Core Viewpoint - The company is focusing on the development and commercialization of solid-state batteries, which have garnered significant interest from institutional investors due to their enhanced safety and high-temperature performance compared to traditional liquid batteries [1][2]. Group 1: Company Overview - The company, Del Corporation, is a global automotive parts supplier specializing in noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1]. - In 2018, the company established a subsidiary in Japan to focus on solid-state battery development, which received national invention patent authorization in 2024 [1]. Group 2: Investment and Projects - The company signed an investment cooperation agreement with the local government in Wuxing District, Huzhou, Zhejiang Province, to invest approximately 300 million yuan in new lithium battery pilot and industrialization projects, as well as smart motor industrialization projects [1]. - The company is currently selecting a base for its solid-state battery pilot and industrialization project and plans to accelerate the selection of pilot line equipment and construction [2]. Group 3: Technology and Performance - The company's solid-state batteries exhibit significantly improved safety and high-temperature performance compared to liquid batteries, having passed third-party testing for puncture, heating, and overcharging [2]. - The solid-state battery's high-temperature performance allows it to operate continuously under elevated temperatures without additional cooling systems, reducing customer usage costs and enhancing adaptability across various applications [2]. - The solid-state battery's safety is attributed to the absence of flammable materials during the manufacturing process, ensuring intrinsic safety [2]. Group 4: Application Potential - The solid-state batteries are suitable for humanoid robots due to their superior high-temperature performance, which simplifies thermal management system requirements, allowing for more battery cells to be stored in limited space [3]. - The company is exploring potential applications for its solid-state batteries in various sectors, including new energy vehicles, humanoid robots, two-wheeled electric vehicles, and energy storage [2].

Group 1: Solid-State Battery Development - The company has selected a base for the solid-state battery pilot and industrialization project, aiming to accelerate the selection of pilot line equipment and construction [1] - The solid-state battery's safety and high-temperature performance significantly surpass that of liquid batteries, having passed third-party testing for puncture, heating, and overcharging [1] - The solid-state battery operates continuously under high temperatures without cooling devices, relying solely on natural heat dissipation, which reduces customer usage costs [1] Group 2: Safety and Performance Factors - The solid-state battery's safety and high-temperature performance are attributed to the absence of flammable materials during its preparation, ensuring intrinsic safety [2] - The electrolyte primarily consists of oxides, which are ceramic materials known for excellent chemical and thermal stability, enhancing battery safety and high-temperature performance [2] Group 3: Market Applications and Clients - Potential downstream clients for the solid-state battery include new energy vehicle manufacturers, humanoid robots, two-wheeled electric vehicles, and energy storage applications [3] - The solid-state battery's high-temperature performance simplifies thermal management systems in humanoid robots, allowing for more battery cells to be stored in limited space, thus enhancing endurance [4] Group 4: Technology and Market Strategy - The company has researched various technical routes, including polymer, oxide, and sulfide, but currently favors the oxide-based composite organic material electrolyte for easier mass production and market acceptance [5] - The company’s revenue structure is primarily from overseas clients, who have a good repayment cycle, contributing to strong cash flow [6] Group 5: Regulatory Impact and Product Promotion - New domestic safety regulations for power batteries are expected to boost market sales of safety-related products, including the company's flame-retardant materials, which have been supplied to major European manufacturers [6] - The market penetration of the company's hydraulic retarder products in the domestic commercial vehicle sector remains low, indicating significant growth potential [6] - The company anticipates continued improvement in operational performance in 2024 and Q1 2025, driven by enhanced management efficiency and rapid revenue growth in the new energy vehicle sector [6]

2025 年 6 月 12 日 公司研究/公司快报 汽车零部件Ⅲ 德尔股份（300473.SZ） 买入-B(首次) 固态电池产线落地，汽零主业恢复增长 公司近一年市场表现 事件描述 5 月 30 日，公司公告《关于签署合作协议暨对外投资的议案》，公司 计划在湖州投资建设新型锂电池项目、智能电机项目，本项目计划投资总额 约 3 亿元。 事件点评 市场数据：2025 年 6 月 11 日 固态电池项目落地湖州，2025 年底前具备生产能力。公司本次投资项目 主要包括（1）建设新型锂电池产线，一期开展新型锂电池的中试研发，择 机启动二期年产 1GWh 新型锂电池产线建设。（2）建设智能电机或其他汽车 零部件产线。此次签约不仅是德尔股份战略布局的重要一环，更标志着其向 新能源与智能智造领域迈出坚实一步，为企业未来发展注入强劲动能。公司 公众号披露，公司的固态电池项目力争在 2025 年年底前完成中试线建设并 具备产品生产能力。未来，公司将结合市场需求，加速推进公司固态电池的 产业化，尽快将公司固态电池应用于新能源汽车、无人机、机器人、电动工 具等领域，抢占市场先机。 投资建议 我们预计公司 2025-2027 年归母 ...

