证券代码：300473 证券简称：德尔股份 阜新德尔汽车部件股份有限公司投资者关系活动记录表 编号：2025-006 | | ■特定对象调研 □分析师会议 | | | --- | --- | --- | | 投资者关系活动 | □媒体采访 □业绩说明会 | | | 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 （请文字说明其他活动内容） | | | | 施罗德基金：程昕 鑫元基金：葛天伟 | 申万菱信：刘世昌 国泰基金：谢泓材 | | | 广发证券：朱宇航 | 国金证券：陆文杰 | | | 国金证券：茅梦云 | 兴业证券：刘思怡 | | | 兴业证券：孙曌续 | 中信建投证券：屈文敏 | | 参与单位名称及 | 财通证券：程嘉琳 | 长城证券：金瑞 | | 人员姓名 | 浙商证券：杨子伟 | 国元证券：张帅峰 | | | 浙商资管：姜捷 | 宽渡基金：王炫 | | | 隽贤基金：胡亦非 | 朗程投资：古勇平 | | | 巨鼎基金：章建辉 | 峰境基金：胡添雅 | | | 上海财杰资产：徐凯迪 | 水璞基金：罗鑫 | | 时间 | 2025 年 07 月 16 日 15 ...

Core Viewpoint - The "Big and Beautiful" Act marks a significant turning point in the U.S. electric vehicle (EV) market, signaling the end of federal EV incentives, which will compel automakers to quickly adjust their strategies to maintain momentum in EV development [2][13][15]. Group 1: Impact of Policy Changes - The cancellation of federal subsidies for EVs is expected to severely affect consumer demand, particularly for foreign automakers like Hyundai-Kia and Volkswagen, compared to domestic brands [2][3]. - The Biden administration's previous incentives led to a more than 50% year-on-year increase in EV sales in 2023, raising the market share of EVs in U.S. passenger car sales from 7% in 2022 to 10% in 2023 [3][5]. - The upcoming end of federal EV tax credits is anticipated to create a short-term spike in sales as consumers rush to take advantage of the incentives before they expire [5][13]. Group 2: Strategic Shifts Among Automakers - Tesla may focus on clearing inventory rather than new R&D, with plans to launch an affordable EV priced below $25,000 in early 2026 to regain market share [5][9]. - General Motors is likely to shift its focus from EVs to hybrid vehicles to manage short-term risks, despite having invested heavily in its EV product line [9][10]. - Ford is expected to reassess its EV strategy due to high battery costs and diminishing subsidies, potentially prioritizing profitable hybrid and gasoline models [9][10]. Group 3: Challenges for New Entrants - Startups like Rivian and Lucid, which rely on high-end pricing, may face significant challenges without federal support, making it difficult to attract buyers and sustain growth [6][9]. - Some states continue to offer local incentives, such as Colorado's $2,500 rebate for EV purchases, which may provide some relief to consumers [6][10]. Group 4: Market Dynamics and Consumer Behavior - The shift in policy is likely to create a more polarized market, where companies with strong hybrid lineups or global EV platforms may adapt and benefit, while others may need to scale back ambitions [13][15]. - Economic uncertainty and the loss of financial incentives could suppress demand in the short term, particularly in the mass market, potentially delaying the adoption of EVs and altering brand strategies in the U.S. market [13][15].

证券研究报告 汽车 | 汽车零部件 北交所|公司点评报告 hyzqdatemark 2025 年 07 月 17 日 证券分析师 赵昊 SAC：S1350524110004 zhaohao@huayuanstock.com 万枭 SAC：S1350524100001 wanxiao@huayuanstock.com 市场表现： | 基本数据 | 2025 | 年 | 07 | 16 | 日 | 月 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 收盘价（元） | | | | 21.50 | | | | | | 年 内 最 高 最 低 | | | | | | | / | 28.50/10.60 | | （元） | | | | | | | | | | 总市值（百万元） | | | | | | | | 2,494.86 | | 流通市值（百万元） | | | | | | | | 1,067.73 | | 总股本（百万股） | | | | 116.04 | | | | | | 资产负债率（%） | | | | 18.56 | | | | ...

乘联分会：7月1-13日全国乘用车市场零售57.1万辆，同比去年7月同期增长7% 据乘联分会数据，7月1-13日，全国乘用车市场零售57.1万辆，同比去年7月同期增长7%，较上月同期下 降5%，今年以来累计零售1,147.3万辆，同比增长11%；7月1-13日，全国乘用车厂商批发55.5万辆，同 比去年7月同期增长34%，较上月同期下降7%，今年以来累计批发1,383.5万辆，同比增长13%。 7月1-13日，全国乘用车新能源市场零售33.2万辆，同比去年7月同期增长26%，较上月同期下降4%，新 能源市场零售渗透率58.1%，今年以来累计零售580.1万辆，同比增长33%；7月1-13日，全国乘用车厂商 新能源批发31.6万辆，同比去年7月同期增长37%，较上月同期增长1%，新能源厂商批发渗透率56.9%， 今年以来累计批发676.3万辆，同比增长37%。 重庆：到2027年，全市智能网联新能源汽车领域新增上市企业5家以上 重庆市经济和信息化委员会近日就《重庆市智能网联新能源汽车产业链"渝链智擎"行动计划（2025— 2027）》公开征求意见。其中提出，提升金融赋能作用。鼓励市级产业母基金及相关子基金加大对 ...

