10月28日，富特科技（301607）发布2025年三季度报告显示，公司经营业绩呈现强劲增长态势，受益于 新能源汽车核心部件销量大幅提升。其中，公司第三季度营业收入同比增长108.27%，归属于上市公司 股东的净利润同比增长186.93%，扣非后净利润同比增长超215%，带动公司前三季度业绩高速增长。公 司前三季度营业收入达25.59亿元，归属于上市公司股东的净利润为1.37亿元，显示主业盈利能力持续增 强。 在高速增长的背后，是富特科技清晰的产品布局与技术积累。富特科技成立于2011年，位于湖州安吉， 主营新能源汽车车载高压电源系统、非车载高压电源系统的研发、生产和销售。主要产品有车载高压电 源系统、液冷超充桩电源模块、智能直流充电桩电源模块等，产品矩阵丰富，始终围绕新能源汽车的动 力需求，提供车载与非车载的充放电解决方案。 为支撑全球化战略，公司在研发与制造端持续优化布局。公司整体布局立足国内，基于全球化市场战略 设立海外平台，推动海外业务发展。目前研发总部位于杭州，在西安设立的研发部分，主要承接车载产 品的开发工作。公司生产制造基地主要位于湖州安吉，第一基地于2021年正式投产，第二基地于2025年 上 ...

为匹配海外客户交付与服务需求，公司已完成海外工厂选址，于泰国建立生产基地。此次出海建厂不仅 能抓住新能源汽车海外渗透率提升的关键窗口期，进一步扩充海外产能以承接雷诺、Stellantis 等客户订 单，还将优化全球供应链体系 —— 通过本地化采购完善关键原材料渠道，增强供应链稳定性，为海外 市场份额持续提升筑牢产能与供应链保障。 数据显示，2025年上半年，公司实现总营业收入14.74亿元，同比增长122.64%；利润总额达到0.67亿 元，同比增长14.71%；实现归母净利润0.67亿元，同比增长15.15%。 近期，天风证券发布富特科技（301607.SZ）首份覆盖研报，券商认为，公司客户结构优质和受益欧洲 趋势明确带来高成长性，潜在新业务带来估值提升机遇。 富特科技自2011年成立以来，从电网充换电产品起步，逐步聚焦于车载高压电源系统，并拓展至非车载 领域，形成了完整的产品线。2024年9月，富特科技在深交所创业板成功上市，标志着其发展进入新阶 段。 公司主要从事新能源汽车高压电源系统研发、生产和销售，主要产品包括车载充电机（OBC）、车载 器、车载电源集成产品等车载高压电源系统，以及液冷超充桩电源模块 ...

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]

证券代码：301607 证券简称：富特科技 公告编号：2025-009 浙江富特科技股份有限公司投资者关系活动记录表 投资者关系活 动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他 __ 时间 2025 年 9 月 16 日 地点 杭州分公司会议室 参与单位名称 及人员姓名 华西证券 上市公司接待 人员姓名 董事会秘书 李岩 投资者关系活 动主要内容介 绍 1、请简单介绍下公司的基本情况？ 公司主要从事新能源汽车高压电源系统研发、生产和销 售，主要产品包括车载充电机（OBC）、车载 DC/DC 变换器、 车载电源集成产品等车载高压电源系统，以及液冷超充桩电源 模块、智能直流充电桩电源模块等非车载高压电源系统。其中 车载电源产品主要功能是将电网中的交流电转换为直流电，为 新能源汽车动力电池供电，以及将动力电池输出的高压直流电 转换为低压直流电，以供低压车载电器或设备使用。 2、公司客户集中度情况如何？ 目前，公司已与多家头部车企建立稳定的合作关系，主要 客户包括广汽、蔚来、小米、零跑、小鹏、雷诺、Stellantis 等优质厂商。得益于新增客户项目的稳 ...

