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 R&D, production, and sales of automotive thermal management components such as mechanical water pumps and turbocharger housings [1] - Since 2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [1][2] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [1] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] International Expansion - The Thai production base is expected to begin trial production by June 2025, with an anticipated annual capacity of: - 1.5 million turbocharger housings - 1 million exhaust manifolds - 500,000 mechanical water pumps - 1 million electronic water pumps [3] - This facility will enhance the company's international market presence and mitigate trade risks [3] Product Pricing and Capacity - The electronic pump series varies in price based on design, power (from 13W to 40kW), and voltage (up to 1500V), focusing on market competitiveness and profitability [4] - The civil sector's electronic pump production capacity is projected to reach 1.2 million units annually across four production lines [4] Market Comparison and Future Directions - The average price of electronic pumps in the civil sector is slightly higher than in the automotive sector due to the latter's mature and competitive market [5] - Future strategies include: - Strengthening market share in traditional thermal management - Increasing R&D for new energy thermal management components - Expanding into new civil sector products and markets - Actively pursuing internationalization through overseas production bases [6]

Core Viewpoint - The company has established itself as a leader in the automotive parts industry, particularly in engine cooling and emission reduction components, with a strong focus on both traditional and new energy vehicles, leading to significant revenue growth and profitability improvements [1][2][3]. Group 1: Business Overview - The company has been deeply involved in the automotive parts industry for over 60 years, starting production in 1964 and transitioning into the new energy sector in 2009, forming a comprehensive product matrix that includes traditional and new energy components [1][2][12]. - In 2024, the company is projected to achieve revenue of 4.723 billion yuan, a year-on-year increase of 15.34%, and a net profit of 330 million yuan, reflecting a growth of 25.92% [1][22]. Group 2: Main Business Performance - The company maintains a solid foundation in its core products: mechanical water pumps, exhaust manifolds, and turbocharger housings, with a market share of 25% in mechanical water pumps and 20% in turbocharger housings [2][22]. - The exhaust manifold segment is experiencing a surge in demand due to the dual carbon goals, with the company investing in research and development to create heat-resistant steel exhaust manifolds [2][43]. - The turbocharger housing segment is benefiting from the increasing sales of hybrid vehicles, with projected sales exceeding 5 million units in 2024 [2][56]. Group 3: New Energy and Non-Automotive Business Expansion - The company's new energy business, primarily from electronic pumps and thermal management components, is expected to generate 526 million yuan in revenue in 2024, a year-on-year increase of 40.44% [3][22]. - The non-automotive business is expanding through data center liquid cooling solutions, with expectations for sustained growth in the next 1-2 years [3][84]. - The company has established subsidiaries in Southeast Asia, with a factory in Thailand set to begin production in September 2025, projected to contribute an additional 1.5 billion yuan in revenue [5][22]. Group 4: Profitability and Investment Outlook - The company forecasts revenues of 5.447 billion yuan, 6.268 billion yuan, and 6.942 billion yuan from 2025 to 2027, with net profits of 455 million yuan, 631 million yuan, and 789 million yuan respectively [6][22]. - The company is focusing on enhancing its profitability through improved cost management and product structure optimization, with gross margins expected to reach 21.5% in 2024 [26][29].

Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Views - The company is a leading player in the new energy thermal management sector, with non-automotive business entering a period of rapid growth [9]. - The company has a rich product matrix, including traditional automotive parts and new energy components, which solidifies its market leadership [15]. - The company is expected to achieve significant revenue and profit growth in the coming years, driven by its expansion into new energy and non-automotive sectors [9][15]. Summary by Sections 1. Leading in Thermal Management, New Energy Business Driving Record Performance - The company has over 60 years of experience in the automotive parts industry, transitioning to new energy sectors since 2016 [15]. - In 2024, the company is projected to achieve revenue of 4.723 billion yuan, a year-on-year increase of 15.34%, and a net profit of 329.62 million yuan, up 25.92% [9][24]. 2. Core Business Continues to Improve, Diverse Thermal Management Products - The company maintains a strong market position in mechanical water pumps, with a market share of 25% [9]. - The demand for exhaust manifolds is increasing due to the dual carbon goals, prompting the company to innovate with heat-resistant steel products [9][46]. - The company’s turbocharger shell sales are expected to rise significantly due to the increasing penetration of hybrid vehicles [9][54]. 3. Continuous Expansion in New Energy and Civilian Sectors, Accelerating Internationalization - The new energy business is expected to generate 5.26 billion yuan in revenue in 2024, a year-on-year increase of 40.44% [9][63]. - The company is expanding its international presence with new factories in Southeast Asia, which are expected to contribute significantly to revenue [9][63]. - The company has a robust pipeline of electronic water pump products, with a total production capacity of 900 million units, and is well-positioned to meet the growing demand in the new energy vehicle market [9][70]. 4. Profit Forecast and Investment Recommendations - The company is projected to achieve revenues of 5.447 billion yuan in 2025 and 6.268 billion yuan in 2026, with net profits of 454.71 million yuan and 630.84 million yuan respectively [1][9]. - The current market valuation corresponds to a P/E ratio of 20 for 2025, indicating a favorable investment opportunity as the company transitions into new energy and civilian sectors [9].

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]

毛利率方面，公司2024Q4单季度毛利率为20.24%，环比提升2.50个百分点，主要系2024Q3会 计准则调整导致低基数。 期间费用方面，公司2024Q4单季度期间费用率为11.27%，环比提升1.68个百分点；其中，销 售/管理/研发/财务费用率分别为1.55%/5.37%/4.00%/0.35%，环比分别+2.74/-0.17/-0.91/+0.02个 百分点（销售费用率环比大幅提升主要系2024Q3会计政策调整导致2024Q3销售费用率低基 数）。 减值损失方面，公司2024Q4计提减值较多，其中资产减值损失0.84亿元，信用减值损失0.46亿 元，短期拖累利润。 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2024年年度报告。2024年公司实现营业收入127.02亿元，同比增长15.28%；实现归母 净利润7.84亿元，同比增长28.00%。其中，2024Q4单季度公司实现营业收入34.97亿元，同比 增长15.57%，环比增长14.51%；实现归母净利润1.79亿元，同比增长6.40%，环比下降 10.91%。公司2024Q4业绩稍微低于我们之前的预期。 20 ...

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