Fuliwang (688678) recently announced its 2024 annual report, during the reporting period, the company achieved operating income of 1.285 billion yuan, an increase of 29.60% over the same period of the previous year; The net profit attributable to the owners of the parent company was 54.526 million yuan, a decrease of 38.38% over the same period of last year.
Since its establishment, Fuliwang has been focusing on the R&D, manufacturing and sales of precision metal parts, mainly providing precision metal parts products for customers in downstream application industries such as 3C, automobiles, and power tools.
During the reporting period, the company's 3C precision metal parts business achieved revenue of 793 million yuan, a year-on-year increase of 40.26%.
From a product point of view, the company's wearable precision metal parts have improved rapidly, especially precision metal parts such as earphone metal head beams, improved earphone charging compartment interfaces and wireless tracker metal shells, and their shipments in the first half of the year have performed well, laying a solid foundation for the company's revenue growth. In the second half of the year, the company's cooperation with major customers in the new earphone project is progressing smoothly, and the market demand for the newly introduced earphone precision parts is good, and batch shipments have been realized. Due to the recovery of consumer electronics demand in 2024, the company has achieved steady growth in revenue and profit.
Benefiting from the penetration of generative AI technologies such as DeepSeek into terminals, voice interaction is upgrading from "passive response" to "active intelligence". According to Canalys data, global shipments of personal smart audio devices will increase by 8% year-on-year to 533 million units in 2025. The company has been deeply engaged in terminal precision parts for many years, and is expected to grow in tandem with the AI industry.
During the reporting period, Fuliwang Automobile's precision metal parts business achieved revenue of 223 million yuan, a year-on-year increase of 21.12%. The company focuses on the R&D and manufacturing of automotive precision parts, which are widely used in many key fields such as automotive sunroofs, sunshades, wind shields, interior and side windows, tailgate systems, charging port covers, power systems and power battery packs.
During the reporting period, the company's precision metal parts business of power tools achieved revenue of 194 million yuan, a year-on-year increase of 68.71%. With the advantages of industry-leading technology, research and development capabilities, excellent product quality, supply capacity and high cost performance of products, the company has entered the qualified supplier system of large-scale power tool multinational companies.
In terms of R&D, during the reporting period, the company's R&D expenses were 122.4258 million yuan, an increase of 24.22% over the same period of last year, and 149 new R&D personnel were introduced, an increase of 42.33% over the same period of last year. During the reporting period, a number of R&D work of the company reached the expected goals.
In the 2025 business plan announced by Fuliwang, the layout of the field of humanoid robots and dexterous hands is particularly interesting.
The humanoid robot industry will usher in the first year of mass production in 2025, with huge market size and space potential, and is expected to become a disruptive product after computers, smart phones, and new energy vehicles, which will profoundly change the production and lifestyle of human beings and reshape the global industrial development pattern. In 2024, the global robot dexterous hand market will reach 1.706 billion US dollars, and by 2030, the market size is expected to exceed 3 billion US dollars, showing the vigorous development and broad prospects of the robot dexterous hand market. Fuliwang uses its technology accumulation and R&D capabilities in precision metal manufacturing to humanoid robots, dexterous hands, micro lead screws, and joint connections - harmonic drive, tendon rope, dexterous hand spring, anti-loosening gold steel anti-slip gasket and other parts and components, through the transformation to the humanoid robot parts market to build a new growth point of the company, to create a second growth curve. The company set up Fuliwang Precision Intelligent Manufacturing (Suzhou) Co., Ltd. as the main body of the project to carry the manufacturing of humanoid robot parts, with an investment of 1 billion yuan, and is expected to start construction in mid-2025. At present, the miniature lead screw is in the stage of R&D and sample delivery, and the customer is currently in the process of docking.