研报掘金丨开源证券：德赛西威Q2业绩高增长，维持“买入”评级

Core Viewpoint - Desay SV's net profit attributable to shareholders reached 1.223 billion yuan in H1 2025, representing a year-on-year increase of 45.82% [1] Financial Performance - In Q2 2025, the net profit attributable to shareholders was 640 million yuan, showing a year-on-year growth of 41.1% [1] - The cabin business generated revenue of 9.459 billion yuan in H1 2025, up 18.76% year-on-year [1] - The intelligent driving business reported revenue of 4.147 billion yuan in H1 2025, reflecting a significant year-on-year increase of 55.49% [1] Product and Market Development - The fourth-generation cabin is in mass production with leading automotive companies such as Li Auto, Xiaomi, and Geely, benefiting from continuous chip and function iterations [1] - The company's overseas revenue reached 1.038 billion yuan in H1 2025, marking a year-on-year increase of 36.82% [1] - Production capacity in Indonesia and Mexico has commenced, with the Spanish factory expected to be operational by 2026 [1] Future Growth Potential - The company is actively exploring AI+ fields such as unmanned delivery, robotics, and smart transportation, which opens up long-term growth opportunities [1] - The overseas business is expected to gradually contribute to revenue flexibility [1] - The strong growth in Q2 performance supports a "buy" rating [1]