Core Viewpoint - The article discusses the ongoing challenges faced by suppliers in the Chinese automotive industry, particularly regarding delayed payments from car manufacturers despite recent commitments to shorten payment terms to 60 days. Group 1: Payment Delays and Supplier Struggles - Many suppliers are still not receiving payments on time, with some relying on personal relationships with purchasing staff to expedite payments rather than legal or governmental channels [8][9][10]. - The new regulations mandating payment within 60 days for large enterprises purchasing from small and medium-sized enterprises (SMEs) have not been effectively implemented, leading to continued issues with delayed payments [6][7][14]. - Suppliers report that while some car manufacturers have improved payment speeds, others, particularly in the new energy vehicle sector, continue to delay payments despite previous commitments [12][16]. Group 2: Payment Practices and Industry Dynamics - The practice of using acceptance bills (承兑汇票) remains prevalent, allowing manufacturers to extend payment periods beyond the agreed terms, particularly affecting secondary suppliers [15][20]. - The competitive nature of the automotive industry leads to a culture where suppliers feel pressured to maintain business relationships, often at the expense of timely payments [28][29]. - Some suppliers, especially those with monopolistic positions in niche markets or those supplying foreign joint ventures, experience fewer payment issues compared to others [25][27]. Group 3: Regulatory and Market Responses - The article highlights the gap between policy and practice, noting that while regulations exist to protect suppliers, enforcement and adherence are lacking [24][33]. - The Ministry of Industry and Information Technology has opened a platform for reporting issues related to payment delays, but suppliers are hesitant to utilize it due to fear of damaging business relationships [29][30]. - The overall sentiment among suppliers is one of resignation, prioritizing business continuity over legal recourse for payment disputes [29][32].

图片来源：新华社客户端 新修订的《保障中小企业款项支付条例》第九条明确规定，大型企业从中小企业采购货物、工程、服务，应当自货物、工程、服务交付之日起60日内支付 款项。 中国汽车产业的供应商，依然过着苦日子。 两个月前，多家国内主流车企相继发布声明，宣布将供应商付款账期统一至60天以内。新华社客户端评论说，这一集体行动积极响应了工信部、国资委等 部门关于保障供应链稳定的政策要求。 当时看来，这的确是帮助中小供应商稳健经营、促进中国汽车产业健康发展的积极信号。 然而车企声明和专家呼吁产生的实际效果有限，中国汽车产业层层拖账的情况并非一朝一夕形成，在竞争愈发激烈的当下，这种现象甚至成为了一种人人 愤懑但又人人默许的特殊生存法则。 「甲子光年」近期走访多家汽车产业供应商发现，仍有一些供应商没有按时拿到货款。 更值得关注的是，很少有供应商会通过法律和政府渠道解决拖账问题，他们更倾向于通过和车企采购人员搞好关系，来实现快速回款，这反应出了汽车供 应链"人情社会"的底色。 当然，凡事都有例外，国际巨头供应商或处于某个细分行业的垄断性供应商，则完全没有这方面的烦恼，他们在与车企合作的时候往往占据着主导地位， 也更有底气。 ...

德宏股份2025年中报财务分析 经营概况 德宏股份发布的2025年中报显示，公司营业总收入为4.14亿元，同比增长29.05%。然而，归母净利润为 994.46万元，同比下降36.31%。扣除非经常性损益后的净利润为677.62万元，同比大幅上升229.89%。 这表明公司在主营业务上的盈利能力有所增强，但非经常性损益对净利润的影响较大。 单季度表现 从单季度数据来看，第二季度营业总收入为2.26亿元，同比增长47.98%；归母净利润为522.62万元，同 比下降38.44%；扣非净利润为387.91万元，同比上升191.38%。尽管单季度营收增长显著，但净利润仍 受到一定压力。 关键财务指标 应收账款与现金流 报告期末，德宏股份的应收账款为2.83亿元，占最新年报归母净利润的比例高达613.92%，显示出较大 的应收账款体量。同时，经营活动产生的现金流量净额为负，每股经营性现金流为-0.24元，同比下降 223.78%，表明公司在现金流管理方面存在一定的挑战。 近期德宏股份（603701）发布2025年中报，证券之星财报模型分析如下： 资产与负债 行业背景与业务发展 德宏股份主要从事车用交流发电机和电子真空 ...

