Group 1 - The global millimeter-wave radar market is projected to reach approximately $4.7 billion in 2024, up from $3.49 billion in 2022, indicating significant growth driven by advancements in autonomous driving technology [1][3] - By 2030, the market size is expected to expand to around $11.45 billion, reflecting the rapid penetration of millimeter-wave radar across various price segments in the automotive industry [3] - The demand for short- and mid-range millimeter-wave radar is the primary focus in the automotive market, with short- and mid-range mmWave accounting for 38% of the market share in 2023 [6] Group 2 - Level 3 autonomous vehicles typically utilize five millimeter-wave radars, while Level 5 vehicles are anticipated to employ eight radars, enhancing their sensing capabilities [5] - The current market composition for vehicle-mounted millimeter-wave radar includes 2% for LiDAR, 26% for camera modules, 34% for long-range mmWave, and 38% for short- and mid-range mmWave [6] - Major listed companies in the industry include Desay SV Automotive, Huayu Automotive Systems, Luxshare Precision, OFILM Group, Jingwei Hirain Technologies, and United Imaging [1]

Core Viewpoint - The company has completed the repurchase and cancellation of certain restricted stocks as part of its 2021 stock incentive plan, which is aimed at aligning the interests of employees with those of shareholders and ensuring the effectiveness of the incentive program [1][4][11]. Summary by Sections Stock Incentive Plan Approval and Implementation - The company approved the 2021 restricted stock incentive plan on August 31, 2021, with independent directors affirming its benefits for sustainable development [1]. - On November 4, 2021, the company received approval from the Huizhou State-owned Assets Supervision and Administration Commission for the implementation of the plan [2]. - The list of incentive recipients was publicly announced on November 5, 2021, with no objections received during the public notice period [2]. - The plan was formally approved by the shareholders on November 22, 2021, along with related management and assessment methods [2]. Stock Grant and Cancellation - The company completed the grant registration for the restricted stocks on December 24, 2021, with the stocks listed on December 29, 2021 [3]. - Adjustments to the repurchase price and cancellation of certain stocks were approved in meetings held on June 22, 2022, and July 8, 2022, leading to the cancellation of 76,000 shares held by 14 recipients [4]. - Further adjustments and cancellations were made in 2023, with 174,600 shares canceled for 28 recipients on September 1, 2023 [5]. Recent Developments and Financial Impact - The company held meetings on December 22, 2023, to approve the conditions for the first release of restricted stocks, with the stocks set to be listed on December 29, 2023 [6]. - The company also approved the cancellation of 14,000 shares for recipients who left for personal reasons on September 5, 2024 [7]. - The repurchase price was adjusted to 46.19 RMB per share, with a total of 10,133 shares being repurchased using the company's own funds [9]. - The cancellation of restricted stocks is not expected to materially impact the company's financial status or operational results [11].

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：2025-029 惠州市德赛西威汽车电子股份有限公司 关于回购部分限制性股票注销完成的公告 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。 特别提示： 1、本次限制性股票回购注销涉及 5 名激励对象共 10,133 股，回购价格为 46.19 元/股。 2、截至目前，公司已在中国证券登记结算有限责任公司深圳分公司办理完成上述限制性股票 回购注销手续。 3、本次回购注销完成后，公司总股本由 554,959,434 股减至 554,949,301 股。 一、公司 2021 年限制性股票激励计划已履行的相关审批程序 （一）2021 年 8 月 31 日，公司第三届董事会第三次会议审议通过了《关于<公司 2021 年限 制性股票激励计划（草案）>及其摘要的议案》、《关于<公司 2021 年限制性股票激励计划管理办 法>的议案》、《关于<公司 2021 年限制性股票激励计划实施考核管理办法>的议案》、《关于提 请公司股东大会授权董事会办理 2021 年限制性股票激励计划有关事项的议案》 ...

近日，知名汽车智能化Tier企业芜湖埃泰克汽车电子股份有限公司(以下简称"埃泰克")上市辅导备案申 请获受理，辅导券商为华泰联合证券。 埃泰克曾于2023年1月13日与中信证券签署辅导协议，此次更换辅导券商，或表明IPO进程可能重新加 速。 公开资料显示，埃泰克为智能汽车电子企业，公司旗下坐拥智能车控、智能驾舱、智动驾驶等多个事业 部，主营业务包含EE电子电气架构和SOA理念为核心开发的车身域、域融合、智能驾驶域、智能网联 等产品。 值得注意的是，从业务结构来看，埃泰克的三大业务线与德赛西威（002920）智舱、智驾和智能网联汽 车业务的结构较为类似。而德赛西威为A股汽车"新四化"稀缺标的，其曾经凭借近千亿市值，跻身汽车 智能化赛道"股王"。 加之汽车智能Tier国产化的供应商标签，以及小米，复星等产业资本"大咖"加持，尚未IPO的埃泰克已 经光环加身。 从控股股东来看，埃泰克为系出"奇瑞系"的关联供应链企业。 2019年，埃泰克收购博世持有伯泰克份额，令后者退出。随后，2021年12月，伯泰克部分股东或员工持 股计划退出或平移至母公司埃泰克的新一轮融资。 与此同时，代表小米的湖北小米长江产业基金合伙企业(有 ...

