福达股份20251023

Summary of Fuda Co., Ltd. Conference Call Company Overview - Company: Fuda Co., Ltd. - Date: October 23, 2025 Key Points Financial Performance - In Q3 2025, Fuda reported a net profit attributable to shareholders of 75 million yuan, a year-on-year increase of 58.14% [2][3] - Revenue for Q3 2025 reached 476 million yuan, representing a year-on-year growth of 21.9% [3] - The net profit for Q3 showed a decline compared to Q2 due to a one-time investment gain of approximately 12 million yuan in Q2 [3] - The non-recurring net profit for Q3 was about 72 million yuan, reflecting a year-on-year increase of 58.14% [3] Business Strategy and Client Dependency - Fuda aims to reduce reliance on a single major client, targeting a decrease in the crankshaft segment's client share to 30%-35% [2][6] - The company is diversifying its client base to mitigate risks associated with fluctuations in orders from major clients [5] Margin and Operational Efficiency - The gross margin in Q3 slightly declined due to price reductions to gain market share, decreased efficiency from operational adjustments, and an increased proportion of lower-margin electric gear business [2][7] - Future plans include enhancing automation in production to stabilize gross margin fluctuations [7] Future Outlook - Fuda is optimistic about Q4 2025, expecting improved performance due to recovering orders from major clients [8] - The company anticipates that by 2026, production capacity will be largely completed, leading to improved efficiency and quality [9] - The ongoing projects include crankshaft, forging, and the second phase of electric gear, expected to be completed by the end of next year [10] Capacity Expansion - The forging blank capacity expansion plan remains at 9.5 million tons, with no changes expected [11] - The company is managing its capacity expansion pace effectively, adjusting strategies based on market conditions [9] Electric Gear Business - The electric gear business reported a loss of 23 million yuan in the first half of 2025, but improvements are expected as new clients begin to contribute to revenue [12][13] - The company plans to optimize its client structure to enhance performance in this segment [13] Robotics Sector Development - Fuda has made significant progress in the robotics sector, with the cycloidal reducer achieving national standard-setting qualifications and small-scale production of direct current servo motors underway [14] - The company is preparing for potential large-scale demand in the future [14] Share Acquisition and Market Feedback - The acquisition of shares in Changban Company is ongoing, with the goal of reaching a 35% stake [16] - Feedback on the cycloidal reducer from clients has been positive, although large-scale demand in the industry is still developing [17] Collaboration with North American Clients - Fuda is actively pursuing collaboration with North American clients, with preparations in place for full integration and order fulfillment [18] Product Development - The zero-sales four-bar product is currently in the trial phase, with no significant orders yet, but plans for a dedicated subsidiary for future mass production are in place [19][20]