昨日涨跌幅后五行业 2025 年 08 月 27 日 开源晨会 0827 其 他 研 究 沪深300 及创业板指数近1年走势 数据来源：聚源 -24% 0% 24% 48% 72% 96% 2024-08 2024-12 2025-04 沪深300 创业板指 昨日涨跌幅前五行业 | 行业名称 | 涨跌幅(%) | | --- | --- | | 农林牧渔 | 2.615 | | 美容护理 | 2.043 | | 基础化工 | 1.257 | | 传媒 | 1.232 | | 综合 | 1.090 | | 数据来源：聚源 | | | 行业名称 | 涨跌幅(%) | | --- | --- | | 医药生物 | -1.092 | | 非银金融 | -1.057 | | 钢铁 | -0.981 | | 国防军工 | -0.934 | | 通信 | -0.794 | | 数据来源：聚源 | | 吴梦迪（分析师） wumengdi@kysec.cn 证书编号：S0790521070001 观点精粹 行业公司 【公用事业】可控核聚变技术百花齐放，终极能源梦想照进现实——行业投资策 略-20250826 【医药：可孚医疗( ...

Summary of Fute Technology Conference Call Company Overview - Fute Technology primarily focuses on vehicle power supply products, accounting for approximately 94% of its revenue, with core clients including GAC and NIO [2][3][6] - The company has established itself as a leading supplier in the domestic vehicle power supply market, with a market share of about 8.5% among third-party suppliers, and around 15% when excluding self-supplied parts [8] Key Clients and Revenue Contribution - GAC and NIO have significantly contributed to Fute Technology's revenue, with their revenue contributions from 2021 to 2023 being 50.3%, 63.6%, and 76.4% respectively [2][10] - GAC Aion's supply share was nearly 100%, while NIO's exceeded 100% due to delays in vehicle sales compared to parts delivery [2][11] - Despite a decline in GAC Aion's sales, the launch of Xiaomi's SU7 has positively impacted Fute's shipment volumes [3] Product and Technology Development - Fute Technology produces integrated vehicle power supply products, including two-in-one and three-in-one products, which are expected to achieve mass production by 2025 [6] - The company has made significant advancements in charging pile modules, particularly in liquid-cooled ultra-fast charging modules and wall-mounted DC charging pile modules [2][6] Financial Performance and Projections - The company anticipates net profits of 120 million yuan and 165 million yuan for 2025 and 2026 respectively [4][9] - Fute Technology maintains a gross margin above 20%, which is higher than most competitors in the industry [8][15] International Expansion - Fute Technology has established multiple overseas production bases, including in France and a planned facility in Thailand, to support international business expansion and optimize supply chain management [4][16] - The company has secured projects with Renault, Scania, and a major European luxury car manufacturer, marking its position as the first independent supplier for this brand [5][14] Future Outlook - The company plans to deepen cooperation with major clients such as GAC, NIO, and Xiaomi while gradually ramping up new projects with Changan and Lingpao [15] - Fute Technology is expected to benefit from the ongoing electrification trend in Europe, with continued supply to Renault and new orders from Scania and other European manufacturers [15]

Core Viewpoint - The launch of Xiaomi's YU7 SUV has significantly boosted the performance of Xiaomi-related stocks in both A-share and Hong Kong markets, indicating strong market interest and potential growth in the electric vehicle sector [1][9]. Group 1: Stock Performance - Xiaomi-related stocks in A-shares saw substantial gains, with 泓淋电力 rising over 12%, and stocks like 模塑科技 and 宁波华翔 hitting the daily limit [1]. - In the Hong Kong market, Xiaomi Group's stock increased by 4.39%, reaching a total market capitalization of HKD 1.54 trillion [2][3]. Group 2: Product Launch and Market Response - Xiaomi officially launched the YU7 SUV, offering three versions priced between CNY 253,500 and CNY 329,900, which is competitively priced against Tesla's Model Y [3][4]. - The initial market response was overwhelming, with over 289,000 pre-orders within the first hour of launch, exceeding expectations [5][9]. Group 3: Future Outlook and Production Capacity - Analysts from UBS and Citigroup noted that the high demand for YU7 may necessitate an increase in production capacity, with UBS highlighting the potential for existing SU7 orders to be upgraded to YU7 [10]. - The anticipated increase in electric vehicle production aligns with Xiaomi's revised delivery target of 350,000 units by 2025, further supported by the strong order volume for YU7 [9][10]. Group 4: Industry Impact and Partnerships - The success of the YU7 is expected to positively impact the automotive supply chain, with several A-share companies already reporting ongoing collaborations with Xiaomi [11][12][13]. - Companies like 泓淋电力 and 东方中科 have established long-term partnerships with Xiaomi, providing essential components and services for electric vehicles [11][12].

