Investment Rating - The report gives a "Buy" rating for the company, Fly Dragon Co., Ltd. [5] Core Views - Fly Dragon Co., Ltd. is a leading automotive parts manufacturer that is expanding into the AIDC (Artificial Intelligence Data Center) sector. The company has a diversified product portfolio and is well-positioned to benefit from the growing demand in both traditional automotive and new energy vehicle markets [2][4][13]. Summary by Sections Company Overview - Established in 1952, Fly Dragon Co., Ltd. initially focused on automotive engine pumps and has since expanded into electronic pumps and data center liquid cooling pumps. The company is also venturing into robotics [2][13]. - The revenue composition for the first half of 2025 includes 49% from energy-saving components, 39% from thermal management parts, 9% from new energy thermal management components, and 2% from liquid cooling and other businesses [2]. AIDC Sector - The trend towards liquid cooling in data centers is driven by increased power density, the need to lower PUE (Power Usage Effectiveness), and cost efficiency. Fly Dragon has developed a range of liquid cooling pumps suitable for various applications [3][39]. - The company has launched three series of liquid cooling pumps with flow rates from 60L/min to 1200L/min, targeting different cooling scenarios in data centers [3]. New Energy Vehicle Business - Fly Dragon holds a leading market share in the electronic pump sector, which is expected to grow due to the increasing demand for new energy vehicles. The company ranks fourth among electronic pump suppliers in 2024 [4][18]. - The company has a designed production capacity of 9.2 million electronic pumps per year, which supports its growth in the new energy vehicle market [4]. Traditional Automotive Business - The traditional automotive segment continues to develop steadily, with significant market share in mechanical pumps and exhaust manifolds. The company has a planned production capacity of 11 million mechanical pumps and 6.5 million exhaust manifolds [4][18]. - The turbocharger business is also growing, with a projected CAGR of 23% from 2020 to 2024, driven by the increasing demand for fuel-efficient vehicles [4][18]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 49.58 billion, 52.78 billion, and 55.95 billion yuan from 2025 to 2027, with a CAGR of 6.22%. Net profits are projected to be 4.49 billion, 5.28 billion, and 6.18 billion yuan, with a CAGR of 17.34% during the same period [5][6]. - The current PE ratios are estimated at 34, 29, and 25 for the years 2025 to 2027, respectively, indicating a potential for valuation premium due to the expected growth in data center liquid cooling and stable traditional automotive business [5].

格隆汇8月12日丨飞龙股份(002536.SZ)于近期投资者关系活动表示，目前公司主要向海外供应的产品是 涡壳、排气歧管、机械水泵和电子泵等。海外主要客户有博格华纳、康明斯、盖瑞特、福特、丰沃、戴 姆勒、通用、越南VINFAST等50多家。 ...

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management systems for vehicles [3] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive markets [4] - The company operates four R&D centers and has established a national-level enterprise technology center [4] Group 2: Subsidiary Information - Zhengzhou Feilong, established in 2013, has over 330 employees and total assets of 500 million RMB, with production capabilities of 1 million electronic water pumps and 2 million temperature control valves annually [5] - Anhui Hangyi Technology, founded in July 2025 with a registered capital of 50 million RMB, specializes in non-automotive liquid cooling pumps for data centers and charging stations [6] Group 3: Financial Performance - In the first half of 2025, the company experienced a year-on-year increase in performance due to stable raw material prices, optimized product structure, and improved management [7] - The expected revenue for the second half of 2025 is optimistic, driven by new overseas projects and increased orders for new energy vehicle integrated modules [8] Group 4: Product Applications and Market - The company's products, including electronic pumps and temperature control valves, are widely used in automotive, data centers, AI cooling, and various other high-tech fields [9][14] - The company has established partnerships with over 50 overseas clients, including major automotive manufacturers [8] Group 5: Global Strategy and Expansion - The company is constructing a production base in Thailand to enhance its global strategy, aiming to mitigate trade risks and expand into Southeast Asia and Central Asia [11][12] - The company plans to deepen its market layout by leveraging its Thai base for international operations [11] Group 6: Future Development Strategy - The company aims to solidify its automotive thermal management business while expanding into new applications in various high-tech fields [14] - Plans include integrating thermal management technology with robotics and other emerging industries to create long-term growth engines [14]

