格隆汇9月29日丨飞龙股份(002536.SZ)在投资者互动平台表示，目前，公司在液冷领域的产品主要包括 电子泵和温控阀系列产品，未来还将逐步拓展至集成模块产品。在技术方案层面，当前以冷板式液冷为 主，同时也在积极推进浸没式液冷技术的研发与应用。 ...

Core Insights - The company, Feilong Co., has achieved over 90% self-manufacturing rate for its electronic pump series products, including injection molding, motors, and chip placement [2] - Feilong Co. primarily supplies electronic pumps, thermal control valves, and integrated modules for pure electric vehicles, and exhaust manifolds, turbine housings, electronic pumps, thermal control valves, and integrated modules for hybrid vehicles [2] - The company is advancing thermal management technology integration with various cutting-edge fields such as server liquid cooling, data center liquid cooling, artificial intelligence liquid cooling, and more [2] - Major clients for the new energy thermal management integrated module products include Chery, Nanjing Automobile, Li Auto, Geely, Lantu, and SAIC, with some client projects already in mass production and a year-on-year increase in orders for this product line [2]

Core Viewpoint - The controlling shareholder of Shenglong Co., Ltd. plans to reduce its stake again, indicating ongoing financial challenges for the company and potential impacts on investor sentiment [1][2]. Group 1: Shareholder Reduction Plan - Shenglong Group and its affiliates plan to reduce their holdings by up to 7.09 million shares, representing no more than 3% of the total shares [1]. - The total market value of the shares to be sold is approximately 151 million yuan, based on the closing price of 21.24 yuan per share [1]. - This marks the second reduction plan by Shenglong Group in two years, with a previous reduction of 7 million shares in June 2024 [2]. Group 2: Financial Performance - Shenglong Co., Ltd. reported revenues of 1.481 billion yuan, 1.45 billion yuan, and 1.619 billion yuan from 2022 to 2024, with net profits declining from 89.14 million yuan to 29.75 million yuan during the same period [2]. - The company has experienced a continuous decline in net profit for three consecutive years [2]. - In the first half of 2025, Shenglong Co., Ltd. achieved revenues of 833 million yuan, a year-on-year increase of 16.56%, but reported net losses of 55.14 million yuan and a significant drop in non-recurring net profit [3]. Group 3: Operational Challenges - The company attributed its financial struggles to increased costs related to the relocation of its North American factory and rising expenses from temporary inventory [3]. - Despite the challenges, Shenglong Co., Ltd. is increasing its investment in new energy projects, which has led to fluctuations in gross margins during the ramp-up of new product production [3].

Group 1 - The core viewpoint of the article is that Feilong Co., Ltd. is currently focusing on the liquid cooling sector, specifically developing electronic pumps and temperature control valve series products, with plans to gradually expand into integrated module products [1] Group 2 - The company is actively engaging with investors through an interactive platform to communicate its product developments and future plans [1] - The current product offerings in the liquid cooling field highlight the company's commitment to innovation and market expansion [1]

Core Insights - The company reported a revenue of 5.171 billion yuan for H1 2025, representing a year-on-year increase of 7.00%, and a net profit attributable to shareholders of 1.429 billion yuan, up 10.97% year-on-year [1] - In Q2 2025, the company achieved a revenue of 2.749 billion yuan, with a year-on-year growth of 11.24%, and a net profit of 812 million yuan, reflecting an 18.31% increase year-on-year [1] - The company has seen rapid growth in hydraulic pumps and valves, with a significant increase in market share in non-excavation industries [1] Revenue and Profit Performance - For H1 2025, the company sold 308,300 hydraulic cylinders for excavators, marking a year-on-year growth of over 15% [1] - The company has made continuous breakthroughs in hydraulic pumps and valves for medium and large excavators, leading to an increase in product market share [1] - Sales of hydraulic pumps and valves for non-excavation industries grew by over 30%, with significant sales in high-altitude work platforms, loaders, and agricultural machinery [1] R&D and Innovation - The company has increased its R&D investment, successfully breaking foreign technology monopolies with its self-developed digital servo industrial valves [2] - The automated production line for handle valves has been successfully launched, significantly enhancing the production capacity of fully electric handles [2] - The company has introduced multiple innovative products, including electronic pumps and voice coil valves, which have gained wide market recognition [2] Product Diversification - The linear actuator business has shown rapid growth, with over 50 new products developed and launched in H1 2025 [2] - The product portfolio includes precision lead screws, linear guides, and electric cylinders, reinforcing the company's technological leadership in electric and hydraulic transmission [2] Shareholder Returns - The company plans to implement a mid-term profit distribution plan for 2025, proposing a cash dividend of 3.00 yuan per 10 shares, totaling approximately 402 million yuan, which accounts for 16.03% of the net profit attributable to shareholders for 2024 [2] Profit Forecast - The company is expected to achieve net profits attributable to shareholders of 2.825 billion yuan, 3.227 billion yuan, and 3.812 billion yuan for 2025, 2026, and 2027 respectively [3]

