Core Viewpoint - Futec Technology (301607.SZ) has established a diverse customer base, including traditional domestic automotive brands, local new car manufacturers, and major overseas automotive companies, positioning itself as a key supplier of high-voltage power supplies for international first-class vehicle brands and high-end new energy vehicles [1] Group 1: Customer Structure - The company has formed stable partnerships with leading domestic car manufacturers such as GAC, NIO, Great Wall, Xiaomi, Xpeng, Leap Motor, and Changan [1] - It has successfully entered the supply chains of several major overseas clients, including Renault and Stellantis, leveraging its experience and technical strength in the domestic market [1] Group 2: Market Position - The company has built a strong reputation in the industry, continuously consolidating its leading position and competitiveness in the global market [1]

Core Insights - The company, Futec Technology (301607.SZ), announced that it will begin bulk supply of overseas projects in 2024, with an expected first-year revenue contribution of approximately 6.8% [1] - In 2025, the company anticipates stable mass production of these projects, leading to an increase in supply scale, which is expected to push the revenue contribution from overseas projects to over 17% in the first half of this year [1] - Additional overseas projects are projected to gradually enter mass production starting in 2026, as the company aims to capitalize on the opportunity to expand its global market share [1]

Core Viewpoint - The company is focused on enhancing production capacity and efficiency through technological upgrades and process optimization to meet market demand [1] Production Capacity - The company's core production bases are located in Anji, with a total designed production capacity of 1.8 million units as of June this year [1] - Anji Plant 1, which began production in 2021, has a designed capacity of 1.2 million units and is currently operating at full capacity [1] - Anji Plant 2 was successfully launched at the beginning of this year, contributing to the overall production capacity [1] Capacity Optimization - The company is continuously exploring capacity potential through technological improvements and process optimization [1] - New production lines will be added in the second half of the year based on customer orders [1] - The company emphasizes asset utilization efficiency to avoid resource idleness while ensuring smooth product delivery [1] Long-term Development - Anji Plant 2's design considers the company's long-term development, incorporating systems for smart warehousing and logistics [1] - The integrated design of production processes effectively reduces turnaround time and enhances production efficiency and space utilization [1]

Core Viewpoint - The company, Futec Technology (301607.SZ), has reported that its core production bases in Anji have achieved a combined designed production capacity of 1.8 million units as of the end of June this year, with ongoing efforts to optimize capacity and efficiency [1] Group 1 - The two production bases, Anji Plant 1 and Plant 2, have a total designed capacity of 1.8 million units, with Plant 1 operating at full capacity since its launch in 2021 [1] - Anji Plant 2 was successfully launched earlier this year, contributing to the overall production capacity [1] - The company is focusing on technical upgrades and process optimization to continuously explore capacity potential to meet market demand [1] Group 2 - The company plans to invest in new production lines in the second half of the year based on customer orders, ensuring smooth product delivery while emphasizing asset utilization to avoid resource idleness [1] - Anji Plant 2's design considers the company's long-term development, incorporating systems for smart warehousing and logistics, which enhances production efficiency and space utilization [1] - The integrated design of the production process effectively reduces turnaround time, further improving operational efficiency [1]

Core Viewpoint - Futec Technology (301607.SZ) is set to begin bulk supply of overseas projects in 2024, with an expected first-year revenue contribution of approximately 6.8% from direct exports to international markets [1] Group 1 - In 2025, the company anticipates stable mass production of projects, leading to an increase in supply scale, which is expected to push the revenue contribution from overseas projects to over 17% in the first half of the year [1] - The company aims to leverage the overseas market window to continuously expand its global market share, with additional overseas projects expected to gradually enter mass production starting in 2026 [1]

格隆汇11月11日丨富特科技(301607.SZ)在投资者关系表示，公司的客户结构多元，覆盖了国内传统汽 车品牌、本土造车新势力以及海外主流汽车厂商，是国内少数能够为国际一流整车品牌及高端新能源车 型配套车载高压电源的企业。目前，公司已与广汽、蔚来、长城、小米、小鹏、零跑、长安等多家国内 领先车企建立稳定合作，并凭借在国内市场积累的配套经验、技术实力与快速响应能力，成功进入雷 诺、Stellantis 等多家海外主流客户的供应链体系，在行业内树立了优良口碑，持续巩固公司在全球市场 中的领先地位与竞争力。 ...

