根据证监会相关规定，企业自备案通知书出具之日起12个月内未完成境外发行上市的，需更新备案材料方可继续推进。而截至目前，Momenta既未完成境外 发行，也未提交更新材料，导致其备案状态自动失效。 【环球网综合报道】近日，中国证监会更新的境内企业境外发行证券和上市备案情况表（截至2025年7月4日）显示，智驾领域头部企业Momenta（梦腾智 驾）已不在最新备案名单之列，引发市场对其上市进程的诸多猜测。 据公开资料，Momenta Global Limited（梦腾智驾环球有限公司）通过境内运营实体魔门塔（苏州）科技有限公司提交的境外发行上市备案材料，曾于2024 年6月17日获得证监会备案通过。根据当时披露的信息，该公司计划发行不超过6335.29万股普通股，拟赴美国纳斯达克或纽约证券交易所上市。 事实上，2024年下半年成为中国智驾企业集中登陆资本市场的关键窗口期。行业头部企业文远知行、地平线、小马智行以及佑驾创新等公司也相继完成上 市，形成了一波智驾企业的上市热潮。 据悉，Momenta的最新一轮融资仍停留在2021年的C轮，此次备案失效可能反映出公司在上市战略上的调整或遇到实质性困难。不过，按照相关规定 ...

投资者关系活动记录表 编号：2025-007 | | √特定对象调研 □分析师会议 | | | --- | --- | --- | | | □媒体采访 □业绩说明会 | | | 投资者关系活动 类别 | □新闻发布会 □路演活动 | | | | □现场参观 | | | | □其他（请文字说明其他活动内容） 中金公司 李诗雯 | | | | 中金公司 朱镜榆 | | | 活动参与人员 | 瀚鑫基金 柯夤翀 | | | | Cephei Capital 刘京 | | | | Polymer Capital 隗葳 | | | | 上海瓴仁私募基金王以哲 | | | 时间 | 年 7 月 9 日 | 2025 | | 地点 | 惠州市德赛西威汽车电子股份有限公司 | | | 形式 | 公司办公室 | | | 上市公司接待 | 证券事务代表：林洵沛先生 | | | 人员姓名 | 证券事务专员：黄伊靖女士 | | | 交流内容及具体 | 1、请介绍一下公司智能驾驶业务的竞争优势？ | | | | 答：公司不断拓展自身在研发创新、客户服务、安全验证方面 | | | | 的综合实力，满足客户对不同产品组合及业务开发模式的多元 ...

华为智能辅助驾驶总里程超30亿公里。近日举行的"享界品牌之夜"上，华为常务董事、终端BG董事长 余承东表示，截至2025年7月7日，鸿蒙智行辅助驾驶总里程超过30.37亿公里，平均每天超1000万公 里。鸿蒙智行泊车辅助使用超过1.85亿次，平均每天超63.5万次。余承东表示，智能辅助驾驶使开车变 得轻松，华为已为L3级自动驾驶能力做好了准备，期待L3的制度和法规早日到来。 中商产业研究院分析师预测，2025年全球自动驾驶市场规模将达2738亿美元。华创证券表示，政策与商 业化的双重驱动下，2025年或成智驾行业分水岭，智驾行业正加速进入"技术+法规+商业化"共振的新 阶段，随着智能驾驶渗透率加速提升，国内智能驾驶产业有望受益。 截至2025年7月11日 13:01，中证汽车零部件主题指数(931230)强势上涨1.00%，成分股继峰股份(603997) 上涨4.88%，威迈斯(688612)上涨3.15%，立中集团(300428)上涨3.12%，斯菱股份(301550)，拓普集团 (601689)等个股跟涨。汽车零件ETF(159306)上涨0.64%，最新价报1.1元。拉长时间看，截至2025年7月 10 ...

Q&A 智能驾驶产业链的细分环节有哪些？线控底盘在其中的作用是什么？ 智能驾驶系列专题：线控转向加速落地，线控底盘大势所 趋 20250709 摘要 线控底盘通过电子化替代液压系统，为驾乘者提供数字重构、主动安全 等优势，并助力车企平台化开发降本，同时为国内供应商打破技术壁垒 提供机遇。EHB 已实现国内 60%渗透率，EMB 预计 2026 年上车，自 主供应商份额提升。 EPS 系统在中国市场渗透率已达 99%以上，CEPS 仍为主流，但 DPEPS/REPS 占比将提升。预计 2028 年中国 EPS 市场规模将从 400 亿元增至近 500 亿元，单车均价也将从 1,400 元提升至 1,500 元以上。 全球 EPS 市场由捷太格特、耐世特和博世主导，国内市场博世合资公司 领先，耐世特紧随其后。EPS 核心零部件 ECU 和电机国产替代加速，但 电机市场仍由外资企业占据主导地位。 线控转向通过电子信号取代机械传导，响应更快，操作更灵活，单车价 值量 3,000-4,000 元。目前仅蔚来 ET9 适配，全球渗透率低，但 robotaxi 发展或将推动其应用，预计 2030 年国内市场规模达 350 ...

