执业证书编号：S0740523020004 Email：hejy02@zts.com.cn 执业证书编号：S0740525010002 Email：wangyue07@zts.com.cn 分析师：刘欣畅 汽车零部件 执业证书编号：S0740522120003 Email：liuxc03@zts.com.cn 分析师：毛䶮玄 执业证书编号：S0740523020003 Email：maoyx@zts.com.cn | 基本状况 | | | --- | --- | | 总股本(百万股) | 500.54 | | 流通股本(百万股) | 470.81 | | 市价(元) | 28.39 | | 市值(百万元) | 14,210.44 | | 流通市值(百万元) | 13,366.40 | 1、《贝斯特 2024 年报及 2025 年一 季报点评：》2025-04-22 贝斯特（300580.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 报告摘要 事件：公司发布 2025 年半年度报告。2025 年上半年，公司实现营业收入 7.16 亿元， 同比+2.73%；实现归母净利润 1.48 亿元， ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 贝斯特（300580.SZ） 2025H1 业绩稳健，直线驱动器业务持续突破 事件：公司发布 2025 年半年度报告，2025H1 实现营收 7.16 亿元，同比 +2.73%；归母净利润 1.48 亿元，同比+3.30%；其中 2025Q2 实现营收 3.67 亿元，同比+3.55%，环比+4.93%；归母净利润 0.79 亿元，同比 +6.15%，环比+13.94%。 盈利能力维持稳健，各项业务稳步推进。公司 2025Q2 实现毛利率 35.2%， 环比+1.0PCT；期间费用率合计 12.0%，环比-2.6PCT，销售/管理/研发/ 财务费用率分别为 0.5%/7.7%/3.7%/0.2% ，环比 +0.04/-1.6/- 1.5/+0.4PCT，其中财务费用率略有提升，预计主要受汇兑损益影响。业 务方面，截至 2025H1 公司涡轮增压器业务维持稳健，持续推进降本增效 与泰国产能建设；安徽贝斯特竣工投产，新能源零部件业务产能快速增长； 工业母机、直线驱动器、智能网联汽车等新业务依托宇华精机实现深度布 局。 泰国工 ...

截至2025年8月20日收盘，湖南天雁股价报13.17元，较前一交易日下跌1.13%，成交量为548802手，成 交金额达7.25亿元。 湖南天雁主要从事汽车零部件研发、生产和销售，产品包括涡轮增压器、发动机零部件等。公司属于汽 车零部件板块，涉及尾气治理、新能源车等概念。 风险提示：股市有风险，投资需谨慎。 公司公告显示，将于2025年8月28日上午举行半年度业绩说明会，投资者可关注相关信息披露。 资金流向方面，8月20日主力资金净流出4447.66万元，近五个交易日累计净流出8.44亿元。 ...

Overview - Chengdu Xiling Power Technology Co., Ltd. has provided a guarantee for its subsidiary Chengdu Xiling New Energy Technology Co., Ltd. for a loan of RMB 10 million from Chengdu Bank [2][4]. Group 1: Guarantee Details - The guarantee is part of the authorized limit from the 2024 third extraordinary general meeting regarding financing for subsidiaries, thus does not require further approval from the board or shareholders [2]. - The guarantee covers the loan principal, interest, and any related costs, including legal fees and other expenses incurred in enforcing the guarantee [4][5]. - The guarantee period is set for three years from the maturity date of the principal debt, with specific conditions for early termination or extension [5]. Group 2: Subsidiary Information - Chengdu Xiling New Energy Technology Co., Ltd. was established on December 20, 2019, with a registered capital of RMB 10 million and is primarily engaged in the research, manufacturing, and sales of turbochargers and related products [3]. - The company is indirectly 70% owned by Chengdu Xiling Power Technology Co., Ltd. and is not listed as a dishonest executor [3]. Group 3: Financial Status and Risk Assessment - As of the announcement date, the total amount of external guarantees provided by the company is RMB 98.5 million, which accounts for 5.93% of the latest audited net assets, with no overdue guarantees or litigation-related guarantees reported [7]. - The board believes that the financial risks associated with the guarantee are manageable, given the high ownership stake and control over the subsidiary's operations and cash flow [6].