Group 1 - Xiaomi's Yu7 is set to launch at the end of June, with a starting price of around 250,000 RMB and expected monthly sales of 30,000 to 40,000 units [1][2] - The Yu7 features a 800V silicon carbide platform, a 96.3 kWh lithium iron phosphate battery with a CLTC range of 835 km, and advanced driver assistance systems [1] - The Yu7 has already attracted significant interest, with three times the number of user inquiries compared to the SU7 at the same stage, indicating a potential for greater market impact [1] Group 2 - The launch of the SU7 saw over 50,000 pre-orders within 27 minutes, leading to a surge in stock prices for related companies [3] - Companies such as Huayang Group and Longli Technology are set to supply components for the Yu7, indicating a robust supply chain [5][6] - Various suppliers, including Fuyou Glass and Baowu Magnesium, are providing essential parts for Xiaomi's automotive products, showcasing a diverse supplier network [7][8]

Core Viewpoint - The company reported a revenue of 6.372 billion yuan for 2024, a year-on-year increase of 15.39%, but a net profit attributable to shareholders of 400 million yuan, a year-on-year decrease of 20.34%. For Q1 2025, revenue was 1.353 billion yuan, a year-on-year decrease of 1.02%, and net profit was 101 million yuan, a year-on-year decrease of 11.70%. The Q1 performance was below expectations due to intense market competition, but the company is expected to continue breaking through technical barriers and expanding both domestic and international markets [1]. Financial Performance - In Q4 2024, the company's gross margin and net margin decreased by 9.23 and 6.01 percentage points year-on-year, respectively. For Q1 2025, these margins decreased by 1.42 and 0.97 percentage points year-on-year. The decline in margins is primarily attributed to intensified domestic market competition [2]. - The revenue from the vehicle-mounted power supply and electric drive systems in 2024 increased by 3.53% and 418.39% year-on-year, respectively. The gross margins for these segments changed by +0.65 and -2.25 percentage points year-on-year [2]. Market Position and Trends - The trend towards integration and high voltage in the industry is evident, with the market share of multi-in-one electric drive products exceeding 25% in Q4 2024. The company’s electric drive system revenue saw a significant increase of 418.39% [3]. - The company holds a 19.00% and 29.41% market share in the Chinese passenger vehicle onboard charger and third-party supply markets, ranking second and first, respectively [3]. Domestic and International Market Strategy - The company is solidifying its domestic market presence with multiple domestic automaker partnerships, including a collaboration with SAIC Audi for its first pure electric model and project designations with Great Wall Motors [4]. - Internationally, the company has secured project designations with Renault, Aston Martin, and Ferrari, and has begun mass production deliveries to Stellantis. The construction of a production base in Thailand is underway, which will aid in global market expansion [4]. Profit Forecast and Valuation - Due to intense market competition and increased R&D investments, the company has adjusted its gross margin and operating expense assumptions. The projected net profits for 2025-2026 are 492 million yuan and 644 million yuan, representing downward adjustments of 16.49% and 15.23%, respectively. The projected net profit for 2027 is 754 million yuan, with a CAGR of 23.80% from 2025 to 2027 [5]. - The target price for the company is set at 27.15 yuan based on a PE ratio of 23.24 for 2025, down from a previous estimate of 29.66 yuan [5].