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].

Group 1: Financial Performance - In the first half of 2025, the company achieved operating revenue of 244,110.15 million yuan, representing a growth of 6.72% year-on-year [1] - The net profit attributable to shareholders reached 5,087.06 million yuan, showing a significant increase of 178.09% compared to the previous year [1] - The revenue from new energy vehicle products increased by 74.1% year-on-year, contributing to overall revenue growth and improved revenue structure [1] Group 2: Strategic Acquisitions - The acquisition of Cactus in 2017 was aimed at ensuring sustainable business growth by expanding the product line with noise reduction, thermal insulation, and lightweight products [3] - Cactus's clientele primarily consists of leading OEMs in Europe and the United States, which helps the company expand from a domestic market to a global one, enhancing competitiveness and risk resilience [3] Group 3: Global Operations - The company has established international production and R&D bases in countries such as the USA, Mexico, Germany, Spain, Belgium, Poland, and Slovakia [4] - The global production layout allows the company to embed its supply chain deeply into the European and American markets, forming a closed-loop supply chain system [4] - Localized production and sales reduce dependency on a single market and mitigate risks while shortening product supply cycles [4] Group 4: Client Relationships - The company is a first-tier supplier to major automotive manufacturers including Mercedes-Benz, BMW, Porsche, Audi, Volkswagen, Ford, General Motors, and others [5] - It has established strategic partnerships with numerous domestic and international automakers, with most products supplied directly to these manufacturers [5] Group 5: Battery Technology - The company has proactively engaged in solid-state battery projects since 2017, recognizing the significant market value of this technology [7] - Solid-state batteries are positioned as a horizontal expansion of the company's automotive parts product categories, aligning with the trend of electrification in the automotive industry [7] - The solid-state batteries utilize oxide electrolyte technology, offering high safety standards and excellent thermal performance [7]

Core Viewpoint - The company is focusing on the development and commercialization of solid-state batteries, which have garnered significant interest from institutional investors due to their enhanced safety and high-temperature performance compared to traditional liquid batteries [1][2]. Group 1: Company Overview - The company, Del Corporation, is a global automotive parts supplier specializing in noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1]. - In 2018, the company established a subsidiary in Japan to focus on solid-state battery development, which received national invention patent authorization in 2024 [1]. Group 2: Investment and Projects - The company signed an investment cooperation agreement with the local government in Wuxing District, Huzhou, Zhejiang Province, to invest approximately 300 million yuan in new lithium battery pilot and industrialization projects, as well as smart motor industrialization projects [1]. - The company is currently selecting a base for its solid-state battery pilot and industrialization project and plans to accelerate the selection of pilot line equipment and construction [2]. Group 3: Technology and Performance - The company's solid-state batteries exhibit significantly improved safety and high-temperature performance compared to liquid batteries, having passed third-party testing for puncture, heating, and overcharging [2]. - The solid-state battery's high-temperature performance allows it to operate continuously under elevated temperatures without additional cooling systems, reducing customer usage costs and enhancing adaptability across various applications [2]. - The solid-state battery's safety is attributed to the absence of flammable materials during the manufacturing process, ensuring intrinsic safety [2]. Group 4: Application Potential - The solid-state batteries are suitable for humanoid robots due to their superior high-temperature performance, which simplifies thermal management system requirements, allowing for more battery cells to be stored in limited space [3]. - The company is exploring potential applications for its solid-state batteries in various sectors, including new energy vehicles, humanoid robots, two-wheeled electric vehicles, and energy storage [2].

