Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on micro gearboxes and reducers for humanoid robots, indicating high elasticity in production capacity release [4][6] - The company has established high technical barriers in micro gear technology, gaining recognition from global quality clients such as Bosch Group, which is also its largest customer [5][42] - The company has deep collaborations with clients like Star Dynamics, enhancing its position in the humanoid robot transmission market [6][44] Summary by Sections 1. Small Modulus Gear Industry Leader, High Elasticity in Robot Production Capacity Release - The company specializes in small modulus gears, with a complete product system and leading global technology in gear design, heat treatment, and testing [4][12] - The company has invested nearly 600 million yuan since its listing, with over 140 million yuan in equipment, indicating significant capacity release potential [4][27] 2. High Technical Barriers in Micro Gear Technology, Backed by Quality Clients - Small modulus gears require micron-level precision, making their processing highly challenging, with only a few companies mastering the entire process chain [5][38] - The company has long-term partnerships with top global clients, including Bosch Group, which accounted for 26% of its revenue in 2023 [5][42] 3. New Star in Humanoid Robot Transmission, Deep Collaboration with Clients - The company’s small modulus gears are crucial components in humanoid robots, enabling flexible and precise movements [44][45] - The company has developed both harmonic and planetary reducer technologies, with significant advantages in cost reduction during mass production [6][44] 4. Profit Forecast and Investment Recommendations - The company’s projected net profits for 2024-2026 are 19 million, 43 million, and 94 million yuan, respectively, with corresponding P/E ratios of 441.4, 197.9, and 90.4 times [4][7] - The company’s revenue for the first three quarters of 2024 was 371 million yuan, a year-on-year increase of 17%, while net profit decreased by 46% due to increased costs from new business expansions [27][30]

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The company is a leading manufacturer in the small modulus gear industry, with a strong focus on precision gearboxes and related components, and has a complete product system that is globally competitive [4][12] - The company has established deep collaborations with high-profile clients such as Bosch and Siemens, which enhances its credibility and market opportunities in the robotics sector [5][42] - The company has significant production capacity and investment in the robotics field, with a projected increase in net profit from 0.19 billion to 0.94 billion from 2024 to 2026, indicating high earnings elasticity [4][27] Summary by Sections 1. Small Modulus Gear Industry Leader - The company specializes in small modulus gears, which are critical components in precision gearboxes and reducers, and has a strong technological foundation [4][12] - The company has invested nearly 6 billion in production capacity since its listing, with over 1.4 billion in equipment investments, indicating a robust expansion strategy [4][27] 2. High Technical Barriers in Micro Gear Technology - Small modulus gears require micron-level precision and are difficult to manufacture, creating high entry barriers for competitors [5][38] - The company has received recognition from top global clients, including Bosch, which accounts for 26% of its revenue, enhancing its market position [5][42] 3. New Star in Humanoid Robot Transmission - The company has developed key components for humanoid robots, including precision gearboxes and reducers, and has established partnerships with clients like Star Dynamics [6][44] - The company’s products are essential for the flexible movement of robotic joints, leveraging its expertise in small modulus gears [44][46] 4. Financial Forecast and Investment Recommendations - The company’s revenue is projected to grow from 4.29 billion in 2022 to 9.29 billion by 2026, with a significant increase in net profit expected [7][28] - The company’s P/E ratio is expected to decrease from 441.4 in 2024 to 90.4 by 2026, indicating a potential undervaluation compared to peers [7][28]

Company Overview - Fengli Intelligent is a high-tech enterprise specializing in the research, production, and sales of small modulus gears, precision reducers, and related components [2][3]. - The company is recognized as a leading player in the small modulus gear industry and has received accolades such as "National Specialized and Innovative 'Little Giant' Enterprise" and "Bosch Global Preferred Supplier" [3]. Core Competencies - Fengli has nearly 30 years of experience in the small modulus gear sector, with a focus on gear shape design and production consistency, which are key technical advantages [3][4]. - The company utilizes advanced imported equipment from Japan and Germany to ensure product precision and consistency [4]. Product Range and Applications - The product portfolio includes small modulus gears, precision reducers, and components used in various fields such as new energy vehicles, robotics, smart home devices, medical equipment, and electric tools [3][4]. - The company has established long-term partnerships with global enterprises like Bosch, Siemens, and Makita, enhancing its market presence [3]. Human-Robot Collaboration - Fengli has formed a deep collaboration with Xingdong Jiyuan, a humanoid robot company, to develop products such as harmonic reducers and planetary reducers for humanoid robots [4][5]. - The company plans to expand production capacity for harmonic reducers to meet the growing demand in the humanoid robot market, with a target of 140,000 units by 2026 [5]. New Energy Vehicle Sector - Fengli's products are also applied in both fuel and electric vehicle transmission systems, with plans for significant overseas investments in Malaysia and Vietnam to enhance production capacity [6]. - The company anticipates explosive growth in the new energy vehicle parts market due to increasing global emphasis on sustainability and consumer acceptance [6].

