Core Viewpoint - Del Corporation has shown stable growth in performance amid fierce competition in the automotive parts industry, driven by innovation and a focus on electric vehicle components [1][2]. Group 1: Company Overview - Del Corporation initially specialized in automotive steering pumps and has gradually gained significant market recognition and share in this field [1]. - The company has expanded its product line to include transmission oil pumps, electronic pumps, electro-hydraulic steering pumps, motors, and hydraulic retarders, enhancing revenue and economic efficiency [1]. - In 2017, Del Corporation acquired German company Kakuisi, adding noise reduction, thermal insulation, and lightweight products to its portfolio, marking the beginning of its global expansion [1]. Group 2: Financial Performance - In the first half of 2025, Del Corporation achieved revenue of 2.441 billion yuan, a year-on-year increase of 6.72%, and a net profit attributable to shareholders of 50.87 million yuan, up 178.09% year-on-year [1][2]. - The growth in revenue was significantly driven by a 74.1% increase in income from supporting new energy vehicle products, which improved the overall revenue structure [2]. Group 3: Global Operations - Del Corporation has established overseas production bases in the United States, Mexico, Germany, Spain, Belgium, Poland, and Slovakia, while domestic bases are located in cities such as Fuxin, Tianjin, Shenyang, Changchun, and Shenzhen [2]. - The company has a global R&D presence in Germany, the United States, Austria, Japan, Shanghai, and Fuxin, allowing for localized production and sales to quickly respond to customer needs [2]. Group 4: Strategic Partnerships and Innovations - Kakuisi, a subsidiary of Del Corporation, has formed strategic partnerships with numerous well-known automotive manufacturers, including Mercedes-Benz, BMW, Audi, Volkswagen, Ford, General Motors, Stellantis, Porsche, Renault, Nissan, SAIC, Jiangling, Great Wall, and Geely [2]. - Del Corporation is focusing on solid-state battery products, which avoid the use of flammable materials, enhancing battery safety [3]. - The company has signed a strategic cooperation agreement with Jiangling Group New Energy Vehicle Co., Ltd. for solid-state battery projects, which are progressing steadily [3].

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the near term [5]. Core Views - The establishment of a solid-state battery production line marks a significant step for the company, which is expected to enhance its growth in the automotive parts sector. The company plans to invest approximately 300 million yuan in new lithium battery and smart motor projects [3][4]. - The company has a diversified product portfolio and a stable customer base, including major global automotive manufacturers. It achieved a revenue of 4.51 billion yuan in 2024, reflecting a year-on-year growth of 5.0% [4]. - The company aims to accelerate the industrialization of solid-state batteries for applications in electric vehicles, drones, robots, and power tools, positioning itself to capture market opportunities [3][4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a global customer base, including Daimler, BMW, Audi, and others. Its main products include noise reduction, thermal insulation, lightweight products, and various pump products [4]. Financial Performance - In Q1 2025, the company reported a revenue of 1.22 billion yuan, a year-on-year increase of 15.1%, and a net profit of 20 million yuan, up 276% year-on-year. The gross margin improved to 19.7%, an increase of 3.9 percentage points [4]. - The projected net profits for 2025-2027 are 130 million yuan, 190 million yuan, and 300 million yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. Future Outlook - The company is expected to continue its growth trajectory, with a focus on the solid-state battery business, which presents significant expansion potential. The report anticipates steady recovery in the automotive parts sector profitability [5].

Investment Rating - The report assigns a "Buy-B" investment rating to the company, indicating a positive outlook for its stock performance in the coming months [5]. Core Insights - The company is making significant strides in the solid-state battery sector, with plans to establish production capabilities by the end of 2025. This move is part of a broader strategy to enhance its presence in the new energy and intelligent manufacturing fields, which is expected to drive future growth [3][5]. - The company has established long-term partnerships with major global automotive manufacturers, including Daimler, BMW, and Ford, positioning itself as a comprehensive automotive parts supplier [4]. - The company's revenue for 2024 is projected to be 45.1 billion yuan, reflecting a year-on-year growth of 5.0%. In the first quarter of 2025, revenue reached 12.2 billion yuan, marking a 15.1% increase compared to the previous year [4]. Summary by Sections Company Overview - The company is a comprehensive automotive parts system integrator with a diverse product range, including noise reduction, thermal insulation, lightweight products, and various pump products. It has a global production, sales, and R&D network covering Europe, North America, and Asia [4]. Financial Performance - The company achieved a revenue of 4,299 million yuan in 2023, with a projected increase to 5,053 million yuan in 2025, representing a year-on-year growth of 12.0% [10]. - The net profit is expected to rise significantly from 32 million yuan in 2024 to 127 million yuan in 2025, reflecting a growth rate of 291.7% [10]. - The gross margin is projected to improve from 19.3% in 2024 to 20.4% in 2025 [10]. Future Projections - The forecasted net profits for 2025, 2026, and 2027 are 1.3 billion yuan, 1.9 billion yuan, and 3.0 billion yuan, respectively, with a dynamic P/E ratio of 37.2 for 2025 [5]. - The company aims to accelerate the industrialization of its solid-state battery technology, targeting applications in electric vehicles, drones, robots, and power tools [3].

2025年4月，阜新德尔汽车部件股份有限公司（以下简称"德尔股份"）发布2024年年度报告。报告期 内，公司在营收、利润、现金流等方面呈现出不同程度的变化。其中，扣非净利润同比增长 1553.76%，而筹资活动产生的现金流量净额同比下降196.69%，这两项数据变化幅度较大，值得投资者 重点关注。 营业收入：稳中有升，业务结构有变化 2024年，德尔股份实现营业收入4,513,484,787.40元，较2023年的4,299,433,799.79元增长4.98%。从业务 板块来看，降噪（NVH）、隔热及轻量化产品的营业收入为3,197,081,661.04元，较去年同期增长 9.78%；电机、电泵及机械泵类产品营业收入为1,211,224,089.54元，同比下降4.16%；电控及汽车电子 类产品营业收入为68,474,087.58元，同比下降12.54%。虽然整体营收有所增长，但部分业务板块出现下 滑，公司需关注业务结构调整，以保持增长动力。 净利润：大幅增长，盈利能力提升 归属于上市公司股东的净利润为32,427,524.33元，相较于2023年的12,881,659.17元，增长了151.73%。 扣除 ...