截至8月13日收盘，英伟达概念上涨2.47%，位居概念板块涨幅第10，板块内，59股上涨，罗博特科20% 涨停，东方精工、博杰股份等涨停，胜宏科技、天孚通信、铂科新材等涨幅居前，分别上涨9.74%、 9.69%、7.36%。跌幅居前的有顺网科技、泰凌微、德赛西威等，分别下跌1.95%、1.53%、1.06%。 今日涨跌幅居前的概念板块 | 600699 | 均胜电 | 4.99 | 5.45 | 9482.87 | 6.67 | | --- | --- | --- | --- | --- | --- | | | 子 | | | | | | 300476 | 胜宏科 | 9.74 | 4.53 | 8426.09 | 0.95 | | | 技 | | | | | | 001339 | 智微智 | 3.63 | 20.78 | 7978.59 | 9.44 | | | 能 | | | | | | 300454 | 深信服 | 1.92 | 2.13 | 5751.91 | 9.23 | | 300698 | 万马科 | 3.85 | 14.56 | 5664.03 | 6.75 | | | 技 | | | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Insights - The company achieved a revenue of 14.644 billion yuan in H1 2025, representing 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 [5][6] - The company is focusing on new product iterations and an overseas expansion strategy, which has resulted in a strong performance in the international market [6][9] - The automotive electronics business has shown robust growth, with significant contributions from smart cockpit, smart driving, and connected services [6][9] Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 14.644 billion yuan, a 25.25% increase year-on-year, with Q2 revenue reaching 7.852 billion yuan, up 29.9% year-on-year and 15.61% quarter-on-quarter [5][6] - The net profit attributable to shareholders for H1 2025 was 1.223 billion yuan, reflecting a 45.82% year-on-year growth, while the net profit for Q2 was 640 million yuan, up 41.15% year-on-year [5][6] - The overall gross margin for the automotive electronics business was 20.33%, an increase of 0.29 percentage points year-on-year [6] Business Strategy - The company has successfully established a closed loop for orders, production capacity, and revenue through its overseas strategy, achieving 1.038 billion yuan in overseas sales, a 36.82% increase year-on-year [6][9] - The company is expanding its production capacity in Indonesia, Mexico, and Spain, aiming to enhance supply chain and delivery capabilities in Southeast Asia, the Americas, and Europe [6][9] Future Projections - The company is expected to achieve revenues of 34.32 billion yuan, 42.73 billion yuan, and 51.45 billion yuan in 2025, 2026, and 2027 respectively, with year-on-year growth rates of 24%, 25%, and 20% [8][10] - The projected net profit attributable to shareholders for the same years is 2.740 billion yuan, 3.452 billion yuan, and 4.292 billion yuan, with growth rates of 37%, 26%, and 24% respectively [8][10]

平安证券研报指出，德赛西威上半年业绩表现亮眼，国际化战略持续推进。公司已完成德国、法国、西 班牙等主要国家和地区的海外分支机构战略布局。2025年5月，公司在印尼地区开始贡献产能；2025年6 月，墨西哥蒙特雷工厂首个量产项目诞生；西班牙智能工厂预计将于2026年开始量产。三是培育全球化 与本地化融合的供应链网络，通过建立"强协同、共成长、共布局"机制赋能核心伙伴协同出海，并积极 引入培育符合全球化布局要求的区域本土优质供应商。未来，公司将持续深化全球化布局，以巩固在全 球汽车电子领域的领先地位。公司是我国智能汽车零部件领先企业，2025年上半年业绩表现良好，三大 核心业务共同发展，行业地位持续稳固。同时，国际化战略成效明显。持续看好公司的发展，维持"推 荐"评级。 ...

Domestic News - The US and China agreed to suspend the implementation of a 24% tariff on each other's goods for 90 days, effective from August 12, 2025, while retaining a 10% tariff [2] - The Chinese government announced a fiscal subsidy policy for personal consumption loans, focusing on household vehicles, effective from September 1, 2025, to August 31, 2026 [3] - Jilin Province is establishing a talent pool focusing on key industries such as new energy and intelligent connected vehicles [4] - The China Automobile Industry Association reported that three companies have achieved a 60-day payment term for accounts payable, with major state-owned and private enterprises participating [5] International News - Ford announced an additional $2 billion investment in electric vehicles, raising its total investment to $5 billion, aiming to launch a series of affordable electric vehicles, including a mid-size electric pickup truck priced at $30,000, expected to launch in 2027 [6] Company News - Aion Automobile reported that the delivery cycle for new orders in August is expected to shorten to 5-7 weeks, with over 60,000 units delivered as of early August [8] - Chery announced its entry into the Iraqi market through a partnership with Jameel Motors, planning to distribute Omoda and Jaecoo brands starting in Q4 of this year [9] - Former Honor CEO Zhao Ming denied rumors of joining Zhijie Automobile, stating he is unaware of such claims [10] - Micron Technology confirmed it will continue to develop NAND solutions for automotive and other terminal markets, despite halting mobile NAND product development [11] - Desay SV reported a net profit of 1.223 billion yuan for the first half of 2025, a 45.82% increase year-on-year, driven by growth in smart cockpit and intelligent driving businesses [12] - Zeekr and Geely Holding Group published a patent for a method to prevent motion sickness in vehicles, focusing on smart driving technology [13]

Core Insights - A total of 58 stocks received "buy" ratings from brokerages on August 12, with 16 of these stocks announcing target prices [1] - Based on the highest target prices, Desay SV, Wanhua Chemical, and Desay SV ranked highest in potential price increases, with expected rises of 42.22%, 36.72%, and 34.11% respectively [1] - Out of the rated stocks, 55 maintained their ratings, while 3 received their ratings for the first time [1] Company Ratings - Desay SV, Wanhua Chemical, and Guai Bao Pet received the most attention from brokerages, with 7, 3, and 3 ratings respectively [1] - The sectors with the highest number of stocks receiving "buy" ratings include Materials II, Food, Beverages & Tobacco, and Technology Hardware & Equipment, with 11, 11, and 10 stocks respectively [1]

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 ...