Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company has shown significant profit recovery in Q3 2025, with a revenue of 1.085 billion yuan, representing a year-on-year growth of 108.27% and a quarter-on-quarter increase of 12.05%. The net profit attributable to the parent company reached 70 million yuan, up 186.93% year-on-year and 48.09% quarter-on-quarter, marking the highest profit growth rate of the year [1]. - The company focuses on the research, production, and sales of high-voltage power systems for electric vehicles, with over 90% of its revenue coming from this segment. In August 2025, the company's market share in the domestic on-board OBC market increased to 12.0%, with a year-on-year growth in installation volume of 152.3% [2]. - The overseas business is benefiting from the electrification trend in Europe, with a projected revenue of 132 million yuan in Q3 2024, a staggering year-on-year growth of 5815.5%. The company is also expanding its overseas production capacity in Thailand to meet orders from clients like Renault and Stellantis [4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 19.48% and a net margin of 6.45%, with the net margin improving by 1.77 percentage points year-on-year. The overall performance in Q3 was primarily driven by the growth in the electric vehicle sector and breakthroughs with overseas clients [1]. - The financial forecast for 2025-2027 estimates revenues of 3.642 billion yuan, 4.501 billion yuan, and 5.532 billion yuan respectively, with net profits projected at 221 million yuan, 348 million yuan, and 453 million yuan [4]. Business Strategy - The company is strategically expanding its client base in the electric vehicle sector, focusing on partnerships with leading manufacturers such as Renault, Xiaomi, and BYD. The integration of SiC devices has created technological barriers, while domestic capacity expansion and overseas base construction enhance supply chain security [2][3]. - The company is also diversifying its business by developing non-automotive high-voltage power systems, including liquid-cooled ultra-fast charging power modules, which are expected to open a second growth curve [3]. Market Outlook - The company is well-positioned to benefit from the increasing penetration of electric vehicles and the trend towards integrated on-board power systems. The ongoing expansion into overseas markets is expected to provide additional growth opportunities [4].

Core Viewpoint - Futek Technology is a leading supplier of core components for high-voltage power systems in the electric vehicle industry, with a strong focus on onboard chargers, DC/DC converters, and integrated power products [1] Company Overview - The company has established partnerships with top domestic and international clients, including GAC Group, Great Wall Motors, NIO, EasyJet, Renault, Xpeng Motors, Xiaomi Motors, BYD, Changan Automobile, Leap Motor, Stellantis, and a major European luxury brand [1] - The gross margin of the company's integrated three-in-one system products has been increasing year by year, contributing to the growth of the main business's gross margin and maintaining industry leadership [1] Industry Analysis - The competitive landscape of the onboard power supply industry is relatively concentrated, with clear advantages for the industry, particularly in the context of future growth driven by overseas clients and capacity expansion [1] - The non-onboard high-voltage power system has made breakthroughs, expanding its application scenarios [1] Future Outlook - The company's performance growth is expected to be promising, with an initial coverage rating of "Buy" [1]

Financial Performance - The company achieved operating revenue of 1.933 billion, a year-on-year increase of 5.38% [7] - The net profit attributable to shareholders was 94.6 million, showing a slight decline compared to the previous year [7] - The total assets and net assets attributable to shareholders experienced significant growth [7] Market Expansion - In 2024, the revenue from exported vehicle-mounted products increased to 6.8% of total revenue, indicating progress in international market development [2] - The company successfully secured projects with leading global automotive brands, contributing to future revenue growth [5] - The global sales of new energy vehicles reached 18.236 million units in 2024, a year-on-year growth of 24.4% [5] Research and Development - The R&D investment for 2024 was 200 million, accounting for 10.35% of operating revenue, with a capitalization rate of 0% [2] - The R&D team expanded to 813 members, covering various key functions to enhance innovation capabilities [7] - The company maintains a high level of R&D investment to support long-term development and ensure product performance remains industry-leading [3] Accounts Receivable - The accounts receivable and notes receivable increased by 136.22% compared to the previous year, with a 13.41 percentage point rise in their proportion of total assets [7] - The increase in accounts receivable is primarily due to high sales in the fourth quarter, with good quality of receivables from major clients [7] Strategic Outlook - The company plans to strengthen its domestic market while leveraging its brand advantages to explore international clients [2] - Future gross margin levels are expected to be influenced by customer pricing and supply chain cost reduction measures [4] - The company aims to enhance its market share in the global high-voltage power supply systems for new energy vehicles [2]