Core Viewpoint - Del Corporation has experienced significant fluctuations in its market performance since its listing in June 2015, with a current market value of 4.725 billion yuan, reflecting a recovery in its operational performance in recent years [1][3]. Business Overview - The main business of Del Corporation includes the research, production, and sales of automotive steering pumps and gear pumps, with the highest revenue contribution coming from noise reduction, thermal insulation, and lightweight products, accounting for 70.83% of total revenue, followed by motor, electric pump, and mechanical pump products at 26.84% [3]. Financial Performance - In 2015, the year of its listing, Del Corporation achieved a net profit attributable to shareholders of 138 million yuan, while the latest complete fiscal year of 2024 shows a net profit of 32 million yuan, indicating a cumulative profit decline of 76.54% over the decade [3]. - The company has recorded two years of losses since its listing, with profit growth years reaching six, representing 60.0% of the time [3]. - Revenue has shown steady growth, increasing from 3.386 billion yuan in 2020 to 4.513 billion yuan in 2024, while the net profit improved from a loss of 423 million yuan in 2020 to a profit of 32 million yuan in 2024, indicating a gradual recovery in profitability [4]. Market Capitalization - Since its listing, Del Corporation's market value has increased by 0.14 times, peaking at 10.68 billion yuan on December 1, 2015, with a corresponding stock price of 106.8 yuan. As of June 11, the stock price is 31.3 yuan, with a market value of 4.725 billion yuan, representing a decrease of 5.955 billion yuan from its peak, or a 55.75% market value evaporation [6].

Core Insights - The company, Del Automotive Parts Co., Ltd., reported significant growth in net profit and operating income for the year 2024, with a notable increase in profitability driven by cost control and market expansion efforts, particularly in the new energy vehicle sector [3][4]. Revenue - In 2024, the company achieved operating revenue of 4,513,484,787.40 yuan, a 4.98% increase from 4,299,433,799.79 yuan in 2023 [2]. - Revenue from noise reduction (NVH), thermal insulation, and lightweight products was 3,197,081,661.04 yuan, up 9.78% year-on-year [2]. - Revenue from electric motors, pumps, and mechanical pumps decreased by 4.16% to 1,211,224,089.54 yuan, while revenue from electronic control and automotive electronics fell by 12.54% to 68,474,087.58 yuan [2]. Profitability - The net profit attributable to shareholders was 32,427,524.33 yuan, a 151.73% increase from 12,881,659.17 yuan in 2023 [3]. - The net profit excluding non-recurring items surged by 1553.76% to 26,016,651.06 yuan from 1,573,177.45 yuan in the previous year [3]. Earnings Per Share - Basic earnings per share rose to 0.22 yuan, a 144.44% increase from 0.09 yuan in 2023 [4]. - The non-recurring earnings per share also saw significant growth, reflecting the overall improvement in operational efficiency [4]. Expenses - Sales expenses remained stable at 68,387,910.74 yuan, a slight increase of 0.59% from 67,988,758.85 yuan in 2023 [5]. - Management expenses increased by 3.25% to 508,280,000.35 yuan, primarily due to adjustments in the subsidiary Carcoustics [5]. - Financial expenses decreased significantly by 27.04% to 57,923,726.56 yuan, indicating improved debt management [5]. Research and Development - R&D expenses were 217,372,975.87 yuan, accounting for 4.82% of operating revenue, with a slight decrease from the previous year [6]. - The number of R&D personnel decreased by 14.29% to 360, reflecting a restructuring aimed at improving efficiency [6]. Cash Flow - Net cash flow from operating activities increased by 31.96% to 474,511,230.73 yuan, indicating enhanced cash generation capabilities [7]. - Cash flow from investing activities was negative at -143,147,313.87 yuan, a decline of 35.50% from the previous year [7]. - Cash flow from financing activities also turned negative at -606,271,633.09 yuan, a significant drop of 196.69%, primarily due to increased debt repayments [7].