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: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive sectors [1][2] Group 2: Product Development and Market Reach - The company has developed key products such as mechanical water pumps, exhaust manifolds, and electronic pump series, with automotive water pumps and turbocharger housings recognized as national champions [1] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Group 3: Financial Expectations and Growth Drivers - For the second half of 2025, the company expects revenue improvement driven by new overseas projects, growth in orders for new energy vehicle integrated modules, and increased sales of liquid cooling products [3] - The company is not considering additional investments in automotive engine thermal management products domestically [3] Group 4: Client Base and Product Value - The electronic pump series has over 130 major clients, including Chery, Li Auto, and VinFast [3] - The value of thermal management integrated modules is significantly higher than traditional single-component products, varying based on product structure [3] Group 5: Liquid Cooling Sector Developments - A new subsidiary, Anhui Hangyi Technology Co., Ltd., has been established to focus on liquid cooling pumps for data centers and charging stations [4][5] - The company is actively expanding its overseas market for server liquid cooling products, particularly through clients in Taiwan [5] Group 6: Profitability and Competitive Advantages - The company implements a dual-line penetration strategy in automotive and industrial sectors to enhance profitability [5] - Key competitive advantages in the liquid cooling sector include nearly 10 years of experience, a client base of over 80 companies, and diverse application scenarios across various industries [5]

Group 1: Company Overview - Longtai Company is located in Thailand's EEC economic corridor, covering an area of 67,700 square meters (approximately 101 acres) with a registered capital of 2.6 billion Thai Baht [1] - The company was established on December 15, 2023, and began trial production on June 26, 2025, marking its first overseas smart factory [2] - Longtai Company aims to produce 1.5 million turbo shells, 1 million exhaust manifolds, 500,000 mechanical pumps, and 1 million electronic pumps annually upon full production [2] Group 2: Production Capacity and Products - Current production capacity includes 8 million mechanical pumps, 4.6 million exhaust manifolds, 8 million turbo shells, 1.2 million oil pumps, and over 8 million new energy thermal management components [4] - The company primarily supplies turbo shells, exhaust manifolds, mechanical pumps, and electronic pumps to over 50 overseas clients, including BorgWarner, Cummins, and Ford [4] Group 3: Financial Performance - The company's performance in the first half of 2025 saw a year-on-year increase due to stable raw material prices, optimized product structure, and enhanced internal and external management [3] - The implementation of value analysis and value engineering (VA/VE) has systematically reduced product costs, improving overall profitability [3] Group 4: Strategic Goals and Market Expansion - Longtai Company's establishment is a significant step towards achieving the company's vision of becoming a century-old enterprise and a world brand [2] - The company plans to use Thailand as a strategic hub to penetrate the Southeast Asian market and accelerate its internationalization process [2] - The establishment of the Thai production base will help mitigate international trade risks and enhance global supply chain resilience [6]