Customer Structure - The company has a diverse customer base, including domestic traditional automotive brands, local new car manufacturers, and overseas mainstream automotive manufacturers. It is one of the few companies capable of supplying high-voltage power supplies for international first-class vehicle brands and high-end new energy models [1] - Established stable partnerships with leading domestic car manufacturers such as GAC, NIO, Great Wall, Xiaomi, Xpeng, Leap Motor, and Changan, and successfully entered the supply chains of overseas clients like Renault and Stellantis [1] Overseas Sales Performance - In 2024, overseas projects began bulk supply, with the first-year revenue accounting for approximately 6.8% [1] - By the first half of 2025, overseas revenue share increased to over 17%, marking a significant step in international business expansion [1] - Additional overseas projects are expected to gradually enter mass production starting in 2026, with plans to expand global market share [1] Production Capacity - The core production bases are the Anji Plant I and II, with a combined designed capacity of 1.8 million units as of June 2023 [2] - Anji Plant I, operational since 2021, has a designed capacity of 1.2 million units and is currently running at full capacity; Anji Plant II was successfully launched earlier this year [2] - The company is continuously optimizing production capacity through technical upgrades and process improvements, with plans to invest in new production lines based on customer orders [2] Shareholder Information - A portion of shares from the initial public offering and strategic placement, accounting for 50.71% of total shares, was released for trading on September 4 [2] - Shareholders planning to reduce their holdings will announce their intentions in advance, while others can reduce their holdings without additional disclosure from the company [2]

