Core Viewpoint - Fuda Co., Ltd. is investing in the new energy and robotics sectors, focusing on the development of precision gear systems for electric vehicles and robotic joint components [1][2][3] Group 1: Investment and Business Expansion - Fuda Co., Ltd. plans to invest in a new energy vehicle electric drive system precision gear project and a robotic joint component project in Pinghu Economic and Technological Development Zone, covering approximately 132 acres [2] - The company has established stable customer relationships in the new energy vehicle sector and has begun to expand into humanoid robotics [1][2] - To fund these initiatives, Fuda Co., Ltd. is selling a stake in a joint venture for 96 million yuan, with the first phase of transferring 25% of the equity already completed, bringing in 48 million yuan [1][3] Group 2: Financial Performance - In the first quarter of 2025, Fuda Co., Ltd. reported a 46.97% year-on-year increase in revenue to 471 million yuan, with net profit doubling to 65.1 million yuan [5] - The company's stock price has doubled in 2025, with a peak increase of over 157% during the year, reaching a high of 18.7 yuan per share [5] - For the year 2024, Fuda Co., Ltd. achieved a revenue of 1.648 billion yuan, a year-on-year growth of 21.83%, and a net profit of 185 million yuan, up 78.96% [5] Group 3: Market Position and Product Development - Fuda Co., Ltd. is a leading supplier of hybrid crankshafts for major automotive manufacturers, including BYD, Geely, and Great Wall [4] - The company has been actively expanding its presence in the new energy vehicle sector, achieving significant growth in its precision gear business [4][5] - The ongoing projects in the robotics field are expected to solidify the company's technological and product positioning, paving the way for commercial and scalable production [3]

[Table_Tag] 宏观策略 证券研究报告 东吴证券晨会纪要 东吴证券晨会纪要 2025-05-09 宏观点评 20250508：关税迷雾深，联储降息更难择机——2025 年 5 月 FOMC 会议点评 核心观点：5 月 FOMC 上美联储如期维持利率水平不变。发布会中 Powell 表达了对经济前景更大不确定性与滞胀风险的担忧，同时 Powell 也表示 关税带来的滞胀风险让美联储在就业与通胀目标中的抉择将更具挑战 性，这意味着美联储择机降息难度将更大，对待货币政策也将采取更加谨 慎的的态度，因此当前市场计价的全年 3 次降息预期面临进一步向下修 正的风险。 风险提示：特朗普政策落地节奏与预期相差较大；美联储维 持高利率水平时间过长，引发金融系统流动性危机；通胀下行速率不及预 期。 [宏观深度报告 Table_MacroStrategy] 20250508：基于 38 个国家的比较：为何我国消费率偏低 我国居民可支配收入比重高于国际平均、消费倾向低于国际平均，是否说 明我国居民部门"有钱不愿花"？并非如此，由于个税和财产税主要影响 少数中高收入者，因此剔除中高收入者后，对大多数居民而言，我国跟其 他国家 ...