Group 1 - The core viewpoint of the article is that Desay SV (SZ 002920) has engaged with investors through a research meeting, highlighting its focus on automotive electronics, which constitutes 100% of its revenue for the first half of 2025 [1] - As of the report, Desay SV has a market capitalization of 73.2 billion yuan [1] - The company’s securities affairs department representatives, Qian Yuchun and Huang Yijing, participated in the investor meeting to address questions [1]

Group 1: Company Overview - The company is Huizhou Desay SV Automotive Electronics Co., Ltd., with stock code 002920 [1] - The investor relations activity record number is 2025-014 [1] Group 2: Investor Relations Activities - The activity involved specific object research and included various fund management companies such as Zhongyin Fund Management and Guotai Junan Securities [2][3] - Participants included representatives from multiple investment firms, indicating a broad interest in the company's performance [2][3] Group 3: Product Development and Market Strategy - The company has developed an advanced in-car acoustic solution featuring a leading sound system with a 9.3.4 surround sound design, enhancing audio experience [3][4] - The strategy to maintain domestic market share includes leveraging unique product advantages and continuous high-level investment in R&D [4] - The company aims to integrate smart cockpit and smart driving capabilities, enhancing product offerings and ensuring competitive pricing and quality [4] Group 4: Industry Trends - The trend towards integrated cockpit and driving systems is becoming more pronounced, with the company positioned to optimize costs and performance through its innovative solutions [4]

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Technology and Smart Driving Solutions Key Points and Arguments Financial Performance and Projections - Desay SV expects a stable long-term gross margin around 20%, benefiting from increased penetration of traditional joint venture brands in smart driving and premium revenue from overseas operations [2][3] - The company’s contract manufacturing business currently accounts for 10% to 15% of total revenue, with expectations that this proportion will not significantly increase in the long term due to rising contributions from traditional brands' smart driving systems [3] Market Dynamics and Product Development - The cockpit sector has potential for increased per-vehicle value, driven by the demand for higher performance chips as L3 autonomous driving progresses [2][6] - Desay SV anticipates new customers in the smart driving sector primarily from traditional brands and sub-brands that did not launch this year, with a shift towards higher-margin projects expected [7] - The company is collaborating closely with domestic autonomous driving chip manufacturers, maintaining the ability to transition from OV platforms to others [9] Overseas Market Strategy - As of Q3, overseas revenue accounted for 7.5%, with expectations of remaining below 10% for the year. The goal is to increase this to 20% by 2030, starting with mass production of integrated cockpit solutions in Q4 next year [8] Supply Chain and Cost Management - Desay SV has a strong supply chain management capability, particularly in procurement and logistics, providing a significant cost advantage over competitors [11] - The company is addressing rising material costs, especially memory prices, by negotiating cost-sharing with clients and ensuring stable supply for automakers [4] Product Innovation and Competitive Edge - The company’s autonomous vehicles adhere to automotive-grade standards and are fully self-developed, which enhances reliability and quality, allowing Desay SV to capture market share without engaging in price wars [10] - The introduction of L3 autonomous driving standards is expected to significantly enhance vehicle value and increase the demand for high-performance chips [6][12] Customer Structure and Market Trends - The customer base is becoming more diversified, with revenue from any single customer now below 20%. The company expects stable demand from core clients despite competitive pressures [13] - Future market demand is anticipated to be influenced by tax incentives and trade-in policies, with core customers maintaining a strong demand for autonomous configurations [15][16] Research and Development - A decrease in R&D expenses in Q3 is viewed as a temporary phenomenon, with plans to maintain a stable R&D investment ratio to support ongoing innovation [15] Additional Important Insights - Desay SV is exploring opportunities in the instant retail market and potential collaborations in the Robotaxi sector, which is expected to yield higher margins compared to traditional passenger vehicles [12] - The company is positioned to benefit from the growing Robotaxi market, which has a significantly higher value than traditional vehicles, contributing to improved gross margins [12]

Core Viewpoint - Recently, Huizhou Chuanxing Zhiyuan Technology Co., Ltd. was established with a registered capital of 100 million yuan, focusing on various applications in artificial intelligence and related technologies [1] Group 1: Company Overview - Huizhou Chuanxing Zhiyuan Technology Co., Ltd. has a registered capital of 100 million yuan [1] - The company is involved in the development of artificial intelligence application software and theoretical algorithms [1] - It also engages in the sales of artificial intelligence hardware and provides system integration services for AI industry applications [1] Group 2: Business Scope - The business scope includes IoT technology services and manufacturing of IoT devices [1] - The company is involved in the manufacturing and sales of industrial robots [1] - It also focuses on the research and development of intelligent robots and the sales of complete electric vehicles [1] Group 3: Shareholding Structure - The company is jointly held by Desay SV Automotive (002920) and several investment consulting partnerships [1]

