伐谋-中小盘信息更新 德赛西威（002920.SZ） 智驾零部件龙头供应商，AI 赋能开启新增长 2025 年 08 月 21 日 投资评级：买入（维持） | 日期 | 2025/8/21 | | --- | --- | | 当前股价(元) | 118.70 | | 一年最高最低(元) | 144.50/83.78 | | 总市值(亿元) | 658.72 | | 流通市值(亿元) | 656.57 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 76.64 | 中小盘研究团队 赵旭杨（分析师） 王镇涛（联系人） zhaoxuyang@kysec.cn 证书编号：S0790523090002 证书编号：S0790124070021 wangzhentao@kysec.cn 公司发布 2025 中报，维持行业龙头地位增长水平，收入符合预期 德赛西威 2025H1 实现营业收入 146.44 亿元，同比+25.25%，归母净利润 12.23 亿元，同比+45.82%；其中 2025Q2，实现营业收入 78.52 亿元，环比+15.61%， 实现归 ...

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics Key Financial Performance - **Revenue**: Achieved over 14.6 billion CNY in H1 2025, a year-on-year increase of 25% [3] - **Net Profit**: 1.22 billion CNY, up 46% year-on-year, with a net profit margin of 8.35% [2][3] - **Gross Margin**: Maintained above 20% [2][3] - **Order Scale**: Annualized order scale exceeded 18 billion CNY in H1 2025, with cockpit orders surpassing 10 billion CNY [7] Product and Market Performance - **Product Growth**: Intelligent cockpit and advanced driver assistance domain control products grew over 50% [2][3] - **Market Share**: Cockpit domain control accounted for 21% of total revenue, while advanced driver assistance domain control accounted for 24% [2][3] - **Client Structure**: Continuous optimization with significant growth from domestic brands (Geely, Chery, Great Wall) and joint ventures (Volkswagen, Toyota) [5] Strategic Goals and Future Outlook - **Growth Target**: Aim to maintain over 20% growth in the next strategic cycle and enter the top 30 global automotive parts suppliers [6][8] - **Global Expansion**: Focus on expanding into Europe, Japan, and Southeast Asia through localized operations and diversified outbound strategies [8][16] - **Innovation in New Fields**: Exploring new business areas such as unmanned delivery and robotics [8] Regulatory and Technological Developments - **Compliance with New Regulations**: Enhanced safety and reliability of driver assistance systems in response to new regulations [4][9] - **Collaboration with Qualcomm**: Development of integrated driving and cockpit solutions expected to launch in Q1 2026, with a cost advantage of 20% over market solutions [4][19] Challenges and Responses - **Production Capacity Utilization**: Noted decline in utilization rates for intelligent cockpit and driving systems, attributed to market demand changes and production adjustments [28][29] - **Supply Chain and Chip Development**: Addressing challenges posed by self-developed automotive chips and the need for high-performance chips to keep pace with rapid technological advancements [25][26] Investment and Future Projects - **New Capacity Investments**: Plans for new production facilities in Huizhou and Chengdu, with total investments nearing 2 billion CNY [28] - **AI Computing Center**: Investment in AI computing capabilities to enhance competitive edge and support internal operations [36][37] Conclusion Desay SV is positioned for significant growth in the automotive electronics sector, with a strong focus on innovation, global expansion, and compliance with evolving regulations. The company aims to leverage its technological advancements and strategic partnerships to enhance its market position and drive future profitability.

