Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][7]. Core Insights - The company is experiencing rapid growth in its small three-electric (小三电) business, with significant contributions from overseas markets and AIDC (Artificial Intelligence Data Center) as a second growth curve [1][6]. - The company has established a strong customer base, including major players in the electric vehicle sector, and is transitioning from traditional automotive clients to new energy vehicle manufacturers [6][19]. - The report forecasts substantial revenue growth, with total revenue expected to reach 34.51 billion yuan by 2027, reflecting a compound annual growth rate (CAGR) of 26.8% from 2024 to 2027 [2][7]. Summary by Sections 1. Strong Customer Structure and Growth Drivers - The company has a well-established customer base, including renowned manufacturers such as Renault, Stellantis, and NIO, which has driven revenue growth from 9.64 billion yuan in 2021 to 18.35 billion yuan in 2023 [19][34]. - The transition to new energy vehicle clients has been a key growth driver, with significant revenue contributions from NIO and Xiaomi expected to offset declines from traditional clients like GAC Group [6][35]. 2. Competitive Landscape in Small Three-Electric Market - The small three-electric market is witnessing a trend towards integration, with the company capturing over 8% market share in the first half of 2025 [6][47]. - The report anticipates that the Chinese small three-electric market will grow from 25.3 billion yuan in 2024 to 39 billion yuan by 2028, with a CAGR of 11.51% [54]. 3. Overseas Expansion and AIDC as a Second Growth Curve - The company is expanding its overseas presence, with international revenue accounting for 17.77% of total revenue in the first half of 2025 [6][3]. - AIDC is identified as a potential second growth curve, with significant market opportunities projected as the demand for high-stability charging modules increases [6][3]. 4. Profitability Forecast and Valuation - The company is expected to achieve net profits of 2.00 billion yuan, 3.69 billion yuan, and 5.35 billion yuan from 2025 to 2027, with corresponding price-to-earnings (PE) ratios of 32, 17, and 12 [2][7]. - The report assigns a target PE of 29 for 2026, suggesting a potential market capitalization of 10.55 billion yuan, indicating a 66% upside from the current valuation [7][6].

Group 1: Company Overview - The company primarily engages in the research, production, and sales of high-voltage power supply systems for electric vehicles, including on-board chargers (OBC), DC/DC converters, and power integration products [1] - The main function of on-board power products is to convert AC power from the grid into DC power for electric vehicle batteries and to convert high-voltage DC output from batteries into low-voltage DC for vehicle equipment [1] Group 2: Impact of Tax Regulations - The adjustment of purchase tax will lead to some pre-consumption but will not change the long-term upward trend of the industry [1] - As of September 2025, the penetration rate of electric vehicles exceeded 58%, indicating a shift from "pure policy-driven" to "policy + market-driven" consumption [1] Group 3: Pricing Trends and Market Dynamics - In the short term, existing products with relatively simple functions will face price pressure due to industry competition; however, in the medium to long term, pricing will depend on product technological value [2] - The application of new technologies, such as GaN semiconductors, will lead to breakthroughs in performance and value, necessitating sustained high R&D investment [2] Group 4: Overseas Market and Profitability - Currently, the overseas market is primarily focused on Europe, with mass production projects related to Renault; additional overseas projects are expected to enter mass production starting in 2026 [2] - The gross margin in overseas markets typically exceeds that of domestic markets due to the competitive advantages of overseas component manufacturers in technology innovation and product iteration [2] Group 5: Future Growth Strategies - The company is actively seeking and evaluating "second curve" opportunities that align with its core technologies to establish sustainable competitive advantages [2]

