惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 | | 建信理财 唐文成 | | --- | --- | | | 中信建投资管 顾辛迪 | | | 橡果资产 魏鑫 | | | 天风证券 陈璐瑶 | | | 金鹰基金 韩广哲 | | | 方正证券 郭文杰 赛维投资 吕政和 | | | 吉渊投资 陈晓伟 | | 时间 2025 | 年 9 月 25 日-26 日 | | 地点 | 惠州市德赛西威汽车电子股份有限公司 | | 形式 | 电话会议 | | 上市公司接待 人员姓名 | 证券事务代表：林洵沛先生 | | | 1、请介绍公司智能座舱和智能驾驶域控业务整体的进展情 | | 况？ | | | | 答：公司的智能座舱和智能驾驶业务今年依然保持相对不错的 | | | 发展态势。智能座舱域控方面，公司第四代智能座舱已在理想汽车、 | | | 小米汽车、吉利汽车等客户规模化量产，并持续获得广汽乘用车、 | | | 吉利汽车、广汽埃安等客户新项目订单。在第三代轻量级座舱域控 | | | 平台、第四代高性能座舱域控平台规模化量产下，公司推出第四代 | | ...

Core Viewpoint - Horizon has achieved significant revenue growth and market performance, but faces increasing operational and net losses, raising questions about its valuation and sustainability in the competitive autonomous driving market [1][2][9]. Group 1: Financial Performance - Horizon's revenue for the first half of 2025 reached 1.567 billion RMB, a year-on-year increase of 67.6%, while operational losses and net losses expanded to 1.592 billion RMB and 1.333 billion RMB, respectively [1][4]. - The company's automotive products and solutions revenue surged from 220 million RMB in the same period last year to 778 million RMB, marking a growth of over 250% [1]. Group 2: Market Position and Competition - The autonomous driving market is becoming increasingly competitive, with companies like NIO, Geely, and XPeng developing their own chips, which may threaten Horizon's position as a supplier [6][9]. - Horizon's reliance on major clients is growing, with the top five clients contributing 71.8% of its revenue in 2024, raising concerns about customer concentration risk [4]. Group 3: Strategic Partnerships - Horizon has formed strategic partnerships with several automakers, including GAC Capital, Chery, Great Wall, BYD, and FAW Group, to alleviate concerns about losing control over the "soul" of the vehicles [2][4]. - The establishment of joint ventures with companies like Volkswagen and Changan has allowed Horizon to integrate into the supply chains of these automakers [2]. Group 4: Product Strategy and Pricing - The shift towards lower-tier autonomous driving solutions has led to a decrease in average selling prices, impacting profit margins; for instance, the average price of the Horizon Mono solution dropped from 185 RMB in 2021 to 142 RMB in 2024 [12][15]. - The company's gross margin has declined from 80.5% in 2024 to 67.1% in the first half of 2025, primarily due to the lower margins associated with product solutions compared to its software business [14]. Group 5: R&D Investment and Future Outlook - Horizon's R&D expenses reached 2.3 billion RMB in the first half of 2025, a 62% increase year-on-year, as the company invests heavily to maintain its competitive edge in high-tier autonomous driving technology [17][22]. - The company is also exploring new markets, such as Robotaxi and robotics, but these ventures require substantial ongoing investment and carry significant uncertainty [22][23].

Group 1 - The automotive industry is undergoing a critical transformation towards intelligence, with significant achievements in AI applications [1] - Four key suggestions for AI development in the automotive sector include focusing on core technology breakthroughs, expanding from "single vehicle intelligence" to "industry intelligence," enhancing open cooperation, and maintaining safety and ethical standards [1] - The "Global AI Technology Conference" serves as a constructive platform for collaboration among industry, academia, and users, aiming to support the implementation of the "Artificial Intelligence +" strategy in the automotive field [1] Group 2 - The conference featured insights on the evolution of autonomous driving, with L3 being a simplified version of L4, indicating a closer proximity to L4 than L2 [2] - A report highlighted trends in China's electric vehicle intelligence development, including the initiation of "intelligent driving equality," the integration of AI models, and the acceleration of RoboTaxi commercial processes [2] - The AI business layout of the company was systematically explained, emphasizing the potential of AI technology to address structural pain points in consumer experience and business efficiency [2][3] Group 3 - AI technology is being leveraged to enhance both consumer and business service experiences, with a focus on personalized and efficient car purchasing processes [3] - The successful hosting of the conference demonstrates the company's resource integration and ecological influence within the industry [3] - The company plans to deepen its "ALL IN AI" strategy and strengthen its O2O service platform to lead the automotive industry in the wave of intelligence [3]