Core Viewpoint - Desay SV Automotive plans to issue A-shares to raise up to 439.88 million yuan for various projects, including the construction of a new base and R&D for smart automotive electronics [1][6]. Company Overview - Desay SV Automotive specializes in the R&D, design, production, and sales of automotive electronic products, focusing on smart cockpits, intelligent driving, and connected services [2]. - The company serves major domestic and international automotive manufacturers, including Li Auto, Chery, and Volkswagen, and has over 3,600 patents [2]. Financial Performance - For the year 2024, the company reported a revenue of 2,761.81 million yuan and a net profit of 201.81 million yuan [4][6]. - The company's asset-liability ratio stands at 54.54%, and the weighted average return on equity is 23.07% [4]. Fundraising Details - The funds raised will be allocated to three main projects: the construction of a base in Central and Western China, production of smart automotive electronic systems, and R&D for an intelligent computing center [1][4]. - The construction periods for these projects are 48 months, 60 months, and 36 months, respectively [1][6]. Shareholder Structure - The company has no controlling shareholder, with the two largest shareholders being Desay Group and Huichuang Investment, holding 28.31% and 26.49% of shares, respectively [2][4].

Core Insights - BYD's "Tian Shen Zhi Yan" has initiated the "Intelligent Driving Equality" era, shifting competition in the automotive industry from price to intelligence [1] - Desay SV's 2024 performance shows a profit growth of nearly 30%, but fourth-quarter results indicate pressure from price wars in the supply chain [1][2] Financial Performance - Desay SV reported a revenue of 27.618 billion yuan in 2024, a year-on-year increase of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% [2] - The company's revenue growth in the first three quarters was 31.13%, with net profit growth of 46.49%, indicating a slowdown in the fourth quarter [2][3] - The fourth quarter saw revenue of 8.643 billion yuan, with net profit growth slowing to 2% year-on-year [3] Cash Flow and Financial Health - Desay SV's operating cash flow reached a net inflow of 1.494 billion yuan, the highest in its history, but overall cash decreased by 4.12 billion yuan [5] - The company's accounts receivable increased significantly, indicating extended payment terms from downstream manufacturers [7] - The inability to convert receivables into commercial bills has increased financing costs for Desay SV [8] Industry Dynamics - The automotive industry is experiencing a price war, with OEMs applying pressure on suppliers, as highlighted by a notable email from a car manufacturer [9][10] - Desay SV's management attributes performance issues to currency fluctuations and accounting adjustments rather than price pressures from clients [11] - The introduction of BYD's "Tian Shen Zhi Yan" is seen as a move that could compress profit margins across the intelligent driving supply chain [12] Future Outlook - The year 2025 is anticipated to be a pivotal year for intelligent driving, presenting both opportunities and challenges for companies like Desay SV [13]