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions since its establishment in 1952 [4] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into the liquid cooling market [4] - The company operates four R&D centers and has over 200 domestic and international clients, serving more than 300 factory bases globally [4] Group 2: Subsidiary Information - Zhengzhou Feilong, established in 2013, has over 330 employees and total assets of 500 million RMB, with production capabilities of 1 million electronic water pumps and 2 million temperature control valves annually [4] - Anhui Hangyi Technology, founded in July 2025 with a registered capital of 50 million RMB, focuses on non-automotive liquid cooling pumps for data centers and energy storage [4][5] Group 3: Financial Performance - In the first half of 2025, the company's performance improved due to stable raw material prices, optimized product structure, and enhanced management practices [6] - Revenue decline in the same period was attributed to project lifecycle expirations, U.S. tariff impacts, and intensified price competition in the new energy vehicle sector [6] Group 4: Market Outlook - The company expects revenue recovery in the second half of 2025, driven by new overseas projects, increased orders for integrated modules, and growth in liquid cooling products [6] - The company has established partnerships with over 40 leading enterprises in the server liquid cooling sector, with some projects already in mass production [10] Group 5: Product Applications - The company's products are applicable in various fields, including automotive, server liquid cooling, data centers, AI, charging stations, and renewable energy sectors [7][8] - The focus is on developing energy-efficient, long-lasting, and lightweight products tailored to customer needs [9] Group 6: Strategic Initiatives - The company is expanding its production base in Thailand to mitigate risks from U.S. tariffs and enhance global supply chain resilience [13] - Future strategies include solidifying core thermal management business, expanding into new markets, and integrating thermal management technology with robotics [14]

Core Insights - Feilong Automotive Parts Co., Ltd. reported a revenue of 2.162 billion yuan for the first half of 2025, a year-on-year decrease of 8.67%, while net profit attributable to shareholders increased by 14.49% to 210 million yuan [1] - The company is leveraging its advantages in liquid cooling technology to expand into high-growth markets such as commercial liquid cooling, charging piles, energy storage, power equipment, and humanoid robots [1][2] - Feilong's overseas revenue accounted for over 58% of total revenue, indicating a strong focus on international market expansion [2] Financial Performance - The company achieved a net profit of 210 million yuan, reflecting a 14.49% increase year-on-year [1] - The non-recurring net profit reached 218 million yuan, marking a 24.65% increase compared to the previous year [1] - The revenue decline of 8.67% is attributed to market conditions, while stable raw material prices contributed to profit growth [1] Market Position and Strategy - Feilong holds a leading position in the automotive thermal management sector, with a comprehensive product matrix that includes eight core product categories [2] - The company is expanding its production capacity, with a new overseas production base expected to achieve an annual design capacity of 1.5 million turbocharger housings and 1 million mechanical pumps, among others [2] - The focus on R&D is evident, with an investment of 134 million yuan in the first half of the year, a year-on-year increase of 11.9% [2] Future Development Plans - The company aims to solidify its automotive business while actively expanding into overseas markets to mitigate trade risks [2] - Feilong is also exploring opportunities in the civilian liquid cooling market and is closely following innovations in robotics [2]

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 markets [2] Product Development and Market Expansion - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [2] - Currently, the company serves over 200 domestic and international clients, covering more than 300 factory bases globally [2] Key Products and Clients - Major products supplied overseas include turbine housings, exhaust manifolds, mechanical pumps, and electronic pumps, with over 50 international clients such as BorgWarner, Cummins, and Daimler [2] - The company’s turbine housing products are applicable to both fuel and hybrid vehicles, with expected sales growth in the next two years [2] New Energy Vehicle (NEV) Components - NEVs typically require 2-5 electronic pumps, depending on vehicle specifications, primarily used in electric motors, controls, and batteries [3] - The company supplies electronic pumps, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds and turbine housings for hybrid vehicles [2] Future Growth and Market Strategy - The electronic pump product line has significant growth potential in various sectors, including 5G base stations, AI cooling, and renewable energy applications [6] - The company plans to establish a new subsidiary focused on civil products, with an expected annual production capacity of 1.2 million units [6] Competitive Advantages - The company leverages first-mover advantages, customer relationships, and platform-based design to establish a unique market position in the civil sector [6] - Custom development tailored to specific customer needs ensures high-quality, lightweight, and cost-effective products [6] Impact of External Factors - The company anticipates a 10% revenue contribution from the U.S. market in 2024, with minimal impact from current tariffs due to strategic adjustments [6] - Measures include accelerating the construction of a production base in Thailand and diversifying international market strategies to enhance competitiveness [6]

