Core Viewpoint - The company is strategically focusing on the robotics sector as a significant direction for future development, leveraging existing resources and expertise in the automotive industry [2]. Summary by Relevant Sections Company Strategy - The company plans to accelerate its entry into the humanoid robotics market by utilizing its strong customer base and technological expertise in electric motors and controllers [2]. - Two complementary development paths are outlined: 1. **Core Component Extension**: The company aims to provide essential components for the robotics industry, including key parts like joint modules, by leveraging its technological accumulation in thermal management [2]. 2. **Liquid Cooling Solutions**: The company is addressing the increasing demand for liquid cooling in robotic joints by utilizing its technology in electronic pumps, temperature control valves, and integrated modules [2]. Collaboration and Development - The company has already initiated collaborative research and development projects with some of its automotive clients in the robotics field [2].

中证报中证网讯(王珞)8月11日，飞龙汽车部件股份有限公司(以下简称"飞龙股份（002536）")在郑州举 办2025年投资者见面会，公司副董事长、总经理孙耀忠，副总经理、董事会秘书谢国楼等公司高管介绍 了企业发展情况，并就投资者关心的问题进行了详细解答。 飞龙股份介绍，公司液冷技术应用已从汽车领域拓展至服务器、数据中心(IDC)、人工智能、充电桩、 储能、氢能、电力设备、农业机械及低空经济等前沿领域。目前液冷领域已建立合作或联系的客户达80 家，正在进行中的项目超过120个，部分项目已实现量产。 在核心的服务器液冷领域，飞龙股份已与包括HP、英维克（002837）、曙光数创、超聚变、新华三、 联想等在内的40多家行业领先企业建立合作关系。充电桩领域客户涵盖小米汽车、特来电等；储能与氢 能液冷领域则与朗进科技（300594）、亿华通、东方电气（600875）、BOSCH、康明斯等知名企业展 开合作。此外，公司还进入了国家电投、中联重科（000157）、三一重工（600031）、徐工集团、小鹏 汇天等企业的供应链体系。 公司液冷产品以电子泵和温控阀为主，正逐步向温控模块延伸。其电子泵产品功率范围已提升至最高 4 ...

格隆汇8月12日丨飞龙股份(002536.SZ)于近期投资者关系活动表示，目前公司主要向海外供应的产品是 涡壳、排气歧管、机械水泵和电子泵等。海外主要客户有博格华纳、康明斯、盖瑞特、福特、丰沃、戴 姆勒、通用、越南VINFAST等50多家。 ...

格隆汇8月12日丨飞龙股份(002536.SZ)于近期投资者关系活动表示，公司液冷泵系列产品采用平台化、 谱系化和定制化的发展策略。通过持续的技术攻关，公司已成功将电子泵的最大功率提升至40kW，进 一步巩固了技术领先地位。 ...

Core Viewpoint - The company is leveraging its technological expertise in thermal management and extensive high-quality customer resources to accelerate its expansion into the robotics industry, providing core components [1] Group 1: Technological Advantages - The company has a strong foundation in electric motors and controllers, which it aims to utilize in the robotics sector [1] - The company is focusing on the growing demand for liquid cooling solutions in robotic joints, leveraging its technology in electronic pumps, temperature control valves, and integrated modules [1] Group 2: Market Strategy - The company is closely tracking market demands and technological trends to gradually extend its offerings to key components such as joint modules [1] - The company has already initiated collaborative research and development projects with some vehicle manufacturers in the robotics product area [1]

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 [1] - The company has two main development phases: before 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into non-automotive markets [2] Group 2: Product Development and Market Position - The company has developed key products such as mechanical water pumps, exhaust manifolds, and electronic pumps, with water pumps and exhaust manifolds recognized as manufacturing champions by the Ministry of Industry and Information Technology [2] - The company serves over 200 domestic and international clients, with products sold across various regions including the Americas, Europe, and Southeast Asia [2] Group 3: Market Share and Clientele - The company’s exhaust manifold product ranks among the top in domestic market share, having won the manufacturing champion title in 2024 [3] - In the electric vehicle sector, each vehicle typically requires 2-5 electronic pumps, depending on the model and technical configuration [4] Group 4: Server Liquid Cooling Projects - The company has established a specialized team for server liquid cooling, supplying electronic pumps and temperature control valves, with some projects already in mass production [5] - Current clients in the server liquid cooling sector include over 30 companies, such as HP and Inspur [6] Group 5: Future Directions and Innovations - The company is exploring opportunities in the robotics sector, leveraging its existing products like electronic pumps and valves [6] - In the civil sector, the company plans to establish a new subsidiary focused on civil product production, with an expected annual capacity of up to 1.2 million units [6] - The maximum power of the electronic pump has been increased to 40KW, enhancing its competitive edge in the market [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is a leader in automotive water pumps, with IDC liquid cooling and humanoid robot businesses expected to drive a second growth curve, leveraging technology reuse and customer collaboration to potentially exceed performance expectations [1] Financial Projections - Revenue projections for 2025-2027 are estimated at 56 billion, 68 billion, and 80 billion RMB, with year-on-year growth rates of 19%, 21%, and 18% respectively, resulting in a CAGR of 19% [5] - Net profit attributable to the parent company is projected to be 4.4 billion, 5.4 billion, and 6.5 billion RMB for the same period, with growth rates of 34%, 21%, and 22%, leading to a CAGR of 25% [5] - The corresponding P/E ratios are expected to be 19X, 16X, and 13X [5] Market Position and Comparisons - The average P/E ratio for comparable companies such as Yinlun, Shuguang, and Shenling is 35X for 2026E, while the company's current P/E is only 16X, indicating significant upside potential [3] - The company has a 25% market share in the domestic automotive water pump market and a 20% share in the turbocharger casing market, establishing it as a leader in these segments [10] Growth Catalysts - Future catalysts include orders for liquid cooling pumps, robot orders, and quarterly earnings growth [4] - The liquid cooling server market is expected to grow at a CAGR of 46.8% from 2024 to 2029, with the company positioned to capture a share of this emerging market [10] - The company has entered the humanoid robot sector, with potential for growth similar to that of a comparable company, Sanhua Intelligent Control [10]