Core Viewpoint - The company held its Q3 2025 performance briefing on November 18, 2025, to discuss its financial results and address investor inquiries regarding its business performance and future strategies [1]. Group 1: Performance and Financials - The company reported a 20.26% year-on-year increase in revenue for the first three quarters of 2025, although it still recorded a net loss after excluding non-recurring items [2]. - Revenue growth was driven by both traditional and new energy businesses, with traditional business growth slightly outpacing that of the new energy sector [2]. Group 2: Business Strategy and Future Outlook - The company aims for new energy business revenue to exceed 10% of total revenue, with current products like electronic water pumps already in mass production and customer expansion efforts ongoing [2]. - The restructuring of the China Ordnance Equipment Group is in progress, with expectations for military asset integration and the civilian application of military technology, aligning with the company's strategic shift towards fluid machinery and new energy [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 Insights - Sanhua Intelligent Controls experienced a decline of 5.39% on November 10, with a stock price of 45.81 CNY per share and a total market capitalization of 192.81 billion CNY [1] Company Overview - Sanhua Intelligent Controls, established on September 10, 1994, and listed on June 7, 2005, is based in Shaoxing, Zhejiang Province, China [1] - The company operates primarily in two segments: refrigeration and air conditioning electrical components (63.88% of revenue) and automotive components (36.12% of revenue) [1] - Key products in the refrigeration segment include four-way valves, electronic expansion valves, solenoid valves, microchannel heat exchangers, and Omega pumps [1] - In the automotive segment, the focus is on thermal management, with products such as thermal expansion valves, electronic expansion valves, electronic water pumps, and integrated components for new energy vehicles [1] Fund Holdings - Changjiang Asset Management holds a significant position in Sanhua Intelligent Controls through its fund, Changjiang Quantitative Consumer Selection A (010801), which reduced its holdings by 12,800 shares in Q3, now holding 109,300 shares, representing 9.31% of the fund's net value [2] - The fund has reported a floating loss of approximately 285,300 CNY as of the latest data [2] Fund Manager Performance - The fund manager Qin Changgui has been in position for 6 years and 344 days, with a total fund size of 171 million CNY and a best return of 31.26% during his tenure [3] - Co-manager Zhang Shuai has been in position for 1 year and 238 days, managing a fund size of 86.83 million CNY, with a best return of 31.54% [3]

Core Viewpoint - Feilong Automotive Parts Co., Ltd. has announced that its wholly-owned subsidiary, Zhengzhou Feilong, has been included in the seventh batch of the national-level specialized and innovative "Little Giant" enterprises list, highlighting government recognition of its innovation capabilities and product quality [1] Group 1: Company Overview - Zhengzhou Feilong's main products include mechanical water pumps, electronic water pumps, temperature control module integration, and coolant control valves [1] - The company has an annual production capacity of 1.8 million mechanical water pumps, 1.6 million electronic water pumps, and 5.6 million temperature control module integrations [1] Group 2: Market Position and Future Plans - The inclusion in the "Little Giant" list is expected to significantly enhance the company's market competitiveness and support sustainable development [1] - Zhengzhou Feilong plans to continue focusing on the new energy thermal management sector, advancing technology research and innovation breakthroughs [1] - The company aims to fully leverage its role as a benchmark leader among "Little Giant" enterprises [1]

Group 1: Financial Data Insights - The significant point of focus in the September financial data is the substantial decrease in non-bank deposits, attributed mainly to a high base from the previous year and a turbulent stock market in September 2025, which likely contributed to the reduced non-bank deposits [1][26][27] - In September, the total social financing (社融) decreased by 2,297 billion yuan year-on-year, with new social financing amounting to 35,338 billion yuan, which was below market expectations [2][27] - The new RMB loans in September were 12,900 billion yuan, a year-on-year decrease of 3,000 billion yuan, indicating a continued weak credit environment [3][27] Group 2: Company-Specific Insights on 德昌电机控股 (Johnson Electric) - 德昌电机控股 is positioned to benefit from the growth in humanoid robot components manufacturing, leveraging its established advantages in the electric motor sector and its extensive overseas presence [6][20][21] - The company is expected to see a steady increase in net profit, projected at 2.81 billion USD for 2026, 3.22 billion USD for 2027, and 3.55 billion USD for 2028, reflecting growth rates of 7%, 15%, and 10% respectively [6][20] - The automotive small motor market is anticipated to grow, with the average selling price (ASP) of small motors in smart electric vehicles expected to increase by 50% compared to traditional fuel vehicles, driven by advancements in various vehicle systems [8][21]