Summary of Conference Call for BorgWarner Company Overview - **Company**: BorgWarner - **Key Executives Present**: Joe Fadul (President and CEO), Craig Aaron (CFO), Pat Nolan (VP of Investor Relations) Industry Insights - **Impact of Tariffs**: - BorgWarner's exposure to tariffs has decreased from 1.6% of sales in April to 1% currently due to favorable regulations and effective mitigation strategies [3][4] - Agreements in place cover about 70% of overall exposure, with expectations to manage the remaining 30% soon [4] - **Vehicle Electrification Outlook**: - Electrification is progressing differently across regions, with China leading, followed by Europe [6][7] - OEMs have clearer cycle plans, resulting in increased RFQ flow, with a focus on combustion and hybrid vehicles in the near to midterm [7] Financial Performance - **E Product Revenue Growth**: - E product revenue rose 47% year-over-year in Q1, outpacing the 25% growth in global hybrid and electric vehicle production [9] - In Q2, e product sales increased by 31%, significantly higher than the 17% growth in HEV, PHEV, and BEV production [9][10] - **Margin Strength**: - EBIT margin was reported at 10.3%, slightly above expectations, with operational improvements contributing to this strength [15][17] - Cost controls and productivity improvements led to a reduction in costs associated with poor quality by 20% [17] Capital Allocation Strategy - **Return of Capital**: - BorgWarner returned $130 million to investors through share repurchases and dividends, with a 55% increase in dividends announced [23][24] - The company is focused on maintaining a disciplined capital allocation strategy, balancing between organic growth and potential acquisitions [20][23] - **M&A Strategy**: - BorgWarner is actively seeking acquisitions that align with its core competencies, ensuring strong industrial logic and near-term accretion [20][21] Market Dynamics - **China Market Position**: - Approximately 20% of BorgWarner's sales come from China, with 75% of that from local OEMs [32] - The company has successfully aligned with domestic automakers by providing competitive technology and rapid market response [34] - **Commercial Vehicle Market**: - Commercial vehicles account for roughly 16% of BorgWarner's business, with a noted slowdown in North America but stability in Europe and South America [43][45] - The bus market remains resilient, particularly in Europe, due to regulatory pressures for electrification [45] Strategic Focus - **Organic Growth Opportunities**: - BorgWarner aims to leverage growth across its entire portfolio, with a focus on turbochargers and advanced hybrid technologies [27][30] - The company is positioned to capitalize on increased RFQ activity and is optimistic about outgrowing its end markets [53][59] - **Exit from Non-Core Businesses**: - The decision to exit the charging business reflects a disciplined approach to maintaining focus on areas where the company can achieve market leadership and meet ROIC targets [47][48] Conclusion - BorgWarner is navigating a complex automotive landscape with a focus on electrification, cost management, and strategic growth. The company is well-positioned to capitalize on emerging opportunities while maintaining a disciplined approach to capital allocation and operational efficiency.

Summary of the Conference Call for Feilong Co., Ltd. Company Overview - **Company**: Feilong Co., Ltd. - **Industry**: Mechanical and automotive components, focusing on liquid cooling pumps, exhaust pipes, turbochargers, and electric water pumps for new energy vehicles. Key Points and Arguments Financial Performance and Projections - **Profitability Improvement**: In the first half of 2025, Feilong achieved profit growth without revenue increase due to stable raw material prices and the establishment of the Value Analysis Engineering (VVE) in October 2024, which led to significant cost reductions in key products [2][3]. - **Revenue Expectations**: The company anticipates revenue improvement in the second half of 2025, driven by new export projects and a high volume of orders for integrated modules in the new energy vehicle sector [2][3]. Product Development and Market Position - **Liquid Cooling Pumps**: Feilong is a market leader in liquid cooling pumps in China and has made strides in overseas markets. The company is actively entering the PC liquid cooling market, which is projected to generate hundreds of millions in profit [2][6]. - **New Energy Vehicle Orders**: The company has a significant order volume for integrated modules from major clients, contributing positively to revenue. The orders are expected to continue increasing throughout the year [5][16]. - **Robotics Collaboration**: Feilong has disclosed collaborations with automotive manufacturers to develop robotic solutions, which have not yet been fully valued by the market but hold substantial potential [6][14]. Market Dynamics - **Domestic Market**: The domestic order situation is influenced by major clients, particularly in the automotive sector. The company expects a recovery in the charging sector in the second half of the year [8]. - **Overseas Market**: Feilong's overseas business is primarily focused on Taiwan and the United States. The company is awaiting UL certification for exports to the U.S., expected to be completed by August 25, 2025 [9][12]. Future Growth and Profitability - **Long-term Profit Projections**: Feilong expects automotive segment profits to exceed 500 million yuan in the next three to five years, with overall profit potential exceeding 1 billion yuan due to emerging sectors like liquid cooling and robotics [7][20]. - **Government Subsidies**: The company anticipates an increase in government subsidies in the second half of the year, which will positively impact profits [11]. Sector-Specific Insights - **Data Center Liquid Cooling**: Feilong is set to launch the GB300 product, which offers improved performance over the GB200, enhancing competitiveness in the data center liquid cooling market [10]. - **Server Cooling Business**: The server cooling segment is expected to see significant revenue contributions in the coming years, with a projected market share of over 10% [18][19]. Strategic Initiatives - **PC Liquid Cooling Projects**: Feilong is currently working on six projects in the personal PC liquid cooling market, which is expected to grow significantly due to increasing demand for efficient cooling solutions [22]. - **Acquisition Plans**: The company is exploring acquisition opportunities in the liquid cooling and robotics sectors to enhance its product offerings [15][23]. Overall Outlook - **Growth Areas**: Feilong is poised for significant advancements in liquid cooling technology, personal PC liquid cooling, server cooling, and robotics in the second half of 2025, which are expected to drive sustained high growth in performance [24].

