FLAC(002536)2025-01-10 09:06Company Overview - Feilong Automotive Parts Co., Ltd. was established in 1952 and has over 70 years of development history [1] - The company focuses on automotive thermal management components, including mechanical water pumps, exhaust manifolds, turbocharger housings, electronic water pumps, temperature control valves, and thermal management modules [1][2] Development Stages - The company's development is divided into two stages: - Before 2017: Focused on R&D, production, and sales of automotive thermal management components [1] - From 2017 to present: Expanded into civilian market clients and applications while continuing to develop automotive thermal management products [2] R&D and Production Capacity - The company has established four R&D centers in Shanghai, Wuhu, Neixiang, and Xixia, with a focus on new energy thermal management products [2] - Current production capacities include: - Mechanical water pumps: 8 million units - Exhaust manifolds: 4.5 million units - Turbocharger housings: 7.5 million units (casting) and 6.5 million units (processing) [2] Market and Sales - The company serves over 200 domestic and international clients, supporting more than 300 factory bases globally [2] - The sales model for new energy thermal management products includes electronic water pumps and temperature control valves, with power ranges from 13W to 16KW and voltage platforms from 12V to 800V [3] Customer Base and Orders - Major clients for exhaust manifolds include Cummins, General Motors, Ford, and others [2] - In the civilian sector, the company is currently engaging with over 50 clients and has more than 70 ongoing projects, some of which are already in mass production [3] Future Outlook - The company anticipates stable sales for traditional engine thermal management components over the next two years, as products can be used in both fuel and hybrid vehicles [2] - A subsidiary in Thailand is expected to commence full production in the first half of 2026 [3] International Strategy - The company is addressing international trade risks by establishing a trading subsidiary in Singapore and a production base in Thailand [3]