惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 编号：2026-001 | | √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） | | | 泰康资管 倪辰晖 | | | | 西部证券 齐天翔 | | | | 西部证券 庄恬心 | | | | 西部证券 张旭欣 | | | | 平安资产 樊建岐 | | | | 平安资产 张昕洁 | | | | 台州金控 陈俊伍 | | | | 台州金控 徐嘉威 | | | 活动参与人员 | 国信证券 唐旭霞 | | | | 国信证券 杨钐 | | | | 招商基金 张香滢 | | | | 招商基金 吴潇 | | | | 招商基金 李崟 | | | | 招商基金 杨成 | | | | 招商基金 杨鹏 | | | | 招商基金 张松 | | | | 招商基金 蔡文涛 | | | | 上投摩根 臧云飞 | | | 时间 | 2026 年 1 月 7-8 日 | | ...

关于舱驾一体趋势，德赛西威认为该趋势将更加显著。公司的8775舱驾一体方案对比同级非两域融合方案，预期有较大的成本优化，性能挖掘更彻底。公司 在该领域的优势在于首发示范，且拥有智能座舱、智能驾驶双领域领先的优势，舱驾一体配套的软件系统能力突出。 1月6日，德赛西威发布公告称，为进一步推进公司国际化战略布局，提升品牌国际影响力，加快海外业务拓展，打造国际化资本运作平台，助力公司高质量 发展及整体竞争力提升，正在筹划境外发行股份（H股）并在香港联合交易所有限公司上市事项。 据了解，截至目前，德赛西威正在就本次H股发行上市的相关工作进行商讨，相关细节尚未最终确定。本次H股发行上市不会导致公司控制权发生变化。 针对市场关注的公司国内市场份额维持策略，德赛西威近日在接受机构调研时表示，一方面将凭借自身独特优势，积极打造人无我有、人有我优的产品，公 司智能化业务已实现行业引领，并将持续高水平投入研发，始终保持首发量产优势；另一方面，公司具备在智能座舱、智能驾驶领域的软硬全栈能力，通过 聚合产业头部资源，可更快推出可规模化量产的融合方案、全栈方案、创新方案，打造更快实现、更好质量、更优成本、更高保障的产品和服务。同时，公 ...

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 投资者关系活动记录表 惠州市德赛西威汽车电子股份有限公司 | 商柔芷 | 信达澳亚基金 | 林峰 | 中信证券资产管理有限公司 | | | | --- | --- | --- | --- | --- | --- | | 王可丹 | 共青城鼎睿资产管理有限公司 | 刘宇尘 | 银华基金管理股份有限公司 | | | | 李峰 | 平安证券股份有限公司 | 郭子琪 | 博时基金管理有限公司 | | | | 史世祺 | 兴华基金管理有限公司 | 金炜 | 中信保诚资产管理有限责任公司 | | | | 林仁兴 | 上海金恩投资有限公司 | 成佩剑 | 上海五地私募基金管理有限公司 | | | | 张端锋 | 华泰自营 | 阎安琪 | 中银基金管理有限公司 | | | | 黄向前 | 深圳市尚诚资产管理有限责任公司 | 周宗舟 | 汇丰晋信基金管理有限公司 | | | | 郑常斌 | 中航基金管理有限公司 | 王梁 | 长江养老保险股份有限公司 | | | | 李其东 | 上海嘉世私募基金管理有限公司 | 劳杰男 | 汇添富基金管理股份有限公 ...