Core Viewpoint - The State Council meeting, chaired by Premier Li Qiang, aims to regulate the competitive order in the new energy vehicle (NEV) industry to promote high-quality development amidst irrational competition [1][3]. Group 1: Industry Challenges - The meeting identified three main causes of "involution" in the automotive industry, including ongoing price wars leading to a situation where revenue increases do not translate into profit [4]. - According to the National Bureau of Statistics, the automotive manufacturing industry's revenue is projected to grow by 4.1% year-on-year in 2024, while operating costs are expected to rise by 5.1%, resulting in an 8% decline in total profits [4]. - The profit margin for the automotive manufacturing industry in the first quarter of 2025 is reported to be 3.9% [4]. Group 2: Regulatory Measures - The meeting emphasized the need for enhanced cost investigation and price monitoring to address the negative impacts of price wars on profitability [4]. - There will be a strict supervision of product production consistency to prevent cost-cutting measures that compromise safety [4]. - Key automotive enterprises are urged to adhere to a 60-day payment commitment to improve the health of the supply chain and mitigate the effects of prolonged payment terms on suppliers [4]. Group 3: Long-term Mechanisms - The meeting highlighted the importance of establishing a long-term mechanism for regulating competition and enhancing industry self-discipline [4]. - It is essential to leverage standards to guide industry upgrades and encourage companies to enhance competitiveness through technological innovation and quality improvement [4].

大功率充电设施建设，核心价值远不止于"快"。一方面，可释放新能源汽车市场潜力。从用户体验 角度看，更高的充电效率意味着更少的"里程焦虑"。另一方面，能提升新能源车辆运营效率。对出租 车、网约车、物流车等高频使用车辆来说，显著缩短补能时间，可以提高运营效益。 新能源汽车"里程焦虑"有望逐步消除。近日，国家发展改革委、国家能源局等4部门印发《关于促 进大功率充电设施科学规划建设的通知》(以下简称《通知》)，提出稳步构建布局合理、品质升级、技 术先进的大功率充电基础设施体系，适时打造一批具有示范作用的大功率充电应用城市与高速走廊，力 争到2027年底，全国范围内大功率充电设施超过10万台。这是国家层面针对新能源汽车发展痛点精准施 策的关键一步。 当前，新能源汽车用户尤其是长途出行者，面临充电等待时间长、体验不佳的困境。节假日出行高 峰期间，高速公路服务区充电桩排队现象严重。此外，充电桩数量不足、分布不均、部分设备老化或损 坏等问题也较为突出。 如何提升充电效率？建设大功率充电设施是一个重要路径。电动汽车充电时间主要取决于车辆电池 容量与充电桩充电功率。这就好比用水龙头接水，普通充电桩是"小水流"，大功率充电桩是"大 ...

雅安市联合 工作 组陪同杨某夫妇将该耳环送往国家珠宝玉石首饰检验集团有限公司委托检测，检测结果为玻璃耳饰。 整理 ｜小果 点击上方【36氪随声听】，一键收听大公司热门新闻。听完音频记得添加进入 【我的小程序】 中哟！ MiniMax 市场消息：人工智能公司MiniMax（上海稀宇科技）已秘密提交在港IPO申请。（新浪财经） 官方通报网络反映黄杨某甜"天价耳环"有关问题调查处理情况 7月16日，雅安市联合工作组发布关于网络反映黄杨某甜"天价耳环"有关问题调查处理情况的通报：近期，根据干部管理权限和属地管理原则，雅安市联合 工作组对网络反映黄杨某甜父亲杨某在雅安工作期间涉嫌违法违规问题进行了调查处理。同时，对网络关注的"天价耳环"等情况进行核实。现将相关情况通 报如下。（新华社） 一、关于违规经商办企业问题 经查，杨某于2011年4月至2017年3月先后在雅安市城市管理行政执法支队（参照公务员法管理事业单位）和雅安市投资促进局下属的市投资促进服务中心 （科级事业单位）工作。2015年1月，杨某与3名公职人员以各自亲属名义共同注册成立雅安尚品商务服务有限责任公司，注册资本32万元（实缴8万 元），其中杨某以其妻子司 ...

