飞龙股份分析师会议 调研日期：2025年10月30日 调研行业：汽车零部件 参与调研的机构：常州投资等 / 机构调研pro小程序 DJvanbao.com 洞见研报 出品 : 机构调研pro小程序致力于为金融证券投资者提供最新最全的调研会议纪要。 来机构调研pro小程序，了解最新的：行业投资风向、热门公司关注、权威机构分析... 权威完善的信息持续更新! 更多精彩的机构调报告请移步机构调研pro小程序~ 一解投资机构行业关注度。 频判市场 构市场到断信记 关注公众号即可体验 机构调研pro小程序~ 扫码关注 调研纪要精选公众号 时尚悉各行业顶流企业周研情况。 LIST 01 调研基本情况 | Gallia | | | --- | --- | | 11 2 12 200 2 110 | | | 1:给我们 = 影片面临官 = | | | 阿里巴巴佩尼 | | | 钢铁机之题。 8 | 图纸制图: 23 | | 20GB Millio Aller 19 | | | 海双集团 | | | 1 1 80.0 0 | 总机构建 23 | | LOGA: REGH, KETA: 1986 | | | 小麦具日 | | | ...

证券之星消息，2025年10月30日飞龙股份（002536）发布公告称公司于2025年10月30日接受机构调研，常 州投资集团汤浩 李元杰参与。 具体内容如下： 一、副总经理、董事会秘书谢国楼介绍公司情况 飞龙汽车部件股份有限公司（以下简称"公司"）始建于 1952年，至今已有 70 多年的发展历史，是一家致 力于热管理系统解决方案的上市公司。 公司发展主要分为两个阶段，第一个阶段是 2017 年之前，公司着力汽车热管理部件产品的研发、生产和 销售，比如机械水泵、排气歧管、涡轮增压器壳体（以下简称"涡壳"）、电子泵系列产品、温控阀系列产 品和热管理集成模块等，目前汽车水泵和涡壳两类产品已荣获国家工信部认定的制造业单项冠军，同时大 力开拓海外业务；第二个阶段是 2017 年至今，公司在发展汽车热管理领域的基础上，重点开拓民用领域 客户和市场，助力公司快速转型升级。 目前公司拥有国家级企业技术中心，建立了上海、芜湖、内乡和西峡四个研发中心，其中上海和芜湖为新 能源热管理部件产品研发中心，着力开发电子泵系列和温控阀系列产品，拓展电磁阀、热管理集成模块等 产品。产品销售覆盖全国市场，并出口美洲、欧洲、东南亚等地区，已 ...

证券之星消息，2025年10月30日亚普股份（603013）发布公告称公司于2025年10月29日接受机构调研，中 邮基金、中邮证券参与。 问：请公司储氢系统相关业务的最新进展？ 答：公司持续拓展燃料电池储氢系统领域新客户、新市场，同时聚焦III型储氢瓶、大容积IV型储氢瓶研发 与试制工作，全面掌握了吹塑、注塑焊接多种气瓶内胆成型工艺，产品性能达到行业先进水平。在储氢系 统阀门的研发方面，公司自主研发的35MPa和70MPa瓶口阀、减压阀、加氢口等产品已完成认证。今年上 半年，公司新获得某国际客户氢能车加注系统总成项目定点，35MPa大通径瓶阀和尾阀通过强制认证。 具体内容如下： 主要交流问题问：公司目前主营业务燃油系统中的混动燃油系统发展情况怎么样？ 答：公司的混动汽车高压燃油系统在插电式（含增程式）混合动力车上已得到商业化推广和应用。得益于 混动汽车市场的蓬勃发展，上半年内公司获得的新能源混动燃油系统订单大幅超过传统燃油系统订单。与 此同时，公司通过对产品设计方案的优化、关键零部件的自研和生产过程的持续改进，实现了混动高压燃 油系统的降本增效，产品市场竞争力进一步提升。 问：混动燃油系统和传统燃油系统在单 ...

