Compensation - The highest salary among executives in Huizhou listed companies is held by Zhao Jun, Senior Vice President of TCL Technology, with an annual salary of 16.1729 million yuan, surpassing the salary of the company's chairman and CEO, Li Dongsheng, by 4.39 million yuan [1][3] - In 2024, several executives saw significant salary increases, with the largest increase being for Pan Wenshu, Chairman of Derui Lithium Battery, whose salary nearly doubled from 2.3759 million yuan to 4.6064 million yuan [4] - 17 out of 20 companies reported that their highest executive salaries exceeded 1 million yuan [2][3] Employee Education - Among the 20 listed companies, four have employee counts exceeding 10,000, with TCL Technology leading at 71,067 employees, while Renxin New Materials has the fewest at only 156 employees [5] - Companies such as Yuxin Co., Jiu Lian Technology, and Desai Xiwai have over half of their employees holding a bachelor's degree or higher [6] R&D Investment - 13 out of the 20 listed companies have R&D investments exceeding 100 million yuan, with 16 companies having R&D personnel accounting for over 10% of their workforce [7] - Companies like Jinjia Medical and Liyuanheng have R&D investment ratios exceeding 10% of their revenue, while seven companies reported R&D investments below 100 million yuan [7] - Desai Xiwai aims to leverage opportunities in automotive intelligence for sustainable development, with significant growth in its core business and expanding customer base [7]

Investment Rating - The investment rating for the computer industry is "Buy" [2] Core Insights - The computer industry is experiencing a bottoming out of demand in 2024, with significant differences in structural performance across various segments. Companies are enhancing operational efficiency to cope with the challenges [6][14] - The median revenue growth rate for the industry in 2024 is -1.59%, a decrease of 4.88 percentage points from 2023. The median net profit growth rate is -2.24%, down 8.35 percentage points from the previous year [15] - The report highlights that while revenue and profit metrics are declining, the rate of decline is slowing, indicating potential for improvement in Q1 2025 [15][16] Summary by Sections 1. 2024 Annual Report: Bottoming Demand and Efficiency Improvements - The report analyzes the performance of 208 listed companies in the computer industry, revealing that the overall revenue growth is stabilizing, and profit margins are showing signs of recovery [14][15] - Different segments within the industry show varying performance, with IT hardware, trusted computing, and smart vehicle sectors demonstrating positive growth trends [16][28] 2. Demand Stabilization and Financial Indicators - The report notes that contract liabilities are beginning to improve, and accounts receivable growth is declining, indicating a more stable financial environment [23][24] - Cash inflows from sales of goods and services have significantly increased, reflecting a positive trend in operational cash flow [24] 3. Investment Activity and Valuation Levels - The report indicates an increase in net cash outflow from investment activities, suggesting an expansion trend among companies [26] - As of April 30, 2025, the industry’s price-to-earnings (P/E) ratio is 46 times, with software companies showing a higher P/E increase compared to hardware companies [19][20] 4. Key Areas of Investment Value - The report identifies several key areas with strong investment potential, including AI applications, domestic software and hardware replacements, and the smart driving industry [20][21] - The acceleration of domestic orders in trusted computing and the expansion of the Harmony OS ecosystem are expected to enhance the competitive edge of leading companies in the industry [20][21]

Investment Rating - The report maintains a "Buy" rating for the company [6][23]. Core Insights - The company is transitioning from a traditional automotive electronics supplier to an "accelerator of automotive intelligence" as evidenced by its strategic announcements at the 2025 Shanghai Auto Show [6][23]. - The launch of the Smart Solution 3.0 and the EEA4.0 architecture signifies a comprehensive approach to integrating AI into automotive systems, enhancing decision-making and communication capabilities [7][8]. - The introduction of the fifth-generation smart cockpit G10PH showcases advanced AI capabilities and high-performance computing, positioning the company as a leader in the smart cockpit domain [9][23]. Financial Data and Profit Forecast - Total revenue projections for 2025-2027 are estimated at 325.17 billion, 402.67 billion, and 460.18 billion CNY respectively, with net profit forecasts of 26.66 billion, 33.12 billion, and 34.83 billion CNY [2][23]. - The company anticipates a revenue growth rate of 17.7% in 2025, with a net profit growth rate of 33.0% [2][23]. - The projected PE ratio for 2025 is 22 times [2][23]. Market Position and Competitive Advantage - The company holds the top market share in the smart cockpit domain, with an 18.8% market share based on installation volume [9][23]. - The collaboration with Qualcomm aims to create cost-effective driving assistance solutions, enhancing the company's competitive edge in the ADAS market [15][17]. - The integration of a unified hardware platform with localized algorithms for the Chinese market and generalized algorithms for international markets is expected to streamline operations and reduce costs [15][17]. Product Development and Innovation - The EEA4.0 architecture is designed to meet the evolving needs of integrated vehicle computing, allowing for flexible configurations across different vehicle models [8][23]. - The company is developing a comprehensive driving assistance solution that covers various driving scenarios, including highway driving and urban navigation [18][23]. - The G10PH smart cockpit platform features advanced display technology and is set to enhance user interaction within the vehicle [9][23].

