飞龙股份20250522

Summary of the Conference Call for Feilong Co., Ltd. Company Overview - Company: Feilong Co., Ltd. - Industry: Liquid Cooling Pumps, Robotics, Automotive Components Key Points and Arguments Liquid Cooling Pump Business - Feilong Co., Ltd. has nearly monopolized the domestic market for liquid cooling pumps, with high technical barriers and profit margins significantly exceeding traditional automotive businesses. It is projected that revenue from the liquid cooling sector will exceed 100 million yuan by 2025, indicating substantial domestic and international market potential, which could yield profits several times that of the main business [2][4][5] - The company has achieved remarkable progress in the liquid cooling pump sector, with a high market share and capacity utilization rate. The profit margins in this area are much higher than those in traditional automotive sectors [4][9] Robotics Business - The robotics segment of Feilong Co., Ltd. faces significant expectation gaps, with the market lacking sufficient awareness of its potential. The company plans to leverage its existing products, including motor controllers, to enter the industrial internet platform and extend into modules and liquid cooling products, which could become new growth drivers [2][6] - Feilong Co., Ltd. has strong motor capabilities, developed through long-term research in electronic water pumps, which positions it well for expanding its robotics business [6][8] Server Electronic Water Pump Sector - Feilong Co., Ltd. has established itself as a market leader in the server electronic water pump sector and has successfully expanded into overseas markets. The company plans to extend its product line towards modules, potentially including reducers or screw rods, which may require mergers or partnerships [2][7] Financial Performance - For 2025, Feilong Co., Ltd. expects to achieve a net profit of over 400 million yuan, with the potential for higher profits when considering the liquid cooling and robotics businesses. The current valuation is approximately 8 billion yuan, with a price-to-earnings ratio of less than 20, indicating high growth expectations for the coming years [3][9][10] - The automotive business is projected to maintain a compound annual growth rate of 15% to 20% over the next three years, providing a solid foundation for overall financial performance [3][9] Investment Recommendation - Investment in Feilong Co., Ltd. is recommended due to its low valuation, high growth potential, and strong customer relationships, particularly with companies like Xiaomi, Chery, and Xpeng. The company’s ability to extend into modules and its strong motor capabilities are expected to enhance stock value [10][11] - The market currently underestimates the stock's potential, but as time progresses, its value is expected to be recognized, presenting a strong buying opportunity during any market corrections [11] Additional Important Insights - The domestic market potential for liquid cooling pumps is estimated to be over 1 billion yuan, while the international market could reach 4 to 5 billion yuan, totaling several billion in revenue if the company captures a significant market share [5]