来源：智通财经 在越南最大城市胡志明市，春节不仅是阖家团圆的传统佳节，更是观察其经济活力的重要窗口。 节日期间，智通财经记者在胡志明街头发现，一个本土电动汽车品牌的身影已随处可见——这就是被誉 为"越南特斯拉"的VinFast。 从第一郡的繁华商圈到第五郡的华人聚居区，无论是穿梭于摩托车流中的VF e34电动轿车，还是停靠在 高端酒店门口的VF 9豪华SUV，这个被誉为"越南特斯拉"的本土品牌，正以惊人的速度占领越南市场。 据VinFast官方数据，VinFast2025年在越南市场交付175099辆电车，其中12月交付2.76万辆，刷新越南单 一汽车品牌月度销量纪录，并且连续15个月稳居市场份额第一。 近期，VinFast公开披露，今年全球电动汽车交付目标为30万辆。不仅如此，VinFast还宣布将加速电动 摩托车全球扩张，计划首阶段进军菲律宾、印尼、印度、泰国及马来西亚五个市场，推出多款换电式电 动摩托车，并持续增加新车型。 在这面"越南制造"的旗帜背后，是中国供应链的强力支撑。 飞龙股份在公司回答调研者提问时表示，目前公司电子泵系列产品主要客户及建立联系的超130家，主 要有奇瑞、理想、拓普、越南VIN ...

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions since its establishment in 1952 [1] - The company has two main development phases: prior to 2017, focusing on automotive thermal management components; from 2017 onwards, expanding into civilian market clients and rapid transformation [1][2] Product Development and Market Reach - The company has established four R&D centers in Shanghai, Wuhu, Nanyang, and Xixia, with a focus on developing electronic pumps and temperature control valves for new energy thermal management [2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Key Products and Innovations - The main products in the new energy thermal management sector include electronic pumps and temperature control valves, with plans to expand into integrated module solutions [5] - The electronic oil pump is primarily used in automotive engine oil systems, transmission oil systems, and steering assist systems [6] Performance and Growth Drivers - The company's turbine shell product won the national industrial champion title in 2024, significantly contributing to business growth and applicable in both traditional and new energy vehicles [3] - The company has implemented strategies to mitigate raw material price fluctuations, including centralized procurement and inventory management [4] Client Base and Market Strategy - Major clients for thermal management integrated modules include Chery, Nanjing Automotive, and Geely, with increasing sales volume and scale effects [7] - The company has established partnerships with over 40 leading enterprises in the server liquid cooling field, enhancing its market presence [7] Future Development Strategy - The company aims to solidify its automotive thermal management business while transitioning to a system solution provider [8] - Plans to expand overseas operations, particularly in Southeast Asia and Central Asia, leveraging its Thai production base [8] - The company is exploring new applications for thermal management technology in high-tech fields such as server liquid cooling, charging pile liquid cooling, and 5G base stations [8]

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, 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] - The company operates four R&D centers and has established a national-level enterprise technology center [3] Group 2: Subsidiary Information - Zhengzhou Feilong, established in 2013, has over 480 employees and total assets exceeding 600 million RMB [3] - The subsidiary has production capabilities of 1 million electronic water pumps, 2 million temperature control valves, and 1 million integrated modules annually [3] - Anhui Hangyi Technology, founded in July 2025 with a registered capital of 50 million RMB, focuses on liquid cooling pumps for data centers and charging stations [4] Group 3: Product Applications - The company's products are applicable in various fields including automotive, server liquid cooling, AI liquid cooling, and renewable energy sectors [5] - Current production capacity for engine thermal management products includes 8 million mechanical water pumps and 4.5 million exhaust manifolds [6] - The company has over 120 ongoing R&D projects in both automotive and liquid cooling sectors [7] Group 4: Market Presence and Clients - The company supplies products to over 200 domestic and international clients, including major automotive manufacturers like Chery and Geely [8] - Key overseas clients include BorgWarner, Cummins, and Ford, with over 50 international partnerships [6] - The company has established strong relationships with over 40 leading enterprises in the server liquid cooling sector [9] Group 5: Future Strategy - The company aims to solidify its automotive thermal management business while transitioning to a system solution provider [10] - Plans to expand overseas operations, particularly in Southeast Asia and Central Asia, leveraging its production base in Thailand [10] - The strategy includes extending thermal management technology applications to high-tech fields such as robotics and 5G infrastructure [10]

Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [4] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian markets [4][5] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [4] - Current product offerings include electronic pumps and temperature control valves, with sales covering over 200 domestic and international clients [4][5] 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 [5] - Hangyi Technology aims to become a leader in liquid cooling pump technology, offering solutions ranging from 8W to 37kW [5] Market Position and Strategy - The company is expanding its product applications in various sectors, including 5G base stations, AI cooling, and renewable energy [8][9] - The average price of electronic pumps in the civilian sector is currently higher than in the automotive sector, indicating a lucrative market opportunity [8] Customer Engagement - The company has established partnerships with over 40 leading firms in the server liquid cooling sector, including HP and Delta [9] - The company is actively developing multiple liquid cooling technologies to enhance its market position [10] Production Capacity and Global Expansion - The company has sufficient production capacity to meet rapid growth in the liquid cooling sector and is planning to expand capacity dynamically [11] - The first overseas smart factory in Thailand was completed in June 2025, focusing on engine thermal management products and new energy thermal management products [12] Risk Management - In response to U.S. tariff policies, the company is accelerating the construction of its Thailand production base and diversifying its international market strategy [12] Future Outlook - The company aims to leverage its core strengths in the automotive sector while expanding into high-growth areas such as commercial liquid cooling and energy storage systems [12]

Core Viewpoint - Feilong Co., Ltd. (002536) announced on November 18 that its self-manufacturing rate for electronic pump series products exceeds 95%, with components such as injection molding, motors, and chip placement all produced in-house [1] Group 1 - The company has achieved a self-manufacturing rate of over 95% for its electronic pump series products [1] - Key components including injection molding, motors, and chip placement are all self-manufactured by the company [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: before 2017, focusing on automotive thermal management components; and from 2017 onwards, expanding into civilian market clients and applications [3] Financial Performance - The gross profit margin for the first three quarters of 2025 increased year-on-year due to three main factors: stable raw material prices, optimized product structure, and enhanced internal management [4] - The company has over 200 domestic and international clients, serving more than 300 factory bases globally [3] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, focusing on new energy thermal management components [3] - Currently, there are over 120 ongoing R&D projects in the liquid cooling field, covering various advanced applications [11] Market Strategy - The company is actively expanding its overseas market presence, particularly through its production base in Thailand, which serves as a strategic point for global operations [12] - The electronic pump series has a self-manufacturing rate exceeding 95%, with major clients including Chery, Li Auto, and VinFast [6][7] Competitive Advantage - The thermal management integrated module products are designed to replace traditional multi-component solutions, enhancing assembly efficiency and overall system performance [10] - The company aims to transition from a core component expert to a system solution provider, deepening its value chain and technological moat [10] Future Outlook - The company anticipates continued growth in liquid cooling product orders over the next two years, with a focus on both domestic and international markets [11] - Plans to adapt production capacity based on global trends and customer needs in the liquid cooling sector [12]

Core Insights - The company Feilong Co., Ltd. announced on November 14 that its electronic pump series has a large customer base in the new energy thermal management sector [2] Group 1: Product Applications - The electronic pump products are utilized not only in the automotive sector but also extensively in server liquid cooling, charging pile liquid cooling, wind and solar energy storage liquid cooling, power equipment, and large machinery industrial liquid cooling [2] - The products can be integrated with the company's temperature control valves to form integrated modules, enhancing product value [2] Group 2: Market Potential - The future development space for the company's products in the thermal management field is considered vast [2]

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].

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]