Core Viewpoint - Fengwo Co., Ltd. has applied for an IPO on the Shanghai Stock Exchange, aiming to raise 656 million yuan, with a focus on turbocharger development and manufacturing for the automotive market [1] Group 1: Company Overview - Fengwo Co., Ltd. specializes in the research, manufacturing, and sales of turbochargers, expanding into electric turbochargers and core components for air suspension [1] - The company primarily serves the automotive OEM market, supplying turbochargers for various gasoline engines and hybrid powertrains [1] - Since its establishment, Fengwo has focused on turbocharger products, responding quickly to the demands of major automotive manufacturers such as Chery, Geely, GAC, BYD, and Changan [1] Group 2: Market Position and Performance - As of 2024, Fengwo's sales of gasoline engine turbochargers reached 2.2122 million units, capturing 15.3% of the national market share, ranking second overall and first among domestic companies [1] - The company has seen an increase in market share and ranking since 2022, breaking the international giants' monopoly in the domestic gasoline engine turbocharger market [1] Group 3: Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is projected to be approximately 1.399 billion yuan, 1.598 billion yuan, and 2.067 billion yuan respectively [2] - Net profit for the same years is expected to be around 119 million yuan, 130 million yuan, and 204 million yuan respectively [2] - Total assets as of December 31 for 2022, 2023, and 2024 are estimated at 1.698 billion yuan, 1.965 billion yuan, and 1.725 billion yuan respectively [3] - The company's equity attributable to shareholders is projected to be 535 million yuan, 573 million yuan, and 780 million yuan for the same years [3] - The asset-liability ratio has improved from 64.21% in 2022 to 45.67% in 2024, indicating better financial health [3]

Core Viewpoint - The significant related-party transactions of Freetech and Fengwo, which are both rushing for IPOs, raise concerns about the potential drawbacks of Geely's frequent capital operations. The heavy reliance on Geely for revenue and the implications for business independence and fairness of related transactions are questioned [1][2]. Group 1: Fengwo's IPO and Financials - Fengwo's main business involves the research, manufacturing, and sales of turbochargers, with plans to raise 656 million yuan for various projects, including 245 million yuan for producing 1 million turbochargers annually [3]. - Geely Group is Fengwo's largest customer, contributing over 30% of its revenue, with related-party sales accounting for 53.10%, 32.44%, and 34.89% of total sales in recent years [3][4]. - The gross profit margin for related-party sales is lower than that of the main business, indicating potential issues with pricing and profitability [5][6]. Group 2: Freetech's Financial Performance - Freetech is preparing for an IPO on the Hong Kong Stock Exchange, having previously submitted an application that lapsed. The company has significant ties to Geely, with Geely's founder controlling a substantial portion of Freetech [8]. - Despite a strong market position, Freetech has been operating at a loss, with revenues of 328 million yuan, 908 million yuan, and 1.283 billion yuan from 2022 to 2024, but net losses of 855 million yuan, 738 million yuan, and 528 million yuan during the same period [9][10]. - Freetech's revenue heavily relies on a few major clients, with Geely accounting for 22.0%, 43.3%, and 59.4% of its total revenue over the past three years, indicating a concerning dependency [10].

