Desay SV(SZ:002920) Xin Lang Cai Jing·2026-01-14 08:56Core Viewpoint - Desay SV's announcement of planning to issue H-shares and list on the Hong Kong Stock Exchange aims to enhance its international strategy, brand influence, and accelerate overseas business expansion [1] Group 1: Company Developments - Desay SV's largest shareholder, Desay Group, plans to reduce its stake by up to 7.1063 million shares within three months from January 8, 2025 [1] - In the previous months, two major shareholders announced a plan to reduce their holdings by a total of up to 4.45% of the company's total share capital [1] - For the first three quarters of 2025, Desay SV reported revenue of 22.337 billion, a year-on-year increase of 17.72%, and a net profit attributable to shareholders of 1.788 billion, up 27.08% year-on-year [1] Group 2: Industry Challenges - The overall gross margin for Desay SV in the first three quarters of 2025 was 19.70%, reflecting a year-on-year decline of 0.85 percentage points [1] - The company faces pressure from competitors like Huawei, which has introduced its Qian Kun intelligent driving system, impacting traditional automotive electronics suppliers [1] - The competitive landscape in the intelligent driving chip market is evolving, with domestic players gaining ground in the 150,000 yuan vehicle segment due to high cost-performance advantages [2] - The trend of automakers developing their own chips poses a significant challenge, with companies like Tesla, BYD, NIO, and XPeng entering the chip development space [2] - The emergence of urban NOA (Navigation Assisted Driving) as a new focus in intelligent driving introduces uncertainties in technology paths, requiring a longer period for refinement [2] - Balancing technological innovation and cost control will be critical for all industry participants, including Desay SV, as it navigates growth sustainability, gross margin pressures, and competition from comprehensive solution providers like Huawei [2]