在公司市值登顶全球之巅的背景下，黄仁勋继续减持其持股。 根据美国证券交易委员会（SEC）的文件，7月15日英伟达CEO黄仁勋再次出售了22.5万股英伟达股票，成交均价为171.49美元，价值约3800万美元。此次出 售是其今年3月制定的一项预设交易计划的一部分，该计划允许黄仁勋出售最多600万股公司股票。 图片来源：视觉中国 华尔街多家投研机构对英伟达未来走势持乐观态度，预测股价将进一步上探至185~190美元甚至更高。 分析师认为，随着AI需求持续扩张，公司估值仍有上升空间，这将继续提振黄仁勋的财富水平，可能进一步拉大与巴菲特之间的差距。 在6月25日的股东大会上，黄仁勋表示英伟达未来不只是一家芯片公司。除了当前火爆的人工智能领域，机器人将成为英伟达下一个强劲的增长引擎，基于 AI训练/推理系统的完全自动驾驶汽车有望成为该技术的首个重大商用应用。 6月，黄仁勋月内几度减持英伟达股票。 同样是SEC披露的文件显示，6月20日以来，黄仁勋已累计减持22.5万股英伟达股票，规模合计近3320万美元。具体是6月20日出售了5万股英伟达股票，价 值约721万美元；6月23日出售了5万股，价值约719万美元；6月24日 ...

沈斐同样聚焦六座SUV市场发表看法："六座SUV市场下半年太热闹了，纯电六座SUV越来越多了，这 两天就有3款纯电六座SUV官宣了，纯电趋势越发凸显。"同时也借机宣传起自家的乐道L90，座座都是 VIP，6人10箱无压力，前后都能装行李。 李斌也公开表达了观点，从行业发展的角度出发引出了乐道L90："伴随着充换电基础设施的日益完善 和产品技术创新，大空间SUV的纯电时代已经到来。乐道L90就是在此背景下应运而生的革新之作。一 起加电！" 根据工信部发布的《道路机动车辆生产企业及产品公告》（第 397 批）车辆新产品公示清单显示， Model Y L车身长度达到4976mm，相较于现款Model Y的4797mm增加了近 20cm，轴距也从2890mm延 长至3040mm，整体尺寸达到了中大型SUV标准。 在动力方面，Model Y L搭载型号为3D3/3D7的双电机系统，前电机功率为142kW，后电机功率为 198kW，系统综合功率340千瓦，最高车速达201km/h。新车为全轮驱动车型。 凤凰网科技讯 7月17日，特斯拉昨日在社交媒体平台正式宣布，即将在金秋时节推出新款车型 Model Y L，据悉，该车型 ...

Core Viewpoint - Jinli Permanent Magnet is experiencing significant growth in its performance, with a projected net profit increase of 151% to 180% year-on-year for the first half of 2025, indicating a strong recovery after a brief adjustment period in 2023-2024 [1][2]. Financial Performance - The company expects a net profit of 300 million to 335 million yuan for the first half of 2025, compared to a net profit of 29.1 million yuan in 2024, which represents a decrease of 48.37% [2]. - In Q1 2025, Jinli Permanent Magnet reported a revenue of 1.754 billion yuan, a year-on-year increase of 14.19%, and a net profit of 161 million yuan, up 57.85% [2][5]. - The projected non-net profit for the first half of 2025 is between 230 million and 265 million yuan, reflecting a substantial growth of 576% to 679% [1][2]. Research and Development - Over the five years from 2020 to 2024, the company invested a total of 1.275 billion yuan in R&D, reinforcing its core technological advantages [1][5]. - The annual R&D investments were 103 million yuan, 160 million yuan, 337 million yuan, 354 million yuan, and 321 million yuan respectively [5]. Market Position and Applications - Jinli Permanent Magnet specializes in high-performance neodymium-iron-boron permanent magnetic materials, which are widely used in sectors such as new energy vehicles, wind power generation, and industrial robotics [2][3]. - The company has established long-term partnerships with leading enterprises in various fields, including being a primary supplier for Tesla and collaborating with Huawei on humanoid robot servo motors [4][5]. Production Capacity and Expansion - As of the end of 2024, the company had a production capacity of 38,000 tons per year for high-performance rare earth permanent magnetic materials [5]. - A new project to build a green manufacturing facility with an annual capacity of 20,000 tons is underway, aiming to reach a total capacity of 60,000 tons by 2027 [5]. - The utilization rate of newly built production capacity exceeded 90% in Q1 2025, with significant increases in production and sales volumes compared to the previous year [5]. Asset Growth - The total assets of Jinli Permanent Magnet increased from 3.52 billion yuan in 2020 to 12.3 billion yuan in 2024, marking a growth of 249.43% [5]. - As of the end of Q1 2025, the total assets reached 13.78 billion yuan, representing an 18.79% year-on-year increase and setting a new historical high [5].