓普集团（601689）就宁波杭州湾开展铝 ...

目前，永茂泰主要客户有上汽通用、上汽大众、上海汽车、一汽大众等整车企业，以及华域三电、联合 汽车电子、博格华纳等零部件企业，其中部分大客户为中外合资或者外资企业。该公司称，在当前全球 贸易面临不确定性的背景下，在印尼设立子公司并建设汽车零部件项目，有利于减少国际贸易政策变动 对公司与欧美客户供应链的不利影响，稳定和巩固公司境外客户关系和市场份额，持续为客户提供各类 轻量化产品，满足单车用铝量持续提升趋势下客户不断增长的铝合金铸件需求。 永茂泰表示，本次公司在印尼设立子公司并建设汽车零部件项目，将实现公司从零部件产品出口到海外 产能布局的转型。新设公司将建设公司海外生产基地，以印尼为基础，辐射东南亚，完善公司海外上下 游产业链，并与国内产业链互补，将海外生产成本优势、国际贸易政策优势与国内技术优势、客户优势 相结合，实现国内国际互利互惠，为公司开辟新的增长空间。 4月18日晚，永茂泰（605208）发布2024年年报，同时基于自身国际化战略，该公司还宣布拟设立子公 司在印度尼西亚投资建设轻量化汽车零部件精密加工生产线项目。 据公告，此次对外投资，永茂泰拟通过全资子公司安徽永茂泰汽车零部件有限公司(简称"安徽零部 ...