研报掘金丨民生证券：维持德赛西威“推荐”评级，看好智能变革机遇下公司长期成长

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]