Core Insights - The company reported significant growth in revenue and profit for the first half of 2025, with total revenue reaching 14.644 billion yuan, a year-on-year increase of 25.25%, and net profit attributable to shareholders at 1.223 billion yuan, up 45.82% [1] Financial Performance - The gross margin improved to 20.33%, an increase of 1.45 percentage points year-on-year, while the net margin rose to 8.43%, reflecting a 16.44 percentage point increase [2] - Operating cash flow per share reached 2.95 yuan, a substantial increase of 166.19% year-on-year, although cash and cash equivalents were only 0.923 billion yuan, representing 19.36% of current liabilities [3] - Accounts receivable rose significantly to 8.777 billion yuan, a 30.02% increase year-on-year, with accounts receivable to profit ratio at 437.8%, indicating potential future cash flow concerns [4] Cost and Expense Management - Total selling, administrative, and financial expenses amounted to 0.459 billion yuan, with these expenses accounting for 3.13% of revenue, a decrease of 8.84% year-on-year, indicating effective cost control [5] Business Composition - The main business revenue is derived from smart cockpit and smart driving sectors, with smart cockpit revenue at 9.459 billion yuan (64.59% of total revenue) and smart driving revenue at 4.147 billion yuan (28.32% of total revenue) [6] Future Development - The company is focusing on smart cockpit, smart driving, and connected services, with new project orders generating an annual sales volume exceeding 18 billion yuan, indicating a strong foundation for future growth [7]

| | | | | | 浦东新区滨江大道证券营业 | | --- | --- | --- | --- | --- | --- | | 12.00 | 1170.48 | 97.54 | -14.37 | 机构专用 | 部 中国中金财富证券有限公司 | | | | | | | 惠州文昌一路证券营业部 | | 11.00 | 1072.94 | 97.54 | -14.37 | 兴业证券股份有限公司潍坊 | 华泰证券股份有限公司上海 浦东新区滨江大道证券营业 | | | | | | 分公司 | 部 | | | | | | | 华泰证券股份有限公司上海 | | 10.00 | 975.40 | 97.54 | -14.37 | 机构专用 | 浦东新区滨江大道证券营业 | | | | | | | 部 | | 10.00 | 975.40 | 97.54 | -14.37 | 机构专用 | 中国中金财富证券有限公司 | | | | | | | 惠州文昌一路证券营业部 | | 8.00 | 780.32 | 97.54 | -14.37 | 机构专用 | 中国中金财富证券有限公司 | | | | | | | 惠州文昌一路 ...

Group 1: Financial Performance - In the first half of 2025, the company achieved revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit attributable to shareholders of 1.223 billion yuan, up 45.82% year-on-year [1] - For Q2 2025, the company reported revenue of 7.852 billion yuan, reflecting a year-on-year growth of 29.90%, and a net profit of 640 million yuan, which is a 41.15% increase year-on-year [1] - The strong revenue growth is primarily driven by the intelligent driving business, which generated 4.15 billion yuan in revenue in H1 2025, marking a 55.5% year-on-year increase [1] Group 2: Business Segments - The intelligent cockpit business also showed steady growth, with revenue of 9.46 billion yuan in H1 2025, representing an 18.8% year-on-year increase [1] - The company’s international strategy has yielded significant results, with overseas revenue growing by 36.8% year-on-year, surpassing domestic growth of 24.4% [2] - The company’s automotive electronics business maintained a stable gross margin of 20.33% in H1 2025, an increase of 0.29 percentage points year-on-year [2] Group 3: Operational Efficiency - The company demonstrated effective cost management, with R&D expenses growing by 28.3% in Q2 2025, which was lower than the revenue growth of 29.9% [3] - The company’s cash flow from operations showed a positive trend, with increases of 11.1%, 17.3%, and 39.2% in the respective quarters from Q4 2024 to Q2 2025 [3] - Accounts receivable at the end of Q2 2025 stood at 8.78 billion yuan, with a modest increase of approximately 300 million yuan compared to the previous quarter [3] Group 4: Investment Outlook - The company maintains a "buy" rating, supported by its unique culture and management advantages, which are often underestimated [4] - The company is positioned as a representative of ADAS (Advanced Driver Assistance Systems) with technological and manufacturing advantages in international markets [4] - Revenue forecasts for 2025-2027 are projected at 32.517 billion, 40.267 billion, and 46.018 billion yuan, with profit forecasts of 2.666 billion, 3.312 billion, and 3.483 billion yuan respectively [4]