Core Viewpoint - Fute Technology, a leading supplier of automotive power systems in China, focuses on high-voltage power systems for new energy vehicles and is set to be listed on the Shenzhen Stock Exchange in September 2024 [1] Group 1: Company Overview - Fute Technology was established on August 10, 2011, and is headquartered in Huzhou, Zhejiang Province [1] - The company is recognized as a national high-tech enterprise specializing in the research, production, and sales of high-voltage power systems for new energy vehicles [1] - It operates within the automotive industry, specifically in the automotive parts and electronic electrical systems sector, involving concepts such as charging stations and new energy vehicles [1] Group 2: Financial Performance - In Q3 2025, Fute Technology achieved a revenue of 2.559 billion yuan, ranking 17th among 36 companies in the industry [2] - The company's net profit for the same period was 137 million yuan, placing it 16th in the industry [2] - The industry leader, Joyson Electronics, reported a revenue of 45.844 billion yuan and a net profit of 1.363 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Fute Technology's debt-to-asset ratio was 67.17%, an increase from 50.13% in the previous year, exceeding the industry average of 44.11% [3] - The company's gross profit margin in Q3 2025 was 19.49%, down from 26.41% year-on-year, but in line with the industry average of 19.46% [3] Group 4: Shareholder Information - As of September 30, 2025, the number of A-share shareholders decreased by 23.01% to 10,100 [5] - The average number of circulating A-shares held per shareholder increased by 29.89% to 10,700 [5] - Notable changes in the top ten circulating shareholders included the exit of several funds [5] Group 5: Business Highlights - Fute Technology's domestic market share for automotive power systems has significantly increased, driven by the growth of domestic customer models [5] - The company has benefited from the electrification trend in Europe, with overseas revenue accounting for over 17% in the first half of 2025 [6] - The company has maintained a strong focus on R&D, successfully applying SiC semiconductor devices in its products [6]

Core Insights - The company, Futec Technology, reported strong growth in Q3 2025, with a 108.27% year-on-year increase in revenue and a 186.93% increase in net profit attributable to shareholders, driven by a significant rise in sales of core components for electric vehicles [1] - The company has established a clear product layout and technical accumulation, focusing on high-voltage power supply systems for electric vehicles and related solutions [1] Group 1: Financial Performance - In the first three quarters of 2025, the company's revenue reached 2.559 billion yuan, with a net profit of 137 million yuan, indicating a continuous improvement in profitability [1] - The net profit after deducting non-recurring items increased by over 215% [1] Group 2: Global Strategy and Production - The company is optimizing its R&D and manufacturing layout to support its globalization strategy, with a research headquarters in Hangzhou and a production base in Huzhou Anji [2] - The company has established overseas platforms to promote international business development, with foreign business revenue expected to rise from 6.8% in 2024 to over 17% in the first half of 2025 [2] Group 3: Competitive Advantage - The company has built a significant competitive advantage in the high-voltage power supply sector for electric vehicles through long-term technological accumulation and quality customer partnerships [3] - The market share of the company's high-voltage power supply systems in the domestic new energy passenger vehicle market was 12.05%, 11.66%, and 9.39% from 2021 to 2023, respectively [3] Group 4: R&D and Technological Innovation - The company is increasing its R&D investment, focusing on power electronics conversion technology, digital and modular software development, and efficient thermal management [3] - The company has achieved mass production of SiC semiconductor devices in its products, reflecting its commitment to technological advancement [3] Group 5: Capital and Talent Development - The company has submitted an application for a specific stock issuance to raise funds for capacity upgrades and technological R&D, which is expected to optimize its capital structure [4] - A restricted stock incentive plan has been approved, covering 72 core personnel, which aims to align the interests of management and employees for long-term growth [4]

Core Viewpoint - The report from Tianfeng Securities highlights the strong growth potential of Fute Technology (301607.SZ) due to its high-quality customer structure and clear benefits from European trends, along with opportunities for valuation enhancement from potential new businesses [1] Company Overview - Fute Technology, established in 2011, started with electric grid charging and swapping products and has gradually focused on high-voltage power systems for vehicles, expanding into non-vehicle areas to form a complete product line [1] - The company successfully listed on the Shenzhen Stock Exchange's ChiNext in September 2024, marking a new stage in its development [1] Market Position and Growth - The report indicates that China's key components for new energy vehicles (NEVs) have gained strong international competitiveness, with significant achievements in overseas market expansion [2] - Fute Technology, as a leading supplier of high-voltage power systems in China, shows strong development potential, with overseas business revenue expected to rise from approximately 6.8% in 2024 to over 17% in the first half of 2025 [2] International Expansion - To meet overseas customer delivery and service demands, Fute Technology has established a production base in Thailand, which will enhance its capacity to fulfill orders from clients like Renault and Stellantis [3] - The company aims to optimize its global supply chain through local procurement, enhancing supply chain stability and supporting ongoing market share growth [3] Financial Performance - In the first half of 2025, Fute Technology achieved total revenue of 1.474 billion yuan, a year-on-year increase of 122.64%, with a profit of 67 million yuan, reflecting a growth of 14.71% [3] Customer Relationships - Fute Technology has established stable partnerships with well-known automotive companies, including GAC Group, NIO, Xpeng Motors, Xiaomi Motors, Renault, and Stellantis, demonstrating strong customer expansion capabilities [3] - The company is also reducing reliance on single customers by securing projects with traditional automakers like BYD and Changan [4] Industry Trends - The onboard power supply industry is evolving towards integration, high voltage, and diversified functionality, with Fute Technology leading in these areas [5] - The company has developed a three-in-one system product that integrates onboard chargers, DC/DC converters, and power distribution units, significantly reducing size, weight, and cost [5] Technological Advancements - Fute Technology is leveraging third-generation semiconductor materials like silicon carbide (SiC) to enhance power density and support high-voltage fast charging scenarios [5] - The growing popularity of bidirectional charging technologies (such as V2L and V2G) is expanding the functionality of onboard power supplies, allowing NEVs to serve as mobile energy storage [6] Strategic Positioning - Fute Technology is strategically positioned in the core track of NEV development, entering a high-growth phase due to its comprehensive advantages in technology, customer relationships, and global layout [6]

