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：2025-069 惠州市德赛西威汽车电子股份有限公司 关于公司特定股东减持计划期限届满的公告 股东深圳市神华投资集团有限公司保证向公司提供的信息披露内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及全体董事会成员保证公告内容与信息披露义务人提供的信息一致。 2、股东本次减持前后持股情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 | | | --- | --- | --- | --- | --- | --- | | | | 股数（股） | 占总股本比 | 股数（股） | 占总股本比 | | | | | 例（%） | | 例（%） | 惠州市德赛西威汽车电子股份有限公司 | 投资集团有 | | | | | | | --- | --- | --- | --- | --- | --- | | 深圳市神华 限公司 | 无限售条件股份 | 7,980,268 | 1.44 | 7,980,268 | 1.44 | 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"或"本公司 ...

Group 1 - The company has launched its self-developed low-speed unmanned vehicle series, the Chuanxing Zhiyuan S6, which incorporates a vehicle-grade design and manufacturing system into the low-speed unmanned vehicle industry [2] - The S6 series utilizes a self-developed vehicle-grade "Yuanxing" battery that meets the stringent requirements of the 2025 M1 class passenger vehicle and N1 class commercial vehicle battery standards (GB 38031-2025) [2] - The battery features A-grade cells with a 70% state of health (SOH) and a cycle life of 4000 times, with a warranty period extended to 6 years or 300,000 kilometers [2]

Core Insights - The A-share market has seen a surge in institutional research activities since August, with over 1,600 listed companies being investigated by market institutions, particularly in the medical equipment and electronic components sectors [2][3] - Four companies have attracted significant attention, receiving over 300 institutional visits: Mindray Medical, Desay SV, Crystal Optoelectronics, and United Imaging [3] Company Performance - Mindray Medical's projected revenues for 2022, 2023, and 2024 are 30.366 billion, 34.932 billion, and 36.726 billion respectively [3] - Desay SV's projected revenues for the same period are 14.933 billion, 21.908 billion, and 27.618 billion [3] - Crystal Optoelectronics is expected to generate revenues of 4.376 billion, 5.076 billion, and 6.278 billion [3] - United Imaging's projected revenues are 9.238 billion, 11.411 billion, and 10.3 billion [4] Industry Focus - The most favored sectors for institutional research include industrial machinery, electronic components, and medical equipment, with 135, 89, and 53 companies respectively being investigated [5] - Companies in these sectors have reported strong financial performance, contributing to their attractiveness for institutional investors [6] Future Growth Potential - Institutions are increasingly interested in the unique business models and growth potential of companies, focusing on high-potential business segments [7] - Mindray Medical highlighted three high-potential business areas: minimally invasive surgery, animal healthcare, and cardiovascular, which collectively exceeded 4 billion in revenue last year [7] - Crystal Optoelectronics is focusing on enhancing its capabilities in chip design and 3D visual perception, particularly in AI applications [7] Investment Evaluation - Investors are advised to closely monitor the latest business developments and technological advancements of companies, especially those that create competitive barriers or new growth points [8] - Observing how companies respond to industry challenges and market fluctuations can provide insights into their adaptability and innovation [8]

Core Insights - The development of In-Vehicle Infotainment (IVI) systems is driven by the increasing demand for comfort and entertainment during driving, especially during long trips [1] - The IVI industry in China is experiencing significant growth, with the market size projected to increase from 28.9 billion yuan in 2018 to 44.9 billion yuan in 2024, representing a compound annual growth rate (CAGR) of 7.62% [1][10] - The integration of advanced technologies such as artificial intelligence, 5G communication, and big data will continue to enhance IVI systems, improving user interaction and service ecosystems [1] Industry Overview - IVI systems are comprehensive information processing systems in vehicles, enabling functionalities like navigation, real-time traffic updates, multimedia playback, and vehicle diagnostics [3][4] - The IVI industry has evolved through three stages: initial radio and music playback, the integration of mobile device functionalities, and the current phase characterized by smart and connected features [5] Market Dynamics - The global IVI market is expected to grow from $19.6 billion in 2018 to $25.1 billion in 2024, with a CAGR of 4.21% [9] - In 2023, China's automotive production and sales both surpassed 30 million units, marking a year-on-year growth of 11.6% and 12% respectively [7] Competitive Landscape - The IVI industry in China features a mix of domestic and international players, with foreign companies like Bosch and NXP holding significant positions in the high-end market, while domestic firms like Desay SV and Suoling are gaining traction in the mid-to-high-end segments [10] - Desay SV has reported a revenue of 9.46 billion yuan for its smart cockpit business in the first half of 2025, reflecting a year-on-year growth of 18.76% [11] Development Trends - The IVI industry is moving towards multi-device connectivity and spatial integration, creating a seamless interaction between vehicles and users' smart devices [12] - There is a trend towards larger and multiple screens in vehicles, enhancing visual experiences and allowing for personalized content sharing among passengers [13] - Voice interaction is becoming the core method of interaction within IVI systems, improving safety and convenience through advanced natural language processing capabilities [15]

