德尔股份（300473）：首次覆盖报告：转向泵龙头，进军固态电池领域

Investment Rating - The report assigns an "Accumulate" rating to the company with a target price of 38.10 CNY [2][6][25] Core Insights - The company is a leading manufacturer of steering pumps and is strategically advancing into the solid-state battery sector, with a robust growth forecast driven by its core business and global expansion [3][12][16] Financial Summary - Revenue projections for 2025-2027 are 49.02 billion CNY, 53.27 billion CNY, and 57.91 billion CNY, reflecting year-on-year growth rates of 8.62%, 8.66%, and 8.71% respectively [5][16] - Net profit (attributable to the parent company) is expected to reach 104 million CNY, 172 million CNY, and 220 million CNY for the years 2025-2027, with growth rates of 220.0%, 65.5%, and 28.0% respectively [5][16] - Earnings per share (EPS) are projected to be 0.69 CNY, 1.14 CNY, and 1.46 CNY for 2025-2027 [5][16] Business Overview - The company has a comprehensive product matrix, including noise reduction (NVH), thermal insulation, lightweight products, electric pumps, and automotive electronics, which positions it well in the automotive parts industry [12][26][33] - The company has established a global sales network that enhances its competitive edge, with partnerships with major automotive manufacturers such as Daimler, BMW, and Ford [12][30] Strategic Initiatives - The company has been investing in solid-state battery technology since 2017, with plans to invest approximately 300 million CNY in a pilot production line by the end of 2025 [12][16][26] - The solid-state battery segment is expected to become a significant growth driver for the company in the future [12][16][26] Market Position - The company has a strong presence in the international market, with 74.21% of its revenue coming from overseas in 2024, largely due to its acquisition of CCI [45][48] - The global market for insulation and noise reduction materials is projected to grow significantly, driven by the increasing demand for electric vehicles [47][50]