Investment Rating - The investment rating for the company is "Buy" with a previous rating of "Buy" as well [1] Core Views - The company reported a revenue of RMB 32.56 billion for 2025, representing a year-on-year growth of 17.9%. The net profit attributable to shareholders was RMB 2.45 billion, up 22.4% year-on-year. The core business performance is strong, and the company is expanding into the autonomous vehicle and robotics sectors, which are expected to contribute to new revenue growth [4][7] - The company maintains a "Buy" rating despite a slight downward adjustment in profit forecasts for 2026-2027 due to a decline in gross margin for its smart driving business and potential slower growth rates in the coming years [4][6] Financial Summary - Revenue projections for 2026-2028 are RMB 38.88 billion, RMB 45.41 billion, and RMB 51.09 billion, respectively, with net profits expected to be RMB 2.96 billion, RMB 3.57 billion, and RMB 4.02 billion [6][10] - The company’s earnings per share (EPS) are projected to be RMB 4.96, RMB 5.97, and RMB 6.73 for 2026, 2027, and 2028, respectively, with a price-to-earnings (P/E) ratio of 21.0, 17.4, and 15.4 [6][10] - The company achieved a significant increase in operating cash flow, reaching RMB 28.8 billion in 2025, a 93.1% increase year-on-year [7] Business Performance - The smart cockpit and smart driving segments generated revenues of RMB 205.9 billion and RMB 97.0 billion in 2025, with growth rates of 12.9% and 32.6%, respectively. The gross margins for these segments were 18.83% and 16.36%, showing a decline compared to the previous year [7] - The company is focusing on the autonomous vehicle and robotics sectors, with plans to launch products in 2026. The autonomous vehicle brand "Chuanxing Zhiyuan" and the AI Cube for robotics are key initiatives [4][7]

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2026-021 惠州市德赛西威汽车电子股份有限公司 关于变更持续督导保荐代表人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于近日收到中 信证券股份有限公司（以下简称"中信证券"）出具的《关于更换保荐代表人的 函》。中信证券为公司向特定对象发行 A 股股票项目的保荐人，原委派持续督导 的保荐代表人为洪树勤先生和王荣鑫先生。 王荣鑫先生因工作变动，不再担任公司的持续督导保荐代表人。为保证持续 督导工作的有序进行，中信证券委派保荐代表人张伟鹏先生（简历详见附件）接 替王荣鑫先生负责公司后续的持续督导工作，相关业务已交接完毕。 张伟鹏先生简历 公司董事会对王荣鑫先生在担任公司保荐代表人期间所做的工作表示衷心 感谢！ 特此公告。 惠州市德赛西威汽车电子股份有限公司 董事会 2026 年 3 月 30 日 1 惠州市德赛西威汽车电子股份有限公司 附件： 本次变更后，公司向特定对象发行 A 股股票项目的持续督导保荐代表人为 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2026-020 惠州市德赛西威汽车电子股份有限公司 2025 年年度权益分派实施公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 一、股东会审议通过权益分派方案情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"本公司"）2025 年度权益分派方案已获 2026 年 3 月 26 日召开的 2025 年度股东会审议通过。现 将权益分派事宜公告如下： 4、本次实施分配方案距离股东会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2025 年年度权益分派方案为：以公司现有总股本剔除已回购股份 2,858,773.00 股后的 593,950,521.00 股为基数，向全体股东每 10 股派 12.500000 元人民币现金（含税；扣税后，通过深股通持有股份的香港市场投资者、境外机 构（含 QFII、RQFII）以及持有首发前限售股的个人和证券投资基金每 10 股派 11.250000 元；持有首发后限售股、股权激励限售股及无限售流通股的个人股 ...