Core Insights - Huawei is advancing its high-level autonomous driving technology with the launch of the QianKun ADS 4.0 system, which supports commercial use of high-speed L3 driving [1] - The company is exploring new collaboration models with automakers, named "HI PLUS," which involves ceding data and algorithm sovereignty to partners while moving away from brand co-construction and channel control [1][2] - The competitive landscape is intensifying, with other automakers like BYD adopting aggressive pricing strategies for autonomous driving features, prompting Huawei to rethink its pricing and sales models [3][5] Group 1: Business Model Evolution - Huawei's previous business models included component sales, full-stack solutions (HI model), and a more consumer-oriented approach (Smart Selection model) [1][2] - The new "HI PLUS" model allows for collaborative development with automakers from the product design stage without entering Huawei's sales channels, increasing automaker autonomy [2] - The shift aims to break the limitations of the Smart Selection model and provide more open cooperation options to automakers [2] Group 2: Market Dynamics and Competition - The autonomous driving market is experiencing a price war, with competitors like BYD offering advanced features at lower prices, leading to a significant drop in market prices [3][4] - Huawei's high-end positioning is being challenged as it faces pressure to lower prices while maintaining quality, similar to the competition between Apple and Android ecosystems [4][5] - The company has been reducing prices for its autonomous driving service packages to attract more users and build a larger data pool, indicating a shift in focus from immediate revenue to long-term user engagement [5][6] Group 3: Sales and Performance Metrics - In the first half of 2025, the domestic automotive market saw a total sales volume of 15.653 million units, with a year-on-year growth of 11.4% [7] - Huawei's smart automotive solutions business reported a revenue of 26.353 billion yuan, a staggering year-on-year increase of 474.4%, marking its first profitable year [8] - Despite strong sales of the AITO series, other models under Huawei's brand are struggling to maintain momentum, highlighting the need for increased sales volume to offset high R&D costs [8][9] Group 4: Strategic Adjustments - Huawei is expanding its partnerships with various automakers, indicating a growing acceptance of its autonomous driving technology across the industry [10] - The company is facing challenges in its current business model, necessitating a shift towards a more flexible approach that allows for greater collaboration and data sharing with automakers [12][13] - The introduction of the "HI PLUS" model reflects Huawei's intent to foster a win-win ecosystem rather than exerting deep control over its partners [13]

Core Viewpoint - The Ministry of Industry and Information Technology has released a draft for public consultation on mandatory national standards for intelligent connected vehicles' combined driving assistance systems, aiming to enhance safety and standardization in the industry [1][2]. Group 1: Industry Challenges and Developments - The combined driving assistance technology has faced a trust crisis due to a widely publicized traffic accident, marking the industry's biggest challenge since its inception [1]. - The penetration rate of combined driving assistance technology in China's new energy vehicles has exceeded 50% and continues to grow [2]. - There are significant discrepancies in the technical solutions, functions, and performance of products from different companies, complicating the evaluation of system safety [2]. Group 2: Draft Standard Characteristics - The draft standard applies to M and N category vehicles equipped with various types of combined driving assistance systems, ensuring uniform safety benchmarks across different vehicle types [3]. - The draft emphasizes the need for driver monitoring capabilities and outlines safety assurance requirements throughout the product development and usage processes [3][5]. - It aims to elevate the priority of safety and quality in product development, encouraging companies to focus on system reliability rather than rapid iteration [3][5]. Group 3: Development and Testing Regulations - The draft establishes a comprehensive testing framework that includes various testing scenarios to ensure safety and functionality [6]. - It mandates that companies maintain consistency in core components and software versions to avoid discrepancies in functionality during mass production [6]. - The draft requires the implementation of a data recording system to track vehicle status and driver actions, aiding in post-incident analysis [6]. Group 4: Consumer Impact and Behavior Changes - The draft clarifies that combined driving assistance systems are not autonomous driving systems, emphasizing the need for continuous driver engagement [9]. - It introduces measures to ensure that drivers are well-informed about the system's capabilities and limitations, promoting safe usage practices [9][10]. - The draft encourages the development of proper driving habits among consumers, such as maintaining hands on the wheel and eyes on the road, to enhance safety [10].