| 管理集成模块等产品。产品销售覆盖全国市场，并出口美洲、欧洲、 | | --- | | 东南亚等地区，已批产国内外客户 200 余家，服务全球超 300 个工 | | 厂基地。 | | 二、投资者互动问题解答 | | 1、新能源汽车一般需要几个电子水泵，主要用在哪里？ | | 回复：目前每台新能源汽车普遍配备 2-5 只电子水泵，具体数量与 | | 车型定位和技术配置密切相关，主要运用在汽车的电机、电控和电 | | 池上。 | | 2、目前公司电子泵产品自制率如何？ | | 回复：目前公司电子泵系列产品自制率超 90%，注塑、电机、芯片 | | 贴片等都由公司自制。 | | 3、公司热管理集成模块产品的市场竞争力如何？ | | 回复：公司热管理集成模块，其竞争力源于系统性的"集成化"设 | | 计理念，实现了对传统多部件方案的替代。此举提升了装配效率与 | | 空间利用率，优化整体系统性能。这不仅是技术的升级，更是对产 | | 业价值的重构——为客户带来效率、空间与性能的全面增益。当前， | | 这一优势正转化为市场成果，多个项目进入放量周期，规模效应逐 | | 步释放。 | | 展望未来，公司将持续深化集 ...

二、投资者互动问题解答 1、目前公司发动机热管理产品产能是多少？ 回复：公司发动机热管理产品包含机械水泵、排气歧管和涡壳等。 目前年产能为：机械水泵 800 万只，排气歧管 460 万只，涡壳铸造 800 万只，机油泵 120 万只。同时海外生产基地龙泰汽车部件（泰 国）有限公司（以下简称"龙泰公司"）正在投产中，预计全线投 产后，产能还将有所提高。 证券代码：002536 证券简称：飞龙股份 飞龙汽车部件股份有限公司投资者关系活动记录表 编号：2025-033 | ☑ | 特定对象调研 □分析师会议 | | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | 类别 | □新闻发布会 □路演活动 | | ☑ | 现场参观 □其他（电话会议） | | | 华泰研究所 李倩倩 | | 参与单位名称及 | 华泰证券 胡向兵 | | 人员姓名 | 国信自营 康睿强 | | | 中银基金 张欣仪 | | 时间 | 2025 年 10 月 29 日 | | 地点 | 子公司郑州飞龙汽车部件有限公司 | | 上市公司接待人 | 副总经理、董事会秘书：谢国楼 | | 员姓名 | 证券事务代表：谢 ...

Core Viewpoint - The company reported a revenue decline in the first three quarters of 2025, but net profit showed growth, indicating a mixed performance amidst rising costs and strategic expansions in new business areas [3][11]. Financial Performance - For Q1-Q3 2025, the company's revenue reached 3.237 billion yuan, a year-on-year decrease of 7.38%, while net profit attributable to shareholders was 287 million yuan, an increase of 7.54%. The net profit excluding non-recurring items was 304 million yuan, up 16.66% year-on-year [3]. - In Q3 2025, revenue was 1.076 billion yuan, with a year-on-year decline of 4.68% and a quarter-on-quarter increase of 2.28%. The net profit for Q3 was 76 million yuan, down 7.90% year-on-year and 13.09% quarter-on-quarter [3]. Profitability Metrics - The net profit margin for Q1-Q3 2025 was 8.86%, an increase of 1.23 percentage points year-on-year, while the gross margin was 25.77%, up 4.35 percentage points year-on-year. In Q3 2025, the net profit margin was 7.09%, down 0.25 percentage points year-on-year and 1.25 percentage points quarter-on-quarter, with a gross margin of 26.28%, up 0.46 percentage points year-on-year and 0.56 percentage points quarter-on-quarter [4]. Expense Analysis - The expense ratio for Q3 2025 was 17.50%, showing an increase of 0.08 percentage points year-on-year and 2.85 percentage points quarter-on-quarter. The breakdown of expenses included sales (3.41%), management (6.51%), R&D (7.68%), and financial expenses, with financial expenses increasing by 14 million yuan quarter-on-quarter due to prior exchange gains [5][6]. Strategic Developments - The company established a wholly-owned subsidiary, Hangyi Technology, in July 2025, focusing on non-automotive liquid cooling pumps for data centers and energy storage, with over 80 major clients and more than 120 ongoing projects [7]. - In July 2025, the company received a project designation for a thermal management integrated module from SAIC Motor, with expected sales revenue exceeding 400 million yuan over the project lifecycle [9]. - In October 2025, the company increased its investment in its wholly-owned subsidiary, Feilong International, by up to 300 million yuan, primarily for investment in Longtai Automotive in Thailand, aiming to expand its global business scale [10]. Profit Forecast and Investment Rating - The company adjusted its net profit forecasts for 2025-2027 to 430 million, 624 million, and 756 million yuan, respectively, reflecting a decrease from previous estimates. The current market capitalization corresponds to a PE ratio of 30, 21, and 17 times for 2025-2027. Despite short-term expense increases, the company maintains a "buy" rating due to ongoing expansion in the liquid cooling sector and significant margin improvements [11].

