投资要点： 投资建议：预计公司25-27 年归母公司净利润分别为1.94/2.30/2.86 亿元，同比增长17.1%/18.6%/24.2%。 考虑到公司作为油泵领域细分市场的龙头企业，技术成熟、产品质量领先、主业增长稳健且积极拓展新 能源车型，同时受益于AIDC 及人形机器人的新成长曲线，公司业绩确定性较强，首次覆盖，给予"增 持-A"评级。 泵类产品领军企业，多领域布局打开成长空间。公司始建于1949 年，自1967 年正式开始生产机油泵， 具备丰富的行业技术沉淀，并于2016 年在上海证券交易所上市。公司紧跟行业的最新发展趋势，不断 丰富产品线，业务范畴由发电机泵类产品逐步拓展至变速器油泵、电子泵类、减速器、电机、具身智能 关节模组、轻量化材料等多个领域。同时，公司凭借深厚的技术积累与制造实力，与国内外众多知名客 户建立了长期稳定的战略配套合作关系。 风险提示：原材料成本上升风险，下游行业的需求波动风险，国际贸易形式恶化、汇率波动及关税风 险，人形机器人产业化进度不及预期风险等。 AI 催化柴发机油泵，新能源车提振电子泵。1）柴油机油泵：数据中心按冗余设置进行分类，配电冗余 通常由UPS 系统、柴油发 ...

Group 1 - The core viewpoint of the article highlights Feilong Co.'s strategic positioning in the robotics and AI sectors, driven by dual engines of "automotive and general industry" [1] - The company's annual production capacity includes 8 million mechanical water pumps, 4.6 million exhaust manifolds, 8 million turbo shells, 1.2 million oil pumps, and over 8 million new energy thermal management components, with a maximum of 1.2 million units in the civilian sector [1] - The overseas production base, Longtai Company, is currently in the process of being put into operation [1] Group 2 - The increasing penetration rate of new energy vehicles is expected to boost demand for electronic water pumps, while the growth of hybrid vehicles will drive the demand for turbo shells [1] - The company is actively advancing its robotics and AI business, which is anticipated to allow it to share in the growth dividends of emerging industries [1] - The projected net profit attributable to the parent company for 2025, 2026, and 2027 is expected to reach 450 million, 580 million, and 710 million yuan respectively, with year-on-year growth rates of 37%, 28%, and 23% [1]

Group 1 - The core viewpoint of the news is that Feilong Co., Ltd. is experiencing growth in its performance due to stable raw material prices, optimized product structure, and improved management, with a focus on expanding its overseas market presence and entering the humanoid robot business [1] - Feilong Co., Ltd. has an annual production capacity that includes 8 million mechanical pumps, 4.6 million exhaust manifolds, 8 million volutes, 1.2 million oil pumps, and over 8 million new energy thermal management components [1] - The company has established a global layout with its first overseas smart factory, Longtai Company, which began trial production on June 26, 2025, aimed at mitigating international trade risks and enhancing supply chain resilience [1] Group 2 - Ruida Fund, established in 2020, has an asset management scale of 0.89 billion yuan, ranking 205 out of 210 in total public funds [2] - The best-performing public fund product under Ruida Fund in the past year is the Ruida Advanced Manufacturing Mixed Fund, which has a latest unit net value of 1.45 and a growth of 83.47% over the past year [2]

Group 1 - The core viewpoint of the article highlights that Feilong Co., Ltd. is experiencing significant growth in its performance due to stable raw material prices, optimized product structure, and enhanced management practices [1] - Feilong Co., Ltd. has an annual production capacity that includes 8 million mechanical pumps, 4.6 million exhaust manifolds, 8 million volutes, 1.2 million oil pumps, and over 8 million new energy thermal management components [1] - The company has established a global presence with overseas supply of volutes, exhaust manifolds, mechanical pumps, and electronic pumps, serving over 50 clients including BorgWarner and Cummins [1] Group 2 - Longtai Company, composed of employees from China and Thailand, has secured overseas orders and is collaborating with General Motors, Ford, and Cummins, while continuously expanding into the Southeast Asian market [1] - The company believes that the growth in overseas revenue is sustainable and is accelerating its layout in humanoid robotics by providing core components and liquid cooling solutions [1] - Longtai Company completed trial production on June 26, 2025, marking the establishment of the company's first overseas smart factory, which will effectively mitigate international trade risks and enhance supply chain resilience [1]