Core Insights - Junsheng Electronics announced a new order worth approximately 15 billion RMB for automotive "super brain" central computing units, marking a significant milestone in the company's smart driving initiatives [1][2] Group 1: New Orders and Clients - The new order involves two leading automotive manufacturers for global smart vehicle projects, indicating strong recognition of the company's capabilities in smart platform products [2] - This order is part of a broader trend, as Junsheng Electronics has secured at least 16 billion RMB in smart driving-related orders in the past six months, showcasing its growing role in the global smart driving sector [3] Group 2: Product Development and Market Adaptation - Junsheng Electronics has developed differentiated smart driving domain control products based on various chip platforms to cater to global market needs, demonstrating its global R&D and production capabilities [4] - The company launched the world's first smart auxiliary driving domain controller nDriveH based on Qualcomm Snapdragon Ride second-generation chip platform, featuring a processing power of 200 TOPS and supporting L2++ to L4 level intelligent driving functions [4] Group 3: Domestic Market Strategy - With the rise of the "smart driving equality" concept, domestic smart driving chip opportunities are increasing, and Junsheng Electronics has introduced solutions based on local chips [5] - The company has established a new ecosystem encompassing "domain control + smart driving algorithms + chips," positioning itself to capitalize on the growing market opportunities as smart driving penetration continues to rise [5]

Core Insights - The Hong Kong stock market is experiencing a surge in listings from leading companies in the LiDAR industry, indicating a high level of industry activity and maturity [1][2] - The growth in the LiDAR sector is driven by advancements in autonomous driving technology and the increasing adoption of LiDAR in various applications, including robotics [3][4] Industry Growth and Financial Performance - Major LiDAR companies in China, including Hesai Technology, RoboSense, and TuSimple, are seeing rapid revenue growth, with compound annual growth rates exceeding 30% for Hesai and over 70% for RoboSense [2] - Revenue projections for these companies show significant increases from 2022 to 2024, with Hesai's revenue expected to rise from 1.203 billion yuan to 2.077 billion yuan [2] - The sales volume of LiDAR units is also expected to grow substantially, with RoboSense projecting sales of 259,600 units in 2023, a year-on-year increase of 355% [2] Market Penetration and Technology Adoption - The penetration rate of LiDAR in new energy passenger vehicles is projected to reach 17% by 2025, marking a significant shift from niche to mainstream adoption [3] - Major automotive manufacturers are integrating LiDAR into their smart driving systems, indicating a trend towards democratization of advanced driving technologies [4] Cost Reduction and Technological Advancements - The average price of ADAS LiDAR has dramatically decreased from 20,000 yuan to around 2,500 yuan from 2020 to 2024, facilitating broader market access [5][6] - The industry is witnessing a shift towards chip integration and solid-state LiDAR technologies, which enhance performance while reducing costs and size [6][7] Emerging Opportunities in Robotics - The robotics sector is emerging as a "second growth curve" for LiDAR applications, with significant year-on-year growth in unit deliveries [8][10] - Companies are exploring new applications in the robotics field, such as lawn mowing robots, with high profit margins compared to automotive applications [10][11] - The collaboration between LiDAR manufacturers and robotics companies is expected to drive innovation and market expansion in this area [12]