Core Viewpoint - Hongqi, as a symbol of Chinese automotive pride, has successfully transformed from a luxury brand to a more accessible one, focusing on private passenger vehicles and transitioning to new energy vehicles (NEVs) to meet market demands [1][7]. Group 1: Strategic Transformation - Hongqi has undergone two significant strategic transformations: first, shifting focus to private passenger cars, and second, fully committing to new energy vehicle development, leveraging its historical legacy for competitive differentiation in the NEV market [1][2]. - The brand has successfully reached 2 million users, becoming the first Chinese luxury car brand to achieve this milestone, with a notable 60.8% year-on-year increase in NEV sales in November [1][2]. Group 2: Product Development - The newly launched Hongqi HS6 PHEV, priced from 178,800 yuan, boasts a comprehensive range of 1650 km, showcasing the advancements of the Honghu hybrid platform [3][6]. - The HS6 PHEV features a battery capacity of 23 kWh, surpassing its predecessors, and offers a pure electric range of 148 km, with the top model reaching 40 kWh and 228 km [3][6]. Group 3: Technological Innovations - The HS6 PHEV has achieved a Guinness World Record for the longest distance driven on a full charge and full tank, covering 2327.343 km, demonstrating its endurance and performance capabilities [6]. - The vehicle incorporates advanced driving technologies, including a high-performance electric motor with a maximum power of 165 kW and a peak torque of 340 N·m, ensuring robust performance even in challenging conditions [6][7]. Group 4: Intelligent Features - Hongqi is advancing its smart driving and cockpit technologies through the "Nine Chapters" platform, integrating AI algorithms and advanced hardware to enhance user experience [8][11]. - The HS6 PHEV features a sophisticated visual system and predictive algorithms, enabling it to analyze and respond to potential risks in real-time, enhancing safety and driving experience [9][10]. Group 5: Future Aspirations - Hongqi aims to develop a fully integrated vehicle model that combines intelligent driving, cockpit, and powertrain systems, aspiring to create a comprehensive AI-driven automotive experience [12][13]. - The brand's ultimate goal is to achieve a seamless integration of various vehicle systems, enhancing both functionality and user interaction, positioning itself as a leader in the intelligent automotive sector [12][13].

Core Viewpoint - Hongqi represents not just a car but a symbol of national pride and sentiment in China, evolving from a luxury brand to a more accessible option for everyday consumers through significant strategic transformations [1][13]. Group 1: Brand Transformation and Market Position - Hongqi has successfully transitioned to focus on private passenger vehicles and has embraced a full shift to new energy vehicles (NEVs), aiming to redefine luxury for Chinese families in the new energy era [1][2]. - As of July, Hongqi became the first Chinese luxury car brand to reach 2 million users, with November sales of 40,506 units, marking a 60.8% year-on-year increase in NEV sales [1][2]. Group 2: Product Development and Innovation - The newly launched Hongqi HS6 PHEV, priced from 178,800 yuan, boasts a comprehensive range of 1,650 km, showcasing the brand's commitment to high-quality, affordable technology [5][6]. - The HS6 PHEV features a 23 kWh battery capacity, surpassing its predecessors, and offers a pure electric range of 148 km, with the top model reaching 40 kWh and 228 km [5][6]. Group 3: Technological Advancements - The HS6 PHEV is equipped with a 1.5T hybrid engine, achieving a thermal efficiency of 45.21% and a minimum fuel consumption of 5.1L/100 km, outperforming previous models [6][12]. - The vehicle set a Guinness World Record for the longest distance driven on a full charge and tank, covering 2,327.343 km, demonstrating its exceptional endurance and performance [8][12]. Group 4: Intelligent Features and User Experience - The HS6 PHEV incorporates advanced AI and smart driving technologies, including a high-performance Qualcomm chip with up to 100 TOPS of computing power, enhancing its autonomous driving capabilities [14][17]. - The vehicle's intelligent cockpit features a unique understanding of user interaction, progressing from basic command execution to AI-generated content, aiming for a fully integrated user experience [16][19]. Group 5: Future Aspirations and Market Strategy - Hongqi aims to integrate various aspects of vehicle technology, including smart driving, smart cockpit, and power management, to create a cohesive AI-driven experience [20]. - The brand's evolution reflects a broader shift in China's automotive industry from manufacturing to intelligent manufacturing, positioning Hongqi as a leader in the transition to national pride and consumer accessibility [20].

