FLAC(SZ:002536)2025-04-28 08:56Company Overview - Established in 1952, 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 R&D, production, and sales of automotive thermal management components such as mechanical water pumps and turbocharger housings [1] - Post-2017: Expanded into non-automotive sectors while continuing to develop automotive thermal management products [2] Product Development and Market Presence - The company has established four R&D centers in Shanghai, Wuhu, Nanyang, and Xixia, with a focus on new energy thermal management components [2] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Investor Interaction Insights - The company monitors raw material price fluctuations and employs centralized procurement strategies to mitigate costs [2] - The market share of the turbocharger housing product is among the top in China, recognized as a manufacturing champion by the Ministry of Industry and Information Technology in 2024 [2] - The electronic pump series has over 120 major clients, including Chery, Li Auto, and GAC Aion [2] Challenges and Strategic Responses - Exports to the U.S. accounted for approximately 10% of total revenue in 2024, with manageable impacts from tariffs [3] - Strategies to address tariff impacts include: - Accelerating customer negotiations to establish a reasonable tariff-sharing mechanism [3] - Advancing the construction of a production base in Thailand to adjust capacity [3] - Diversifying international markets to enhance competitiveness and risk resilience [3] Competitive Advantages in Civilian Sector - The company has a first-mover advantage in the civilian sector, with nearly 10 years of experience and over 100 ongoing projects [3] - Established relationships with over 70 clients in the civilian sector, including HP and Shenzhen Xingqihong [3] - Applications of new energy thermal management components span various fields, including automotive, charging stations, 5G base stations, and modern agricultural machinery [3]