Core Insights - The report highlights strong performance in the communication industry, driven by overseas demand and advancements in AI computing power, with companies like Broadcom, Ciena, and Credo showing significant revenue growth [6][7] - The report also discusses the stable procurement results for ordinary optical cables by China Mobile, indicating a rational competitive landscape in the domestic optical fiber and cable industry [6][7] Industry Commentary - The communication sector is experiencing robust growth, with Broadcom reporting a 20% year-on-year revenue increase to $15 billion, and a net profit surge of 134% to $5 billion, largely driven by AI semiconductor sales [6] - Ciena's latest quarterly revenue reached $1.1 billion, up 24% year-on-year, with its network platform business growing by 38%, reflecting strong demand for advanced optical modules [6] - Credo's revenue for the recent quarter was $170 million, a 26% quarter-on-quarter increase and a 180% year-on-year increase, indicating a diversified customer base and strong growth potential [6] Company Commentary: Del Shares (300473.SZ) - Del Shares announced plans to invest in a new lithium battery production line in Huzhou, aiming to enhance its capabilities in the solid-state battery sector, with production expected to commence by the end of 2025 [9][11] - The company reported a revenue of 4.51 billion yuan in 2024, a 5% increase year-on-year, and a first-quarter revenue of 1.22 billion yuan in 2025, reflecting a 15.1% year-on-year growth [11][13] - Del Shares has established long-term partnerships with major global automotive manufacturers, positioning itself as a comprehensive automotive parts supplier [11][13]

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The establishment of a solid-state battery production line marks a significant step for the company, which is expected to enhance its growth in the automotive parts sector. The company plans to invest approximately 300 million yuan in new lithium battery and smart motor projects [3][4]. - The company has a diversified product portfolio and a stable customer base, including major global automotive manufacturers. It achieved a revenue of 4.51 billion yuan in 2024, reflecting a year-on-year growth of 5.0% [4]. - The company aims to accelerate the industrialization of solid-state batteries for applications in electric vehicles, drones, robots, and power tools, positioning itself to capture market opportunities [3][4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a global customer base, including Daimler, BMW, Audi, and others. Its main products include noise reduction, thermal insulation, lightweight products, and various pump products [4]. Financial Performance - In Q1 2025, the company reported a revenue of 1.22 billion yuan, a year-on-year increase of 15.1%, and a net profit of 20 million yuan, up 276% year-on-year. The gross margin improved to 19.7%, an increase of 3.9 percentage points [4]. - The projected net profits for 2025-2027 are 130 million yuan, 190 million yuan, and 300 million yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on the solid-state battery business, which presents significant expansion potential. The report anticipates steady recovery in the automotive parts sector profitability [5].

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company is making significant strides in the solid-state battery sector, with plans to establish production capabilities by the end of 2025. This move is part of a broader strategy to enhance its presence in the new energy and intelligent manufacturing fields, which is expected to drive future growth [3][5]. - The company has established long-term partnerships with major global automotive manufacturers, including Daimler, BMW, and Ford, positioning itself as a comprehensive automotive parts supplier [4]. - The company's revenue for 2024 is projected to be 45.1 billion yuan, reflecting a year-on-year growth of 5.0%. In the first quarter of 2025, revenue reached 12.2 billion yuan, marking a 15.1% increase compared to the previous year [4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a diverse product range, including noise reduction, thermal insulation, lightweight products, and various pump products. It has a global production, sales, and R&D network covering Europe, North America, and Asia [4]. Financial Performance - The company achieved a revenue of 4,299 million yuan in 2023, with a projected increase to 5,053 million yuan in 2025, representing a year-on-year growth of 12.0% [10]. - The net profit is expected to rise significantly from 32 million yuan in 2024 to 127 million yuan in 2025, reflecting a growth rate of 291.7% [10]. - The gross margin is projected to improve from 19.3% in 2024 to 20.4% in 2025 [10]. Future Projections - The forecasted net profits for 2025, 2026, and 2027 are 1.3 billion yuan, 1.9 billion yuan, and 3.0 billion yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. - The company aims to accelerate the industrialization of its solid-state battery technology, targeting applications in electric vehicles, drones, robots, and power tools [3].

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].

Group 1: Company Overview - Delong Holdings has made significant progress in solid-state battery research, with samples passing third-party safety tests in 2023 and a national invention patent expected in 2024 [1] - A cooperation agreement with Jiangling Group is set to be signed in August 2024, with a pilot production line expected to be completed by January 2025 [1] - The company plans to invest 300 million yuan in a solid-state battery pilot and industrialization project, as well as an intelligent motor industrialization project, with the investment agreement signed with the local government in Huzhou on May 30, 2025 [1] Group 2: Market Position and Performance - Kaku Si, a subsidiary, focuses on producing and selling thermal insulation, noise reduction, and lightweight products, serving clients such as Mercedes-Benz, BMW, Audi, and Volkswagen [1] - The operational performance of Kaku Si is expected to improve in 2024 and the first quarter of 2025, driven by enhanced operational efficiency and revenue growth in the new energy vehicle sector [1] - Kaku Si has a global production capacity layout, standardized production processes, and a quality control system, along with a world-class R&D center providing one-stop product development services [1] Group 3: Future Developments - Kaku Si aims to optimize its product structure, focusing on the development of new energy vehicle customer needs and aligning with domestic automakers' overseas supply requirements [1] - The company successfully developed a hydraulic retarder in 2023, which gained market recognition in 2024, leading to an increase in mass production and delivery scale [1]

Group 1 - Lianhua Technology clarifies that it does not directly produce chlorantraniliprole but provides CDMO services for its advanced intermediates, indicating a limited impact on overall business [1] - The company has a long-term partnership with its client, governed by a framework agreement that restricts product sales and pricing [1] - There has been no notification of increased demand from the client, suggesting stability in the current business model [1] Group 2 - Del Shares announces that its shareholder, Wuxu Value No. 15 Fund, plans to reduce its stake by up to 1.99% through block trading within three months [2] - The reduction is attributed to the shareholder's personal funding needs, which may exert short-term pressure on the stock price [2] - Long-term impacts should be assessed based on the company's fundamentals and core business development [2] Group 3 - Oujing Technology reports that its shareholder, Wanzhao Huigu, intends to reduce its holdings by up to 3% within three months through centralized bidding and block trading [3] - The reduction is for the shareholder's operational needs, with shares sourced from pre-IPO holdings [3] - Similar to Del Shares, this may lead to short-term stock price fluctuations, while long-term effects depend on the company's fundamentals [3]

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]