智通财经APP获悉，光大证券发布研报称，博泰车联(02889)是中国智能座舱解决方案的领先供应商。公 司有望通过保时捷等国际客户切入海外OEM供应链，海外收入有望成为第二增长曲线，并且相比成熟 汽车供应链企业，具有"软硬一体"优势且营收增速高。有望凭借技术&生态优势扩大市场份额。首次覆 盖，给予"买入"评级。 光大证券主要观点如下： 风险提示：智能座舱需求不及预期，技术迭代不及预期，供应链风险，新股股价波动风险。 公司介绍 博泰车联成立于2009年，前身为上海博泰悦臻电子设备制造有限公司，于2025年9月在香港联交所主板 上市。2024年按出货量计，公司居中国乘用车智能座舱域控供应商第三（市占7.3%）；2025年1-5月按 出货量计，居中国新能源乘用车座舱域控市场第二（市占13.11%）。公司是国内少数可规模化交付高 通8155/8295、提供麒麟9610A+鸿蒙方案的资深全栈方案商，业务覆盖全国29家主流OEM客户，包括一 汽、东风、上汽等国内头部车企及保时捷等国际品牌，核心产品域控制器已服务长安阿维塔、东风岚图 等头部客户。公司2024年营收25.57亿元，其中智能座舱解决方案、网联服务收入占比分别为 ...

智能座舱领域的"二哥"车联天下，要赴港上市了。 日前，车联天下正式递交招股书，计划在港交所主板上市。招股书显示，车联天下近年来业绩呈现爆发 式增长，三年间增幅超过六倍。根据弗若斯特沙利文的资料，按收入计，车联天下2024年在中国智能座 舱域控制器领域位居全国第二。 但高速增长和排名靠前的背后，这家公司被质疑面临连续多年高额亏损的困境，业务、客户和供应商的 过度单一更增添了外界的担忧。 图片来源：车联天下招股书 01 高增长高亏损，"以价换量"到何时？ 成立于2014年，车联天下股东包括蔚来资本、博世创投、闻泰科技（600745）、四维图新（002405）以 及无锡、芜湖两地国资委旗下的基金等，股东名单可谓"星光熠熠"。 车联天下的故事，源自创始人杨泓泽对汽车市场变革的思考。早年，杨泓泽在车企做过品牌、销售、客 户关系负责人，曾担任奇瑞汽车股份有限公司的副总经理，还曾做过几年经销商。 长年直面车企和市场用户的经历，让杨泓泽意识到汽车市场变革将带来的机会。在他看来，未来车企要 进行差异化竞争，需要通过车端的智能网联系统，建立起汽车厂和用户之间的纽带。成立数年后，车联 天下业务整体升级转型，投入智能网联赛道技术含量 ...

Core Viewpoint - The company Cheliantianxia is preparing for an IPO in Hong Kong, showcasing explosive growth in the smart cockpit domain, but faces significant challenges due to high losses and dependency on a limited customer and supplier base [1][2][9]. Group 1: Company Overview - Cheliantianxia plans to list on the Hong Kong Stock Exchange, having submitted its prospectus [1]. - The company has experienced a revenue increase from 369 million RMB in 2022 to 2.656 billion RMB in 2024, marking a growth of over six times in three years [10]. - Cheliantianxia is recognized as the second-largest player in China's smart cockpit domain controller market by revenue in 2024 [1]. Group 2: Financial Performance - Despite high growth, Cheliantianxia has faced substantial losses, with net losses of 514 million RMB in 2022, 201 million RMB in 2023, and 253 million RMB in 2024, totaling nearly 1 billion RMB in three years [13]. - The company reported a significant increase in net loss to 262 million RMB in the first half of 2024, a 234% year-on-year increase compared to 78.4 million RMB in the same period last year [13]. - The asset-liability ratio reached 198.3% by June 2025, indicating financial strain [13]. Group 3: Business Model and Risks - Cheliantianxia's business model shows high customer concentration, with the top five customers accounting for over 95% of revenue, and the largest customer contributing nearly 60% in 2023 and 2024 [18][21]. - The company relies heavily on a single supplier for about 80% of its procurement, raising concerns about supply chain stability [22]. - The product line is concentrated, with 100% of revenue coming from vehicle computing solutions until 2025, when regional controller solutions began to contribute [24]. Group 4: Market Potential and Competition - The global smart cockpit domain controller market is projected to grow at a compound annual growth rate of 49.9%, reaching 248 billion RMB by 2029 [27]. - Increased competition from automakers developing in-house smart cockpit solutions poses a threat to Cheliantianxia's market position [28]. - Cheliantianxia has partnered with other companies to enhance its product offerings, including the development of a new controller based on Qualcomm's Snapdragon 8775 platform [28].