Core Industry Overview - Hengyang City is focusing on building a modern industrial system characterized by "one core, two electricity, three colors, and four new" industries, aiming for coordinated development of advanced manufacturing, traditional industry upgrades, and emerging industry cultivation [1][13] - The "one core" focuses on nuclear technology application, establishing a national-level demonstration base for nuclear technology applications [1][13] - The "two electricity" includes electrical equipment and electronic information as pillar industries, aiming to cultivate a trillion-level industrial cluster [1][13] - The "three colors" refer to traditional advantageous industries: non-ferrous metals, salt chemical industry, and steel pipes and deep processing [1][13] - The "four new" focuses on emerging growth points such as new energy vehicles, modern logistics, cultural tourism and health, and ecological agriculture [1][13] Economic Performance - In 2024, Hengyang's GDP is projected to reach 449.169 billion, with a year-on-year growth of 5.4%, indicating a steady economic expansion [4] - The secondary industry shows the strongest growth, with an added value of 142.336 billion and a growth rate of 6.9% [4] - The tertiary industry maintains steady growth, achieving an added value of 258.077 billion, growing by 5.1% [4] - The first industry added value is 48.756 billion, with a growth of 2.7%, demonstrating a collaborative development among the three major industries [4] New Quality Productive Forces - New Quality Productive Forces, introduced by President Xi Jinping, emphasize innovation as the main driving force, characterized by high technology, efficiency, and quality [2][3] - This concept is crucial for promoting high-quality economic development and constructing a modern industrial system [3] Policy Framework - Hengyang has implemented various policies to support the cultivation of new quality productive forces, including plans for health industry development and optimizing the business environment [10][11] - The "Stabilize Five and Advance Three" strategy aims to consolidate five advantageous industries while breaking through three emerging industries to inject new momentum into high-quality development [10][13] Industrial Space Layout - Hengyang adopts a "no zoning layout, integrated promotion" planning concept, creating a spatial structure of "one river, four screens, one circle, and one belt" [15][18] - The layout focuses on ecological protection and urban development, enhancing the integration of modern service and advanced manufacturing industries [15][18] Emerging Industries - Emerging industries such as electronic information, new energy vehicles, and nuclear technology applications are rapidly rising, contributing to the economic growth of Hengyang [20] - Companies like Hunan Kai Ming Electronic Technology and Hunan Tian Yan Machinery are becoming new forces in their respective industries through technological innovation [20] Development Trends - Hengyang is advancing traditional industries towards high-end and intelligent transformation while vigorously cultivating emerging industries, forming a dual-driven model [23][24] - The city is enhancing its innovation capabilities through increased R&D investment and the establishment of innovation platforms [25] - Hengyang is deepening open cooperation and policy support to ensure the development of new quality productive forces, aiming for broader growth prospects [26]

Core Viewpoint - Fengwo Co., Ltd. has received approval for its IPO on the Shanghai Stock Exchange, with a focus on turbocharger development and manufacturing for the automotive industry [3] Company Overview - Fengwo Co., Ltd. was established in 2016 and specializes in the research, development, manufacturing, and sales of turbochargers, with plans to expand into electric turbochargers and core components for air suspension systems [3] - The company primarily targets the automotive OEM market, supplying turbochargers for various gasoline engines and hybrid powertrains [3] Market Position - In 2024, Fengwo is projected to sell 2.2122 million units of gasoline engine turbochargers, holding a market share of 15.3%, ranking second in the domestic market and first among domestic enterprises [3] Financial Performance - Fengwo's revenue and net profit from 2022 to 2024 are as follows: - 2022: Revenue of 1.399 billion yuan, Net profit of 119 million yuan - 2023: Revenue of 1.598 billion yuan, Net profit of 130 million yuan - 2024: Revenue of 2.067 billion yuan, Net profit of 204 million yuan [3] Financial Metrics - As of December 31, 2024, Fengwo's total assets are 1.7249785 billion yuan, with equity attributable to shareholders of 780.2196 million yuan [4] - The company's debt-to-asset ratio is 45.67%, down from 65.39% in 2023 [4] - The basic earnings per share for 2024 is projected at 1.70 yuan, an increase from 1.11 yuan in 2023 [4] Management and Compensation - The current chairman and general manager is Chen Weide, with a total compensation of 8.9299 million yuan for 2024 [6][7] - Other key management members include Wang Yonghong (348.64 million yuan), Liu Jing (203.60 million yuan), and Zhou Qunli (173.95 million yuan) [6][7] Ownership Structure - The actual controllers of Fengwo are Li Ni and Li Xingxing, who collectively control 75% of the voting rights, with familial ties to Li Shufu, the founder of Geely Automobile [4]