Dare Auto(SZ:300473) Zheng Quan Shi Bao Wang·2025-09-01 09:10Core Viewpoint - 德尔股份 has shown significant growth in its performance, particularly in the electric vehicle sector, driven by innovative product development and a global expansion strategy [1][2]. Group 1: Company Overview - 德尔股份 initially focused on automotive steering pumps and has gained high market recognition and share in this field [1]. - The company has diversified its product line to include transmission oil pumps, electronic pumps, electro-hydraulic steering pumps, motors, and hydraulic retarders, enhancing revenue and economic efficiency [1]. - In 2017, 德尔股份 acquired German company Kakuisi, adding noise, vibration, and harshness (NVH), thermal insulation, and lightweight products to its portfolio, marking the beginning of its global expansion [1]. Group 2: Financial Performance - In the first half of 2025, 德尔股份 achieved operating revenue of 2.441 billion yuan, a year-on-year increase of 6.72% [1]. - The net profit attributable to shareholders reached 50.87 million yuan, reflecting a substantial year-on-year growth of 178.09% [1]. Group 3: Market Strategy - The company's revenue growth in the first half of the year was primarily driven by a 74.1% increase in revenue from supporting electric vehicle products, which improved the overall revenue structure [2]. - 德尔股份 has established partnerships with numerous well-known automotive manufacturers, including Mercedes-Benz, BMW, Porsche, Audi, Volkswagen, Ford, General Motors, and others, positioning itself as a strategic partner for global automakers [2]. Group 4: Globalization and Supply Chain - The company has developed a localized supply chain system in the European and American markets, enabling "local R&D, local production, and local supply" [3]. - This global production layout helps mitigate tariff impacts and reduces reliance on a single market, thereby diversifying risks [3]. - 德尔股份 is also monitoring the trend of domestic automakers establishing production bases abroad, leveraging its established capacity in the European and American markets to meet related product demands [3]. Group 5: Solid-State Battery Development - The company is focusing on solid-state battery technology, primarily using oxide electrolyte technology, which has demonstrated high safety and performance in various tests [3]. - 德尔股份' solid-state batteries are designed to operate effectively at high temperatures and are produced using mature coating processes, facilitating mass production [3]. - Potential downstream customers for the solid-state batteries include new energy vehicle manufacturers, with applications also being explored in humanoid robots, two-wheeled electric vehicles, energy storage, and consumer products [3].