浙江丰立智能科技股份有限公司（以下简称"公司"）于2024年8月26日召 开第三届董事会第四次会议、第三届监事会第四次会议，审议通过《关于使用 部分闲置募集资金暂时补充流动资金的议案》，同意公司在保证募集资金投资 项目的资金需求以及募集资金使用计划正常进行的前提下，使用部分闲置募集 资金5,000万元暂时补充流动资金，使用期限自第三届董事会第四次会议审议 通过之日起不超过12个月，到期将归还至募集资金专户。具体内容详见公司于 2024年8月28日在巨潮资讯网（http://www.cninfo.com.cn）披露的《关于使用部 分闲置募集资金暂时补充流动资金的公告》（公告编号：2024-030）。 近日，公司已将上述用于暂时补充流动资金的募集资金全部提前归还至公 司募集资金专项账户，此次归还的募集资金使用期限未超过12个月。公司已将 上述募集资金的归还事项通知了公司保荐机构和保荐代表人。 特此公告。 浙江丰立智能科技股份有限公司 董事会 2025年2月22日 证券代码：301368 证券简称：丰立智能 公告编号：2025-001 浙江丰立智能科技股份有限公司 提前归还暂时补充流动资金的闲置募集资金的公告 本公 ...

Summary of Wind Power Intelligent Conference Call Company Overview - The conference call discusses Wind Power Intelligent, focusing on its financial performance and outlook for 2024 and 2025, particularly in the fields of small modulus gears, precision reducers, and automotive components [3][4]. Financial Performance - In Q4 2024, Wind Power Intelligent continued the growth trend from the previous three quarters, but faced pressure on revenue and profitability due to significant fixed asset depreciation and increased R&D expenses from large-scale fundraising projects in 2023 [3][4]. - The net assets reached 55.5 billion RMB, with major investments in small modulus gears, precision reducers, and automotive sectors [3]. - The company expects revenue growth in 2025, driven by increased capacity and significant growth in overseas market orders [3][5]. Key Business Segments - The gear business maintained a growth rate of 15-20%, with precision reducers and automotive power gears showing even larger increases, although overall data cannot be compared to existing products [6]. - The net profit margin increased in Q4, but the annual gross margin was lower than the previous year due to depreciation, high new product development costs, and increased labor costs for expansion [7]. - Demand for small modulus spiral bevel gears is strong in electric tools, industrial automation, and humanoid robots, with rapid growth in automotive power gears and new energy vehicle interior drive systems [8]. Strategic Collaborations - The company collaborates with leading humanoid robot manufacturers, providing comprehensive component supplies, and focuses on power gears and new energy vehicle systems in the automotive parts sector [9]. - Wind Power Intelligent has established partnerships with major companies like Bosch and Siemens, enhancing its market presence and competitiveness [22][28]. Market Outlook - The company is optimistic about revenue growth in 2025, although profitability improvements are contingent on capacity meeting expectations [17]. - The export ratio is approximately 40-45%, with direct sales in the U.S. market around 10% [19]. - The precision reducer market is expected to grow, with the company leveraging its long-standing expertise and partnerships to maintain a competitive edge [20][21]. Product Development and Capacity - The company plans to increase production capacity for precision reducers and gears, with current production running at full capacity [33]. - The production capacity for planetary and harmonic reducers is currently 35,000 sets, with a projected net profit margin of 20-30% [32]. - The company is also expanding its product lines in the automotive sector, particularly focusing on linear motion components for seats [29]. Conclusion - Wind Power Intelligent is navigating financial pressures while strategically investing in growth areas, particularly in robotics and automotive components, with a strong focus on R&D and international collaborations to enhance its market position and drive future growth [3][4][5][9][19].

国泰君安证券股份有限公司 关于浙江丰立智能科技股份有限公司 2024 年持续督导定期现场检查报告 保荐人名称：国泰君安证券股份有限公司 被保荐公司简称：丰立智能 保荐代表人姓名：李鸿仁 联系电话：021-38676666 保荐代表人姓名：业敬轩 联系电话：021-38676666 现场检查人员姓名：李鸿仁 现场检查对应期间：2024 年度 现场检查时间：2024 年 12 月 20 日 一、现场检查事项 现场检查意见 是 否 不适用 （一）公司治理 现场检查手段：核查公司三会文件、公司治理制度等文件，并核查三会召开通知、记录、签名册 等文件，对三会召集程序、出席会议人员的资格、召集人资格、表决程序等事项进行核查。 1．公司章程和公司治理制度是否完备、合规 是 2．公司章程和三会规则是否得到有效执行 是 3．三会会议记录是否完整，时间、地点、出席人员及会议内容 等要件是否齐备，会议资料是否保存完整 是 4．三会会议决议是否由出席会议的相关人员签名确认 是 5．公司董监高是否按照有关法律、行政法规、部门规章、规范 性文件和本所相关业务规则履行职责 是 6．公司董监高如发生重大变化，是否履行了相应程序和信息披 露义 ...