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 Viewpoint - Del's shares have shown strong growth in revenue and profit, driven by efficiency improvements and rapid growth in the electric vehicle sector, particularly in its main business of noise reduction, thermal insulation, and lightweight products [1] Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 1.22 billion yuan, a year-on-year increase of 15.13% [1] - Net profit for the same period was 22.7382 million yuan, reflecting a significant year-on-year growth of 276% [1] Group 2: Product Development and Innovation - The company has successfully developed a composite hydraulic retarder product, which has received national invention patent authorization, enhancing its market competitiveness [2] - The hydraulic retarder can effectively reduce braking distance and improve safety for commercial vehicles, addressing 80% of braking needs [2] Group 3: Strategic Investments - The company signed an investment cooperation agreement with the government of Wuxing District, Huzhou City, to invest approximately 300 million yuan in new lithium battery pilot and industrialization projects, as well as smart motor industrialization projects [2][3] - The new lithium battery project focuses on solid-state battery technology, aiming to transition from pilot production to mass production [3] - The smart motor project aims to upgrade existing motor production capabilities to meet market demands in robotics, automotive, and other industrial applications [4]

Core Viewpoint - Del Corporation (德尔股份) is experiencing positive operational performance in 2024 and 2025, driven by improved management efficiency and rapid revenue growth in the new energy vehicle (NEV) sector [1][2][3] Group 1: Company Overview - Del Corporation is a global automotive parts supplier specializing in noise, vibration, and harshness (NVH) products, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1] - Major clients include renowned automotive manufacturers such as Mercedes-Benz, BMW, Audi, Volkswagen, SAIC, Geely, Great Wall, and Chery [1] Group 2: Business Segments - The company's subsidiary, Kakuisi, focuses on thermal insulation, noise reduction, and lightweight products, accounting for nearly 70% of total revenue [2] - Kakuisi established a NEV division in 2021, developing products like battery flame-retardant covers and electromagnetic shielding for battery packs [2] Group 3: Strategic Initiatives - Del Corporation has made significant advancements in solid-state battery technology, receiving a national invention patent in 2024 [2][3] - A strategic cooperation agreement was signed with Jiangling Group for product validation of solid-state batteries in their vehicles [2] - The company aims to accelerate the industrialization of solid-state batteries for applications in NEVs, drones, robots, and electric tools [3] Group 4: Market Positioning - The company is well-positioned to meet the overseas supply needs of leading domestic automakers expanding internationally, with existing production capabilities in the US, Mexico, and Europe [2] - Solid-state battery samples have passed rigorous safety tests, indicating high safety and stability, with a focus on reducing production costs through mature coating processes [3]

Group 1: Company Overview - Del Automotive Parts Co., Ltd. is a global automotive parts supplier focusing on NVH, thermal insulation, lightweight products, electric pumps, motors, and automotive electronics [1] - Approximately 70% of the company's revenue comes from its wholly-owned subsidiary, KakuSi, which has over 20 years of experience in the automotive parts industry [1][2] Group 2: Product Development and Innovation - KakuSi has established a New Energy Vehicle (NEV) division to develop products like battery flame retardant covers and electromagnetic shielding for battery packs, successfully supplying well-known OEMs [2] - The company has been advancing solid-state battery technology since 2018, achieving significant milestones including passing third-party safety tests and obtaining a national invention patent in 2024 [3][4] Group 3: Market Position and Competitive Advantage - KakuSi's solid-state batteries are characterized by high safety and stability, with a simple manufacturing process that reduces production costs [4] - The company has a global production and R&D base, allowing it to respond quickly to customer needs and maintain high-quality standards [9] Group 4: Financial Performance - The company's financial reports for 2024 and Q1 2025 indicate continuous improvement, driven by enhanced operational efficiency and rapid revenue growth in the NEV sector [8] - KakuSi's products, particularly in thermal insulation, noise reduction, and lightweight categories, account for nearly 70% of the company's total revenue [8] Group 5: Future Growth Strategies - KakuSi aims to optimize its product structure in line with the electric vehicle trend and has already developed several products for NEVs, including battery protection solutions [10][11] - The company is well-positioned to meet the overseas market demands of leading domestic automakers due to its existing production capabilities in the U.S., Mexico, and Europe [11] Group 6: Product Specifics - The liquid retarder developed by the company can handle 80% of a vehicle's braking needs, enhancing safety and reducing brake system wear [12] - The liquid retarder product has gained recognition from first-line commercial vehicle customers, with production volumes increasing compared to the previous year [12]

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 ...