Core Viewpoint - The automotive display market is experiencing high growth but is simultaneously facing a structural dilemma of low profitability, leading to a shift in competitive focus from mere scale expansion to differentiation strategies [4][13]. Market Growth Potential - The global automotive display system market is projected to grow from $23.83 billion in 2024 to $47.37 billion by 2029, with a compound annual growth rate (CAGR) of 14.7% [2]. - The total shipment of automotive display panels is expected to reach 232 million units in 2024, marking a year-on-year increase of 6.2% [2]. Competitive Landscape - The automotive display market is viewed as a "second growth curve" for the display industry, especially as traditional markets like mobile phones and TVs face saturation [3]. - Major display manufacturers are increasingly investing in automotive display capacity, leading to intensified price competition [4]. Structural Challenges - The automotive display market is characterized by "structural dividends and competitive excess," with many suppliers feeling the pressure from both automotive manufacturers and price wars [4][10]. - The shift towards direct partnerships between panel manufacturers and automakers is emerging, reducing reliance on traditional Tier 1 suppliers [10][11]. Differentiation Strategies - Building deep relationships with automakers and Tier 1 suppliers is crucial for success, as the automotive project cycle is long and complex [15]. - Companies must focus on diverse technological innovation capabilities to meet the stringent requirements of automotive-grade products [15][16]. Company Strategies - BOE is adopting a comprehensive strategy to become a "general contractor" for smart cockpits, leveraging its extensive technology portfolio [18]. - Tianma is focusing on high-resolution LTPS LCD technology, achieving over 30% year-on-year revenue growth in its automotive business [19]. - TCL Huaxing is rapidly increasing its market share through deep partnerships with key automotive players, achieving a 125% year-on-year growth in automotive display shipments [20]. Emerging Technologies - The rise of electric vehicles is driving demand for larger and more advanced screens, with HUD technology becoming increasingly common in mid-range vehicles [7]. - Companies like XGIMI are exploring projection technology as an alternative to traditional screens, aiming to address space and adaptability challenges [23].

德赛西威（002920）在互动平台表示，公司已与奇瑞汽车达成相关合作，共同开发舱驾一体中央计算平 台，该平台基于公司自主研发的智能中央计算平台ICPS01E打造，采用创新的单芯片多域融合解决方 案，成为业内首款可量产舱驾一体SOC产品，标志着公司在智能驾驶核心技术领域取得重大突破。同 时，公司已与昊铂签订战略合作协议，将基于新一代高算力芯片共同研发推动新一代舱驾一体乃至中央 计算平台的加速落地，适配L4高级别自动驾驶软硬件系统需求。 ...

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [1] Core Views - The automotive sector is expected to benefit from the continuation of the vehicle trade-in policy in 2025, which is anticipated to support upward consumer spending [16] - The report highlights the emergence of high-end domestic brands and the potential for increased penetration of advanced driving technologies [16] - The report emphasizes the importance of the Robotaxi initiative by Tesla, which is set to launch on June 22, 2025, as a significant development in the industry [14] Summary by Sections Recent Developments - Multiple automotive companies have announced a "60-day payment term" commitment to suppliers, aiming to alleviate financial pressure [12] - The global first L3-level AI vehicle, the Xiaopeng G7, was officially unveiled with a pre-sale price of 235,800 yuan, featuring advanced AI capabilities [13] - Tesla plans to initiate its Robotaxi pilot service in Austin, Texas, with the first deliveries expected on June 28, 2025 [14] Market Performance - From June 9 to June 13, 2025, the A-share automotive sector underperformed compared to the Shanghai Composite Index, with a weekly decline of 0.8% [17] - The performance of individual segments showed a mixed trend, with passenger vehicles down by 2.0% and commercial vehicles up by 7.2% during the same period [17] Recommendations - The report recommends several companies based on their potential to benefit from the current market dynamics: 1. Domestic brands like Li Auto, JAC Motors, Geely, BYD, and Great Wall Motors are expected to thrive in the high-end market segment [16] 2. Companies involved in advanced driving technologies, such as Xiaopeng Motors, Huayang Group, Desay SV, and Kobot, are highlighted for their growth potential [16] 3. The report suggests focusing on companies with strong positions in the supply chain, such as Top Group, Sanhua Intelligent Control, and Beite Technology [16] 4. In the commercial vehicle sector, it anticipates a recovery in heavy truck demand, recommending companies like Foton Motor and China National Heavy Duty Truck [16]