Core Viewpoint - The digital economy theme index and related stocks are experiencing significant growth, indicating a positive trend in the digital economy sector [1][2]. Group 1: Digital Economy Index Performance - As of September 17, 2025, the CSI Digital Economy Theme Index (931582) rose by 1.51%, with notable increases in constituent stocks such as SanHuan Group (300408) up by 10.89% and Junsheng Electronics (600699) up by 10.01% [1]. - The Digital Economy ETF (560800) increased by 1.59%, with a latest price of 1.03 yuan, and a turnover rate of 1.44% during the trading session, totaling 10.39 million yuan in transactions [1]. - Over the past week, the average daily transaction volume for the Digital Economy ETF was 37.40 million yuan [1]. Group 2: Company Developments - On September 15, Junsheng Electronics announced new contracts with two major automotive manufacturers for smart vehicle projects, with a total lifecycle order value estimated at 15 billion yuan, set to begin mass production in 2027 [2]. - The rise of the "smart driving equality" concept is creating more opportunities for domestic smart driving chips, leading Junsheng Electronics to collaborate with several domestic chip companies and invest strategically in smart driving chip firms [2]. - The automotive industry is undergoing a transformation into "smart mobile terminals," with a valuation restructuring expected by 2025, driven by advancements in smart connectivity and component integration [2]. Group 3: Index Composition - As of August 29, 2025, the top ten weighted stocks in the CSI Digital Economy Theme Index accounted for 53.36% of the index, with companies like Dongfang Fortune (300059) and Cambricon (688256) being the most significant contributors [3]. - The top ten stocks include Dongfang Fortune (10.51% weight), Zhongxin International (6.34% weight), and Beifang Huachuang (5.12% weight), among others [4].

Core Viewpoint - The Hong Kong stock market is experiencing a surge in listings from leading companies in the LiDAR industry, indicating a high level of industry vitality and maturity [1][2]. Group 1: Market Trends - Major LiDAR companies such as Hesai Technology, RoboSense, and TuSimple are going public in Hong Kong, reflecting the industry's high growth potential and maturity [2]. - The revenue of Hesai Technology is projected to grow from 1.203 billion yuan in 2022 to 2.077 billion yuan in 2024, with a compound annual growth rate (CAGR) exceeding 30% [2]. - RoboSense's revenue is expected to rise from 530 million yuan to 1.649 billion yuan, while TuSimple's revenue is forecasted to increase from 66 million USD to 160 million USD, with respective CAGRs of over 70% and 50% [2]. Group 2: Technology and Cost Reduction - The average price of ADAS LiDAR is expected to drop from 20,000 yuan per unit in 2020 to around 2,500 yuan by 2024, indicating a significant reduction in costs [4][5]. - The introduction of new technologies and the shift towards solid-state LiDAR have contributed to a decrease in costs, size, and power consumption, while improving product yield [5][6]. - Companies are increasingly adopting chip integration, allowing multiple components of LiDAR systems to be consolidated into 2 to 3 chips, enhancing performance and reducing costs [6]. Group 3: Growth Opportunities - The robotics sector is emerging as a "second growth curve" for LiDAR applications, with significant year-on-year growth in deliveries [7][8]. - Hesai Technology delivered 98,300 LiDAR units for robotics in the first half of the year, a 692.9% increase, while RoboSense delivered 46,300 units, a 420.2% increase [7]. - The market for lawn-mowing robots is gaining traction, with significant agreements for LiDAR supply between companies like Hesai Technology and its partners [9]. Group 4: Future Outlook - The demand for LiDAR in humanoid robots is expected to grow, presenting new commercial opportunities for leading companies [11]. - Companies are actively pursuing strategies to integrate AI with robotics, enhancing their product offerings and market presence [11].

Core Viewpoint - Junsheng Electronics has announced a new order worth approximately 15 billion RMB for automotive "super brain" central computing units, marking a significant step in the company's smart driving and intelligent vehicle technology [1][2]. Group 1: New Orders and Market Position - The new order involves two leading automotive manufacturers for global smart vehicle projects, indicating strong recognition of the company's capabilities in developing integrated smart driving and intelligent cockpit solutions [2]. - This order is part of a larger trend, as Junsheng Electronics has secured at least 16 billion RMB in smart driving-related orders in the past six months, highlighting its growing role in the global smart driving sector [3]. Group 2: Product Development and Global Strategy - Junsheng Electronics has developed differentiated smart driving domain control products based on various chip platforms to cater to diverse global market needs, showcasing its ability to adapt to different regional demands [4]. - The company has launched the world's first smart auxiliary driving domain controller based on Qualcomm's Snapdragon Ride second-generation chip platform, featuring high computing power and supporting a range of intelligent driving scenarios [4]. Group 3: Domestic Market and Ecosystem Development - With the rise of the "smart driving equality" concept, domestic smart driving chip opportunities are increasing, and Junsheng Electronics has introduced solutions based on local chip manufacturers [5]. - The company has established a new ecosystem encompassing "domain control + smart driving algorithms + chips," positioning itself for rapid growth as smart driving penetration continues to rise [5].