证券代码：002536 证券简称：飞龙股份 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，已批产国内外客户 200 余家，服务全球超 300 个工 厂基地。 二、子公司航逸科技总经理向晓东介绍航逸科技情况 航逸科技位于安徽芜湖鸠江经济开发区，成立于 2025 年 7 月， 注册资本 5,000 万元人民币。该公司专注于数据中心、风光储能及 充电桩等领域的非车用液冷泵研发、生产与销售，聚焦 IDC 液冷循 环泵核心产品。 飞龙汽车部件股份有限公司投资者关系活动记录表 编号：2025-038 | | ☑ 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） | ...

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 core viewpoint of the article highlights that Feilong Co., Ltd. has announced its current major clients for thermal management integrated modules, which include Chery, Nanjing Automobile, Li Auto, Geely, Lantu, and SAIC [2] - The company is actively engaging in in-depth communication and collaboration with multiple project parties, indicating a strategic approach to expand its market presence [2] - Some projects are gradually ramping up, and the scale effect has begun to manifest, suggesting positive growth prospects for the company's product offerings [2]

Core Viewpoint - Feilong Co., Ltd. is experiencing growth in its thermal management integrated module products, with several projects ramping up and scale effects beginning to show [1] Group 1: Clientele and Market Presence - Major clients for Feilong's thermal management integrated module products include Chery, Nanjing Automobile, Li Auto, Geely, Lantu, and SAIC [1] - The company is currently seeing multiple projects gradually increasing in volume, indicating a positive trend in demand [1]

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]

Company Overview - Feilong Automotive Components Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [2] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients [3] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [3] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [3] Key Products and Applications - Major overseas products include turbine housings and exhaust manifolds, with over 50 key clients such as BorgWarner, Cummins, and Ford [3] - The turbine housing product, recognized as a manufacturing champion by the Ministry of Industry and Information Technology in 2024, is crucial for both traditional and new energy vehicles [3] New Energy Vehicle Product Layout - The company supplies electronic pump series, temperature control valves, and integrated modules for pure electric vehicles, and exhaust manifolds for hybrid vehicles [4] Liquid Cooling Sector - The liquid cooling product line includes electronic pumps, thermal management control valves, and sensors, with several products entering the mass production phase [4] - The company has established partnerships with over 40 leading firms in the server liquid cooling sector, with some projects already in small batch supply [5] Strategic Vision and Future Opportunities - The company aims to leverage its core strengths in the automotive sector while expanding into commercial liquid cooling, charging stations, and energy storage systems [5] - The establishment of the first overseas smart factory in Thailand serves as a strategic point to penetrate the Southeast Asian market and capitalize on regional growth opportunities [5]

Group 1: Report Overview - The report is about the analyst meeting of Feilong Co., Ltd., a company in the automotive parts industry, with a research date of October 30, 2025 [1][2] Group 2: Research Basic Information - Research object: Feilong Co., Ltd. [17] - Industry: Automotive parts [2] - Reception time: October 30, 2025 [17] - Reception personnel: Deputy General Manager and Board Secretary Xie Guolou, Securities Affairs Representative Xie Kun [17] Group 3: Detailed Research Institutions - Reception object type: Investment company [20] - Institution: Changzhou Investment [20] - Related personnel: Tang Hao, Li Yuanjie [20] Group 4: Company Introduction - Feilong Co., Ltd. was founded in 1952 and is a listed company focusing on thermal management system solutions [24] - The company's development is divided into two stages: before 2017, it focused on R & D, production and sales of automotive thermal management components; since 2017, it has expanded into the civilian market [24] - The company has a national - level enterprise technology center and four R & D centers in Shanghai, Wuhu, Neixiang and Xixia [24] - Its products are sold nationwide and exported to the Americas, Europe, Southeast Asia, etc., serving over 300 factory bases globally with more than 200 domestic and foreign customers in production [24] Group 5: Investor Interaction Q&A Question 1: Number and application of electronic water pumps in new - energy vehicles - Each new - energy vehicle generally has 2 - 5 electronic water pumps, mainly used in motors, electronic controls and batteries [25] Question 2: Self - production rate of electronic pump products - The self - production rate of the company's electronic pump series products exceeds 90%, including injection molding, motors, and chip mounting [27] Question 3: Market competitiveness of thermal management integrated module products - The competitiveness comes from the "integrated" design concept, which replaces traditional multi - component solutions, improves assembly efficiency and space utilization, and optimizes system performance [28] - Multiple projects are in the volume - increasing cycle, and the scale effect is gradually emerging [28] Question 4: Company's competitive advantages compared with the industry - Based on engine thermal management business, it maintains or increases market share and develops new - energy thermal management business [30] - The application fields expand from the automotive field to civilian thermal management fields such as server liquid cooling, data center liquid cooling, etc. [30] Question 5: Current R & D projects - There are over 120 R & D projects in the liquid - cooling field, covering server liquid cooling, charging piles, energy storage, etc. [31] Question 6: R & D direction of liquid - cooling technology - The company focuses on cold - plate liquid - cooling technology and promotes the R & D and application of immersion liquid - cooling technology [32] Question 7: Global strategy layout - The company adheres to the business philosophy of "persistence, dual - wheel drive, meticulous operation, and brand building" and develops both domestic and international markets [33] - It deepens cooperation with global automakers, integrates into the global supply chain through the "old - bringing - new" model, and uses the Thai factory to undertake overseas orders [34] - It focuses on the Southeast Asian market through the Thai factory to seize new - energy industry opportunities and expand overseas resources [35]