Market Overview - On August 15, the A-share market saw a total of 105 stocks hit the daily limit, with 87 stocks hitting the limit after excluding 18 ST stocks, resulting in an overall limit-up rate of 76.64% [1] Top Performers - Tianfeng Securities had the highest limit-up order volume at 1.1641 million hands, followed by Quzhou Development, Aili Home, and Founder Technology with 1.0547 million hands, 478,300 hands, and 321,600 hands respectively [2] - The brokerage sector index rose over 4% on the same day, with Tianfeng Securities and Great Wall Securities both hitting the limit [2] Company Announcements - Tianfeng Securities announced a profit forecast for the first half of the year, expecting a net profit attributable to shareholders of 2.8 million to 3.3 million yuan, marking a turnaround from a loss in the previous year due to increased investment income [2] - Aili Home issued a risk warning regarding stock trading, stating that its main business of developing, producing, and selling PVC plastic flooring remains unchanged, and that there are no significant matters affecting stock price fluctuations [2] Financial Performance - Aili Home also released a profit warning for the first half of 2025, expecting a net profit of 24.6 million to 29.2 million yuan, a decrease of 59.61% to 65.98% year-on-year, attributed to changes in international trade environments and rising costs [3] Sector Highlights - The fiberglass sector saw multiple stocks hit the limit, including Honghe Technology, China National Materials, Ping An Electric, and Zaiseng Technology, with promising growth potential in their respective fields [4] - The liquid cooling server sector also had strong performances, with stocks like Dayuan Pump Industry and Feilong Co., Ltd. seeing significant gains, as they expand their product offerings and market reach [5][6] Financial Sector Developments - The financial sector had notable limit-up stocks including Great Wall Securities, Dazhihui, and Guiding Compass, with companies focusing on enhancing service capabilities and integrating financial technology [7] Investment Trends - The net buying activity on the Dragon and Tiger list showed significant interest in stocks like Guiding Compass, with net purchases exceeding 4 billion yuan, indicating strong investor confidence [8][9]

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].

Group 1 - The core viewpoint of the news is that Feilong Co., Ltd. is expected to see a significant improvement in its performance in the second half of 2025, driven by stable raw material prices, optimized product structure, and enhanced management [1] - Feilong's revenue growth is anticipated to be supported by new overseas projects, increased orders for new energy vehicles, and the ramp-up of liquid cooling products [1] - The company’s turbo shell products are crucial for traditional fuel and hybrid vehicles, with over 50 clients including BorgWarner and Cummins [1] Group 2 - Feilong's new energy thermal management products are widely used in various sectors, including automotive, servers, data centers, artificial intelligence, and charging stations [1] - The company has a production capacity of up to 1.2 million units per year across four production lines, with a new project in Zhengzhou aiming for an annual output of 5.6 million new energy thermal management components [1] - Feilong is expanding its global strategy with the completion of its first overseas smart factory and is adjusting its production layout to mitigate the impact of U.S. tariffs [1] Group 3 - The company is also venturing into the robotics sector, focusing on humanoid robots and providing core components and liquid cooling solutions [1] - Future strategic plans include solidifying its automotive thermal management business, expanding into overseas markets, exploring emerging application fields, and advancing its robotics market presence [1]

Core Insights - Beidouxing Investment conducted research on Feilong Co., indicating that the company's performance in the first half of 2025 is expected to improve due to stable raw material prices, optimized product structure, and enhanced management [1] - The company anticipates better revenue in the second half of the year, driven by new overseas projects, growth in orders for new energy vehicles, and increased production of liquid cooling products [1] Company Overview - Feilong Co.'s key products include turbine shells used in traditional fuel and hybrid vehicles, which are significant revenue contributors [1] - The company supplies products such as turbine shells, exhaust manifolds, and water pumps to over 50 clients, including BorgWarner and Cummins [1] Product Development - The new energy thermal management products utilize platform-based and customized sales models, applicable in automotive, server liquid cooling, data centers, artificial intelligence, and charging stations [1] - The value of integrated thermal management modules has significantly increased, with liquid cooling products including electronic pumps and temperature control valves, and future expansion into temperature control modules [1] Production Capacity - The maximum power of liquid cooling pumps has been enhanced to 40kW, meeting customer standards [1] - The company has four production lines with an annual capacity of up to 1.2 million units, and a project in Zhengzhou aims to produce 5.6 million new energy thermal management components [1] Strategic Initiatives - The first overseas smart factory has completed trial production, serving as a crucial strategic hub for the company's global expansion [1] - The company is addressing the impact of U.S. tariffs by advancing the construction of a production base in Thailand and adjusting its capacity layout [1] - Future strategic plans include solidifying the automotive thermal management business, expanding overseas markets, exploring emerging application fields, and advancing the robotics sector [1]

Core Insights - The recent research conducted by Shengxi Asset on Feilong Co., Ltd. indicates that the company's performance in the first half of 2025 is expected to improve due to stable raw material prices, optimized product structure, and enhanced management [1] - The company anticipates better revenue in the second half of the year, driven by new overseas projects, growth in orders for new energy vehicles, and increased production of liquid cooling products [1] Company Performance - Feilong Co., Ltd.'s revenue is significantly supported by its turbine casing products, which are essential for traditional fuel and hybrid vehicles [1] - The company has over 50 clients, including BorgWarner and Cummins, for its overseas supply products such as turbine casings, exhaust manifolds, and water pumps [1] Product Development - The new energy thermal management products utilize both platform-based and customized sales models, applicable in various sectors including automotive, server liquid cooling, data centers, artificial intelligence, and charging stations [1] - The value of thermal management integrated modules has significantly increased, with liquid cooling products including electronic pumps and temperature control valves, and future plans to expand into temperature control module products [1] Production Capacity - The maximum power of liquid cooling pumps has been enhanced to 40 kW, meeting customer standards, with four production lines capable of an annual output of up to 1.2 million units [1] - The Zhengzhou Feilong fundraising project aims to produce 5.6 million new energy thermal management components and is currently under construction [1] Strategic Initiatives - The company has completed the trial production of its first overseas smart factory, marking a significant strategic milestone [1] - To mitigate the impact of U.S. tariffs, the company is advancing the construction of its Thailand production base and adjusting its capacity layout [1] - Future strategic plans include solidifying the automotive thermal management business, expanding into overseas markets, exploring emerging application fields, and advancing the robotics sector [1]