Core Insights - The company reported a significant increase in Q3 2025 earnings, with revenue reaching 1.085 billion yuan, a year-on-year growth of 108.27% and a quarter-on-quarter growth of 12.05% [1] - The net profit attributable to shareholders was 70 million yuan, marking a year-on-year increase of 186.93% and a quarter-on-quarter increase of 48.09%, indicating a strong recovery trend [1] - The gross margin and net margin for Q3 were 19.48% and 6.45%, respectively, with the net margin improving by 1.77 percentage points year-on-year, reflecting enhanced profitability efficiency [1] Business Performance - The high growth in Q3 performance was primarily driven by the expansion of the new energy vehicle (NEV) business and breakthroughs in overseas customer acquisition [1] - The company focuses on the core sector of onboard power supply, continuously expanding its domestic and international key customer base, with onboard high-voltage power systems accounting for over 90% of revenue [1] - In August 2025, the company's market share in the domestic onboard OBC market increased to 12.0%, with installed capacity growing by 152.3% year-on-year [1] Strategic Developments - The onboard business benefits from the trend of integration and the ramp-up of new customer projects, while the overseas business is supported by the electrification trend in Europe [2] - The company achieved a technological breakthrough in domestic high-power liquid-cooled power modules for non-onboard applications, opening a second growth curve [2] - The implementation of restricted stock incentives is expected to bind core personnel and support long-term growth across various business segments [2] International Expansion - The overseas business is experiencing strong growth momentum due to the electrification trend in Europe, with revenue from overseas reaching 132 million yuan in Q3 2024, a year-on-year increase of 5815.5% [3] - In the first half of 2025, overseas revenue reached 262 million yuan, accounting for 17.76% of total revenue, indicating a rapid increase in international market share [3] - The construction of the Thailand overseas production base is accelerating to expand capacity and meet orders from clients like Renault and Stellantis, optimizing the global supply chain [3] Financial Forecast - The company is expected to continue benefiting from the penetration rate of new energy vehicles, the trend of onboard power integration, and the expansion of overseas markets, leading to rapid growth [3] - The revenue forecasts for 2025-2027 have been adjusted to 3.642 billion, 4.501 billion, and 5.532 billion yuan, respectively, with net profit forecasts of 221 million, 348 million, and 453 million yuan [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative return of over 20% within the next six months [6]. Core Insights - The company has shown significant profit recovery in Q3 2025, with a revenue of 1.085 billion yuan, representing a year-on-year growth of 108.27% and a quarter-on-quarter increase of 12.05%. The net profit attributable to the parent company reached 70 million yuan, up 186.93% year-on-year and 48.09% quarter-on-quarter, marking the highest profit growth rate of the year [1]. - The company focuses on the research, production, and sales of high-voltage power systems for electric vehicles, with over 90% of its revenue coming from this segment. In August 2025, the company's market share in the domestic on-board OBC market increased to 12.0%, with a year-on-year growth in installation volume of 152.3% [2]. - The overseas business is benefiting from the electrification trend in Europe, with a projected revenue of 132 million yuan in Q3 2024, a staggering year-on-year growth of 5815.5%. The company is also expanding its overseas production capacity in Thailand to meet orders from clients like Renault and Stellantis [4]. Summary by Sections Financial Performance - In Q3 2025, the company achieved a gross margin of 19.48% and a net margin of 6.45%, with the net margin improving by 1.77 percentage points year-on-year. The overall performance in Q3 was primarily driven by the growth in the electric vehicle sector and breakthroughs with overseas clients [1]. - The financial forecast for 2025-2027 estimates revenues of 3.642 billion yuan, 4.501 billion yuan, and 5.532 billion yuan respectively, with net profits projected at 221 million yuan, 348 million yuan, and 453 million yuan [4]. Business Strategy - The company is strategically expanding its client base in the electric vehicle sector, focusing on partnerships with leading manufacturers such as Renault, Xiaomi, and BYD. The integration of SiC devices has created technological barriers, while domestic capacity expansion and overseas base construction enhance supply chain security [2][3]. - The company is also diversifying its business by developing non-automotive high-voltage power systems, including liquid-cooled ultra-fast charging power modules, which are expected to open a second growth curve [3]. Market Outlook - The company is well-positioned to benefit from the increasing penetration of electric vehicles and the trend towards integrated on-board power systems. The ongoing expansion into overseas markets is expected to provide additional growth opportunities [4].

Group 1: European Electric Vehicle Market Trends - The recovery of electric vehicle sales in Europe in the first half of the year is driven by subsidy policies, vehicle prices, and carbon emission regulations, stimulating consumer demand [1] - Key factors influencing future sales trends include potential adjustments to purchase subsidies in major countries like Germany, the introduction of affordable new models like the Renault R5, and the progress of public charging infrastructure [1] - The European market's potential is still being released, but growth may become more stable [1] Group 2: Company Business Outlook for 2026 - The company maintains stable cooperation with long-term clients such as GAC and NIO, providing a solid foundation for performance [1] - New projects with clients like Xiaomi, Leap Motor, and Changan are progressing steadily, supporting order growth [1] - The expansion into overseas markets is proceeding as planned and is expected to become a new growth point [1] Group 3: Future Trends in Onboard Power Products - In the short term, existing products with relatively single functions will face price pressure due to industry competition [2] - In the medium to long term, product pricing will depend on technological value, with advancements in 800V high-voltage architecture and "multi-in-one" integration expected to enhance product complexity and value [2] - The application of new technologies like gallium nitride (GaN) semiconductors will lead to breakthroughs in performance and value [2] Group 4: Technical Development Directions for Onboard Power - The development of onboard power technology is showing a phased and diversified path, with small three-electric integration currently dominating the domestic market due to its cost-effectiveness and maturity [2] - Large integration solutions are becoming an important trend, primarily led by OEMs, and this pattern is expected to remain for the next 2-3 years [2] - In overseas markets, small three-electric integration is also predominant, with only a few small models beginning to explore large integration solutions, which are progressing more slowly than in the domestic market [2]