FLAC(SZ:002536)2025-01-07 09:30Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions [1] - The company has two main development phases: pre-2017 focused on automotive thermal management components, and post-2017 expanding into civilian markets [1][2] Product Development - The company has established four R&D centers in Shanghai, Wuhu, Nanyang, and Xixia, with a focus on new energy thermal management products [1][2] - Key products include mechanical water pumps, turbocharger housings, electronic water pumps, and thermal control valves [1][2] Market Performance - The company has over 200 domestic and international clients, serving more than 300 factory bases globally [2] - The growth in 2023 is driven by export and new energy businesses, with increasing demand for turbocharger products and hybrid vehicle sales [3] Clientele and Market Share - Major clients for mechanical water pumps include Chery, Ford, Great Wall, SAIC, Weichai, and Xichai [3] - The market share for turbocharger housing products is among the top in China, with recognition as a manufacturing champion by the Ministry of Industry and Information Technology [3] New Energy Products - New energy thermal management products include electronic water pumps and thermal management systems, applicable in various sectors such as automotive, 5G base stations, and renewable energy [4][5] - The company is expanding into low-altitude economy and robotics sectors [5] Civilian Market Expansion - The company has over 50 clients in the civilian sector, including State Power Investment, HP projects, and Xiaomi Automotive, with more than 70 ongoing projects [5] - Recent orders in the civilian sector have increased, with expectations for continued growth over the next two years [5] International Expansion - The Thai subsidiary is under construction, aiming for a production capacity of 1.8 million turbocharger housings and 1.5 million exhaust manifolds annually by mid-2026 [5][6] Financial Performance - The company has maintained a consistent cash dividend policy since its listing, with cumulative dividends nearing 1 billion yuan [5][6] Future Development Strategy - The company will continue to focus on innovation, targeting electronic water pumps and thermal control valves, while expanding into international markets [6]