Summary of the Conference Call on Autonomous Driving in China Industry Overview - The autonomous driving (AD) sector in China is moving towards mainstream adoption, with significant advancements in technology and increased competition among electric vehicle (EV) manufacturers [2][16] - BYD has launched "God's Eye," an advanced smart-driving system, which will be integrated into its mass-market EVs, enhancing the adoption of autonomous driving features [2][16] - Other competitors like Tesla, Xpeng, Li Auto, and Geely are also enhancing their smart driving capabilities, leading to rising sector share prices [2][18] Key Points and Arguments - **Market Dynamics**: The introduction of advanced autonomous driving features is expected to drive up stock prices, but increased competition may lead to price cuts and margin pressures, accelerating industry consolidation [2][30] - **Consumer Trends**: Consumer acceptance of autonomous driving is rising, with 86% of China's auto market comprising vehicles priced below RMB300,000. BYD and Tesla dominate the market segments below RMB300,000 [22][23] - **Penetration Rates**: The estimated penetration rate of higher-level autonomous driving functions in China's EV market is approximately 11%, rising to 17% when including Tesla [24][26] - **Future Projections**: The EV penetration rate in China is projected to reach 60% in 2025, 69% in 2026, and 99% by 2030, which will significantly impact the adoption of smart driving features [24] Investment Opportunities - **Preferred Automakers**: EV makers with strong autonomous driving capabilities and robust product cycles are best positioned to benefit from the market dynamics [3][20] - **Supply Chain Opportunities**: The smart driving supply chain presents multiple growth opportunities for component makers, as many EV manufacturers rely on tech suppliers for software, AI chips, and sensors [4][39] - **Initiations of Coverage**: HSBC Qianhai Securities has initiated coverage on Desay and Tuopu, both key players in the supply chain, with Buy ratings due to their strong positioning in the autonomous driving market [5][45] Additional Insights - **Consumer Preferences**: The proportion of intelligent features influencing buying decisions has increased from 12% in 2022 to 14% in 2023, indicating a growing trend towards smart vehicles [50][58] - **Pricing Strategies**: As autonomous driving features become commoditized, consumer willingness to pay for these features has declined, particularly in Tier-1 cities [51][60] - **Technological Advancements**: The shift towards AI-based algorithms and increased computing power among key players like Huawei, Xpeng, and Li Auto is crucial for the development of autonomous driving technology [65][69] Risks and Challenges - **Market Risks**: Potential risks include lower-than-expected consumer adoption, regulatory tightening, and global trade tensions affecting China's smart EV technology exports [35][36] - **Sustainability Concerns**: Questions remain regarding the long-term business model sustainability for autonomous driving component suppliers, despite their growth opportunities [39][40] This summary encapsulates the key insights and developments in the autonomous driving sector in China, highlighting the competitive landscape, investment opportunities, and potential risks.

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 证券代码：002920 证券简称：德赛西威 公告编号：2025-028 惠州市德赛西威汽车电子股份有限公司 关于向特定对象发行股票募集说明书（注册稿）等相关文件 更新财务数据的提示性公告 惠州市德赛西威汽车电子股份有限公司董事会 2025 年 3 月 24 日 公司向特定对象发行股票的申请已收到中国证券监督管理委员会（以下简称 "中国证监会"）出具的《关于同意惠州市德赛西威汽车电子股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕315 号），同意公司向特定对象 发行股票的注册申请，具体内容详见公司于 2025 年 3 月 6 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于向特定对象发行股票申请获得中国证券监 督管理委员会同意注册批复的公告》（公告编号：2025-014）。 鉴于公司已于 2025 年 3 月 15 日披露了《2024 年年度报告》，根据《监管规 则适用指引——发行类第 7 号》等相关要求，公司会同相关中介机构对募集说明 书等申 ...

中信证券股份有限公司 关于 惠州市德赛西威汽车电子股份有限公司 2024年度向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年三月 惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）接受惠州市 德赛西威汽车电子股份有限公司（以下简称"德赛西威""发行人"或"公 司"）的委托，担任惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对 象发行 A 股股票（以下简称"本次证券发行""本次向特定对象发行"或"本 次发行"）的保荐人，为本次发行出具发行保荐书。 保荐人及指定的保荐代表人根据《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》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《证券发行上 市保荐业务管理办法》等有关法律、法规和中国证券监督管理委员会（以下简称 "中国证监会"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务 规则、行业执业规范和 ...

从行业分布来看，电子行业个股在调研热度前十榜单中占据重要地位。盛美上海、汇顶科技和深南电路 分别以25次、24次和19次的调研次数位列前十。 上周公募调研超百家公司，德赛西威最受关注 转自：新华财经 新华财经上海3月24日电 公募基金的调研维持活跃态势。据公募排排网最新统计数据，上周（2025年3 月17日至23日）有136家公募机构对103只A股个股展开调研，覆盖24个申万一级行业，合计调研次数达 668次。 在103只被调研个股中，有40只个股被调研频次不低于5次，相当于每个交易日至少接受一次公募机构调 研。具体来看，21只个股获得5至9次调研，10只个股获得10至19次调研，6只个股获得20至29次调研， 另有3只个股被调研不少于30次。其中，计算机行业龙头德赛西威以43次调研位居榜首，成为最受公募 机构关注的个股。参与调研的机构阵容强大，包括华夏基金、天弘基金等43家知名公募机构。 从机构排名来看，嘉实基金以18次的调研次数位居榜首。该机构重点关注的个股中，浙江荣泰、江河集 团和塔牌集团表现突出，上周股价涨幅显著。博时基金以16次的调研次数紧随其后，其调研组合中的科 兴制药、东方精工和塔牌集团同样录得 ...