Core Viewpoint - The Chinese automotive industry is at a critical juncture in its globalization efforts, with a strong market presence but facing potential short-term growth slowdowns due to various constraints. The focus on deep localization and industry chain collaboration is essential for maintaining competitive advantages in international markets. Group 1: Globalization and Market Strategy - The Chinese automotive industry has successfully entered the global mainstream, achieving market share comparable to American and Korean manufacturers, with a promising outlook for future growth [1] - By 2030, it is projected that China's overseas sales share could reach 15% to 20%, although growth may slow in the next two years due to factors like overseas inventory and localization challenges [1] - Key criteria for selecting target markets include large market size and a relatively mature industry chain, or a faster transition towards electrification [5][10] Group 2: Localization and Industry Collaboration - "Industry chain collaboration" and "deep localization" are identified as critical factors for Chinese automotive companies to maintain their leading position in the global market [2] - Deep localization is emphasized as a key focus for the next phase of automotive globalization, requiring companies to adapt their products and strategies to local market needs [2][17] - Companies must integrate their core value propositions with local insights to transition from a purely global layout to a symbiotic local presence [17] Group 3: ESG and Core Competitiveness - ESG (Environmental, Social, and Governance) factors are not only entry barriers for international markets but also represent core competitive advantages for companies [6][13] - Quality and trust are highlighted as essential components of ESG, which are crucial for Chinese automotive companies to succeed globally [13][16] - The traditional supply chain structures are inadequate for meeting the demands of smart electric vehicles, presenting an opportunity for restructuring the supply chain [7][13] Group 4: Market Entry and Development Strategies - Companies are encouraged to develop differentiated market expansion strategies tailored to various regions, leveraging their technological and cost advantages from the domestic market [17] - Successful global companies must ensure their values are recognized globally, and their innovative technologies and products meet local demands [17][20] - Establishing distribution and service channels is critical for overseas development, and finding local partners can facilitate market entry [23]

Core Insights - The automotive millimeter-wave radar market is currently dominated by international leaders such as Bosch, Continental, and Aptiv, but domestic manufacturers are accelerating the localization process due to improved technology and product competitiveness [1][9] - The Chinese automotive millimeter-wave radar industry is experiencing strong growth, with the market size projected to increase from 2.318 billion yuan in 2015 to 8.822 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 16.01% [1][10] - By 2025, the market size is expected to reach 9.929 billion yuan, driven by a more complete domestic supply chain, increased R&D investment, and growing demand for self-controlled solutions from downstream vehicle manufacturers [1][10] Industry Overview - Automotive millimeter-wave radar operates in the millimeter-wave frequency band, providing critical environmental perception data for autonomous and assisted driving by measuring distance, speed, and angle of targets [1][6] - The radar is categorized into corner radars and front radars, with corner radars used for cross-vehicle warnings and blind spot detection, while front radars are utilized for automatic emergency braking and adaptive cruise control [1][6] Industry Development History - The Chinese automotive millimeter-wave radar industry has undergone five development stages: the initial stage before 2013, preliminary development from 2014 to 2015, scale development from 2016 to 2020, high-quality development from 2021 to 2024, and technological equality from 2025 onwards [4][5] Market Trends - The global automotive millimeter-wave radar market is projected to grow from $2.262 billion in 2020 to $3.482 billion in 2024, with a CAGR of 11.39% [7][9] - By 2025, the global market size is expected to reach $4.195 billion, with front radars accounting for $2.181 billion and corner radars for $2.014 billion [7][9] Competitive Landscape - The industry features a diversified competitive landscape with international giants like Bosch, Continental, and Aptiv leading in high-end markets, while domestic companies such as Desay SV and Huayu Automotive are rapidly gaining market share through R&D and localized services [11][12] - Desay SV has maintained the largest market share in the domestic smart driving sector, achieving a revenue of 4.147 billion yuan in the first half of 2025, a year-on-year increase of 55.49% [12][13] - Huayu Automotive has a strong presence in various automotive components and has integrated millimeter-wave radar and other sensors to provide solutions for different levels of driving assistance [12][13] Future Development Trends - The future of automotive millimeter-wave radar is expected to focus on perception fusion and functional expansion, integrating with cameras and LiDAR for enhanced environmental perception [14] - The industry is also moving towards chip integration, with a trend towards single-chip solutions that reduce size, power consumption, and costs [15] - Additionally, the evolution of radar technology is shifting from hardware functionality to software-defined capabilities, allowing for customizable and upgradable perception models [16]