Core Insights - The National Development and Reform Commission and five other departments issued the "Three-Year Doubling Action Plan for Electric Vehicle Charging Facility Service Capacity (2025-2027)", aiming to establish 28 million charging facilities by the end of 2027, providing over 300 million kilowatts of public charging capacity to meet the charging needs of over 80 million electric vehicles, effectively doubling the charging service capacity [1] Industry Summary - The plan is expected to pave the way for the development of the charging pile industry, providing a supportive target that may stimulate demand for charging piles, benefiting companies involved in charging pile manufacturing, charging modules, and operations as the industry develops [1] - The completion of the quantitative goals set in the "Three-Year Doubling" action plan is considered achievable, with actual results likely to exceed expectations [1] Company Highlights - Futec Technology, engaged in the R&D, production, and sales of high-voltage power systems for new energy vehicles, has developed high-power AC/DC and DC/DC liquid-cooled modules, significantly reducing noise pollution and facilitating the promotion of charging piles in residential communities [3] - Tongda Co., primarily involved in electric wires and cables, expects a net profit of 10.8 million to 15.2 million yuan for the first three quarters, representing a year-on-year growth of 50.01% to 111.12% [3] - Shenghong Co. focuses on the application of power electronics technology in industrial power supply and new energy fields, with its electric vehicle charging products recognized as top brands in various evaluations, and is expanding its charging pile layout in rural and county markets [4]

Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage in the automotive and automotive parts industry [7]. Core Insights - The company is a leading third-party supplier of high-voltage power systems for electric vehicles, continuously expanding its customer base both domestically and internationally [1][3]. - The company has established a strong foundation with major clients, including well-known automotive manufacturers, and is expected to see significant revenue growth driven by the increasing demand for electric vehicles [1][3][5]. - The report forecasts that the company's revenue will reach approximately 2.996 billion, 3.608 billion, and 4.272 billion yuan in 2025, 2026, and 2027, respectively, with corresponding net profits of 159 million, 204 million, and 254 million yuan [5][6]. Summary by Sections 1. Deepening the High-Voltage Power System for New Energy Vehicles - The company has transitioned from grid charging products to high-voltage power systems for electric vehicles, establishing a robust product development system [15]. - The main business has shown steady growth, with high-voltage power systems accounting for over 90% of revenue [18][20]. - The company has a stable shareholding structure and experienced management team, which supports its operational effectiveness [27]. 2. Competitive Landscape and Future Trends in the Onboard Power Supply Industry - The industry is witnessing a shift towards high-voltage, integrated, and multifunctional power supply systems, which are essential for enhancing charging efficiency and reducing costs [2][42]. - The company is well-positioned to capitalize on these trends, with a focus on integrating core components and utilizing new materials [42][46]. 3. Advantages in the Onboard Power Supply Industry - The company is recognized as a leading third-party supplier in the domestic market, with a diverse client base and a rich project pipeline [3][51]. - The report highlights the company's competitive advantages over overseas suppliers in technology, experience, and cost [3][51]. 4. Breakthroughs in Non-Onboard High-Voltage Power Systems - The company has achieved significant advancements in high-power AC/DC and DC/DC liquid cooling modules, expanding its application scenarios [4]. 5. Profit Forecast and Investment Rating - The company is expected to achieve substantial revenue growth, driven by its leadership in the onboard power supply market and the contribution from non-onboard power systems [5][6].

