Group 1 - The company Feilong Co., Ltd. announced on November 14 that its thermal management integrated module products consist of components such as electronic pumps, thermal management control valves, expansion tanks, flow guides, sensors, and wiring harnesses [2] - Compared to traditional single-component products, the value of thermal management integrated modules has significantly increased, with specific value varying due to differences in product structure [2]

Group 1 - The company Feilong Co., Ltd. announced on November 14 that its new energy thermal management products mainly include two categories: electronic pumps and temperature control valves [2] - The electronic pump series includes electronic water pumps, electronic oil pumps, and electronic vacuum pumps [2] - The temperature control valve series consists of thermal management multi-way valves, thermal management control valves, electric vehicle water valves, integrated modules, and various modified products [2]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [2][3] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [3] Product Development - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management integrated modules [2][3] - The company has established national-level technology centers and four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, focusing on new energy thermal management components [3] Market Expansion - The company serves over 200 domestic and international clients, with products exported to the Americas, Europe, and Southeast Asia [3] - The company is expanding into civilian applications, including server liquid cooling, charging pile liquid cooling, and energy storage systems [5][7] Investment and Growth Strategy - The company is not planning additional investments in domestic automotive engine thermal management products but is focusing on integrating thermal management technology with new energy vehicles and other advanced fields [4][5] - The company has a clear growth strategy, including solidifying automotive thermal management business, expanding overseas through the Longtai Company in Thailand, and exploring new applications in high-tech fields [12] Financial Performance - The company has returned over 1 billion yuan to shareholders since its listing, demonstrating strong profitability and commitment to shareholder returns [12] Future Outlook - The company is positioned to benefit from the growing demand for liquid cooling solutions in AI data centers, with a focus on energy efficiency and product innovation [8][9] - The Longtai Company is set to enhance overseas production capacity, targeting Southeast Asia and other international markets [9][10]

Core Viewpoint - Feilong Co., Ltd. (002536.SZ) emphasizes the significant value enhancement of its thermal management integrated module products compared to traditional single-component products, with variations in value depending on product structure [1] Group 1 - The thermal management integrated module products consist of electronic water pumps, thermal management control valves, expansion tanks, flow guides, sensors, and wiring harnesses [1] - The value of integrated modules is notably higher than that of traditional single-component products, although specific value varies based on product construction differences [1]