Core Viewpoint - The automotive industry in China is at a critical juncture, facing challenges from intense competition and declining overall profitability despite the growth of domestic brands and the electric vehicle market [3][5][13]. Group 1: Industry Challenges and Decisions - The automotive industry is experiencing "involution" or excessive competition, leading to a widening gap in profit margins compared to the average profit margins of industrial enterprises [3][5]. - The forum emphasized the need for decisive actions to address the current challenges, with a focus on long-term strategies rather than short-term gains [5][8]. - The ten key decisions proposed for the Chinese automotive industry include: 1. Consensus against involution 2. Legal regulation to ensure order 3. Safety as a fundamental requirement 4. Exceeding user expectations 5. AI empowerment in business operations 6. Collaboration over comprehensive solutions 7. The necessity of a harmonious ecosystem 8. Commitment to global localization 9. Recognition that new automotive development is just beginning 10. Building strong foundations for future leadership [9]. Group 2: Corporate Strategies and Innovations - Companies like GAC emphasize the importance of a robust supply chain as a strategic partner to ensure product safety and quality [11]. - Chery Motors is focusing on user engagement by connecting engineers directly with customers to better understand their needs [15]. - NIO is committed to long-term strategies, enhancing operational management while continuing to invest in technology and product experience [18]. - Lantu Motors highlights the importance of understanding industry essence and pursuing positive values in every decision made [21]. Group 3: Technological Advancements and Market Trends - The rapid iteration of intelligent driving technology is leading to a significant opportunity in the market, with expectations for L2 and above autonomous systems to exceed 60% penetration by 2025 [27]. - The focus on safety in intelligent driving systems is becoming paramount, with maps playing a crucial role in ensuring safety [29]. - The concept of "intelligent driving equity" is gaining traction, aiming to make advanced driving features standard across various vehicle models [33][41]. Group 4: Globalization and Market Expansion - The forum discussed the risks and strategies associated with overseas expansion, emphasizing the importance of understanding local cultures and regulations [51][63]. - Companies are encouraged to adopt a collaborative approach in international markets, creating value for local communities rather than merely competing [69]. - The need for a dual cultural integration strategy was highlighted, ensuring that both Chinese efficiency and local workplace norms are respected [73].

惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"或"德赛西威"）于 2025 年 5 月 23 日召开的第四届董事会第十次会议、第四届监事会第十次会议， 以及 2025 年 6 月 9 日召开的 2025 年第二次临时股东大会，审议通过了《关于公 司<2025 年员工持股计划（草案）>及其摘要的议案》等相关议案，同意公司实 施 2025 年 员 工 持 股 计 划 。 具 体 内 容 详 见 公 司 刊 登 于 巨 潮 资 讯 网 （www.cninfo.com.cn）的相关公告。 根据《关于上市公司实施员工持股计划试点的指导意见》及《深圳证券交易 所上市公司自律监管指引第 1 号—主板上市公司规范运作》等相关规定，现将 2025 年员工持股计划实施的相关情况公告如下： 证券代码：002920 证券简称：德赛西威 公告编号：2025-052 惠州市德赛西威汽车电子股份有限公司 关于 2025 年员工持股计划非交易过户完成的公告 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。 一、2025 年员工持股计划的股票来源情况 202 ...

惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司 2025年股票期权激励计划授予激励对象名单（授予日） 一、激励对象名单及拟授出权益分配情况如下 | 职务 | 获授的股票期 权数量（万份 | 占授予股票期 | 占本激励计划公 告时总股本的比 | | --- | --- | --- | --- | | | ） | 权总量的比例 | 例 | | 核心管理人员、核心技 术/业务人员（298人） | 285.80 | 100.00% | 0.52% | | 合计 | 285.80 | 100.00% | 0.52% | 二、核心管理人员、核心技术/业务人员名单 1 惠州市德赛西威汽车电子股份有限公司 | 12 | 蔡俊华 | 112 | 梁世冠 | 212 | Wu Xiaojun | | --- | --- | --- | --- | --- | --- | | 13 | 蔡珂 | 113 | 廖朝徕 | 213 | 乡国伟 | | 14 | Tsai Yueh Lin | 114 | 廖海军 | 214 | 向钊宏 | | 15 | 蔡泽浩 | 115 | 林楚滨 | 215 | 肖桂花 | ...

