智能座舱龙头德赛西威上半年应收账款同比增30%

Core Viewpoint - Desay SV's strong performance in the first half of 2025, with significant revenue and profit growth, has attracted market attention, particularly regarding accounts receivable and cash flow issues in the automotive supply chain [1][5]. Financial Performance - In the first half of 2025, Desay SV reported revenue of 14.644 billion yuan, a year-on-year increase of 25.25% [1]. - The net profit attributable to shareholders reached 1.223 billion yuan, reflecting a growth of 45.82% year-on-year [3]. - The company's accounts receivable stood at 8.777 billion yuan, accounting for 40.53% of total assets, up from 6.751 billion yuan in the same period last year, indicating a 30.01% increase [1][5]. Business Segments - Desay SV's main business segments include "Smart Cockpit," "Smart Driving," and "Connected Services and Others," with corresponding revenues of 9.459 billion yuan, 4.147 billion yuan, and 1.038 billion yuan, showing year-on-year growth of 18.76%, 55.49%, and a decline of 2.11% respectively [3]. - The company maintained the top market share in the domestic auxiliary driving controller sector and secured new project orders from major automakers such as Changan, Geely, and SAIC Volkswagen [3]. International Expansion - Desay SV's overseas revenue reached 1.038 billion yuan, marking a year-on-year increase of 36.82% [3]. - The company has established production capacity in Europe, with operational facilities in Germany and a new factory in Spain expected to be completed by the end of 2025 [4]. Accounts Receivable and Payment Terms - Despite a slight decrease in accounts receivable from the beginning of the year, the year-on-year increase indicates ongoing cash flow challenges, with accounts receivable turnover days averaging 113.38 days in the first half of 2025 [5][6]. - The implementation of a new regulation mandating payment terms of 60 days for large enterprises has not yet significantly impacted Desay SV's cash flow situation [5][6]. Shareholder Activity - The second-largest shareholder, Huizhou Innovation Investment Co., Ltd., reduced its stake by 10.3128 million shares during the reporting period, realizing approximately 1.15 billion yuan from the sale [7][8]. - Following the initial reduction, the shareholder announced further plans to decrease its holdings by up to 16.4 million shares, which would lower its ownership from 24.63% to 22.90% [8].