Investment Rating - The report maintains a "Buy" rating for 德昌电机控股 (Deka Motor Holdings) [6][12]. Core Insights - 德昌电机控股 has unique advantages in developing humanoid robot components, driven by its strong position in the automotive motor sector and the rapid growth of data center liquid cooling systems [2][30]. - The company is expected to see significant growth in net profit, with projections of $281 million, $322 million, and $355 million for the fiscal years 2026, 2027, and 2028, respectively, representing year-on-year growth rates of 7%, 15%, and 10% [14][15]. Financial Summary - Total revenue projections for 德昌电机控股 are as follows: - 2025: $3,648 million - 2026: $3,751 million - 2027: $4,097 million - 2028: $4,476 million - Gross profit and net profit forecasts are: - Gross profit for 2025: $843 million, with a gross margin of 23% - Net profit for 2025: $263 million, with a net margin of 7.2% [4][15][26]. Company Overview - 德昌电机控股's main business segments include automotive motors (84% of revenue) and industrial motors (16%) [15][19]. - The company has a stable revenue and profit growth history, with a net profit of approximately $263 million for the fiscal year 2025, reflecting a 15% increase year-on-year [24][26]. Humanoid Robot Development Advantages - The company possesses significant capabilities in humanoid robot components, including actuators and joints, leveraging its expertise in motor design and manufacturing [30][34]. - 德昌电机控股's joint ventures with 上海机电 (Shanghai Electric) enhance its channel and component capabilities in the humanoid robot sector [50][54]. Data Center Liquid Cooling Business - The rapid development of data center liquid cooling is expected to drive growth in 德昌电机控股's pump business, with products like CDU and DTC pumps enhancing cooling efficiency [56][58]. Automotive Small Motor Market - The ASP (Average Selling Price) of small motors in electric vehicles is projected to have a 50% growth potential compared to traditional fuel vehicles, driven by advancements in various automotive systems [60][66]. - The company aims to diversify its customer base in the automotive sector, which has been heavily reliant on foreign clients, to improve revenue growth [66]

Core Viewpoint - Feilong Co., Ltd. announced on October 13 that its liquid cooling pump series products are following a platform-based, lineage-based, and customized development path, enhancing its technological leadership in the industry [1] Group 1: Product Development - The company has successfully increased the maximum power of its electronic water pumps to 40 kW through continuous technological research and development, further strengthening its competitive edge [1] - Related products have already achieved mass production in some customer projects, indicating successful implementation and market acceptance [1]

Group 1 - The core viewpoint of the news is that Sanhua Intelligent Control experienced a decline in stock price, with a drop of 5.02% to 46.91 CNY per share, and a total market capitalization of 197.44 billion CNY [1] - Sanhua Intelligent Control, established on September 10, 1994, and listed on June 7, 2005, operates primarily in the HVAC and automotive parts sectors, with revenue contributions of 63.88% from HVAC components and 36.12% from automotive components [1] - The company is headquartered in Shaoxing, Zhejiang Province, and has a diverse product range including four-way valves, electronic expansion valves, and components for automotive thermal management [1] Group 2 - According to data, Zheshang Securities Asset Management holds a significant position in Sanhua Intelligent Control through the Zheshang Huijin Advanced Manufacturing Mixed Fund, which reduced its holdings by 6,100 shares in the second quarter [2] - The fund's current holdings amount to 46,400 shares, representing 3.44% of the fund's net value, and it ranks as the sixth largest holding [2] - The fund has achieved a year-to-date return of 39.73%, ranking 2,440 out of 8,166 in its category [2]

Core Viewpoint - Sanhua Intelligent Control Co., Ltd. has shown a significant stock price increase of 5.26% on September 29, reaching a price of 45.39 CNY per share, with a total market capitalization of 1910.43 billion CNY [1] Company Overview - Sanhua Intelligent Control, established on September 10, 1994, and listed on June 7, 2005, is based in Shaoxing, Zhejiang Province, China [1] - The company operates primarily in two segments: refrigeration and air conditioning electrical components (63.88% of revenue) and automotive components (36.12% of revenue) [1] - Key products include four-way valves, electronic expansion valves, solenoid valves, microchannel heat exchangers, and thermal management components for vehicles [1] Fund Holdings - Changxin Fund holds a significant position in Sanhua Intelligent Control through its fund, Changxin Low Carbon Environmental Quantitative Stock A (004925), which has 305,700 shares, representing 2.34% of the fund's net value [2] - The fund has achieved a year-to-date return of 44.39% and a one-year return of 70.8%, ranking 909 out of 4220 and 887 out of 3835 respectively in its category [2] Fund Manager Performance - The fund manager, Yao Yifan, has been in position for 3 years and 246 days, with a total fund size of 28.95 billion CNY and a best return of 50.63% during his tenure [3] - Co-manager Yuan Jie has been in position for 174 days, managing a fund size of 4.91 billion CNY, with a best return of 62.09% [3]