福达股份20250312

Summary of Conference Call Notes Company and Industry Overview - The company discussed is 福达 (Fuda), which operates in the automotive and robotics sectors, focusing on crankshafts and new business opportunities in robotics [1][5]. Key Points and Arguments - Crankshaft Business Growth: 福达 is experiencing significant growth in its core crankshaft business, driven by two main factors: the rising demand for hybrid passenger vehicles and the high demand in data centers [1]. - Market Share in Hybrid Vehicles: 福达 is the leading third-party supplier of hybrid crankshafts in China, with an expected market share exceeding 40% in 2024. The company anticipates continued growth in its market share this year [1]. - Joint Venture with Alfin: 福达 established a joint venture with Alfin in 2018, each holding a 50% stake. This venture primarily supplies major clients, including Yuchai and MTU. The order demand for crankshafts is expected to surge starting from late 2024, securing 福达's production capacity through 2025 [2]. - Revenue from Data Centers: The revenue from data center crankshafts is projected to reach approximately 300 million yuan by 2025. 福达's share of this revenue, considering its 50% stake in the joint venture, is expected to contribute around 20 million yuan in investment income this year [3]. - Sales Volume and Revenue Projections: The total shipment of hybrid crankshafts last year was estimated at 2.2 to 2.3 million units, with an expected increase of at least 1.7 million units this year. At an average price of 400 yuan per unit, this could generate an additional revenue of 600 to 700 million yuan [4]. - High Profit Margins: 福达 maintains a high gross margin of over 30% in its crankshaft business due to its integrated capabilities in manufacturing and design [4]. Robotics Business Development - Expansion into Robotics: 福达 has strategically entered the robotics sector, leveraging its existing capabilities in new energy electric drive gears to develop new products like chip actuators [5]. - Client Base and Market Potential: The company has established relationships with major clients such as Schaeffler, Celis, Xiaomi, and BYD, which positions 福达 well to capitalize on the growing robotics market [6]. - Valuation of Robotics Segment: The valuation of 福达's robotics business could potentially reach between 10 billion to 20 billion yuan, depending on the successful implementation of core components and client projects [7]. - Overall Valuation Outlook: The combined valuation of 福达's core business and robotics segment could exceed 20 billion yuan, indicating significant upside potential from its current valuation of around 8 billion yuan [7]. Additional Important Insights - The company has been closely monitored since last year, with ongoing updates provided to investors regarding its traditional and new business developments [7].