福达股份20250812

Summary of Fuda Co., Ltd. Conference Call Company Overview - Company: Fuda Co., Ltd. - Industry: Manufacturing, specifically focusing on crankshafts and precision forgings Key Points and Arguments 1. Revenue Structure: In the first half of 2025, crankshafts accounted for approximately 70% of revenue, precision forgings for 10%, and other businesses for 20% [2][5][4] 2. Second Quarter Performance: Revenue in Q2 was 467 million yuan, a slight decrease of 0.85% from Q1, primarily due to the normalization of production capacity and losses in the electric drive gear business [4][5] 3. Profit Growth: The company reported a net profit of 146 million yuan in H1 2025, a year-on-year increase of 98.77%, with a significant Q2 net profit growth of 24% due to a one-time equity transfer gain [4][5] 4. Production Capacity Expansion: The company is gradually releasing capacity from six crankshaft production lines in its super factory, with significant increases in market share among major clients [2][6] 5. Client Diversification Strategy: Fuda is diversifying its client base to mitigate risks associated with single model cycles, successfully increasing market share with existing clients [2][7] 6. Cost Control Advantages: The integration of forging blanks and crankshaft machining provides significant cost control advantages, allowing the company to leverage scale effects and price competition to increase market share [2][8] 7. New Product Development: The company is accelerating small-batch production of a new cycloidal reducer, which is lightweight and impact-resistant, suitable for humanoid robots [2][10] 8. Longban's Capacity and Product Layout: Longban has completed capacity verification and is focusing on small-batch production lines to meet customer testing needs, with a strong reserve of grinding machines [10][12] 9. Future Growth Outlook: Fuda expects significantly better performance in the second half of 2025, with optimistic annual projections based on strategic initiatives in capacity expansion and customer acquisition [3][15][16] 10. International Market Expansion: The company is actively expanding its overseas market presence, targeting new clients and establishing sales platforms in Europe to leverage cost advantages [18] Additional Important Content 1. Electric Drive Business: The company is working to improve its electric drive business and reduce losses while expanding its overseas customer base [3][17] 2. Collaboration with Longban: Fuda is deepening its collaboration with Longban, focusing on new product layouts and production capabilities [12][25] 3. Technological Advancements: The company is researching advanced technologies such as axial flux and slant wave magnetic field technologies to enhance product competitiveness [22][23] 4. Future Product Line Expansion: Fuda plans to expand its product lines in the future, particularly in the robotics sector, while ensuring strong advantages in existing components [19][20] 5. Investor Engagement: The company plans to showcase new products to investors after completing the verification of Longban's work [24]