汽车零部件Ⅲ 德尔股份（300473.SZ） 买入-B(首次) 固态电池产线落地，汽零主业恢复增长 2025 年 6 月 12 日 公司研究/公司快报 公司近一年市场表现 事件描述 5 月 30 日，公司公告《关于签署合作协议暨对外投资的议案》，公司 计划在湖州投资建设新型锂电池项目、智能电机项目，本项目计划投资总额 约 3 亿元。 事件点评 固态电池项目落地湖州，2025 年底前具备生产能力。公司本次投资项目 主要包括（1）建设新型锂电池产线，一期开展新型锂电池的中试研发，择 机启动二期年产 1GWh 新型锂电池产线建设。（2）建设智能电机或其他汽车 零部件产线。此次签约不仅是德尔股份战略布局的重要一环，更标志着其向 新能源与智能智造领域迈出坚实一步，为企业未来发展注入强劲动能。公司 公众号披露，公司的固态电池项目力争在 2025 年年底前完成中试线建设并 具备产品生产能力。未来，公司将结合市场需求，加速推进公司固态电池的 产业化，尽快将公司固态电池应用于新能源汽车、无人机、机器人、电动工 具等领域，抢占市场先机。 分析师： 综合性汽车零部件集成供应商，客户覆盖全球主流车企。公司是一家综 合性汽车零部件系统 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤固态电池 源电新能源作为技术主导方，此次合作有望实现从研发到规模化生产的跨越。产业园建成后，将填补国内 全固态电池量产空白，助推新能源汽车、储能等领域的技术升级。 3亿固态电池项目落地吴兴 德尔股份发布公告，与浙江省湖州市吴兴区织里镇人民政府签订《投资合作协议》， 计划投资约3亿元， 投资建设新型锂电池中试及产业化项目、智能电机产业化项目。 按照计划，项目一期开展新型锂电池的中试研发，择机启动二期年产1GWh新型锂电池产线建设。建设智 能电机或其他汽车零部件产线。 除主营的汽车零部件业务外， 德尔股份同样还是固态电池领域的一匹黑马。 从已公布的信息来看，德尔股份早于2018年5月便在日本设立全资子公司研发固态电池项目，研发的固态 电池技术采用氧化物复合电解质和涂覆工艺，具有较好的离子传导率和高温特性，且无需高温烧结或高压 压制。 这段时间，多家电池企业纷纷推出其全固态电池新品， 上周，有两个固态电池项目相继签约落地浙江。 5GWh全固态电池产业项目落地钱塘 项目 计划总投资约25亿元，由浙江路贸通控股集团 ...

关注公众号，点击公众号主页右上角" ··· "，设置星标 "⭐" ，关注 鑫椤锂电 资讯~ 本文来源：鑫椤固态电池 这段时间，多家电池企业纷纷推出其全固态电池新品， 上周，有两个固态电池项目相继签约落地浙江。 5GWh全固态电池产业项目落地钱塘 项目 计划总投资约25亿元，由浙江路贸通控股集团投资， 将建设高端数字化工厂（固态系列产品） 5GWh固态电池（兼容半固态）生产线， 预计达产后年产值50亿元，税收1.5亿元，未来将导入锂空气燃 料电池相关研发生产。 除主营的汽车零部件业务外， 德尔股份同样还是固态电池领域的一匹黑马。 从已公布的信息来看，德尔股份早于2018年5月便在日本设立全资子公司研发固态电池项目，研发的固态 电池技术采用氧化物复合电解质和涂覆工艺，具有较好的离子传导率和高温特性，且无需高温烧结或高压 压制。 就在去年，德尔股份还与江铃新能源签署固态电池战略合作协议，双方将在新能源汽车固态电池领域展开 深入合作，德尔股份研发产品将搭载至该公司整车进行验证。 据了解，固态电池由于具有较高理论能量密度和高安全性，是最有技术颠覆潜力、最具产业发展前景的下 一代电池技术。 预计到2045年，全球全固态电 ...