Group 1 - The core viewpoint of the article emphasizes the increasing importance of thermal management systems in electric vehicles, particularly in enhancing range, safety, and passenger comfort [2][4] - The thermal management integrated module combines various components like condensers and electronic expansion valves to optimize space and reduce costs, addressing the growing demand for efficient energy management in electric vehicles [2][6] Group 2 - The global market for thermal management integrated modules was valued at approximately 72.81 million USD in 2020 and is projected to reach 1,375.47 million USD by 2024, reflecting a compound annual growth rate (CAGR) of 108.48% from 2020 to 2025 [6] - By 2031, the global market size is expected to reach 4,997.62 million USD, with a CAGR of 14.04% from 2025 to 2031, indicating strong growth potential [6] - China is anticipated to hold a significant market share of 59.83% in 2024, with a projected CAGR of 14.53% in the following six years [6] Group 3 - The industry is characterized by rapid technological iteration, with significant advancements occurring almost annually, driven by the urgent need for improved vehicle range and efficiency [10] - The shift from traditional fuel vehicles to electric vehicles necessitates a transition from independent thermal management systems to integrated solutions, enhancing efficiency and reducing component count [4][12] - The competitive landscape is evolving, with both established players and new entrants vying for market share, leading to a more complex and dynamic market environment [9][12] Group 4 - Favorable factors for the industry include the continuous growth of the electric vehicle market, which drives demand for thermal management modules as essential components for battery safety and range optimization [14] - Technological innovations are facilitating the transition to integrated designs, reducing system complexity and costs while expanding application scenarios across various vehicle types [14] - Increased capital and capacity investments are propelling rapid industry growth, with a focus on local production to lower procurement costs [14] Group 5 - Challenges include the complexity of supply chains and the difficulty of integrating various components, which can impact the reliability of thermal management modules [15] - Cost pressures from automakers and the potential for overcapacity in the market may lead to price competition and quality inconsistencies [15] - The lack of standardized solutions in the industry hampers the ability to achieve economies of scale, increasing development and production costs for suppliers [15]

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [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] - Currently, the company has established four R&D centers and serves over 300 factory bases globally, with more than 200 domestic and international clients [3] Group 2: Subsidiary Information - Anhui Hangyi Technology Co., Ltd. was established in July 2025 with a registered capital of 50 million RMB, focusing on non-automotive liquid cooling pumps [3] - The company aims to become a leader in IDC liquid cooling pump technology, offering solutions ranging from 16W to 22kW [3] Group 3: Product Applications - The company's new energy thermal management products, including electronic pumps and temperature control valves, are applicable in various fields such as automotive, data centers, AI cooling, and renewable energy [4] - The liquid cooling products are primarily based on cold plate technology, with plans to expand into immersion cooling technology [5] Group 4: Client Collaborations - The company has established connections with over 80 clients in the liquid cooling sector, with more than 120 ongoing projects, some of which have entered mass production [7] - Key clients include major players in server cooling, charging stations, and renewable energy sectors [7] Group 5: Production Capacity - The company has four production lines for liquid cooling products, with an expected annual capacity of up to 1.2 million units [7] - Current production capacity is sufficient to meet the rapid growth demands of the liquid cooling business [7] Group 6: Future Development Strategy - The company aims to solidify its automotive thermal management business while expanding into new applications such as server cooling and AI [8] - Plans to leverage its subsidiary in Thailand to enhance its presence in Southeast Asia and Central Asia [8] - Focus on integrating thermal management technology with emerging industries like robotics to drive long-term growth [8]

