Dare Auto(SZ:300473) Xin Lang Zheng Quan·2025-10-31 14:42Core Viewpoint - Del Corporation is a leading manufacturer of automotive steering pumps in China, with significant investment value due to its comprehensive product matrix and deep technological accumulation [1] Group 1: Business Overview - Established on November 12, 2004, and listed on the Shenzhen Stock Exchange on June 12, 2015, Del Corporation is headquartered in Liaoning Province [1] - The main business includes the research, production, and sales of automotive steering pumps, gear pumps, automatic transmission oil pumps, electric power steering system (EPS) motors, electro-hydraulic pumps, and keyless entry and start systems [1] - The company operates within the automotive industry, specifically in the automotive parts sector, and is involved in concepts such as automotive lightweighting and nuclear power [1] Group 2: Financial Performance - For Q3 2025, Del Corporation reported revenue of 3.642 billion yuan, ranking 8th among 55 companies in the industry, with the top company, Zhongding Company, reporting revenue of 14.555 billion yuan [2] - The net profit for the same period was 78.31 million yuan, placing the company 28th in the industry, while Zhongding Company reported a net profit of 1.305 billion yuan [2] Group 3: Financial Ratios - As of Q3 2025, Del Corporation's debt-to-asset ratio was 58.71%, down from 60.16% year-on-year, which is higher than the industry average of 40.56% [3] - The gross profit margin for Q3 2025 was 19.22%, a decrease from 20.52% year-on-year, and below the industry average of 21.56% [3] Group 4: Management and Shareholder Information - The chairman and general manager, Li Yi, has a salary of 700,000 yuan for 2024, unchanged from 2023 [4] - As of September 30, 2025, the number of A-share shareholders increased by 1.09% to 25,000, with an average holding of 6,009.22 shares, a decrease of 1.07% [5] Group 5: Future Outlook - Guotai Junan Securities initiated coverage with an "overweight" rating, projecting revenues of 4.902 billion, 5.327 billion, and 5.791 billion yuan for 2025 to 2027, with corresponding EPS of 0.69, 1.14, and 1.46 yuan [5] - The company plans to invest approximately 300 million yuan in a solid-state battery pilot and industrialization project, with production capabilities expected by the end of 2025 [6] - Shanxi Securities also initiated coverage with a "buy - B" rating, forecasting net profits of 130 million, 190 million, and 300 million yuan for 2025 to 2027 [6]