Core Insights - The article discusses the launch of Desay SV's low-speed unmanned delivery vehicle brand "Chuanxing Zhiyuan," highlighting the company's entry into the unmanned delivery sector and its focus on safety and reliability [1][2][3]. Company Strategy - Desay SV emphasizes safety as a fundamental principle in the design of its unmanned delivery vehicles, aiming to avoid incidents that could damage its reputation [2][3]. - The company has a history of transformation and adaptation, having previously shifted its focus to smart driving and cockpit business, which laid the groundwork for its current venture into unmanned delivery [6][7]. Technological Innovations - The S6 series vehicles feature advanced specifications, including a peak power of 30 kW and a peak torque of 110 N·m, enhancing their ability to navigate challenging terrains like hilly areas [3][4]. - The introduction of a dual-brain redundancy system ensures that if the primary control system fails, the secondary system can take over seamlessly, enhancing operational safety [4][7]. - The vehicles are equipped with ten sensors and advanced algorithms for environmental perception, allowing them to respond appropriately to various stimuli, such as a police officer signaling them [3][4]. Market Potential - The unmanned delivery vehicle market in China is projected to exceed 10 billion yuan by 2030, driven by the need for cost-effective logistics solutions [9][10]. - The industry is expected to see an influx of new entrants as validated business models emerge, indicating a growing competitive landscape [8][10]. - Desay SV aims to position its unmanned delivery vehicles in four key areas: express delivery, instant delivery, urban delivery, and specialized modifications, establishing itself as a foundational provider in the smart logistics ecosystem [10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 14.644 billion yuan for the first half of 2025, representing a year-on-year growth of 25.25%. The net profit attributable to shareholders was 1.223 billion yuan, with a year-on-year increase of 45.82%. The annualized sales from new project orders exceeded 18 billion yuan [4] - The company is accelerating its international layout and strategically entering new sectors, particularly in smart cockpit and smart driving technologies. The sales revenue from smart cockpits reached 9.459 billion yuan in the first half of 2025, growing by 18.76% year-on-year. The company has secured new project orders from major clients such as Li Auto, Xiaomi, and Geely [5] - The company is investing in AI technology and exploring new fields such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [5] Financial Forecasts and Valuation - The company is expected to achieve net profits of 2.802 billion yuan, 3.540 billion yuan, and 4.472 billion yuan for the years 2025, 2026, and 2027 respectively. The previous estimates for 2025 and 2026 were 2.817 billion yuan and 3.617 billion yuan [5] - The projected revenue for the company is 27.618 billion yuan for 2024, 34.599 billion yuan for 2025, 42.559 billion yuan for 2026, and 51.289 billion yuan for 2027, with corresponding growth rates of 26%, 25%, 23%, and 21% [3][7] - The company’s P/E ratio is projected to decrease from 34.3 in 2024 to 15.4 in 2027, indicating an improving valuation as earnings grow [3]

Core Viewpoint - Desay SV's low-speed unmanned vehicle brand "Chuanxing Zhiyuan" is set to officially launch on September 2, 2025, marking a significant milestone in the low-speed unmanned vehicle industry with the introduction of vehicle-grade standards [2]. Group 1 - Desay SV announced the public debut of its low-speed unmanned vehicles, the S6 Flying Wing and S6 Side Door models, during the launch event [2]. - The launch event will take place in Shanghai, indicating a strategic move to establish a presence in a key market for autonomous vehicles [2].

