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 | | | | ...

Investment Rating - The report does not explicitly state an investment rating for the automotive parts industry or the specific company being analyzed [1]. Core Insights - The company, Del Corporation, is a global automotive parts supplier focusing on noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [19]. - Approximately 70% of the company's revenue comes from its wholly-owned subsidiary, KakuSi, which has over 20 years of experience in the NVH and thermal insulation sectors [19]. - KakuSi has established a new energy vehicle division to develop products related to battery fire protection and electromagnetic shielding, successfully supplying major automotive manufacturers [19][20]. - The company has made significant advancements in solid-state battery technology, achieving safety certifications and forming strategic partnerships for product validation [20][21]. - The liquid retarder product has been successfully developed and is gaining market share, with potential for growth in the domestic market due to increasing safety standards [25][26]. Summary by Sections 1. Basic Information - Del Corporation is a comprehensive automotive parts supplier with a global presence, primarily serving clients like Mercedes-Benz, BMW, Audi, and others [19]. - The company has a strong focus on electric vehicle components and has established a dedicated division for new energy vehicles [19]. 2. Research Institutions - The research meeting involved several institutions, including Caifeng Securities, Guoyuan Securities, and Zhonghai Fund, among others [14]. 3. Research Institution Proportion - The majority of participating institutions were securities companies, accounting for 67%, while fund management companies and others made up 17% each [15]. 4. Main Content - KakuSi's product offerings include thermal insulation, noise reduction, and lightweight products, with a significant portion of revenue derived from these categories [22]. - The company has a well-established global production and research base, enabling it to meet diverse customer needs effectively [24]. - Future growth strategies include enhancing product structures to align with the electric vehicle market and expanding into international markets [25].