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东方证券对德尔股份发行股份购买资产问询函的回复解读:爱卓智能业绩增长与可持续性剖析
Xin Lang Cai Jing·2025-09-22 13:58

Core Viewpoint - The response from Dongfang Securities regarding the inquiry from Shenzhen Stock Exchange highlights the operational status and growth prospects of Aizhuo Intelligent Technology (Shanghai) Co., Ltd, which is the target asset in the acquisition by Fuxin Del Automotive Parts Co., Ltd [1] Group 1: Performance and Growth - Aizhuo Intelligent's revenue is projected to grow from 216.33 million yuan in 2023 to 364.62 million yuan in 2024, representing a growth rate of 68.95%, significantly higher than the industry average of 15.98% [2] - The net profit attributable to the parent company is expected to increase by 65.42% in 2024, also surpassing the industry average of 26.48% [2] - Key clients such as Jiangsu Changshu Automotive Trim Group Co., Ltd and China FAW Group Corporation have contributed to the revenue growth, particularly from models like Hongqi H5 and Chery Tiggo 9 [2] Group 2: Industry Trends and Competitive Advantages - The automotive interior industry is experiencing positive trends driven by consumer upgrades and technological changes, with the cost share of interiors rising from approximately 12% in 2012 to over 20% post-2020 [3] - Aizhuo Intelligent has established long-term partnerships with well-known automakers, enhancing its brand image and competitive position [3] - The company holds numerous intellectual property rights and has capabilities in independent mold design, which strengthens its technological advantage [3] Group 3: Project Pipeline and Future Outlook - Confirmed projects are expected to generate revenues of 339.43 million yuan, 353.72 million yuan, and 303.42 million yuan from 2025 to 2027, indicating strong business sustainability [4] - New projects with major clients like Chery and FAW Toyota are anticipated to yield significant sales, with an estimated annual output of around 1.03 million sets [5] - Revenue forecasts are deemed achievable based on confirmed projects and historical data, with cost management strategies in place to maintain profitability [5] Group 4: Investment Implications - Dongfang Securities believes that Aizhuo Intelligent's sustainable revenue growth, competitive advantages, and project reserves provide a solid foundation for the successful acquisition by Fuxin Del Automotive Parts Co., Ltd, signaling positive prospects for investors [6]