Summary of Conference Call for Desay SV Automotive Company Overview - **Company**: Desay SV Automotive - **Industry**: Automotive electronics and intelligent driving solutions Key Points Financial Performance and Projections - **Gross Margin**: Expected fluctuations in 2026 due to increased OEM model share and low-margin sensor shipments, but overall stability is anticipated [2][4] - **Cost Management**: Storage chip costs have doubled, but the company successfully transferred costs to downstream clients and gained orders from competitors facing chip shortages [2][5] - **Revenue Recognition**: New order amounts disclosed annually are based on the full lifecycle, with revenue recognition varying by project, some completed within the year and others over two to three years [3] Product Development and Market Position - **Humanoid Robots**: Orders for humanoid robot domain controllers using NVIDIA solutions have been secured, with mass production expected in 2026 [2][6] - **Autonomous Vehicles**: The company is entering the market with a focus on logistics and urban delivery, leveraging its expertise in automotive-grade products without engaging in price wars [7] - **Product Offerings**: The Orin Y solution for autonomous vehicles was developed by the end of 2025, with ongoing development for other platforms [7][8] International Expansion - **Overseas Business Growth**: Significant growth is projected for 2027-2028, with a focus on Europe and Southeast Asia. A high-tech driving domain control project for Tata Motors is set for mass production in Q4 2026, valued at approximately 1.7 billion yuan [2][9] - **Market Strategy**: The company aims for 20% of revenue from overseas by 2030, supported by its Spanish factory and advanced driving technologies [2][16] Customer Base and Concentration - **Client Diversification**: The largest customer now accounts for less than 15% of sales, reducing dependency on any single client [2][10] - **Strategic Partnerships**: Collaborations with major automotive manufacturers like Honda and Volkswagen have been established [10] Product Pricing and Trends - **Price Trends**: Prices for intelligent driving domain controllers are slightly declining, with specific price points for various chip solutions detailed [11] - **Integrated Solutions**: The cabin and driving integration solution is expected to save clients about 20% in costs, with a product launch anticipated in H1 2026 [12] Inventory and Supply Chain Management - **Inventory Management**: Increased inventory levels are due to proactive stocking in response to rising raw material prices, not directly linked to customer vehicle iteration speeds [13] - **Supplier Relationships**: Strong relationships with suppliers allow the company to secure priority supply amidst chip shortages [5][15] Future Outlook - **Growth Expectations**: The company has not provided specific revenue and profit guidance for 2026 but anticipates a doubling of sensor shipments and increased penetration of high-value products [19] - **Logistics Vehicle Orders**: Information on logistics vehicle orders will be disclosed mid-2026, with modest growth expected in overseas business for that year [20][21] Additional Notes - **HUD Business**: The HUD business is expected to double in sales in 2026, with efforts focused on market penetration in 2025 [17] - **Hong Kong Listing**: Plans for a Hong Kong listing are ongoing, with hopes to complete by the end of 2026 [18]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The report highlights a significant increase in overseas orders for new energy vehicles (NEVs) from domestic manufacturers, driven by geopolitical tensions and rising oil prices, which are expected to enhance the global energy security strategy and accelerate the transition to NEVs [8][9] - There is a notable performance divergence among automotive companies for 2025, with some firms experiencing slower profit growth due to intensified competition and pressure on downstream sales, while others, like Geely and Sanhua Intelligent Control, are projected to achieve strong revenue and profit growth [10][11] - The price increase of gas turbines by industry leader GEV, attributed to rising demand, indicates a strong growth outlook for the gas power generation sector, suggesting that domestic companies in this chain may expand their market share internationally [11] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include data center liquid cooling, gas power generation, and advanced driving technology [3][11] - Recommended automotive stocks include BYD, Geely, SAIC Motor, and Jianghuai Automobile. For gas power generation, focus on Yinlun, Weichai Power, and for liquid cooling, consider InvoTech and Top Group [12] Market Trends - The report notes a significant increase in NEV sales in Australia and other Southeast Asian markets, with a reported 30% increase in foot traffic at dealerships [8][9] - The anticipated rise in oil prices due to geopolitical conflicts is expected to further drive the adoption of NEVs globally, enhancing the market penetration of domestic brands [9] Performance Outlook - Geely is projected to achieve a 25% year-on-year revenue growth for 2025, with a 36% increase in net profit after adjustments. Sanhua Intelligent Control is also expected to see an 11% revenue growth and a 31% increase in net profit [10][11]

Investment Rating - The industry investment rating is Neutral (maintained) [5] Core Insights - The overseas orders for new energy vehicles have significantly increased, driven by the geopolitical situation, providing strong momentum for domestic brands to accelerate their international expansion [8][9] - There is a notable divergence in the performance of automotive companies for 2025, with some companies showing strong growth in profitability while others face challenges due to increased competition and pressure on sales [10] - The price increase by industry leader GEV indicates a strong demand for gas power generation, suggesting continued interest in the gas power generation chain [11] Summary by Sections Investment Recommendations and Targets - Strong alpha automotive and parts companies are expected to withstand industry risks and achieve revenue and profit growth. Key sectors to watch include data center liquid cooling, gas power generation, and advanced driving technology [3][11] - Recommended automotive stocks include BYD, Geely, SAIC Motor, JAC Motors, and Seres; gas generator stocks include Yinlun, Weichai Power; liquid cooling stocks include InvoTech, Yinlun, Top Group, Feilong, and Chuanhuan Technology; robotics stocks include Xinquan, Top Group, Yinlun, Daimai, Sanhua Intelligent Control, and others; autonomous driving stocks include Jingwei Hirain, Bertel, and Desay SV [12]