1、2025 年 5 月 23 日，公司召开第四届董事会第十次会议，审议通过了《关 于公司<2025 年股票期权激励计划（草案）>及其摘要的议案》《关于公司<2025 年股票期权激励计划实施考核管理办法>的议案》《关于提请股东大会授权董事会 办理公司 2025 年股票期权激励计划相关事宜的议案》。 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：2025-050 惠州市德赛西威汽车电子股份有限公司 关于调整 2025 年股票期权激励计划授予激励对象名单的公告 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。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2025 年 6 月 9 日召开的第四届董事会第十一次会议、第四届监事会第十一次会议审议通过了 《关于调整 2025 年股票期权激励计划授予激励对象名单的议案》。根据《上市公 司股权激励管理办法》（以下简称"《管理办法》"）、公司《2025 年股票期权激励 计划（草案）》（以下简称"本次激励计划"）等的相关规定及公司 2025 年第二次 临时股东大会的授权，董事会 ...

一、核查的范围与程序 1、核查对象为激励计划的内幕信息知情人。 2、激励计划的内幕信息知情人均填报了《内幕信息知情人登记表》。 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：2025-047 惠州市德赛西威汽车电子股份有限公司 关于2025年股票期权激励计划内幕信息知情人 买卖公司股票情况的自查报告 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。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2025 年 5 月 23 日召开的第四届董事会第十次会议和第四届监事会第十次会议审议通过了《关 于公司<2025 年股票期权激励计划（草案）>及其摘要的议案》等相关议案。具体 内容详见公司于 2025 年 5 月 24 日在《证券日报》、《证券时报》、《上海证券 报》、《中国证券报》和巨潮资讯网（http://www.cninfo.com.cn）披露的相关公告。 根据《上市公司股权激励管理办法》等法律、法规及规范性文件的相关规定， 公司通过向中国证券登记结算有限责任公司深圳分公司查询，公司对 2025 年股 票期权激励 ...

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：2025-051 惠州市德赛西威汽车电子股份有限公司 关于向 2025 年股票期权激励计划激励对象授予股票期权的公告 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。 重要内容提示： 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）《惠州 市德赛西威汽车电子股份有限公司 2025 年股票期权激励计划（草案）》（以下 简称"本次激励计划"）等的相关规定，惠州市德赛西威汽车电子股份有限公司 （以下简称"公司"）董事会认为本次激励计划授予条件已经成就。根据公司 2025 年第二次临时股东大会的授权，公司于 2025 年 6 月 9 日召开第四届董事会第十 一次会议、第四届监事会第十一次会议，审议通过了《关于向 2025 年股票期权 激励计划激励对象授予股票期权的议案》，确定以 2025 年 6 月 9 日为授予日， 向符合条件的 298 名激励对象授予股票期权 285.80 万份，行权价格为 86.09 元/ 份。现将有关情况公告如下： 一、本次激励计划已履行的审批程序和 ...

北京市嘉源律师事务所 关于惠州市德赛西威汽车电子股份有限公司 2025 年股票期权激励计划相关调整及 授予事项的法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 嘉源（2025）-05-178 敬启者： 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》"）、中国证券监督管理委员会（以下简称"中国证 监会"）《上市公司股权激励管理办法》（以下简称"《管理办法》"）和《惠州市德 赛西威汽车电子股份有限公司章程》（以下简称"《公司章程》"）等有关规定，北 京市嘉源律师事务所（以下简称"本所"）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"或"公司"）的委托，就德赛西威 2025 年股票期权激励计 划（以下简称"本次激励计划"）调整激励对象名单（以下简称"本次调整"）以及向 激励对象授予股票期权（以下简称"本次授予"）相关事项出具本法律意见书。 北京 BEIJING·上海 SHANGHAI·深圳 SHENZHEN·香港 HONGKONG·广州 GUANGZHOU·西安 XI`AN 致：惠州市德赛西威汽车电子股份有限公司 北京 ...