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 ...

上周公募调研超百家公司 德赛西威最受关注 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。 | 上周公募机构调研次数排名前十的▲股公司 | | | | | --- | --- | --- | --- | | 被调研 A 股公司简称 所属申万一级行业 周度股价涨跌幅 被调研次数(次) | | | | | 德塞西威 | 计算机 | - ...

Financial Performance - In 2024, the company achieved a revenue of 27.618 billion CNY, representing a year-on-year growth of 26.06%, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [7] - The net profit attributable to shareholders reached 2.005 billion CNY, a year-on-year increase of 29.62%, with a CAGR of 34.01% from 2021 to 2024 [7] International Expansion - The company has established factories in Germany and Spain, expected to be completed by the end of 2025, to supply smart cockpit and intelligent driving products to European clients [7] - In 2024, overseas order annual sales exceeded 1 billion CNY, marking a year-on-year growth of 50% [7] Intelligent Driving Business - The intelligent driving business generated a profit of 2.005 billion CNY in 2024, with a year-on-year growth of 29.62% [7] - New project orders in the intelligent driving sector have an annual sales value exceeding 2.7 billion CNY, laying a solid foundation for future growth [7] - The company has secured new project orders from renowned international automakers such as TATA Motors, Volkswagen, Ford, Audi, Lexus, Suzuki, and Honda [7] Intelligent Cockpit Development - The fourth-generation intelligent cockpit platform achieved mass production in 2024, successfully supplying clients like Li Auto [9] - The fifth-generation intelligent cockpit platform, based on a new AI chip, is designed to meet diverse user needs across various devices [9] Competitive Advantages - The intelligent cockpit business generated a revenue of 18.230 billion CNY in 2024, with new project orders exceeding 16 billion CNY [11] - The company is focused on building a new human-machine interaction relationship to adapt to future intelligent travel scenarios [11]

Financial Performance - In 2024, the company achieved operating revenue of CNY 27.618 billion, a year-on-year increase of 26.06% [3] - Net profit attributable to shareholders reached CNY 2.005 billion, up 29.62% year-on-year [3] - The compound annual growth rate (CAGR) from 2021 to 2024 for operating revenue was 42.38%, and for net profit, it was 34.01% [3] Cash Flow and Investment - The net cash flow from operating activities increased by 30.89% year-on-year, despite a 40% decrease in net cash inflow compared to the previous year [2] - The decrease in cash and cash equivalents was primarily due to increased capital expenditures and investments in fixed assets [2] Order Growth and Market Expansion - New project orders for 2024 exceeded CNY 27 billion, with overseas orders surpassing CNY 5 billion, reflecting a year-on-year growth of over 120% [3][10] - The company has established a strong order backlog, with annualized sales from new project orders increasing from CNY 20 billion in 2022 to CNY 27 billion in 2024 [3] Strategic Partnerships - Collaborations with Xiaopeng Motors and Horizon Robotics include smart driving domain controllers, sensors, and cockpit products [3] - The company has successfully mass-produced products for major clients such as Ideal Auto, Chery, and Geely, enhancing its market position [5] Product Development and Innovation - The company is focusing on enhancing its smart driving and smart cockpit products, with significant investments in R&D to meet diverse market demands [4][5] - The smart cockpit business generated CNY 18.230 billion in revenue in 2024, with new project orders exceeding CNY 16 billion [6] International Operations - The company is expanding its manufacturing capabilities in Europe, with operational factories in Germany and a new facility in Spain expected to be completed by the end of 2025 [6] - In Southeast Asia and Mexico, the company is establishing local manufacturing and service capabilities to cater to North and South American markets [6] Competitive Landscape - The smart cockpit market is becoming increasingly competitive, yet the company maintains a leading position through product diversification and strong customer relationships [7] - The integration of smart driving and smart cockpit technologies is expected to enhance overall vehicle efficiency and customer experience [7] Future Outlook - The company anticipates continued growth in smart driving and smart cockpit sectors, driven by advancements in AI and technology [9] - The expected increase in smart driving penetration rates will directly benefit the company's sales in this segment [4]

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：2025-027 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 2024 年 11 月 30 日在巨潮资讯网（http://www.cninfo.com.cn）及《证券时报》、 《证券日报》、《上海证券报》、《中国证券报》披露了《关于公司股东减持股 份预披露公告》（公告编号：2024-072）。公司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，计划在上述公告披露之日起 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公司股份不超过 11,000,000 股，不超 过公司总股本的 2%。 2、股东本次减持前后持股情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 ...

Summary of Desay SV (002920.SZ) Conference Call Company Overview - **Company**: Desay SV - **Ticker**: 002920.SZ - **Industry**: Automotive technology, focusing on AI, smart driving, and smart cockpit solutions Key Points Financial Performance - **4Q24 Results**: - Net income increased by 2% YoY but missed estimates by 29% and 20% compared to Goldman Sachs and Bloomberg consensus respectively [1] - Revenue growth slowed to 16% YoY in 4Q24, down from 27% YoY in 3Q24, leading to a total revenue growth of +26% YoY for 2024 [7] - Gross margin (GM) declined to 18.4% in 4Q24 from 20.9% in 3Q24, attributed to accounting adjustments, foreign exchange impacts, and accrued liabilities [1][7] - Operating expenses improved to 9.5% of revenue, better than consensus estimates [7] Revenue Growth Outlook - **2025 Revenue Growth**: Expected to be solid at +38% YoY, driven by the rise of smart EVs in China and advancements in generative AI [1] - **Smart Cockpit Revenue Guidance**: New orders annualized revenue guidance is over Rmb16 billion for FY2025, up from Rmb15 billion in early 2024 [2] - **Smart Driving Revenue Guidance**: New orders annualized revenue guidance is close to Rmb10 billion for FY2025, up from Rmb8 billion in early 2024 [3] Product Development - **Smart Cockpit**: - Gen-4 smart cockpit is in mass production, with Gen-5 launched based on AI chipsets for real-time decision-making [2] - First Head-Up Display (HUD) has started mass production, penetrating markets in Japan and Germany [2] - **Smart Driving**: - High-end smart driving domain controller (IPU04) received new orders from various car OEMs [3] - Collaboration with Chery to develop a central computing platform integrating smart cockpit and smart driving domains [3] Market Expansion - **Overseas Expansion**: - Construction of a smart factory in Spain to support European market expansion [7] - New foreign OEM customers include Honda, TATA Motors, VW, and others [7] Competitive Landscape - **Gross Margin Outlook**: Expected to stabilize at 20% from 2025 to 2027, despite competitive pressures [1] - **Market Position**: Desay SV maintains a leading market position, with a product mix upgrade expected to offset modest automotive market growth in China [10] Valuation and Investment Outlook - **Target Price**: Maintained at Rmb137, with a Neutral rating due to fair valuation [17] - **Risks**: Include competition among Chinese car OEMs, product line expansion speed, and development of automotive software and services [18] Financial Metrics - **2024 Revenue**: Rmb27.6 billion, with a gross profit of Rmb5.49 billion and a net income of Rmb2.005 billion [12] - **2025 Estimates**: Revenue expected to reach Rmb38.1 billion, with net income projected at Rmb3.028 billion [12] Conclusion Desay SV is positioned for growth driven by advancements in smart driving and cockpit technologies, alongside strategic market expansions. However, competitive pressures and market dynamics in China pose risks to its financial performance and margins.