Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Views - The company has shown a recovery in profitability with significant growth in revenue and net profit for the first half of 2025, achieving approximately 36.30 billion yuan in revenue, a year-on-year increase of about 6.20%, and a net profit of approximately 2.76 billion yuan, up about 8.40% year-on-year [1]. - The company has secured multiple new projects in emerging fields, indicating a strong growth potential driven by both client expansion and technological advancements [4][5]. Summary by Sections Financial Performance - In Q2 2025, the company reported revenue of approximately 20.87 billion yuan, a year-on-year increase of about 10.7% and a quarter-on-quarter increase of about 35.3%. The net profit for the same period was approximately 1.83 billion yuan, reflecting a year-on-year increase of about 18.9% and a quarter-on-quarter increase of about 96.9% [1][3]. - The gross margin for Q2 2025 was approximately 16.6%, up 0.1 percentage points year-on-year and 2.2 percentage points quarter-on-quarter. The net margin was approximately 8.8%, up 0.6 percentage points year-on-year and 2.8 percentage points quarter-on-quarter [3]. Client and Project Development - Key clients such as Sais, SAIC Motor, and Li Auto have shown significant production increases, with respective production volumes of approximately 134,000, 209,500, and 111,100 units in Q2 2025, reflecting year-on-year increases of about 12%, 22%, and 16% [2]. - The company has successfully obtained project approvals for various low and high-voltage wiring harnesses from major automotive manufacturers, indicating a strong foothold in the automotive supply chain [2]. Growth Projections - Revenue projections for 2025 to 2027 are approximately 102.35 billion yuan, 122.50 billion yuan, and 146.66 billion yuan, representing year-on-year growth rates of about 29.3%, 19.7%, and 19.7% respectively. Net profit projections for the same period are approximately 8.23 billion yuan, 10.39 billion yuan, and 12.93 billion yuan, with year-on-year growth rates of about 22.8%, 26.2%, and 24.5% respectively [5][7].

Group 1 - The core viewpoint of the article is that Del Corporation (300473) clarified its product application focus during an investor Q&A session, emphasizing that its electric pump products are primarily used in the automotive industry [1] - The company specifically stated that its products are not utilized in deep cooling servers, computing power, or data center applications [1]

Report Summary 1. Report Industry Investment Ratings No industry investment ratings are provided in the report. 2. Core Views - The natural rubber market is expected to be weak due to increased supply and weakening demand, with short positions above 14,000 to be held [4][6]. - The polysilicon market faces a mismatch between weak demand and复产 expectations, with prices likely to be under pressure in July. Short positions should be held cautiously [7][8]. - The industrial silicon market may experience low - level fluctuations. Large - scale enterprise production cuts have driven up futures prices, but there are still uncertainties in demand and inventory [8][10]. - The soda ash market is again dominated by the surplus logic, and the glass market has weakened as spot sales have declined. High - level short positions in soda ash should be held, and the glass price is expected to fluctuate between 950 - 1050 [11][13]. 3. Summary by Variety Natural Rubber - **Spot Prices**: As of June 30, cup rubber was 48.05 (+0.90) Thai baht/kg, and latex was 56.00 (-1.00) Thai baht/kg. Yunnan glue acquisition price was 13,600 (0) yuan/ton, and Hainan fresh latex was 13,800 (0) yuan/ton [4]. - **Tire Data**: As of June 26, the capacity utilization rate of China's semi - steel tire sample enterprises was 70.40%, a week - on - week decrease of 1.14 percentage points. The capacity utilization rate of all - steel tire sample enterprises was 62.23%, a week - on - week increase of 0.84 percentage points [4]. - **Logic**: Overseas supply is increasing, and some semi - steel tire enterprises are reducing production due to inventory pressure. The price is expected to be weak, and short positions above 14,000 should be held [6]. Polysilicon - **Spot Prices**: On June 30, the average price of N - type re - feeding material was 34,500 yuan/ton, and the average price of P - type cauliflower material was 28,500 yuan/ton [7]. - **Supply and Demand**: As of June 26, the weekly output decreased by 900 tons to 23,600 tons. It is expected that the output will increase in July. The demand is continuously decreasing, and downstream product prices are falling [7]. - **Inventory**: On June 26, the polysilicon inventory increased by 0.8 million tons to 27 million tons [8]. - **Logic**: In July, the futures price increased with reduced positions. The cost of industrial silicon provides support, but the demand is still weak. The price is likely to be under pressure if there is no significant production cut [8]. Industrial Silicon - **Spot Prices**: On June 26, the average market price of oxygen - containing Si5530 industrial silicon in East China was 8,150 yuan/ton, and that of Si4210 was 8,700 yuan/ton [8]. - **Supply and Demand**: In May 2025, the output increased by 2.3% month - on - month. In June, the output is expected to reach 340,000 - 350,000 tons. The demand has recovered, but the terminal demand is still weak [9]. - **Inventory**: Warehouse receipts, social inventory, and factory inventory have all decreased [9]. - **Logic**: Large - scale enterprise production cuts have driven up futures prices, but the supply increase is greater than the demand increase. The price may fluctuate at a low level [10]. Soda Ash - **Spot Prices**: The mainstream transaction price of heavy soda ash was around 1,300 yuan/ton [11]. - **Supply and Demand**: This week, the domestic soda ash output was 716,700 tons, a week - on - week decrease of 38,000 tons. As of June 26, the total inventory of domestic soda ash manufacturers was 1.7669 million tons, an increase of 11,000 tons [11]. - **Logic**: The surplus logic dominates the market again. After the end of maintenance, inventory accumulation may accelerate. High - level short positions should be held [12][13]. Glass - **Spot Prices**: The average transaction price in Shahe was around 1,100 yuan/ton [11]. - **Supply and Demand**: As of June 26, the daily output of national float glass was 156,800 tons, a 0.87% increase from the 19th. This week, the output was 1.0909 million tons, a week - on - week decrease of 0.24% [11]. - **Logic**: Spot sales have weakened. The market is in the off - season, and the industry needs capacity reduction. The price is expected to fluctuate between 950 - 1050 [13].