作为一家综合性汽车零部件系统集成供应商，德尔股份在传统业务稳健增长的同时，积极布局新能源赛 道，多条业务线协同发力，展现出强劲的发展势头。2025年前三季度，公司实现营收36.42亿元，同比 增长7.67%；实现归母净利润7923.04万元，同比增长228.13%。德尔股份在机构交流会上表示，业绩增 长一方面得益于公司配套新能源汽车产品收入增长；另一方面，公司持续的降本增效措施带来了期间费 用率的下降，改善了公司的盈利能力。 近年来，德尔股份坚定不移推进全球化发展战略。2017年，公司收购德国卡酷思，开启全球化布局。这 家德国老牌汽车零部件企业是奔驰、宝马、保时捷等高端品牌的降噪、隔热及轻量化产品供应商，业务 遍及亚欧美三大洲。经过多年的整合与磨合，卡酷思的战略价值逐步显现，今年前三季度贡献了德尔股 份主要的收入与利润，是公司全球化运营体系的重要基础。 当前，汽车产业正朝着电动化、智能化方向发展，德尔股份紧跟行业发展趋势，持续布局新能源领域。 2018年，德尔股份开始致力于固态电池技术的研发，此后持续推进技术迭代与产业化。2021年，卡酷思 成立新能源汽车事业部，相继研发推出电池阻燃防护罩、电池组电磁屏蔽罩、 ...

Core Viewpoint - Del's impressive performance in the automotive parts industry is driven by its global strategy and continuous investment in the new energy sector, achieving significant revenue and profit growth in the first half of 2025 [1][2]. Financial Performance - In the first half of 2025, the company reported revenue of 2.441 billion yuan, a year-on-year increase of 6.72% [1]. - The net profit attributable to shareholders reached 50.8706 million yuan, marking a substantial year-on-year growth of 178.09% [1]. - Revenue from new energy vehicle products amounted to 293 million yuan, reflecting a 74.12% increase and accounting for 12.01% of total revenue [1]. Strategic Initiatives - The acquisition of German company Kakuisi in 2017 marked the beginning of Del's globalization efforts, enhancing its presence in the European and American markets [1]. - Kakuisi's integration into the market has led to improved performance through close collaboration with clients and optimization of organizational and supply chain structures [1]. - The establishment of a new energy vehicle division in Kakuisi in 2021 has driven the development of various products, including battery flame retardant covers and electromagnetic shielding covers [1]. Innovation and Technology Development - Continuous innovation is central to the rapid deployment of Del's new energy products, with a focus on a "develop one generation, apply one generation" strategy [2]. - As of June 2025, the company holds a total of 625 intellectual property rights, including 570 patents and 55 software copyrights [2]. - Del has been actively developing solid-state battery technology since 2018, with significant progress in technology iteration and industrialization [2]. - The establishment of a sample production line for solid-state batteries in Shanghai and the creation of Del Energy Technology (Huzhou) Co., Ltd. are key steps in accelerating the industrialization process [2]. - The solid-state battery has passed UN38.3 certification, meeting international transport safety standards, and is ready for global delivery [2]. Future Outlook - The company's high-quality performance growth is attributed to its global layout advantages, rapid growth in new energy vehicle-related businesses, and cost reduction measures [2]. - The steady advancement of solid-state battery industrialization is expected to further enhance the company's development potential and market competitiveness [2].

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].