Investment Rating - The report assigns an "Accumulate" rating for the company [4] Core Views - The company experienced a temporary profit pressure due to rising raw material prices, particularly copper, impacting its profitability [3] - The commercial generator business is expected to benefit from downstream demand recovery and expansion in export and after-sales services [3][10] - The electronic vacuum pump business is anticipated to achieve steady growth in line with the domestic electrification trend and the transformation of major customers to new energy [3][10] - The company is actively investing in the automotive electronics sector to accelerate its business layout [11] Financial Performance Summary - For 2024, the company reported revenues of 707 million yuan, a year-on-year increase of 9.09%, and a net profit of 46.13 million yuan, a significant increase of 131.13% [2][3] - The first quarter of 2025 showed revenues of 1.88 million yuan, up 11.90% year-on-year, but net profit decreased by 33.76% [2][3] - The company's gross margin for 2024 was 13.79%, down 2.57 percentage points year-on-year, while the net margin improved by 3.67 percentage points to 8.01% [9] Business Segment Analysis - The commercial generator business generated 543 million yuan in revenue for 2024, an increase of 8.34%, supported by project development and after-sales market expansion [3][10] - The electronic vacuum pump business achieved 128 million yuan in revenue, an 18.74% increase, benefiting from increased downstream vehicle models [3][10] - The energy storage business reported 27 million yuan in revenue, a decline of 10%, but is expected to see performance improvements as projects come online [3][10] Future Outlook - The company is projected to see net profits of 30 million yuan and 40 million yuan in 2025 and 2026, respectively, with corresponding price-to-earnings ratios of 134X and 110X [12] - The investment in Jiangxi Xingzhicheng is expected to enhance the company's position in the automotive electronics market, laying a foundation for future growth [11]

Core Viewpoint - In Q1 2025, the company's revenue, net profit attributable to shareholders, and net profit excluding non-recurring items were 188 million yuan, 5 million yuan, and 3 million yuan, respectively, representing year-on-year changes of +11.90%, -33.76%, and -54.01%. The profit decline was mainly due to rising prices of raw materials such as copper. Looking ahead, the commercial generator business is expected to benefit from downstream demand recovery and accelerated expansion in exports and after-sales services. The electronic vacuum pump business is anticipated to achieve steady growth due to the domestic electrification trend and the transformation of major customers towards new energy. Additionally, the commercial energy storage business is set to ramp up with the implementation of key projects like the Dayaya energy storage power station. The company also announced an investment in Jiangxi Xingzhicheng to accelerate its business layout in the automotive electronics sector [1][4][8]. Financial Performance - For the full year of 2024, the company reported revenue of 707 million yuan, a year-on-year increase of 9.09%; net profit attributable to shareholders was 46 million yuan, up 131.13%; net profit excluding non-recurring items was 8 million yuan, down 48.44%. In Q1 2025, the company achieved revenue of 188 million yuan, a year-on-year increase of 11.90%; net profit attributable to shareholders was 5 million yuan, down 33.76%; net profit excluding non-recurring items was 3 million yuan, down 54.01% [2][3]. Business Segments - The company's revenue growth in 2024 was primarily driven by increased sales of commercial vehicle generators and electronic vacuum pumps. The commercial generator business generated 543 million yuan in revenue, up 8.34% year-on-year, supported by project developments with various OEMs and strong growth in the after-sales market, with approximately 200,000 units sold, a year-on-year increase of 44.69%. The electronic vacuum pump business generated 128 million yuan, up 18.74% year-on-year, benefiting from an increase in downstream supporting models and new customers. The energy storage business generated 27 million yuan, down 10% year-on-year [3][4][5]. Profitability Analysis - The company's gross margin and net margin for 2024 were 13.79% and 8.01%, respectively, with year-on-year changes of -2.57 percentage points and +3.67 percentage points. The gross margins for the generator, vacuum pump, and energy storage segments were 9.16%, 34.11%, and -1.44%, respectively, reflecting significant pressure on the generator segment due to rising raw material prices. The company maintained stable expense control, with various expense ratios showing minor fluctuations [5][6]. Strategic Developments - The company is actively expanding into the automotive electronics sector through its investment in Jiangxi Xingzhicheng, which specializes in automotive electronic products. This partnership is expected to enhance the company's capabilities in the automotive electronics field and support its overall transformation and upgrade strategy [7][8].