Company Overview - Zhejiang Fute Technology Co., Ltd. was established in 2011, focusing on R&D, production, and sales of high-voltage power systems for electric vehicles and non-vehicle applications [1] - The main products include vehicle-mounted high-voltage power systems, liquid-cooled ultra-fast charging power modules, and smart DC charging power modules, catering to the power needs of electric vehicles [1] - The company has a global market strategy, with R&D headquarters in Hangzhou and manufacturing bases in Anji, where the second base commenced production in the first half of 2025 [2] Client Relationships - The company has established stable partnerships with leading automotive manufacturers, including GAC, NIO, Xiaomi, Leap Motor, Xpeng, and Changan [3] - Key models supported include NIO ES/ET series, Xiaomi SU7/YU7, and GAC Aion series, with plans to deepen existing collaborations and expand to new clients and projects [3] International Business Development - In 2024, overseas business revenue accounted for approximately 6.8%, which increased to over 17% in the first half of 2025, indicating progress in the company's international strategy [4] - Ongoing projects with other overseas clients are expected to contribute further to revenue growth [4] Project Differences - Overseas projects generally have higher customization requirements and longer development cycles, typically around 3 years, compared to shorter cycles for domestic projects [5] - The output power for overseas vehicle-mounted chargers is primarily 11kW, with some 22kW projects in development, while domestic products mainly feature 6.6kW output [5] Financial Performance - The fluctuation in product gross margin is influenced by the overall background of the electric vehicle industry, customer price reductions, and supply chain cost-cutting measures [6] - The company is actively optimizing existing technology platforms and improving supply chain management to address challenges related to declining gross margins [6] New Business Development - The company maintains a cautious approach to new business ventures, assessing technical reserves and market maturity to avoid blind investments that could impact core operations [7]

证券代码：301607 证券简称：富特科技 公告编号：2025-007 安吉二厂于 2025 年上半年正式投产,目前也已成为公司主 要生产基地贡献收益，整体产能规划也将根据客户需求逐步提 升。 公司 2025 年上半年新能源汽车车载电源业务毛利率为 20.23%，较上年同期有一定幅度下降，毛利率波动主要受年降 和供应链成本双向传导影响。近几年，新能源汽车行业市场竞 争异常激烈，多家车企面对生存压力推出"增配不增价"、"车 企兜底补贴"等优惠模式，这类价格战对成本的影响会逐步向 产业链传导，因此公司综合毛利率水平略有下降。为应对竞争 加剧的情形，公司将持续深化技术降本和供应链协同策略，保 障毛利率稳定在合理区间。 公司遵循行业惯例，根据与客户的合作年限、实际履约情况 及客户行业口碑等，针对不同客户采用不同的信用政策，并严 格执行货款回收管理，目前国内客户的信用期一般介于 30 至 90 天之间，具体时长依实际商业谈判结果而定。 投资者关系活 动类别 ☑特定对象调研 □分析师会议 □媒体采访 □业绩说明会 □新闻发布会 □路演活动 ☑现场参观 □其他 __ 时间 2025 年 9 月 10 日 地点 湖州安吉 参 ...

Core Insights - Futec Technology reported a significant revenue increase of 122.64% year-on-year, reaching 1.474 billion yuan in the first half of 2025, driven by strong sales in new energy vehicle products and technical services [1] - The company is well-positioned to benefit from the overall recovery of profit margins in the new energy vehicle industry, supported by its core technologies in power electronics and software development [1] Industry Overview - The new energy vehicle industry is a key direction for the global automotive industry's transformation, with China's production and sales of new energy vehicles reaching 6.968 million and 6.937 million units respectively in the first half of 2025, marking a year-on-year growth of 41.4% and 40.3% [2] - New energy vehicles accounted for 44.3% of total new car sales in China, indicating a significant shift towards electrification in the automotive market [2] Company Performance - In 2024, Futec Technology achieved domestic revenue of 1.802 billion yuan and overseas revenue of 132 million yuan, with overseas revenue growing by 5815.39%, solidifying its domestic market presence while making strides in international markets [3] - The company has established stable partnerships with major automotive manufacturers, including GAC Group, NIO, and Stellantis, enhancing its brand influence in the industry [3] R&D and Technological Advancements - Futec Technology emphasizes R&D as a core competitive advantage, with R&D expenses reaching 121 million yuan in the first half of 2025 and a team of 910 people, accounting for 39.57% of total employees [4] - The company has obtained 106 authorized patents, including 46 invention patents, reinforcing its technological barriers and supporting product innovation [4] Strategic Initiatives - The company plans to raise up to 528 million yuan through a private placement to fund projects focused on intelligent manufacturing of core components for new energy vehicles and the development of new generation vehicle power products [6][7] - The investment projects are aligned with the company's main business and aim to enhance production capacity and product competitiveness in response to growing global market demand [7] Future Outlook - Futec Technology aims to become a leading supplier of new energy vehicle components and digital energy solutions, leveraging its expertise in vehicle-mounted products and expanding into non-vehicle applications [8] - The company is focused on the integration of electronic and electrical architectures, positioning itself to capitalize on the evolving trends in the new energy vehicle sector [8]