福达股份20250528

Summary of Fuda Co., Ltd. Conference Call Company Overview - Company: Fuda Co., Ltd. - Industry: Automotive components, specifically crankshafts and robotics Key Points and Arguments 1. Production Capacity Expansion: Fuda plans to add 1.8 million crankshafts in 2025, bringing total capacity to 4.2 million, doubling from the previous year, driven by increased orders from clients like BYD, Chery, and new client Li Auto [2][3] 2. Revenue Growth: The increase in crankshaft shipments is expected to generate approximately 700 million yuan in additional revenue, with a profit increase of at least 120 million yuan, leading to an estimated total annual performance of at least 320 million yuan [2][4] 3. Strong Q1 Performance: The company reported record profits in Q1 2025, with a projected sequential growth of 10%-15% in Q2 due to new production lines coming online [2][4] 4. Investment in Robotics: Fuda invested in Changban Technology, focusing on planetary roller screw design and processing, leveraging its grinding technology to enhance cost efficiency and product integration [2][4] 5. Client Development in Robotics: Changban Technology has made progress in humanoid service robots, collaborating with domestic companies and universities, entering the small batch sampling phase, which opens new market opportunities for Fuda [2][4][5] 6. Market Perception Gap: There is a significant expectation gap in the market regarding Fuda's capabilities in humanoid robotics and the pricing of its new reducer solutions, indicating potential for market valuation growth [3][7] 7. Future Market Valuation: Fuda's market capitalization could reach 20 billion yuan, with its main business and robotics-related business each contributing approximately 10 billion yuan [3][8] 8. Key Milestones: A critical milestone is expected in late June 2025, when Changban's annualized capacity of 10,000 sets will be validated, which could signal further client acquisition [3][9] Additional Important Information - Client Order Projections: BYD's orders are expected to rise to nearly 2.5 million crankshafts, with Chery aiming for 600,000 to 700,000, and other clients like Saily and Haos Power also increasing their orders [3][4] - Technological Advancements: Fuda's extensive experience in grinding technology is anticipated to provide a competitive edge in both screw and reducer product lines [4][5][6]