FLAC(SZ:002536)2025-04-18 10:34Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management system solutions since its establishment in 1952 [1] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into civilian thermal management markets [1][2] - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management components [2] Group 2: Product and Market Expansion - The company has over 200 domestic and international clients, serving more than 300 factory bases globally [2] - Since 2017, the company has expanded its applications to various civilian sectors including 5G base stations, AI liquid cooling, and modern agricultural machinery [3] - Currently, there are over 70 ongoing projects in the civilian sector, with some already in mass production [3] Group 3: Financial Performance - The gross profit margin for Q1 2025 increased due to a decrease in raw material prices, product structure optimization, and improved management practices [4] - The gross profit margin for 2024 was 21.57%, showing a year-on-year increase of 0.63% [5] - Fluctuations in gross profit margin in 2024 were attributed to raw material price impacts and accounting policy changes [5] Group 4: Strategic Initiatives - The company has a self-manufacturing rate of over 90% for its electronic pump products [5] - In response to U.S. tariffs, approximately 10% of the company's revenue comes from exports to the U.S., with measures in place to mitigate impacts [5] - The company is accelerating negotiations with clients regarding tariff sharing and is advancing the construction of its production base in Thailand [5]