Company Overview - Feilong Automotive Components Co., Ltd. is a leading enterprise in the automotive thermal management sector in China, established in 2001, with strong growth in both traditional and new energy sectors [1] - The company focuses on a dual-line penetration strategy in "automotive + general industry," targeting non-automotive fields such as 5G base stations, AI computing centers, new energy storage, hydrogen equipment, and high-end agricultural machinery [1] Client Base - The company has over 200 domestic and international clients, with more than 130 clients in the new energy sector, serving over 300 global factory bases [2] - Major domestic clients include Chery, Seres, Great Wall Motors, and Geely, while international clients include BorgWarner, Cummins, and Daimler [2] Financial Performance - From 2007 to 2024, the company's total revenue compound annual growth rate (CAGR) is 13.7%, with projected revenue of 4.723 billion yuan in 2024, a year-on-year increase of 15.34% [3] - Revenue from engine thermal management components is expected to grow by 19.4%, while new energy-related components are projected to grow by 40.44%, becoming the main growth driver [3] - In Q1 2025, revenue decreased by 10.55% to 1.11 billion yuan, but net profit increased by 3.06% to 123 million yuan, with a gross margin improvement of 4.84 percentage points to 25.33% [3] Traditional Business Stability - The traditional business, particularly the turbocharger shell, benefits from the increasing penetration of hybrid models and export growth, with 2024 sales expected to exceed 5 million units, a year-on-year increase of 27.64% [4] - The turbocharger shell currently accounts for over 45% of the company's revenue, with a market share of 20% and an existing casting capacity of 8 million units [4] - The mechanical water pump, a core product, holds a market share of 25% and has been recognized as a manufacturing champion product since 2020 [4] New Energy and Non-Automotive Expansion - Revenue from new energy and non-automotive sectors is projected to reach 526 million yuan in 2024, a year-on-year increase of 40.44% [5] - The company's electronic water pump, with a power range of 13W-3500W, has a production capacity of 5.6 million units and is expected to capture over 10% market share in 2024 [5] - A recent order with BYD for 500,000 electronic oil pumps is expected to contribute 160 million yuan in sales revenue over its lifecycle, enhancing future revenue growth [5] Capacity Expansion and International Operations - The company is expanding its production capacity in the new energy thermal management sector, with the second phase of its Zhengzhou and Wuhu factories set to achieve large-scale production [6] - The expected annual production capacity for new energy thermal management components could reach 8 million units, sufficient to meet the needs of approximately 1.2 million new energy vehicles [6] - The Thai subsidiary, Longtai Automotive Components (Thailand) Co., Ltd., is under construction with an investment of about 500 million yuan, expected to start trial production by mid-2025 and achieve full production by the end of 2025 [6] Investment Outlook - The company's dual-line strategy is anticipated to continue releasing performance elasticity with the increasing penetration of new energy vehicles and the growing demand for liquid-cooled servers [7] - Earnings per share are projected to be 0.75, 0.98, and 1.11 yuan for 2025, 2026, and 2027 respectively, with a target price of 16.6 yuan based on a 21 times price-to-earnings ratio for 2025 [7]

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 markets [1] - The company has established four R&D centers in Shanghai, Wuhu, Nanyang, and Xixia, with a national-level enterprise technology center [1] Group 2: Financial Performance - The gross profit margin in Q1 of this year increased year-on-year due to stable raw material prices, optimized product structure, and improved operational management [2] - The company has over 200 domestic and international clients, serving more than 300 factory bases globally [2] Group 3: Product Development and Market Expansion - The company is actively developing electronic pumps and temperature control valves, with some projects already in mass production [2] - In the civil sector, the company has four production lines with an annual capacity of up to 1.2 million units [2] Group 4: Competitive Advantages - The company has a first-mover advantage in the civil sector, with nearly 10 years of experience and over 100 ongoing projects [3] - The company has established relationships with over 70 clients, including major names like HP and Xiaomi [3] - The products are applied in various fields, including automotive, charging stations, 5G base stations, and modern agricultural machinery [3]