Core Viewpoint - Desay SV's launch of the low-speed autonomous vehicle brand "Chuanxing Zhiyuan" and its first model, the S6, marks a significant advancement in the low-speed autonomous vehicle sector, emphasizing safety, reliability, and customization capabilities [1][3]. Group 1: Vehicle Specifications and Design - The S6 has a height of 2 meters, a width of 1.4 meters, and a loading capacity of 6 cubic meters, designed for various application scenarios with a modular structure [1]. - The vehicle adheres to over 80 national automotive standards and 110 local and organizational standards for autonomous vehicles, meeting multiple quality management system certifications [3]. Group 2: Technical Features - The S6 introduces seven technical features, six of which are firsts in the low-speed autonomous vehicle field, enhancing product reliability and craftsmanship [1][3]. - It includes a robust electronic system that operates under extreme temperatures (-40℃ to 85℃) and electromagnetic interference, ensuring stable vehicle performance [3]. Group 3: Advanced Control Systems - The S6 is equipped with an ABS, TCS, and DTC systems, improving braking stability and traction control, with a climbing ability increased from 20% to 25% [4][5]. - The vehicle's motor has a peak power of 30 kW and a peak torque of 110 N·m, providing strong torque output for various terrains [5]. Group 4: Battery and Safety Features - The S6 features a self-developed "Yuanxing" automotive-grade battery with a warranty of 6 years or 300,000 kilometers, supporting 4,000 cycles at 70% state of health [6]. - The battery pack is designed with five protective layers and can withstand significant pressure, ensuring safety in various environments [6]. Group 5: Intelligent Hardware and Software - The S6 utilizes automotive-grade sensors, including multiple radar and camera systems, for comprehensive environmental perception [7]. - It employs a self-developed software system for autonomous driving, enhancing decision-making and path planning in complex urban scenarios [9]. Group 6: Innovative Interaction and Adaptability - The vehicle incorporates intelligent sensing surface technology, capable of detecting minor collisions and providing interactive capabilities [8]. - The system aims to improve adaptability in adverse weather and complex traffic situations, addressing current challenges in the low-speed autonomous vehicle market [9].

Group 1 - The core viewpoint of the article highlights the performance of the AI Fund Xingquan Green Investment Mixed (LOF), which reported a profit of 223 million yuan in the first half of 2025, with a weighted average profit per fund share of 0.0947 yuan and a net value growth rate of 8.44% [3][35] - As of September 5, 2025, the fund's unit net value was 1.389 yuan, and the fund manager, Zou Xin, oversees two funds that have both achieved positive returns over the past year [3][4] - The fund's performance in terms of net value growth rates places it in the 75th percentile among comparable funds over the last three months, 59th over the last six months, and 62nd over the last year [7][28] Group 2 - The fund's weighted average price-to-earnings (P/E) ratio as of June 30, 2025, was approximately 56.14 times, significantly higher than the industry average of 23.66 times [12] - The weighted average price-to-book (P/B) ratio was about 2.46 times, compared to the industry average of 2.2 times, while the weighted average price-to-sales (P/S) ratio was 1.4 times against an industry average of 1.85 times [12] - The fund's weighted revenue growth rate for the first half of 2025 was 0.07%, and the weighted net profit growth rate was -0.16% [20] Group 3 - As of June 30, 2025, the fund had a total of 163,600 holders, collectively holding 2.236 billion shares, with individual investors accounting for 79.42% of the holdings [38] - The fund's turnover rate over the last six months was approximately 316.46%, consistently higher than the industry average [41] - The top ten holdings of the fund included companies such as Ningde Times, Jifeng Co., and Desay SV [44]

Group 1 - The automotive industry is experiencing a rapid increase in the penetration rate of L2-level assisted driving and the scaling of L4-level autonomous driving, driven by the integration of new energy and intelligent technologies [1] - By mid-2025, the penetration rate of assisted driving in domestic brands rose from 51% at the end of 2024 to 59%, with mid-to-high-level assisted driving functions increasing from 20% to 32% [2] - Companies like Horizon Robotics and Hesai Technology reported significant revenue growth, with Horizon's revenue increasing by 67.6% to 1.567 billion yuan and Hesai's revenue exceeding 710 million yuan, up over 50% year-on-year [2] Group 2 - L4-level autonomous driving companies are advancing towards large-scale and normalized operations, with companies like Pony.ai and WeRide reporting revenue growth of 75.9% and 60.8% respectively [4] - The Robotaxi business is gaining traction, with platforms like Cao Cao Mobility and Ruqi Mobility operating over 300 Robotaxi vehicles and completing significant autonomous driving test mileage [4] - The economic model for autonomous driving is approaching profitability, with estimates suggesting that a fleet of 1,000 Robotaxi vehicles is needed to reach the breakeven point in first-tier cities [4][5]