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].