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]

Core Viewpoint - Desay SV's Q2 2025 profits have significantly increased, driven by a robust internationalization strategy and strong growth in core business segments [1] Group 1: Financial Performance - In H1 2025, the company's overseas sales revenue reached 1.038 billion yuan, representing a year-on-year growth of 36.82% [1] Group 2: International Expansion - The company began contributing production capacity in Indonesia in May 2025 [1] - In June 2025, the Monterrey plant in Mexico launched its first mass production project, enhancing localized service for the Americas [1] - A smart factory in Spain is expected to start mass production in 2026, providing advanced intelligent products for the European market [1] Group 3: Product Innovation - The smart cockpit products benefit from the trend of large and multiple screens, along with the expansion of new customers [1] - The intelligent driving products cover levels L2, L3, and above, positioning the company favorably for long-term growth amid the smart transformation opportunities [1] Group 4: Investment Rating - The company maintains a "recommended" rating based on its growth prospects and strategic initiatives [1]

瑞财经 刘治颖 8月11日，德赛西威(SZ002920)发布2025年半年度报告。 | 分行业 | | | | | | | --- | --- | --- | --- | --- | --- | | 汽车电子 | 14, 644, 226, 208. 89 | 11, 667, 450, 753. 00 | 20. 33% | 25. 25% | 24. 79% | | 分产品 | | | | | | | 智能座舱 | 9, 459, 348, 516. 58 | 7, 590, 864, 258. 78 | 19. 75% | 18. 76% | 17.99% | | 智能驾驶 | 4, 146, 965, 738. 50 | 3, 328, 483, 628. 07 | 19. 74% | 55. 49% | 53.70% | | 分地区 | | | | | | | 境内销售 | 13, 606, 047, 681. 72 | 10, 929, 607, 733.00 | 19. 67% | 24. 44% | 24. 94% | 2025年上半年，德赛西威营业收入为146.44亿元，同比增加25.25% ...

Market Overview - The Shanghai Composite Index closed at 3666.91 points, above the annual line, with a change of 0.53% [1] - The total trading volume of A-shares reached 15535.32 billion yuan [1] Stocks Breaking Annual Line - A total of 25 A-shares have surpassed the annual line today, with notable stocks including Desay SV Automotive, *ST Guohua, and Kairun Co., which have significant deviation rates of 5.01%, 4.49%, and 3.80% respectively [1] - Other stocks like Central Plaza, CRRC, and Ninghu Expressway have just crossed the annual line with smaller deviation rates [1] Top Stocks by Deviation Rate - Desay SV Automotive (002920) showed a price increase of 7.60% with a deviation rate of 5.01% [1] - *ST Guohua (600636) increased by 4.97% with a deviation rate of 4.49% [1] - Kairun Co. (300577) rose by 4.54% with a deviation rate of 3.80% [1] - Wanli Stone (002785) and Huai Bei Mining (600985) also showed positive performance with deviation rates of 3.66% and 2.48% respectively [1] Additional Stocks with Minor Deviations - Stocks like Jiayi Co. (301004) and Tianfang Biao (871753) had deviation rates of 2.04% and 1.81% respectively [1] - Other stocks such as Huayang Group (002906) and Longxin Zhongke (688047) had minor deviations of 1.71% and 1.37% respectively [1] - Stocks like China National Chemical (601766) and Central Plaza (600280) had very small deviations of 0.07% and 0.04% respectively [2]

Group 1: Core Insights - The article highlights the increasing attention and investment in smart driving concept stocks, with a significant number of companies showing profitability and growth in net profits [8][9] - A notable event in the smart driving sector is the construction of China's first holographic perception smart highway, which is expected to enable L4 level autonomous driving [5][6] - Government policies are being implemented to promote the development of intelligent connected vehicles, including the establishment of a standard system for the industry [6][7] Group 2: Company Performance - Among the 38 smart driving concept stocks analyzed, 28 companies achieved profitability in the first half of the year, with Huayu Automotive, Top Group, and Desay SV earning the highest net profits of 2.841 billion, 1.094 billion, and 607 million respectively [8] - Companies like Baolong Technology, Guangting Information, and Daotong Technology reported over 100% year-on-year growth in net profits, while others like Junsheng Electronics and Qianfang Technology turned losses into profits [8] - Desay SV is recognized as a leader in the intelligent cockpit domain controller industry, with significant orders for its third and fourth generation products [9] Group 3: Investment Trends - Northbound capital has shown increased interest in smart driving stocks, with 20 stocks holding over 5 million shares, led by Huayu Automotive, Weir Shares, and Siwei Tuxin [8][9] - The article notes a significant increase in holdings for companies like APT and Huace Navigation, with growth rates of 142.11%, 69.8%, and 55.17% respectively [9] - The majority of smart driving concept stocks have received ratings from more than 10 institutions, indicating strong institutional interest [9]

Market Overview - The Shanghai Composite Index is at 3660.38 points, above the annual line, with a change of 0.35% [1] - The total trading volume of A-shares is 858.514 billion yuan [1] Stocks Breaking Annual Line - 18 A-shares have surpassed the annual line today, with notable stocks including Desay SV, Wanli Stone, and Huaibei Mining, showing deviation rates of 4.94%, 4.03%, and 3.10% respectively [1] - Stocks with smaller deviation rates that have just crossed the annual line include Kweichow Moutai, Ninghu Expressway, and Unisplendour [1] Top Stocks by Deviation Rate - The top three stocks with the highest deviation rates are: - Desay SV: 7.53% increase, trading at 114.00 yuan, deviation rate of 4.94% [1] - Wanli Stone: 4.36% increase, trading at 31.13 yuan, deviation rate of 4.03% [1] - Huaibei Mining: 3.49% increase, trading at 13.33 yuan, deviation rate of 3.10% [1] Additional Notable Stocks - Other stocks with significant performance include: - ST Guohua: 2.72% increase, trading at 8.68 yuan, deviation rate of 2.26% [1] - Kairun Technology: 2.95% increase, trading at 22.00 yuan, deviation rate of 2.22% [1] - Shanxi Fenjiu: 2.19% increase, trading at 190.70 yuan, deviation rate of 1.86% [1]