港股消费电子跟踪汇报：地平线机器人、黑芝麻智能、佑 驾创新、京东方精电 20250709 摘要 地平线机器人公司预计 2025 年营收 33 亿元人民币，2026 年 55 亿元， 2027 年 85 亿元，维持高速增长，目前市值约 900 亿港币，对应 2025 年 25 倍 PS，中阶智驾芯片出货量与新能源车企挂钩，但市场份额预期 未下降，高增长逻辑未变。 地平线高阶智驾芯片预计 2027 年贡献 30 亿营收，2028 年实现 100 亿元营收并扭亏为盈。长期来看，2030 年保守估计营收 260 亿，乐观 超过 300 亿，对应利润 80-100 亿，市值可达 2,600-3,200 亿港币。 黑芝麻智能 2025 年预计收入 8 亿元，对应 110 亿元市值约 13 倍 PS， 主要产品为 A1,000 系列智驾芯片，预计出货量大几十万片。公司正努 力切入比亚迪 TNGIC 平台，下一代智驾芯片 A2000 预计下半年定点， 明年量产。 黑芝麻智能预计 2025 年营收增速超 70%，达 8 亿元，2026-2027 年 收入预测分别为 15 亿和 22 亿，预计 2027 年盈亏平衡，实现 20 ...

中汽协：上半年我国新能源汽车销量693.7万辆 同比增长40.3% 7月10日，中国汽车工业协会发布的数据显示，1至6月份，汽车市场延续良好态势，产销量均超过1500 万辆，同比均实现10%以上较高增长。其中，新能源汽车产销量分别完成696.8万辆和693.7万辆，同比 分别增长41.4%和40.3%。新能源汽车新车销量达到汽车新车总销量的44.3%。在出口方面，今年1至6月 份，汽车总体出口308.3万辆，同比增长10.4%。其中，新能源汽车出口106万辆，同比增长75.2%。 中汽协：国内市场在汽车以旧换新政策持续显效带动下明显改善，同比增速达10%以上，对车市整体增 长起到很好支撑作用。 中国汽车流通协会：6月份汽车经销商库存系数为1.42 同比上升1.4% 7月10日，中国汽车流通协会发布2025年6月份"汽车经销商库存"调查结果：6月份汽车经销商综合库存 系数为1.42，环比上升2.9%，同比上升1.4%，库存水平处于警戒线以下，但高于合理区间。综合预计， 根据中国汽车流通协会乘联分会的统计，6月份乘用车终端销量208.4万辆，以此测算，6月末汽车经销 商库存总量大致在295万辆左右。 智通财经汽车 ...

Group 1: Automotive Industry Performance - In the first half of 2023, China's automotive production and sales exceeded 15 million units, with year-on-year growth of 12.5% and 11.4% respectively [1] - In June, automotive production reached 2.794 million units and sales reached 2.904 million units, showing year-on-year increases of 11.4% and 13.8% [1] - The growth trend is observed in both passenger and commercial vehicle markets, with a significant portion of new energy vehicle sales concentrated in the price range of 150,000 to 200,000 yuan [1] Group 2: New Energy Vehicle Subsidy Adjustments - The Ministry of Industry and Information Technology announced a reduction of approximately 860 million yuan in new energy vehicle promotion subsidies over five years, affecting multiple car manufacturers [2] - The discrepancies between the subsidy applications and actual amounts received are attributed to non-compliance in application materials rather than fraudulent claims [2] - The adjustment in subsidy policies is expected to shift companies from being policy-driven to market-driven, enhancing their competitiveness [2] Group 3: New Product Launches - Li Auto announced the official release of the Li Xiang i8, a six-seat pure electric SUV, scheduled for July 29, 2023 [3] - The i8 aims to redefine the pure electric SUV market, building on the foundation of Tesla's Model X while maximizing space [3] - This launch indicates Li Auto's strategy to expand in the family market, enhancing brand appeal and addressing diverse consumer needs [3] Group 4: Technological Advancements by BYD - BYD achieved a significant breakthrough in intelligent parking technology, comparable to Level 4 automation [4] - The company guarantees safety and loss coverage for users of its "Tian Shen Zhi Yan" vehicles in intelligent parking scenarios, ensuring no impact on insurance rates for the following year [4] - BYD's advancements in intelligent driving technology are expected to attract consumer interest and enhance brand value, positively influencing the overall confidence in the new energy vehicle sector [4]

