德尔股份分析师会议-20250509

1. Report Industry Investment Rating No relevant information provided. 2. Core Views of the Report - The company is optimistic about the future profitability growth, with expected steady revenue growth, scale - effect enhancement through product platformization, and cost control by increasing raw material self - production ratio [36]. - The automotive parts industry is closely related to vehicle production and sales. In 2024, the European, Chinese, and North American automotive markets had different trends, and the A - share automotive parts industry showed growth [42]. - The company's global production layout helps it avoid over - reliance on a single country or market, and its advantage is emerging under the background of US tariff increases [28]. - Solid - state batteries are in the stage of accelerated industrialization, and it is expected that a critical turning point will be reached in the next few years [43]. 3. Summary According to the Table of Contents 3.1 Basic Research Situation - The research object is Del股份, belonging to the automotive parts industry. The reception time is May 8, 2025, and the listed company's reception personnel include the chairman, general manager, board secretary, financial director, independent director, and sponsorship representative [16]. 3.2 Detailed Research Institutions - The research institutions are investors participating in the company's 2024 annual report online performance briefing [19]. 3.3 Research Institution Proportion No relevant information provided. 3.4 Main Content Data 3.4.1 Solid - state Battery Progress - The company has built a solid - state battery sample trial - production line in Shanghai and is conducting various technical tests. It can customize solutions for customers according to different application scenarios and technical requirements. The follow - up pilot line and mass - production line bases will be advanced based on customer development verification and market demand [23][25][26]. - The company's solid - state battery Shanghai trial - production line and the R & D in Japan are carried out collaboratively [42]. - As of the first quarter of this year, the solid - state battery sample trial - production line has been built, and it is expected that a critical turning point will be reached in the next few years [43]. 3.4.2 Business Cooperation - In August 2024, the company signed a "Solid - state Battery Strategic Cooperation Agreement" with Jiangxi Jiangling Group New Energy Vehicle Co., Ltd., and is in continuous technical docking [27][40]. - The company is open to cooperation with downstream customers in various fields such as new energy vehicles, robots, and energy storage [38][51][53]. 3.4.3 Financial and Operating Conditions - In 2024, the company achieved an operating income of 4.513 billion yuan, a year - on - year increase of 4.98%, and a net profit attributable to the parent of 32.42 million yuan, a year - on - year increase of 151.73% [30][35][42]. - As of March 31, 2025, the total number of the company's shareholders was 29,076 [30]. - In 2025, the company's first - quarter operating income was 1.22 billion yuan, with a gross profit margin of 19.74% and a net profit attributable to the parent of 22.74 million yuan, with a net profit margin of 1.86% [53]. 3.4.4 Product and Market Analysis - The company's solid - state battery sample has an energy density of 260Wh/kg, high safety, simple process, and cost advantages [59]. - The company's battery flame - retardant materials have been supplied to new - energy vehicle models of vehicle manufacturers, but not to Xiaomi cars [63]. - The company's automotive electronic products include electronic control and body electronic products, with an operating income of 68 million yuan in 2024, accounting for 1.52% of the total operating income [61][62]. 3.4.5 Company Strategy and Future Plans - The company adheres to the strategy of "focusing on the automotive industry", with a wide product layout. In the next stage, it will increase R & D investment, strengthen market expansion, and improve management efficiency [55][56]. - The company will continue to focus on new - energy vehicle - related product R & D and market promotion, including consolidating the market position of new - energy drive unit cooling and lubrication electronic pumps, and accelerating the development of solid - state batteries [56].