国泰君安证券股份有限公司 关于浙江丰立智能科技股份有限公司 2024 年度持续督导培训工作的情况报告 国泰君安证券股份有限公司（ 以下简称（ 国泰君安"）作为浙江丰立智能科技股份 有限公司（ 以下简称（ 丰立智能"、（ 公司"）持续督导的保荐机构，根据（ 深圳证券交 易所上市公司自律监管指引第 13 号——保荐业务》的有关规定，对丰立智能部分董 事、监事、高级管理人员及相关人员进行了培训。现将培训情况报告如下： 一、培训时间 2024 年 12 月 20 日。 二、培训地点 丰立智能二楼会议室。 五、培训效果 对于本次培训，公司及培训对象认真对待，积极参与，培训工作有序进行并顺利 完成。通过本次培训，培训对象对法律法规有了更深刻的认识，合规意识进一步加强， P A G E 对于作为上市公司重要人员应承担的责任与义务也有了更加准确和深层次的了解。本 次培训有利于丰立智能进一步提高规范运作水平。 以下无正文） P A G E 本页无正文，为 国泰君安证券股份有限公司关于浙江丰立智能科技股份有限 公司 2024 年度持续督导培训工作的情况报告》之签章页） 三、培训对象 丰立智能控股股东代表和实际控制人、部分董事、监 ...

证券代码：301368 证券简称：丰立智能 公告编号：2024-042 股东台州市黄岩丰红股权投资合伙企业（有限合伙）保证向本公司提供 的信息内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及董事会全体成员保证公告内容与信息披露义务人提供的信息一 致。 1、本次减持计划的实施严格遵守《中华人民共和国证券法》 《上市公司收购管理办法》《上市公司股东减持股份管理暂行办法 》及《深圳证券交易所上市公司自律监管指引第18号——股东及 董事、监事、高级管理人员减持股份》等有关法律、法规及规范 性文件的规定，不存在违规情况。 浙江丰立智能科技股份有限公司（以下简称"公司" ）于2024年11 月6日在巨潮资讯网披露了《关于股东集中竞价减持股份计划的预披 露公告》（公告编号：2024-041）。公司股东台州市黄岩丰红股权投资 合伙企业（有限合伙）（以下简称"丰红股权"）拟通过集中竞价交易 方式减持公司股份不超过1,201,000股（占公司总股本比例 1%）。 近日，公司收到丰红股权出具的《关于股份减持结果的告知 函》，丰红股权通过集中竞价交易方式已累计减持公司股份 1,201,000 股，丰红股权本次减持 ...

Group 1: Company Overview - The company specializes in the research, production, and sales of small modulus gears, precision reducers, and related components, recognized as a leading enterprise in the small modulus gear industry [2][3]. - It is a national "specialized and innovative" small giant enterprise and has received accolades such as "Bosch Global Preferred Supplier" [2]. Group 2: Clientele and Market Focus - Major clients include those in the service robot and industrial robot sectors, with varying order statuses from small batch orders to early development stages [2][3]. - The company’s products are widely used in fields such as new energy vehicles, robotics, smart home devices, medical equipment, electric tools, and remote control systems for power plants [2]. Group 3: Product Development and Future Plans - The company has established a subsidiary in Vietnam, with plans to start production by early next year after completing facility renovations [3]. - It is optimistic about the automotive industry, developing products for fuel and electric vehicle gearboxes, as well as smart driving components for automotive interiors [3]. Group 4: Equipment and Technology - Core processing equipment for harmonic reducers is imported from Japan [3]. - The company is expanding its business not only in the automotive sector but also in areas like yachts and electric bicycles [3]. Group 5: Employee Incentives and Shareholding - Prior to the IPO, management and key personnel held shares through an employee stock ownership platform, with future plans for equity incentives based on business development [3]. - Recent share reductions were made by external shareholders [3].

Group 1: Company Overview - The core business includes small modulus gears, precision reducers, and components, widely used in sectors like new energy vehicles, robotics, smart home, medical devices, and electric tools [2]. - The company has established long-term partnerships with renowned multinational corporations such as Bosch, Siemens, and Stanley Black & Decker, enhancing its competitive edge [2]. Group 2: Competitive Advantages - The company possesses a leading market share in small modulus gears and has a mature independent R&D capability, covering the entire cycle from design to production and quality control [2]. - Advanced production and testing capabilities are supported by top-tier equipment, including German Klingelnberg and Japanese TTI gear measurement devices [3]. Group 3: Product Customization and Development - The majority of products are customized, with a focus on client-specific design, which strengthens strategic partnerships and customer loyalty [2]. - The company has developed products for humanoid robots, including gears and reducers, and has initiated joint R&D projects with industry leaders [3]. Group 4: Capacity and Investment - The company has fully utilized its initial fundraising for capacity needs and plans to invest approximately 150 million in new equipment next year to meet future demand [3].