Group 1: Company Overview - The company focuses on the research, development, production, and sales of high-voltage power supply systems for electric vehicles, including on-board chargers (OBC), DC/DC converters, and power integration products [1] - The main function of on-board power products is to convert AC power from the grid into DC power for electric vehicle batteries and to convert high-voltage DC output from batteries into low-voltage DC for vehicle equipment [1] Group 2: International Business Development - In 2021, the company partnered with Renault, with mass production expected to gradually start in 2024 [1] - By 2024, overseas business revenue is projected to account for approximately 6.8%, increasing to over 17% in the first half of 2025, indicating progress in the company's internationalization strategy [1] Group 3: Business Strategy and Market Approach - The company has focused on expanding its business around battery charging and discharging technology, primarily targeting on-board power products for electric vehicles, while non-vehicle products are developed based on customer demand [3] - The company maintains an open yet cautious approach in other fields, assessing the maturity of commercial scenarios and market supply structures before investing [3] Group 4: Shareholder Information - On September 4, 2025, a portion of shares prior to the initial public offering and strategic placement, accounting for 50.71% of total shares, was unlocked and listed for trading [4] - Shareholders wishing to reduce their holdings must announce their intentions in advance, while others can reduce their holdings without additional disclosure from the company [4] Group 5: Regulatory Compliance - On September 19, 2025, the company received a notification from the Shenzhen Stock Exchange regarding the acceptance of its application for a specific stock issuance [5] - The company will strictly adhere to relevant regulations and regulatory requirements in advancing subsequent work [5] Group 6: Disclosure of Information - The investor relations activity does not involve the disclosure of any undisclosed significant information [6]

Company Overview - Founded in 2011, located in Huzhou Anji, specializing in R&D, production, and sales of high-voltage power systems for electric vehicles [1] - Main products include vehicle-mounted high-voltage power systems, liquid-cooled ultra-fast charging power modules, and smart DC charging power modules [1] - Application scenarios include home slow charging, fast charging on the go, and vehicle-to-load power supply [1] Production Capacity - First production base commenced operations in 2021, with a second base starting production in the first half of 2025 [2] - Current production capacity is stable, with plans for dynamic optimization based on market demand and customer orders [4] Customer Concentration - Established stable partnerships with major automotive manufacturers such as GAC, NIO, Xiaomi, and others [3] - Dependency on the primary customer is decreasing, enhancing operational stability [3] International Strategy - Secured a project with Renault in 2021, with overseas business revenue accounting for 6.8% in 2024 [5] - Expected to increase to over 17% in the first half of 2025 as production stabilizes [5] Shareholder Information - 50.71% of shares were unlocked for trading on September 4, prior to the IPO [6] - Shareholders are required to announce any planned reductions in shareholdings [6] Stock Incentive Plan - A restricted stock incentive plan was approved on August 29, 2025, with a follow-up board meeting scheduled within 60 days to finalize grant dates [8] Financial Performance - Revenue increased by over 122% year-on-year due to significant growth in customer demand [8] - Accounts receivable rose by more than 45% compared to the end of the previous year, leading to higher credit impairment losses [8]

Group 1: Company Overview - The company focuses on the R&D, production, and sales of high-voltage power systems for electric vehicles, including on-board chargers (OBC), DC/DC converters, and power integration products [1] - Key products also include liquid-cooled ultra-fast charging pile power modules and intelligent DC charging pile power modules [1] Group 2: Customer Concentration - The company has established stable partnerships with major automotive manufacturers such as GAC, NIO, Xiaomi, Leap Motor, Xpeng, Renault, and Stellantis [1] - Dependency on the primary customer is decreasing, leading to improved operational stability and a more balanced growth trajectory [1] Group 3: Production Capacity - The company’s production capacity is steadily advancing, with the main production base located in Anji [2] - The second factory commenced production in the first half of 2025, with future capacity expected to increase as supporting smart logistics and storage facilities are enhanced [2] Group 4: International Strategy - The company’s overseas business began to take shape in 2024, with projects starting to ramp up production in the first half of 2024 [2] - Revenue from international operations is projected to rise from 6.8% to over 17% by 2025, indicating successful implementation of the international strategy [2] Group 5: Impairment Situation - In the first half of 2025, the company conducted impairment tests on relevant assets, resulting in an increase in impairment provisions compared to previous years [2] - The significant growth in customer demand led to a more than 122% year-on-year increase in revenue, with accounts receivable growing over 45% from the end of 2024 [2]