福达股份20251022

Summary of Fuda Co., Ltd. Conference Call Company Overview - Company: Fuda Co., Ltd. - Date: October 22, 2025 Key Points Financial Performance - Q3 Revenue: Achieved 476 million yuan, a year-on-year increase of 21.9% [3] - Net Profit: 75.26 million yuan, nearly 60% year-on-year growth [3] - Excluding Non-recurring Items: Net profit close to 72 million yuan, up 58.14% year-on-year [3] - Q2 Investment Income: 12 million yuan, not present in Q3, affecting sequential data [2][3] Response to Client Order Decline - Market Share Increase: Adjusted product structure to increase market share among other clients, e.g., market share in Seris increased from 30% to 70%, and in Chery from 20% to over 40% [4] - Gross Margin Impact: Slight decline in gross margin due to capacity ramp-up and reduced client orders, but overall net profit margin remained stable [2][5] Future Outlook - Q4 Expectations: Anticipates recovery in revenue and profit, with gross margin expected to improve back to H1 levels [2][7] - Client Penetration Plans: Current market share among major clients is close to 65%, with plans to gradually increase this and expand new client base [6] Business Segment Performance - New Energy Electric Drive Gear Business: Experienced a loss of approximately 23 million yuan in H1, but revenue normalized in Q3 due to client structure adjustments [8] - Long Board Products: Achieved production capacity since July, with significant improvements in product consistency and precision, currently operating nearly 70 units [9] Strategic Developments - Reverse Planetary Roller Screw: Completed audits and batch quotations for major clients, awaiting order confirmations [10] - Production Capacity: Currently has a capacity of 30,000 sets, with plans for cautious expansion based on demand [11] - Collaboration with Domestic Automakers: Engaging in technical exchanges with domestic main engine manufacturers for robotics applications [12] Investment and Financing - Future Investments: Plans for external investments to enhance capabilities, particularly in robotics, while maintaining a cautious approach to avoid blind investments [15][16] - Convertible Bond Issuance: Applied for issuance in July, indicating confidence from the controlling shareholder [19] Risk Management - 2026 Performance Outlook: Despite challenges in 2025, expects to adjust client and capacity structures, with confidence in achieving growth in 2026 [18] Technology and Product Development - Micro Screw Products: Developing a 3.5 mm differential screw and working on a 1 mm screw for linear joints, currently in R&D phase [13] - Cycloidal Gear Technology: Longboard Technology is leading the development of national standards for cycloidal reducers, with a strong patent reserve [17] Additional Insights - Market Trends: Changes in design philosophies among overseas manufacturers may provide Fuda with competitive advantages in certain product lines [10]