财务分析 2024年11月21日，福瑞泰克（浙江）智能科技股份有限公司向港交所递交上市申请，联席保荐人为中信证券、中金公司、华泰国际、汇丰。 3.报告期内，毛利率呈下滑趋势，且位于同业较低水平 21-23年及24H1，福瑞泰克的 毛利率分别为11.2%、6.2%、7.3%和6%。 细分来看，报告期内，FT Pro的毛利率分别为14.1%、10.6%、12.5%、4.9%；F T Max的毛利率分别为-17.2%、1.6%、5.6%、8.1%；FT Ultra的毛利率分别为13.7%、6.8%、6.3%、2.8%。 除FT Max毛利率呈现上涨趋势外，FT Pro和 FT Ultra的毛利率均呈下滑趋势。 此外，24H1， 福瑞泰克的三款智驾解决方案的毛利率均低于10%。 并且 与同业相比，公司毛利率实在不占优。 对比仍在排队IPO的纵目科技，营收规模虽然都不及福瑞泰克，但是其毛利率却呈现持续上升的趋势。 点击蓝字，关注我们 1. 主营来源于L2级及以下智驾解决方案 据招股书显示，21-23年及24H1，福瑞泰克的营业收入分别为3.33亿元、3.28亿元、9.08亿元、3.12亿元，对应22-24H1的同比增长 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [5] Core Views - The company achieved a net profit of 320 million yuan in Q1 2025, representing a year-on-year growth of 33% [1][7] - Revenue for Q1 2025 reached 3.095 billion yuan, an increase of 28.28% year-on-year, despite a quarter-on-quarter decrease of 23.16% [1][7] - The company has successfully transitioned its customer structure from primarily joint ventures with German and Japanese brands to focusing on domestic and new energy vehicle clients, entering a new growth cycle [1][7] - The average price of the company's automotive lighting products increased by 25% in 2024, with a projected market share of 16% for front lights in China [2] - The company is expanding its global footprint with new orders, production capacity, and product innovations, including strategic partnerships for developing advanced lighting technologies [3][53] Summary by Sections Financial Performance - In Q1 2025, the company's gross margin was 18.83%, up 0.27 percentage points year-on-year, and the net margin was 10.41%, up 0.35 percentage points year-on-year [12][22] - The company forecasts revenues of 16.32 billion yuan, 20.32 billion yuan, and 25.54 billion yuan for 2025, 2026, and 2027 respectively, with net profits expected to be 1.7 billion yuan, 2.22 billion yuan, and 2.98 billion yuan for the same years [4] Product Development and Market Trends - The automotive lighting industry is experiencing a shift towards electronic and intelligent technologies, with advancements in ADB and DLP lighting systems enhancing safety and user experience [28] - The company is actively developing new technologies, including MicroLED and MiniLED-based products, and has established partnerships with key players in the automotive electronics sector [36][37] Customer and Order Growth - The company secured 69 new model development projects in the first half of 2024, achieving mass production for 40 models, indicating strong future growth potential [53] - The company has been recognized by major automotive manufacturers, receiving awards for quality and service excellence, which enhances its competitive position in the market [55][56] Global Expansion - The company is progressively releasing production capacity in Serbia and has established operations in Mexico and the United States to support its global strategy [61] - The digital transformation initiatives have been recognized, with the company receiving multiple accolades for its advancements in integrating technology across its operations [66]

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