Core Viewpoint - The article discusses the significant shift in the autonomous driving industry from high-precision maps to real-time modeling and vehicle-based scanning technologies, highlighting the challenges faced by high-precision map providers like NavInfo [1][2][3]. Group 1: Industry Transition - Two years ago, the autonomous driving sector was undergoing a "no-map" revolution, with companies abandoning high-precision maps in favor of vehicle-based scanning technologies [1][2]. - The demand for high-precision maps has decreased, leading to a strategic pivot by companies like NavInfo to lighter, lower-cost mapping solutions [6][10][16]. Group 2: Financial Performance - NavInfo's revenue grew from 3.347 billion yuan in 2022 to 3.518 billion yuan in 2024, marking a 5% increase, while its net profit loss expanded from 336 million yuan in 2022 to 1.095 billion yuan in 2024 [10]. - The core business of NavInfo, which is selling high-precision maps, accounted for 61.54% of total revenue in 2022, increasing to 64.08% in 2024, but the gross margin dropped from 60.65% to 36.6% [14]. Group 3: Strategic Shift - NavInfo's recent product launch at the "2025 Innovation Conference" emphasized a shift towards chip development and integrated solutions rather than focusing solely on high-precision maps [17][20]. - The company has developed various products, including chips and driving assistance systems, indicating a broader strategy to diversify its offerings beyond traditional mapping [20][46]. Group 4: Competitive Landscape - The article notes that the competition in the autonomous driving sector is intense, with major players like Huawei and Momenta already established in the market, making it crucial for NavInfo to form deep partnerships with automotive manufacturers [67][71]. - The transition from being a map provider to a comprehensive solution provider reflects a strategic necessity for survival in a rapidly evolving industry [85][86].

Core Insights - DJI's incubated company, Zhuoyue Technology, has announced a financing round exceeding 3.6 billion, with a post-investment valuation surpassing 10 billion [2][4][9] - The autonomous driving sector is expected to experience explosive growth by the end of 2025, contrasting sharply with the capital "winter" of the previous three years [4][36] - Zhuoyue Technology is positioned as a key player in the autonomous driving landscape, focusing on expanding its market presence [2][14] Financing and Valuation - Zhuoyue Technology's recent financing of over 3.6 billion accounts for nearly 10% of the total funding in the autonomous driving sector this year, making it the largest recipient in the L2+ category [7][8] - The investment from FAW (China First Automobile Works) marks a strategic investment rather than a merger or acquisition, allowing Zhuoyue to maintain its operational independence [11][12] Market Position and Strategy - Zhuoyue Technology's partnerships with major automotive players like BYD, SAIC, and FAW reflect a trend where industry capital is becoming the primary source of investment, moving away from venture capital [7][15] - The company has established a strong market presence through collaborations that focus on mass production and technological advancements [17][20] Technological Advancements - Zhuoyue Technology is recognized for its ability to achieve high functionality with lower hardware configurations, demonstrating significant cost efficiency [28][32] - The company is advancing towards a multi-modal large model approach, which is expected to converge with the maturity of the supply chain and a decrease in software and hardware costs [33][40] Industry Trends - The autonomous driving sector is undergoing a significant transformation, with traditional automakers beginning their smart transformation journeys, leading to a competitive landscape where only the most capable players will survive [36][38] - Zhuoyue Technology's unique capabilities in cost control and technology development position it as a rare player in the industry, meeting the demands of both high-end and mass-market segments [41][42]