Investment Rating - The report maintains a "Buy" rating for the company [1]. Core Insights - The company reported strong performance in its 2025 interim results, with revenue of 14.644 billion yuan, a year-on-year increase of 25.25%, and a net profit of 1.223 billion yuan, up 45.82% year-on-year, indicating robust growth momentum [7]. - The growth in revenue is primarily driven by the strong performance of the intelligent driving business, which generated 4.15 billion yuan in revenue for the first half of 2025, reflecting a year-on-year increase of 55.5% [7]. - The company's international strategy has shown significant results, with overseas revenue growing by 36.8% year-on-year, surpassing domestic growth of 24.4% [7]. - The gross margin for the automotive electronics business remained stable at 20.33%, alleviating previous market concerns about competitive pressures affecting profitability [7]. - The report highlights the company's operational efficiency, with R&D expenses growing at a slower pace than revenue, indicating effective cost management [7]. Financial Data and Profit Forecast - The company forecasts total revenue of 32.517 billion yuan for 2025, with a year-on-year growth rate of 17.7% [6]. - The projected net profit for 2025 is 2.666 billion yuan, representing a year-on-year increase of 33.0% [6]. - The earnings per share (EPS) is expected to be 4.80 yuan for 2025, with a price-to-earnings (PE) ratio of 24 [6]. - Revenue projections for 2026 and 2027 are 40.267 billion yuan and 46.018 billion yuan, respectively, with corresponding net profit forecasts of 3.312 billion yuan and 3.483 billion yuan [6].

| 交易日期 | 证券代码 | 证券简称 | 成交价格 | 成交量 | 成交金额 | 买方营业部 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (元) | (万股/万份) | (万元) | | | | 2025-08-12 | 002920 | 德赛西威 | 97.54 | 3.80 | 370.65 | 招商证券股份有限 | 华泰证券股份有限 | | 2025-08-12 | 002920 | 德赛西威 | | | | 公司西安北大街证 | 公司上海浦东新区 | | | | | | | | 券营业部 | 滨江大道证券营业 | | | | | 97.54 | 2.50 | 243.85 | 招商证券股份有限 | 国泰海通证券股份 | | | | | | | | 公司西安北大街证 | 有限公司惠州文昌 | | | | | | | | 券营业部 | 一路证券营业部 | | | | | | | | | 中国中金财富证券 | | 2025-08-12 | 002920 | 德赛西威 | 97.54 | 10.00 | 975.4 ...

单季度看，公司2025 年二季度，营业收入为78.52 亿元，同比增长29.90%，归母净利润为6.40 亿元，同 比增长41.15%。费用率方面，2025 年二季度公司销售费用率、管理费用率、研发费用率分别为1.26%、 1.47%、8.55%，分别同比+0.35pct、-0.49pct、-0.11pct。 事件： 德赛西威8 月11 日晚间发布半年度业绩报告称，2025 年上半年营业收入约146.44 亿元，同比增 加25.25%；归属于上市公司股东的净利润约12.23 亿元，同比增加45.82%；基本每股收益2.21 元，同比 增加46.36%。 上半年业绩超预期，。根据公司公告，2025 年上半年公司毛利率、净利率分别为20.33%、8.43%，公司 毛利率与去年同期持平，净利率提升1.19pct。 投资建议：公司乘汽车智能化之"势"，在产品矩阵扩张布局深远，加速国际化战略落地，向全球领先 Tier1 的星辰大海进发。我们预计公司2025-2027年分别实现营业收入346.04、428.56、525.17 亿元，实 现归母净利润26.76、33.77、41.90 亿元，对应当前PE 估值分别为22x、 ...