Investment Rating - The report does not explicitly provide an investment rating for the automotive industry or the specific companies discussed. Core Insights - Multiple new vehicle launches occurred on July 9-10, including the Zeekr 9X, Leapmotor C11, and ONVO L90, showcasing advancements in technology and competitive pricing [1][7]. - The Zeekr 9X is positioned as a new benchmark for premium electrified SUVs, emphasizing its full-stack smart driving capabilities and high-performance specifications [2][8]. - Leapmotor C11 focuses on technology accessibility and high value, offering both electric and extended-range versions with advanced features [3][11]. - ONVO L90 combines battery swapping technology with spacious design, targeting family-oriented consumers [4][14]. Summary by Sections Zeekr 9X - Built on the SEA-S platform, it features advanced smart driving technology with dual NVIDIA Thor chips and multiple sensors for L3 autonomy [2][8]. - The vehicle boasts a powerful 2.0T triple-motor system with a total output of 1030 kW, achieving 0-100 km/h in 3.1 seconds and offering a combined range exceeding 1000 km [2][10]. - Interior design includes a minimalist luxury approach with a large central display and advanced entertainment options [2][11]. Leapmotor C11 - Constructed on an 800V platform, it offers both pure electric and extended-range versions, emphasizing affordability and intelligent features [3][11]. - Equipped with a 128-line LiDAR and Qualcomm 8650 chip, it supports advanced driving assistance and immersive cabin experiences [3][12]. - The electric version provides a maximum range of 640 km, while the extended-range version achieves a total range of 1220 km [3][12]. ONVO L90 - Designed on a 900V high-voltage platform, it supports NIO's battery swapping technology and features a spacious interior with a three-row, six-seat layout [4][14]. - Performance includes a 0-100 km/h acceleration time of 5.9 seconds for the rear-wheel drive version and 4.7 seconds for the all-wheel drive version [4][15]. - Safety features include a robust structure with 9 airbags and advanced driver assistance systems [4][15].

Core Viewpoint - BYD has taken a significant step by directly assuming responsibility for the safety and losses of all users of its "Tianshen Eye" vehicles in smart parking scenarios, marking a shift in how automakers handle liability in autonomous driving technology [1][3][5]. Summary by Sections Coverage and Implementation - The "coverage" includes all models equipped with the "Tianshen Eye A," "B," and "C" smart driving assistance systems, providing lifetime coverage regardless of whether the user is the first owner [4]. - Specific exclusions from the coverage include unauthorized modifications, improper use, operational errors, and incidents deemed to be third-party responsibility by authorities [4]. - Users must contact BYD within 24 hours of an incident, providing evidence such as photos and accident reports for the company's technical team to analyze and respond with a resolution [4]. Significance of the Initiative - This initiative clarifies the responsibility for Level 4 autonomous driving capabilities, with BYD taking on the role of the primary responsible party for users [5]. - The industry has typically seen automakers partner with insurance companies for liability coverage, but BYD's direct approach represents a notable departure from this norm [10]. Challenges Ahead - Despite the increased responsibility, BYD may face challenges such as managing the volume of potential incidents due to high sales, which exceeded 710,000 units in the first five months of the year [11]. - The company will need to ensure efficient execution of the "兜底" policy, including accurate and timely accident assessments and smooth compensation processes to avoid consumer dissatisfaction [11]. - There is also the potential for increased pressure on customer service due to the complexities of handling smart driving incidents directly [11]. Industry Implications - The move by BYD may prompt other automakers to adopt similar "兜底" policies, potentially setting a new trend in the industry [11]. - Regulatory scrutiny may increase regarding the compliance of such policies, and BYD will need to navigate these challenges effectively [11].

Investment Rating - The report assigns a "Hold" rating for the company, marking its first coverage [6]. Core Insights - The company is a leading player in the MEMS inertial sensor market, benefiting from a fully controlled technology chain and high gross margins, with a projected revenue of 4.05 billion yuan and a net profit of 2.22 billion yuan in 2024 [1][4]. - The company has established a strong market presence, achieving a 23.45% market share in domestic MEMS gyroscopes by 2022, up approximately 14 percentage points from 2019 [2]. - The IMU segment is expected to grow rapidly, with a CAGR of 175.8% from 2021 to 2024, driven by demand from low-altitude economy, advanced driving, and humanoid robots [3]. Summary by Sections Company Overview - The company, founded in 2012, has achieved full control over the technology chain from chip design to packaging and testing, with its third-generation MEMS gyroscope reaching international advanced levels [1][14]. - The leadership team has extensive experience in the semiconductor field, contributing to the company's technological advancements [16][18]. Core Product Layout - The company's core products, MEMS gyroscopes and accelerometers, have high technical barriers and are applicable in high-end industrial and unmanned systems [2]. - The company is gradually replacing imports in the MEMS inertial sensor market, with a focus on high-performance products [2][4]. IMU Growth Drivers - The IMU, which integrates gyroscopes and accelerometers, is positioned to benefit from emerging markets such as low-altitude economy and smart driving [3]. - The company is actively developing automotive-grade IMUs to meet the growing demand for high-precision positioning systems [3]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 6.19 billion yuan, 8.60 billion yuan, and 11.84 billion yuan from 2025 to 2027, with corresponding net profits of 3.39 billion yuan, 4.59 billion yuan, and 6.04 billion yuan [4][5]. - The projected EPS for 2025, 2026, and 2027 is 0.85 yuan, 1.14 yuan, and 1.51 yuan per share, respectively, with a PE ratio of 77X for 2025 [4][5].