编号：2025-006 | | 特定对象调研 | | □分析师会议 | | | --- | --- | --- | --- | --- | | 投资者关 | □媒体采访 | | □业绩说明会 | | | 系活动类 | □新闻发布会 | | □路演活动 | | | 别 | 现场参观 | | | | | | | □其他（请文字说明其他活动内容） | | | | | 参加人员 16 | 人。包括 | ： | | | | 序号 | 姓名 | | 机构名称 | | | 1 | 潘挺 | | 财通证券 | | | 2 | 林天 | | 财通证券 | | | 3 | 高璁 | | 财通证券 | | | 4 | 孙瀚栋 | | 财通证券 | | | 5 | 孟欣 | | 财通证券 | | | 6 | 吴志豪 | | 财通资管 | | 活动参与 | 7 | 沈丹 | | 全景财经 | | 人员 | 8 | 包理石 | | 全景财经 | | | 9 | 陶君华 | | 投资者 | | | 10 | 喻仁刚 | | 投资者 | | | 11 | 朱杰 | | 投资者 | | | 12 | 屠毅 | | 投资者 | | | 13 ...

Company Overview - Zhejiang Fengli Intelligent Technology Co., Ltd. was established in 1995, initially focusing on small modulus spiral bevel gears and achieving import substitution, exporting to Germany, Japan, and the USA [4] - The company has developed long-term partnerships with international firms such as Bosch, Stanley, Makita, and Siemens, expanding its product range to include cylindrical gears, powder gears, and precision mechanical parts [4] - In December 2022, the company went public, raising funds primarily for the robotics and new energy vehicle sectors [4] Business Development Areas Robotics - The company is developing products for humanoid robots, including harmonic reducers, planetary reducers, and small reducers [5] - An example is the humanoid robot STAR1, which features 55 degrees of freedom and utilizes 19 harmonic reducers and 12 planetary reducers, achieving a maximum joint torque of 400Nm and a running speed of 3.6 m/s [5] - In 2024, sales revenue from humanoid robots is projected to be 816,400 CNY, representing a minimal impact on total revenue [5] Automotive - The automotive sector focuses on three main areas: gears for fuel and electric vehicle transmissions, intelligent drive components, and differential products for balance adjustment [6] - Key clients include BYD, Dongfeng, and Weichai Power [6] Marine Economy - The company develops spiral propeller gears for marine engines, with products competing against Yamaha's standards [6] Low-altitude Economy - Products for low-altitude vehicles include reducers for flying cars, specifically for vertical take-off and landing mechanisms [6] Financial Performance - In 2024, the company reported consolidated revenue of 505 million CNY, a 17.56% increase year-on-year [7] - Operating profit decreased by 29.85% to 17.17 million CNY, and net profit attributable to shareholders fell by 30.28% to 16.80 million CNY [8] - The decline in net profit is attributed to increased depreciation, rising personnel costs from new divisions, and higher development costs for new products [8] Future Plans - The company plans to expand production capacity in response to increased demand for automotive and reducer products, with new equipment expected to arrive in early 2025 [9] - A new factory is planned for construction in 2025-2026 to meet anticipated demand for humanoid robots [9] - Product development will focus on executing the actuator assembly for micro reducers and gradually advancing joint module projects based on customer needs [9] Strategic Partnerships - The company has formed a strategic partnership with Beijing Xingdong Jiyuan Technology Co., Ltd. to collaborate on humanoid robot components, enhancing operational efficiency and product quality [10] - Collaboration with Xiaopeng Motors is ongoing in the flying vehicle sector, with designs for reducers nearing the quotation stage [11]