Financial Performance - The company's revenue for the first half of 2025 reached 1.46 billion yuan, representing a year-on-year growth of 25.25% [10] - Gross margin was 20.33%, with a net profit margin of 8.43%, showing increases of 0.29% and 1.19% respectively compared to the previous year [10] - New project orders secured during the first half of the year have an annualized sales value exceeding 18 billion yuan [10] Strategic Goals - The company aims to maintain strong growth and achieve international transformation, aspiring to enter the top tier of global automotive parts suppliers [10] - Key strategic directions include stabilizing domestic business, high-level R&D investment, and continuous innovation in intelligent solutions [12] Market Expansion - The company is focusing on overseas markets, particularly Europe, Japan, and Southeast Asia, with tailored strategies for each region [12][15] - In Europe, the company is establishing a complete research, production, and sales capability, while in Japan, it is making steady progress with major automotive brands [15] Product Development - The company is advancing its intelligent driving and cockpit products, with a focus on high-value, high-technology content products [10] - The integration of hardware and software capabilities is emphasized, with a full-stack approach to product development [18] Regulatory Compliance - New regulations in intelligent driving are seen as beneficial for the industry's healthy development, with the company actively participating in standard-setting [12] - The company is enhancing its capabilities to meet stricter safety and reliability requirements for intelligent driving systems [12][14] Competitive Advantage - The company maintains a competitive edge through innovative product offerings and a diverse product matrix that meets a wide range of customer needs [12][14] - Continuous investment in R&D and a focus on high-performance, cost-effective solutions are key to sustaining market leadership [12][14] Future Outlook - The company is exploring new business opportunities in areas such as autonomous delivery and robotics, aiming for sustainable long-term growth [12][16] - The development of low-speed autonomous vehicles is underway, targeting applications in logistics and special modifications [16]

在A股市场沪指创出十年新高的时刻，权益类基金再次成为投资者关注的焦点。Wind数据显示，过去十 年间（2015年8月20日至2025年8月20日），全市场1053只权益类基金（仅统计主代码）中，正收益产品 数量占据绝对主流，共有958只收益为正，占比超过90%，仅有95只收益为负，体现了主动权益基金在 长期维度上创造超额收益的能力。 | 序号 | 证券代码 | 证券简称 | 近十年累计单位 净值增长率 | | 今年以来回报 成立以来回报 | 基金规模 | 基金经理 | 基金成立日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | (%) | (%) | (%) | (HZ) | | | | 1 | 166301.OF | 华商新趋势优选 | 456.21 | 25.10 | 435.29 | 44.69 | 章立 | 2015/5/14 | | 2 | 000628.OF | 大成高鑫A | 373.82 | 10.82 | 400.83 | 179.16 | 刘旭 | 2015/2/3 | | 3 | 001437.OF | ...

近5日机构合计调研111家公司，水晶光电、德赛西威、百亚股份等被多家机构扎堆调研。 证券时报·数据宝统计，近5个交易日（8月14日至8月20日）两市约111家公司被机构调研，调研机构类 型显示，证券公司共对107家公司进行调研，即96.40%的上市公司调研活动有证券公司参与；基金公司 调研91家，位列其后；阳光私募机构调研72家，排名第三。 机构调研榜单中，共有67家公司获20家以上机构扎堆调研。水晶光电最受关注，参与调研的机构达到 231家；德赛西威被157家机构调研，榜单中排名第二；百亚股份、壹石通等分别被154家、137家机构调 研。 | 证券代码 | 证券简称 | 机构调研次数 | 机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | --- | | 002273 | 水晶光电 | 1 | 231 | 25.29 | 14.02 | 电子 | | 002920 | 德赛西威 | 1 | 157 | 119.16 | 5.73 | 计算机 | | 003006 | 百亚股份 | 1 | 154 | 29.58 | ...

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：2025-064 惠州市德赛西威汽车电子股份有限公司 关于持股 5%以上股东减持公司股份实施情况公告 持股 5%以上股东惠州市创新投资有限公司保证向公司提供的信息披露内容 真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及全体董事会成员保证公告内容与信息披露义务人提供的信息一致。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"或"本公司"） 于 2025 年 6 月 7 日披露了《关于公司股东减持股份预披露公告》（公告编号： 2025-045），公司持股 5%以上股东惠州市创新投资有限公司（以下简称"惠创 投"）因自身资金需求，计划在预披露公告之日起 15 个交易日后的 3 个月内以 集中竞价或大宗交易方式减持本公司股份不超过 16,400,000 股，不超过公司当前 总股本（不含公司回购专户股份）的 3%。 公司分别在 2025 年 7 月 30 日与 2025 年 8 月 7 日，对惠创投权益变动触及 1%的整数倍的情况进行披露，具体详见公司披露的《关于 5%以上股东权益变动 触及 1%整数倍的公 ...