Core Viewpoint - Feilong Automotive Components Co., Ltd. is focusing on the development of thermal management systems, with a significant shift towards both automotive and civilian markets, aiming for strategic transformation and global expansion [2][9]. Company Overview - Founded in 1952, Feilong has over 70 years of experience in the thermal management solutions industry, primarily developing automotive thermal management components [2]. - The company has two main development phases: prior to 2017, focusing on automotive parts; and from 2017 onwards, expanding into civilian markets [2]. Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, focusing on new energy thermal management components [2]. - Feilong's electronic pump products have a self-manufacturing rate exceeding 90%, indicating strong in-house production capabilities [4]. - The competitive advantage of the thermal management integrated module lies in its "integrated" design, enhancing assembly efficiency and overall system performance [5]. Market Position and Strategy - Feilong maintains or increases market share in traditional automotive thermal management while expanding into new energy management applications across various sectors, including data centers and renewable energy [6]. - The company is actively pursuing over 120 R&D projects in liquid cooling technology, targeting cutting-edge applications [7][8]. Global Strategy - Feilong aims for a dual-circulation development model, enhancing collaboration with global automotive companies and leveraging its overseas manufacturing base in Thailand to capture international orders [9]. Financial Performance - For the first three quarters of 2025, the company reported a main revenue of 3.237 billion yuan, a year-on-year decrease of 7.38%, while net profit attributable to shareholders increased by 7.54% to 287 million yuan [10]. - The gross profit margin stands at 25.77%, with a debt ratio of 39.88% [10]. Investment Insights - Recent institutional ratings indicate a positive outlook, with four institutions issuing buy ratings in the last 90 days [10]. - The company is projected to achieve net profits of 430 million yuan in 2025, with forecasts increasing in subsequent years [10].

Core Viewpoint - The company, Yapu Co., Ltd. (603013), is experiencing significant growth in its hybrid fuel system business, driven by the booming hybrid vehicle market, and has reported strong financial performance in the first three quarters of 2025 [2][6]. Group 1: Hybrid Fuel System Development - The company has successfully commercialized its high-pressure fuel systems for plug-in hybrid vehicles, with orders for new energy hybrid fuel systems significantly surpassing those for traditional fuel systems in the first half of the year [2]. - The complexity of hybrid fuel systems, which require advanced fuel storage and management capabilities, results in a higher unit value compared to traditional fuel systems [3]. Group 2: Thermal Management Business - The company is refining its thermal management product offerings and has made progress in integrating key components, with successful production of a project product on an automated production line [4]. - The company is also focusing on research and development of new refrigerant systems in collaboration with academic institutions [4]. Group 3: Hydrogen Storage System - The company is expanding its customer base and market presence in the fuel cell hydrogen storage system sector, achieving industry-leading performance in its products [5]. - Recent developments include the certification of various hydrogen storage system valves, with a new international client project secured in the first half of the year [5]. Group 4: Recent Acquisition - The acquisition of Yingshuang Technology, a company specializing in rotary transformers and special motors, enhances the company's capabilities in electric drive systems for new energy vehicles [6]. Group 5: Financial Performance - For the first three quarters of 2025, the company reported a revenue of 6.616 billion yuan, a year-on-year increase of 16.62%, and a net profit of 417 million yuan, up 11.58% [6]. - The third quarter alone saw a revenue of 2.271 billion yuan, reflecting a 24.7% year-on-year growth [6]. Group 6: Analyst Ratings - In the last 90 days, five institutions have rated the stock, with four buy ratings and one hold rating [6].

Company Overview - Established in 1952, Feilong Automotive Components Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [2] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients and applications [2][3] Product Development and Market Position - Key products include mechanical water pumps, exhaust manifolds, turbocharger housings, electronic pumps, temperature control valves, and thermal management integrated modules [2] - The company has achieved national recognition for its mechanical water pumps and turbocharger housings, which are classified as manufacturing industry champions [2] - Currently, the company serves over 200 domestic and international clients, with products sold across various regions including the Americas, Europe, and Southeast Asia [3] Investor Interaction Insights - Each new energy vehicle typically requires 2-5 electronic water pumps, depending on the model and technical configuration [3] - The self-manufacturing rate of the company's electronic pump products exceeds 90%, covering components like injection molding, motors, and chips [3] - The competitive advantage of the thermal management integrated module lies in its "integrated" design, enhancing assembly efficiency and overall system performance [3] Future Outlook and R&D Initiatives - The company is focusing on deepening the integrated module's industrial and value chain, transitioning from a core component expert to a system solution provider [3] - Currently, over 120 R&D projects are underway, particularly in liquid cooling technologies for various applications including servers, charging stations, and robotics [4] - The company aims to leverage its existing customer resources to integrate into global supply chains, with a focus on expanding in Southeast Asia through its overseas factory in Thailand [4]