Core Viewpoint - Jiangsu Southern Precision Engineering Co., Ltd. plans to increase capital in its subsidiary Jiangsu Southern Changsheng New Energy Technology Co., Ltd. by 50 million yuan, raising its stake to 91.43% after the capital increase [5][15][19]. Group 1: Board Meeting Details - The board meeting was held on September 23, 2025, with all 9 directors present [2][3]. - The meeting was chaired by Chairman Shi Jianwei, and the procedures complied with relevant laws and regulations [4]. - The board approved the capital increase proposal with 6 votes in favor, 0 against, and 3 abstentions [5]. Group 2: Capital Increase Proposal - The capital increase will raise Jiangsu Southern Changsheng's registered capital from 20 million yuan to 70 million yuan [5][15]. - Other shareholders of Jiangsu Southern Changsheng waived their preemptive rights for this capital increase [15]. - The independent directors unanimously approved the related party transaction before it was submitted to the board [5][19]. Group 3: Supervisory Board Meeting Details - The supervisory board meeting was also held on September 23, 2025, with all 3 supervisors present [8][9]. - The meeting was chaired by Chairman Xu Peng, and the procedures complied with relevant laws and regulations [9]. - The supervisory board approved the capital increase proposal with 3 votes in favor, 0 against, and 0 abstentions [10][11]. Group 4: Related Party Transaction - The capital increase constitutes a related party transaction as it involves a company controlled by one of the actual controllers of Jiangsu Southern Precision Engineering [18][19]. - The pricing for the capital increase was set at 1 yuan per registered capital, determined through fair negotiation [23]. - The transaction is not classified as a major asset restructuring and does not require approval from relevant authorities [19][25]. Group 5: Impact and Purpose of the Capital Increase - The capital increase aims to support the normal operational turnover of Jiangsu Southern Changsheng and promote its long-term development [25]. - The decision-making process followed relevant laws and regulations, ensuring no harm to the interests of the company or its shareholders [25][26]. - The company expects that the capital increase will enhance Jiangsu Southern Changsheng's operational capabilities and create more returns for shareholders [25].

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of history, established in 1952, focusing on thermal management system solutions [1] - The company has two development phases: - Before 2017: Focused on automotive thermal management components like mechanical water pumps and turbocharger housings [1] - Since 2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [1][2] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Nianxiang, and Xixia, focusing on new energy thermal management components [1][2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Investment and Product Strategy - The company is integrating thermal management technology with various sectors, including AI, 5G, and renewable energy [3] - No additional investments in domestic automotive engine thermal management products are planned, aside from the existing subsidiary in Thailand [3] New Energy Vehicle Products - Supplies electronic pumps, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds for hybrid vehicles [4] Manufacturing and Supply Chain - The self-manufacturing rate of electronic pump products exceeds 90%, with key components produced in-house [5] - Major clients for new energy thermal management integrated modules include Chery, Nanjing Automobile, and Geely, with increasing orders year-on-year [5] Competitive Advantages and Market Position - The company holds a unique market position in the liquid cooling sector due to its first-mover advantage and customer-centric platform design [6] - Focuses on customized development to meet diverse client needs, offering high-performance, lightweight, and cost-effective products [6] Global Strategy and Risk Management - The company is enhancing its global strategy by establishing a production base in Thailand to mitigate risks from U.S. tariff policies [7] - The first overseas smart factory in Thailand was completed on June 26, 2025, aimed at expanding into Southeast Asia and North America [7]