证券时报·数据宝统计显示，近10日共有191家公司获机构调研，调研机构类型显示，证券公司调研达 178家，占比最多；基金公司调研155家，位列其后；海外机构共对54家上市公司进行走访。 根据调研日期截止日统计，近10日（8月7日至8月20日），海外机构对54家上市公司进行调研，其中， 华明装备最受关注，被82家海外机构密集调研。 海外机构调研榜单中，华明装备参与调研的海外机构达到82家，最受关注；其次是德赛西威，参与调研 的海外机构共有18家。 从股价表现看，获海外机构调研股近10日平均上涨7.88%。其中，股价上涨的有工业富联、壹石通等， 表现最好的是工业富联，累计涨幅为39.68%。股价下跌的有9只，跌幅最大的是三德科技，累计跌幅为 12.06%。 从业绩来看，近日获海外机构关注个股中，有33只公布了中期业绩（含快报），净利润增幅居前的有豪 鹏科技、同兴科技。（数据宝） 近10日海外机构调研股 | 证券代码 | 证券简称 | 海外机构家数 | 最新收盘价（元） | 其间涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 601138 | 工业富联 | ...

Group 1 - The Shanghai Municipal Economic and Information Commission, along with two other departments, released an implementation plan to accelerate the development of "AI + manufacturing," which includes the establishment of "AI + manufacturing" factories and the practical deployment of various types of embodied intelligence, such as humanoid robots, in typical scenarios [1] - The automotive parts ETF closely tracks the CSI Automotive Parts Theme Index, which includes many companies involved in the robotics industry chain, indicating potential benefits from accelerated industry development. The automotive parts ETF saw an increase in early trading [1] - The CSI Automotive Parts Theme Index selects 100 listed companies from the Shanghai and Shenzhen markets that are involved in automotive system components, interior and exterior parts, automotive electronics, tires, etc., reflecting the overall performance of listed companies in the automotive parts theme [1] Group 2 - As of July 31, 2025, the top ten weighted stocks in the CSI Automotive Parts Theme Index (931230) include Huichuan Technology (300124), Fuyao Glass (600660), Sanhua Intelligent Control (002050), Top Group (601689), Sailun Tire (601058), Desay SV (002920), Huayu Automotive (600741), Wanfeng Aowei (002085), Yinlun Co. (002126), and Shuanghuan Transmission (002472), with the top ten stocks accounting for a total of 40.36% of the index [1]

Investment Rating - The report maintains a "Recommended" rating for the automotive industry [4]. Core Insights - The automotive market in July showed strong terminal demand despite entering the traditional off-season, with a year-on-year increase in sales [9][10]. - The penetration rate of new energy vehicles (NEVs) in domestic passenger cars has reached a historical high, indicating a positive trend for future growth [9][10]. Summary by Sections 1. Biweekly Update - In July, the automotive production was 2.591 million units, a year-on-year increase of 13.3%, while sales were 2.593 million units, up 14.7% year-on-year [9]. - Domestic sales of passenger cars reached 2.018 million units, with a year-on-year increase of 12.6% [9]. - The NEV penetration rate in July was 54.5%, reflecting a recovery to levels seen in September-October 2024 [10]. 2. Market Review - The automotive sector's performance was ranked 10th among 30 industries, with a biweekly increase of 5.64% [11]. - The best-performing sub-sectors included motorcycles and others, with a biweekly increase of 16.76% [11][15]. 3. Industry News - The report highlights the reintroduction of vehicle replacement subsidies in regions like Gansu and Guangxi, which is expected to support domestic demand [9]. - The report anticipates continued growth in NEV sales, driven by new model launches and a weakening sales momentum for fuel vehicles [10]. 4. Investment Recommendations - Recommended stocks include BYD and Li Auto for complete vehicles, and Huayu Automotive and Bertel for components [6]. - The report also suggests investing in companies involved in the human-robot industry chain, such as Top Group and Sutech [6].

8月18日，沪深两融数据显示，德赛西威获融资买入额1.61亿元，居两市第413位，当日融资偿还额1.61 亿元，净买入7.71万元。 本文源自：金融界 作者：智投君 最近三个交易日，14日-18日，德赛西威分别获融资买入1.24亿元、1.10亿元、1.61亿元。 融券方面，当日融券卖出0.12万股，净卖出0.07万股。 ...