Core Viewpoint - Del Corporation has experienced significant fluctuations in its market performance since its listing in June 2015, with a current market value of 4.725 billion yuan, reflecting a recovery in its operational performance in recent years [1][3]. Business Overview - The main business of Del Corporation includes the research, production, and sales of automotive steering pumps and gear pumps, with the highest revenue contribution coming from noise reduction, thermal insulation, and lightweight products, accounting for 70.83% of total revenue, followed by motor, electric pump, and mechanical pump products at 26.84% [3]. Financial Performance - In 2015, the year of its listing, Del Corporation achieved a net profit attributable to shareholders of 138 million yuan, while the latest complete fiscal year of 2024 shows a net profit of 32 million yuan, indicating a cumulative profit decline of 76.54% over the decade [3]. - The company has recorded two years of losses since its listing, with profit growth years reaching six, representing 60.0% of the time [3]. - Revenue has shown steady growth, increasing from 3.386 billion yuan in 2020 to 4.513 billion yuan in 2024, while the net profit improved from a loss of 423 million yuan in 2020 to a profit of 32 million yuan in 2024, indicating a gradual recovery in profitability [4]. Market Capitalization - Since its listing, Del Corporation's market value has increased by 0.14 times, peaking at 10.68 billion yuan on December 1, 2015, with a corresponding stock price of 106.8 yuan. As of June 11, the stock price is 31.3 yuan, with a market value of 4.725 billion yuan, representing a decrease of 5.955 billion yuan from its peak, or a 55.75% market value evaporation [6].

上海磐耀资产管理有限公司成立于2014年12月4日，注册资本1000万元，具备私募牌照，总部位于中国 上海，是一家以股票多头策略为主的证券类投资私募，目前累计发行产品数量超过100只，在基金业协 会累积备案规模超过50亿。磐耀资产以专业、严谨的投资研究为基础，运用各种规范的金融工具为客户 管理金融财富，以管理资产的可持续成长为己任，致力于成为国内资本市场上有重要影响力的、受人尊 敬的资产管理公司。 在业务目标上，磐耀资产通过有效的风险控制，把握相对确定的投资机会，追求 财富的长期复合增长。 在投资方法上，磐耀资产注重研究驱动的投资，强调严谨科学的投资流程在投 资中的重要性。 在投资策略上，磐耀资产寻找自上而下的宏观和行业配置与自下而上的公司选择之间 的理想结合点 。荣获2015年证券时报颁发中国阳光私募金长江收益明星奖xa0荣获2016年获亿信伟业颁 发阳光私募金亿奖荣获2017年获国金证券颁发2016年度股票投资策略最佳奖荣获2017年获中国基金报颁 发 股票策略人气奖、一年期股票策略最佳产品英华奖荣获2018年获中国基金报颁发 股票策略人气奖、 三年期股票策略最佳产品英华奖荣获2018年私募排排网统计 2 ...

近年来，德尔股份固态电池研发成果显著。2023年，公司在日本开发的固态电池样品已通过第三方机构 多项严苛安全测试，包括针刺、加热和过充电实验，安全性表现突出。2025年，德尔股份固态电池技术 攻关持续突破，在今年2月举行的东京国际二次电池展上，公司展示了第二代固态电池产品，能量密度 达到260Wh/kg，而第三代固态电池产品的目标能量密度将突破400Wh/kg。 今年年初，德尔股份在上海设立的试制线成功完成国内首款固态电池样品的制备，验证了核心涂覆工艺 在国内生产环境下的可复制性，具备为新能源汽车、无人机、机器人等多应用场景进行定制化开发的能 力。 当前行业普遍认为，全固态电池的商业化应用预计将于2027年左右在部分高端车型上实现装车，并有望 在2030年进入更大规模的量产阶段，从而有力推动新能源汽车实现续航里程突破1000公里、充电时间缩 短至10分钟以内的目标。如今，国内外主流电池企业均已跑步入场，全力抢占技术制高点和产业化先 机。中泰证券指出，固态电池将在"政策引导+市场需求+技术迭代"三重驱动力的共同作用下，带动锂 电池行业完成新一轮升级革命。 （文章来源：证券时报网） 德尔股份微信公众号日前发文表示 ...

Group 1 - The solid-state battery sector is experiencing significant advancements, with Del Corporation announcing a strategic investment of approximately 300 million yuan to develop a pilot and industrialization project for new lithium batteries [1] - The company aims to complete the pilot line construction by the end of 2025 and plans to gradually implement 1GWh and 5GWh production lines, transitioning from laboratory to pilot and then to large-scale production [2] - Del Corporation's subsidiary, Carcoustics International GmbH, has over 20 years of experience in automotive components, focusing on products related to electric vehicles, such as battery flame-retardant covers and electromagnetic shielding [2] Group 2 - The partnership with the local government in Huzhou includes a project for the industrialization of intelligent servo motors, aimed at upgrading the company's existing manufacturing capabilities to meet market demands in robotics and automotive sectors [1] - The solid-state battery project is a crucial part of the company's strategic layout, integrating core technologies and assets developed in Japan and domestically to accelerate the construction of the pilot line [1] - Del Corporation is positioning itself to enhance its product line and expand applications in the electric motor sector, contributing to the optimization of its industrial structure [1]