从资金流向上来看，当日软件开发板块主力资金净流出3.26亿元，游资资金净流出5.02亿元，散户资金净 流入8.28亿元。软件开发板块个股资金流向见下表： 证券之星消息，8月12日软件开发板块较上一交易日上涨0.44%，*ST广道领涨。当日上证指数报收于 3665.92，上涨0.5%。深证成指报收于11351.63，上涨0.53%。软件开发板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | | --- | --- | --- | --- | --- | --- | --- | | 839680 | *ST广道 | 9.50 | 10.21% | 15.72万 | | 1.47亿 | | 002298 | 中电鑫龙 | 8.56 | 10.03% | 96.40万 | | 8.11亿 | | 300766 | 每日互动 | 40.88 | 8.49% | 0 99.98万 | | 40.21亿 | | 002920 | 德赛西威 | 113.91 | 7.44% | 1 26.12万 | | 29.69亿 | | 300468 | 四方精创 | 40.92 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [2] Core Views - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue approximately 14.644 billion yuan, a year-on-year increase of 25.25%, and net profit approximately 1.223 billion yuan, a year-on-year increase of 45.82% [7] - The company is expected to benefit from the trend of automotive intelligence, expanding its product matrix and accelerating its international strategy [7] - The forecasted revenue for 2025-2027 is 34.604 billion, 42.856 billion, and 52.517 billion yuan respectively, with corresponding net profits of 2.676 billion, 3.377 billion, and 4.190 billion yuan [7] Financial Performance - The company's revenue for 2023A was 21.908 billion yuan, with a growth rate of 46.7%, and is projected to grow at rates of 26.1%, 25.3%, 23.8%, and 22.5% for the following years [6][8] - The net profit for 2023A was 1.547 billion yuan, with a growth rate of 30.6%, projected to grow at rates of 29.6%, 33.5%, 26.2%, and 24.1% for the subsequent years [6][8] - The company's earnings per share (EPS) for 2025E is projected to be 4.82 yuan, with a price-to-earnings (PE) ratio of 22.0 [6][8] Business Segments - The smart cockpit business generated revenue of 9.459 billion yuan, a year-on-year increase of 18.76%, while the smart driving business saw revenue of 4.147 billion yuan, a year-on-year increase of 55.49% [7] - The connected business revenue was 1.038 billion yuan, showing a slight decrease of 2.11% year-on-year [7] Market Performance - The company's stock performance over the last 12 months showed a decline of 5%, while the benchmark index (CSI 300) increased by 9% [4]

Market Overview - The Shanghai Composite Index closed at 3665.92 points, above the annual line, with a change of 0.50% [1] - The total trading volume of A-shares reached 1,905.21 billion yuan [1] Stocks Breaking Annual Line - A total of 27 A-shares have surpassed the annual line today, with notable stocks including Desay SV, Wanli Stone, and *ST Guohua, showing divergence rates of 4.85%, 4.59%, and 4.49% respectively [1] - Stocks with smaller divergence rates that just crossed the annual line include China CNR, Ninghu Expressway, and Huatian Technology [1] Top Divergence Rate Stocks - The top three stocks with the highest divergence rates are: - Desay SV (7.44% increase, 4.72% turnover rate, latest price 113.91 yuan, divergence rate 4.85%) [1] - Wanli Stone (4.93% increase, 5.82% turnover rate, latest price 31.30 yuan, divergence rate 4.59%) [1] - *ST Guohua (4.97% increase, 2.12% turnover rate, latest price 8.87 yuan, divergence rate 4.49%) [1] Additional Stocks with Notable Performance - Other stocks with significant performance include: - Kairun Co., Ltd. (4.82% increase, 4.94% turnover rate, latest price 22.40 yuan, divergence rate 4.08%) [1] - *ST Qingyan (3.39% increase, 4.36% turnover rate, latest price 14.64 yuan, divergence rate 3.05%) [1] - Huai Bei Mining (2.80% increase, 1.18% turnover rate, latest price 13.24 yuan, divergence rate 2.41%) [1]

Market Overview - The Shanghai Composite Index closed at 3665.92 points, above the six-month moving average, with an increase of 0.50% [1] - The total trading volume of A-shares reached 1,905.21 billion yuan [1] Stocks Breaking the Six-Month Moving Average - A total of 81 A-shares have surpassed the six-month moving average today [1] - Notable stocks with significant deviation rates include: - Dazhong Technology (688691) with a deviation rate of 6.87% and a price increase of 6.93% [1] - Xiechuang Data (300857) with a deviation rate of 6.82% and a price increase of 11.29% [1] - Desai Xiwai (002920) with a deviation rate of 5.90% and a price increase of 7.44% [1] Detailed Stock Performance - The following stocks have notable performance metrics: - Dazhong Technology: Latest price 68.55 yuan, six-month average 64.15 yuan, turnover rate 14.55% [1] - Xiechuang Data: Latest price 85.66 yuan, six-month average 80.19 yuan, turnover rate 9.12% [1] - Desai Xiwai: Latest price 113.91 yuan, six-month average 107.56 yuan, turnover rate 4.72% [1] - Other stocks with positive performance include: - Chen Zhan Optoelectronics (003019) with a price increase of 7.78% and a deviation rate of 5.72% [1] - Kede Education (300192) with a price increase of 6.12% and a deviation rate of 5.65% [1] Additional Stocks with Minor Deviations - Stocks with smaller deviation rates that have just crossed the six-month moving average include: - China Wuyi (000066) with a deviation rate of 5.59% [1] - Weichuang Technology (688372) with a deviation rate of 2.68% [1] - NetEase Technology (300017) with a deviation rate of 2.04% [1]