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。 证券代码：002920 证券简称：德赛西威 公告编号：2025-099 惠州市德赛西威汽车电子股份有限公司 关于 2021 年限制性股票激励计划第三个解除限售期 惠州市德赛西威汽车电子股份有限公司 解除限售股份上市流通的提示性公告 重要内容提示： 1、本次解除限售的限制性股票上市流通日：2025 年 12 月 29 日； 2、本次解除限售条件的激励对象：772 人； 3、本次解除限售数量：1,609,316 股，占目前上市公司总股本的 0.27%。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2025 年 12 月 2 日召 开了第四届董事会第十五次会议和第四届监事会第十五次会议，审议通过了《关于 2021 年限制性股票激励计划第三个解除限售期解除限售条件成就的议案》，具体详见公司于 2025 年 12 月 3 日在巨潮资讯网（www.cninfo.com.cn）上披露的相关公告。公司办理了 2021 年限制性股票激励计划第三个解除限售期解除限售股份上市流通手续。现将相关事项的内 容公告如下： 一、20 ...

Group 1 - The software development sector increased by 1.23% on December 24, with Guangdao Tui leading the gains [1] - The Shanghai Composite Index closed at 3940.95, up 0.53%, while the Shenzhen Component Index closed at 13486.42, up 0.88% [1] - Guangdao Tui's stock price rose by 29.41% to 1.32, with a trading volume of 217,600 shares and a transaction value of approximately 24.94 million yuan [1] Group 2 - The software development sector saw a net inflow of 210 million yuan from institutional investors, while retail investors contributed a net inflow of 554 million yuan [2] - The top gainers included Pinming Technology, which rose by 13.10% to 144.37, and Zhizhen Technology, which increased by 9.99% to 35.46 [1][2] - The overall trading volume for the software development sector was significant, with multiple stocks experiencing notable price changes and trading activities [1][2] Group 3 - Major stocks like Yingshisheng and Duolun Technology also showed positive performance, with increases of 5.74% and 6.09% respectively [1] - The data indicates a mixed sentiment among different investor types, with institutional investors showing a preference for certain stocks while retail investors were more active in others [3] - The overall market dynamics reflect a competitive environment within the software development sector, highlighting potential investment opportunities [2][3]

| 基本信息 8 | 法律诉讼 经营风险 经营信息 1 | | | --- | --- | --- | | 工商信息 ● | | | | 工商信息 历史工商信息0 | | | | 企业名称 | 惠州市川行致远科技有限公司 | | | 法定代表人 | 登记状态 ② 医 陈俊峰 | 存録 | | | 成立日期 | 2025-12- | | 统一社会信用代码 ② | 91441303MAK40T6H32 注册资本 2 | 10000万. | | 工商注册号 | 441303000473361 纳税人识别号 ② | 9144130 | | 营业期限 | 纳税人资质 2025-12-19 至 无固定期限 | | | 企业类型 | 其他有限责任公司 行业 | 计算机、 | | 参保人数 | 英文名称 | Huizhou | | 登记机关 | 惠州市工商行政管理局仲恺分局 注册地址 ② | 惠州仲恺 | | 经营范围 ② | 一般项目：人工智能应用软件开发；人工智能理论与算法软件开发；人工智能 （不含许可类租赁服务）；技术服务、技术开发、技术咨询、技术交流、技术锌 售;软件开发;互联网数据服务;服务消费机器人制造;服务消费 ...

Core Insights - The transition from L2 to L3 represents a critical leap from driver assistance to autonomous driving, with responsibility potentially shared among drivers, manufacturers, and autonomous system suppliers [2] Investment Summary - The first L3-level vehicles have been approved for road use, marking a significant milestone in China's autonomous driving industry, transitioning from laboratory testing to legitimate road applications [3] - The approval establishes a clear safety baseline by allowing conditional and limited scenarios for testing, promoting innovation while ensuring safety [3] - The high reliability and safety redundancy requirements of L3 systems will drive technological upgrades across the entire supply chain, including perception hardware, computing platforms, and software algorithms [3] Future Outlook - Pilot programs are expected to expand from current highway and congested scenarios to more complex urban roads, with legal and technical standards evolving based on pilot experiences to support broader adoption [3] - The high costs associated with vehicles equipped with advanced autonomous driving features need to decrease through technological advancements and economies of scale for widespread consumer adoption [3][4] Investment Strategy and Focus - The automotive sector should focus on undervalued leading manufacturers and component suppliers benefiting from performance improvements, particularly in the fields of new energy and intelligent vehicles [5] - Recommended companies include early movers in the new energy sector such as BYD, Changan Automobile, Geely, and Li Auto; stable low-valuation component leaders like Huayu Automotive and Fuyao Glass; and key players in electrification and intelligence like Desay SV, Ruikeda, and Kobot [5] - The strategy also highlights opportunities arising from domestic substitution due to the "domestic circulation" initiative, with companies like Lingdian Electric Control and Sanhua Intelligent Control being of interest [5] Key Focus Companies - The investment focus for the week includes BYD, Li Auto, Top Group, Desay SV, and Shangsheng Electronics [6]