Group 1 - The automotive ETF Guotai (516110) opened down 0.47%, priced at 1.284 yuan [1][2] - Major holdings in the ETF include BYD, which opened up 0.82%, and several other companies such as Fuyao Glass down 0.85%, and SAIC Group down 0.49% [1][2] - The performance benchmark for the automotive ETF is the CSI 800 Automotive and Parts Index return, managed by Guotai Fund Management Co., Ltd., with a fund manager named Huang Yue [1][2] Group 2 - Since its establishment on April 7, 2021, the automotive ETF has achieved a return of 29.00%, while the return over the past month has been -6.13% [1][2]

惠州市德赛西威汽车电子股份有限公司 章程 惠州市德赛西威汽车电子股份有限公司章程 （H 股发行上市后适用） 第一章 总 则 第一条 为维护公司、股东、职工和债权人的合法权益，规范公司的组 织和行为，根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华 人民共和国证券法》（以下简称"《证券法》"）、《中国共产党章程》（以下简称 "党章"）、《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市 规则》"）和其他有关规定，制订本章程。 第二条 公司系依照《公司法》和其他有关规定成立的股份有限公司（以 下简称"公司"）。 公司系惠州市德赛西威汽车电子有限公司按原账面净资产值折股整 体变更设立的股份有限公司；在惠州市市场监督管理局注册登记，取得营 业执照，统一社会信用代码为：91441300617881792D。 第三条 公司于 2017 年 12 月 1 日经中国证券监督管理委员会核准， 首次向社会公众发行人民币普通股 1 亿股，于 2017 年 12 月 26 日在深圳 证券交易所上市。 公司于【】年【】月【】日经中国证监会备案，于【】年【】月【】 日经香港联合交易所有限公司（以下简称"香港联交所 ...

（H 股发行上市后适用） 第一章 总则 第一条 为提升惠州市德赛西威汽车电子股份有限公司（以下简称"公司"） 治理水平，保障董事会决策的科学性、准确性和高效性，依据国家有关法律法规和 监管规则的要求、《香港联合交易所有限公司证券上市规则》（以下简称"《香港上市 规则》"）以及《惠州市德赛西威汽车电子股份有限公司章程》（以下简称"《公司章 程》"）的规定，结合公司实际情况，制定本实施细则。 公司董事会设置战略与可持续发展、提名、审计、薪酬与考核四个专门委员会。 董事会专门委员会为董事会的专门工作机构，专门委员会对董事会负责，各专门委 员会的提案提交董事会审议决定。 惠州市德赛西威汽车电子股份有限公司 董事会专门委员会实施细则 惠州市德赛西威汽车电子股份有限公司 董事会专门委员会实施细则 第二条 各专门委员会及其委员应认真履行法律、法规、公司股票上市地证券 监管规则、《公司章程》和本实施细则的规定，公平对待所有股东，并关注其他利 益相关者的利益。 第二章 专门委员会的组成 第三条 各专门委员会成员全部由公司董事组成。其中，审计委员会、提名委 员会、薪酬与考核委员会中独立董事应当占二分之一以上的比例，审计委员会成员 ...

惠州市德赛西威汽车电子股份有限公司 2025 年度股东会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚 假记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东会无否决、修改、增加议案的情形； 2、本次股东会不涉及变更以往股东会已通过的决议。 一、会议召开和出席情况 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2026-018 1、股东会届次：2025 年度股东会 2、股东会的召集人：公司董事会 3、会议主持人：董事长高大鹏先生 4、会议召开的合法、合规性：本次股东会会议的召集、召开程序符合《中 华人民共和国公司法》、《上市公司股东会规则》和《惠州市德赛西威汽车电子股 份有限公司章程》的有关规定。 5、会议召开时间： （1）现场会议时间：2026 年 3 月 26 日下午 14:30 （2）网络投票时间：2026 年 3 月 26 日 通过深圳证券交易所交易系统进行投票的具体时间为 2026 年 3 月 26 日上午 9:15 至 9:25、9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互联网投 票系统进 ...