Group 1 - The core viewpoint of the news highlights the recent performance and growth prospects of Desay SV, a listed company, as reported by the private equity firm, Zhongou Ruibo [1] - In Q1 2025, Desay SV achieved a revenue of 6.792 billion yuan, representing a year-on-year growth of 20.26%, and a net profit of 582 million yuan, with a year-on-year increase of 51.32% [1] - The company has secured multiple new project orders from well-known automotive manufacturers such as Li Auto and Xpeng, particularly in the field of advanced driver assistance systems [1] Group 2 - Desay SV's overseas order annual sales are projected to exceed 5 billion yuan in 2024, reflecting a year-on-year growth of over 120%, with several new project orders from international automotive companies [1] - The smart cockpit business is expected to generate revenue of 18.230 billion yuan in 2024, with annual sales from new project orders exceeding 16 billion yuan, indicating a solid market position [1] - The rapid upgrade of advanced driver assistance technology is anticipated to drive continuous iterations and upgrades of smart cockpit products, leading to an increased market penetration of higher-level products and expanding market space [1]

Group 1: Financial Performance - In Q1 2025, the company achieved a revenue of 67.92 million CNY, representing a year-on-year growth of 20.26% [5] - The net profit attributable to shareholders was 5.82 million CNY, with a year-on-year increase of 51.32% [5] - The net profit after deducting non-recurring gains and losses grew by 34.08% [5] Group 2: Product Development and Partnerships - The company has provided support for various models from clients such as Li Auto, XPeng Motors, and Great Wall Motors in the field of advanced driving assistance systems [5] - A strategic cooperation agreement was signed with Haobo to jointly develop a new generation of high-performance chips for advanced driving assistance systems [5] - The company is collaborating with Chery Automobile to develop an integrated cockpit and driving control platform, marking a significant technological breakthrough [5] Group 3: International Market Expansion - In 2024, the company’s overseas order annualized sales exceeded 50 million CNY, with a growth rate of over 120% [5] - New project orders have been secured from renowned international automakers including TATA MOTORS, VOLKSWAGEN, and TOYOTA [5] - The company is establishing production capacity in Europe, with a factory in Germany already operational and another in Spain expected to be completed by 2025 [6] Group 4: Competitive Advantages in Smart Cockpit Business - The smart cockpit business is focused on creating new human-machine interaction relationships for future intelligent travel scenarios [6] - In 2024, the smart cockpit business is projected to achieve an annual revenue of 160 million CNY, with new project orders annualized sales exceeding 182.30 million CNY [6] - The rapid development of AI and advanced driving assistance technologies is expected to enhance the market penetration of higher-level smart cockpit products [6]

Group 1 - The core viewpoint of the news is the emphasis on strengthening the standard supply for intelligent connected vehicles as outlined by the Ministry of Industry and Information Technology (MIIT) in its 2025 automotive standardization work points [1][2] - The MIIT aims to accelerate the approval and implementation of standards related to autonomous driving, including design operation conditions, automatic parking, and simulation testing [1][2] - The report highlights that companies in the industry chain will focus on enhancing product maturity and safety, with major manufacturers expected to streamline hardware and software architectures and accelerate data collection [2] Group 2 - The intelligent connected vehicle ETF (159872) has shown a positive performance, with notable increases in constituent stocks such as Derun Electronics (8.65%) and Yiyuan Communication (5.78%) [1] - As of March 31, 2025, the top ten weighted stocks in the China Securities Internet of Vehicles Theme Index (930725) include BYD, Hongfa Technology, and Huichuan Technology, collectively accounting for 50.65% of the index [2]

