Workflow
高盛-德赛西威:管理层调研_智能驾驶持续增长;全栈解决方案加速部署

Investment Rating - The report maintains a Neutral rating for Desay SV with a 12-month target price of Rmb122, indicating a potential upside of 20.1% from the current price of Rmb101.62 [10][8]. Core Insights - Management is optimistic about the smart driving trend and the growth of domain controllers, with expectations for shipments of their latest chipset-powered domain controllers to begin in the second half of 2025 [2][4]. - Desay SV is focusing on full-stack solutions by investing in automotive software to develop customer-tailored algorithms, aiming to enhance the adoption of smart driving technologies [3][4]. - The company plans to expand its capacity in smart cockpit and smart driving solutions, with a private placement plan of Rmb4.5 billion approved for this purpose [4][10]. Summary by Sections Smart Driving Outlook - Management is positive about the smart driving trend and is collaborating closely with leading chipset suppliers, aiming to sustain gross margins through increased scale and improved cost control [2][4]. Full Stack Solutions - Desay SV is investing in automotive software to create algorithms for full-stack solutions, enhancing customer adoption of smart driving through integrated hardware-software offerings [3][4]. Capacity Expansion - The company announced a private placement plan for Rmb4.5 billion to support capacity expansion in smart driving solutions and automotive electronics, with specific allocations for production base construction and domain controller manufacturing [4][10].