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics and Intelligent Cockpit Solutions Key Points and Arguments Financial Performance and Projections - Desay SV expects a consistent annual decline of approximately 4%-6% in 2025, but anticipates a cost reduction of 20%-30% per vehicle through integrated cockpit solutions like the 8,775 design innovation [2][6] - The gross margin for Q1 2025 improved compared to Q4 2024 and Q1 2024, returning to a normal level due to product structure changes and the increasing share of domain control products [3][10] Strategic Partnerships and Innovations - A comprehensive strategic partnership with Qualcomm covers autonomous driving, integrated cockpit, and cockpit domains, aiming to enhance cost-effectiveness and promote mass production [2][7] - The fifth-generation intelligent cockpit platform is expected to enter mass production in 2026, maintaining costs around 5,000 to 6,000 yuan, with Qualcomm's solutions projected to capture 70% of the market share by 2024 [5][22] Market Share and Competitive Landscape - Desay SV anticipates an increase in market share, particularly in the cockpit domain control area, with Qualcomm's solutions expected to exceed 30% market share by 2026 [2][9] - The integration of cockpit and driving systems is expected to standardize configurations and reduce competition, benefiting larger enterprises with scale advantages [18][19] Cost Reduction Strategies - The company aims to replace scattered products with a complete solution to achieve cost reductions of 20%-30% for automakers while maintaining profitability [11][12] - The integration of self-developed algorithms into mature hardware provides a competitive edge over software companies entering hardware [13] International Expansion - Desay SV's overseas business is a key growth area, with expectations of significant order volumes starting in 2025, potentially reaching nearly 20% of total sales in the next two to three years [20] - Initial products for international markets will include displays and central control units, with intelligent driving products expected to follow in 2026 [20] Profitability and Margin Outlook - The gross margin for domestic operations was around 20% in 2024, with expectations of improvement as overseas sales increase, particularly in high-margin intelligent driving products [21] - The company aims to maintain stable gross margins despite potential impacts from changes in customer structure and the introduction of new clients [30] Future Product Development - The company plans to expand its algorithm team in Shanghai to enhance R&D capabilities, focusing on mid-to-low tier scenarios like parking and highway driving [16] - New product lines, including AI HUD and electronic rearview mirrors, are being developed to enhance competitiveness [25] Investment Opportunities - Investors are encouraged to focus on opportunities in the Intelligent Connected Vehicle (ICV) sector, as the overall valuation is at a historical low, indicating potential for growth [31] Additional Important Insights - The competitive landscape is expected to stabilize as smaller competitors face challenges, leading to a more rational market environment [17] - Desay SV's strategy includes adapting algorithms for local markets, with a preference for increasing the share of proprietary algorithms in their offerings [23][24]

25Q1业绩超预期兑现： | 投资要点 | | --- | 2030战略启新程，科技生态人文协同： 公司于2025年4月发布2030战略，以"智新境，向远大"为主题，围绕"科技×生态×人文"三维协 同新范式展开，科技是底层引擎，生态是价值放大器，人文是终极目标，让技术回归「为人服 务」的本质。智能化领域，构建了"量产一代、研发一代、储备一代"的矩阵策略，在辅助驾驶 领域，已经具备"硬件平台+软件算法+系统集成"的全栈能力；全球化布局方面采用「走进去、 属地化」战略，利用技术基因+本土化适配模式，更好地服务全球客户，也能够规避地缘风 险。 用户分类以需定品，需求导向引领技术演进： 公司于2025年4月发布《德赛西威AI出行趋势研究报告》，将用户群体分为三大类， AI辅助一 族年龄相对较大持保守渐进态度， AI协同一族对AI技术接受度高， AI共生一族对技术依赖程 度高，对未来发展持乐观态度；技术演进与设计革新方面，通过AR-HUD案例，展现从需求出 发进行技术融合的全新设计力体系，为后续研发提供「需求洞察-技术验证-商业落地」范式； 报告推演出需求驱动下AI-Space六大趋势，全息守护：AI感知。自然调律：捕 ...

伐谋-中小盘信息更新 德赛西威（002920.SZ） Q1 业绩靓丽，首发全栈辅助驾驶解决方案 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 103.40 | | 一年最高最低(元) | 144.50/82.87 | | 总市值(亿元) | 573.82 | | 流通市值(亿元) | 570.26 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.52 | | 近 3 个月换手率(%) | 74.87 | 中小盘研究团队 zhaoxuyang@kysec.cn 赵旭杨（分析师） 王镇涛（联系人） wangzhentao@kysec.cn 证书编号：S0790124070021 2025Q1 业绩稳健增长，发布智驾解决方案拓展成长空间 公司发布 2025 年一季报，2025Q1 实现营业收入 67.92 亿元，同比+20.26%；实 现归母净利润 5.82 亿元，同比+51.32%；实现扣非净利润 4.97 亿元，同比+34.08%， 2025Q1 非经常性损益为 0.85 亿，主要由于处 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Viewpoints - The company is positioned to benefit significantly from the AI-driven automotive industry, with a strategic focus on technological innovation and global expansion [7][12] - The company has released its 2030 strategy, emphasizing a collaborative approach between technology, ecology, and humanity to enhance user experience [12][17] - The first quarter of 2025 showed strong performance, with total revenue of 6.792 billion yuan, a year-on-year increase of 20.26%, and a net profit of 582 million yuan, up 51.32% [39][40] Summary by Sections 1. 2030 Development Strategy - The company launched its 2030 strategy themed "Smart New Realm, Towards Greatness," focusing on a three-dimensional collaborative model of technology, ecology, and humanity [12] - It aims for significant revenue growth through increased R&D investment and a global presence with 12 R&D centers and over 4,200 personnel [13][17] 2. AI-Driven Innovations - The company introduced the industry's first integrated cockpit and driving solution based on Qualcomm's SA8775P, optimizing costs and enhancing performance [31] - The fifth-generation intelligent cockpit platform G10PH was successfully launched, showcasing advanced AI capabilities and high-performance computing [34] 3. Financial Performance - The company forecasts revenue growth from 36.9 billion yuan in 2025 to 56.5 billion yuan in 2027, with corresponding net profits increasing from 2.76 billion yuan to 4.71 billion yuan [1][47] - The report highlights a projected PE ratio decline from 21 in 2025 to 12 in 2027, indicating improving valuation metrics [1][47]