近五日涨跌: -8.30% 市盈率：42.24倍 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-066 惠州市德赛西威汽车电子股份有限公司 本公司及监事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 一、监事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届监事会 第十三次会议通知于 2025 年 9 月 2 日以电话及专人送达的形式发出，并于 2025 年 9 月 5 日以通讯方式召开。本次会议由公司监事会主席余孝海先生召集并主持， 应到监事 3 人，实到 3 人。本次会议召集和召开程序符合《公司法》等法律、行 政法规、规范性文件以及《公司章程》的规定。 二、会议审议情况 有效期的议案》 经审核，监事会认为：本次公司延长 2024 年度向特定对象发行股票股东大 会决议有效期至中国证监会关于公司本次发行同意注册批复规定的有效期截止 日（即 2026 年 2 月 20 日），是为确保本次发行工作的延续性、有效性和顺利推 进，符合公司及全体股东的利益，不存在损害公司及股东特别是中小股东利益的 情形。因 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2025-068 惠州市德赛西威汽车电子股份有限公司 关于召开 2025 年第三次临时股东大会的通知 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、 "本公司"或"德 赛西威"）第四届董事会第十三次会议审议通过了《关于提议召开公司 2025 年第 三次临时股东大会的议案》，决定于 2025 年 9 月 23 日召开公司 2025 年第三次临 时股东大会，现将本次股东大会有关事项公告如下： 一、召开会议的基本情况 华人民共和国公司法》《上市公司股东会规则》和《惠州市德赛西威汽车电子股 份有限公司章程》的有关规定。 （1）现场会议时间：2025 年 9 月 23 日下午 14:50 （2）网络投票时间：2025 年 9 月 23 日 通过深圳证券交易所交易系统进行投票的具体时间为 2025 年 9 月 23 日上午 票系统进行投票的时间为 2025 年 9 月 23 日上午 9:15 至下午 15:00。 （1）现场投票：股 ...

Group 1 - Huayang Group held its first meeting of the fifth board of directors on September 5, 2025, to discuss various proposals including the appointment of the internal audit director [1] - For the first half of 2025, Huayang Group's revenue composition was as follows: automotive electronics accounted for 71.33%, precision die-casting 24.33%, and others 4.34% [1] - As of the report date, Huayang Group's market capitalization was 16.8 billion yuan [1] Group 2 - Haidilao is diversifying into various businesses such as hair washing in barbecue restaurants, opening a bakery by West Lake, and entering the high-end hotel sector [1] - The survival rate of sub-brands under Haidilao is less than 50% [1]

Group 1 - Desay SV's board meeting was held on September 5, 2025, to discuss extending the validity period of the 2024 stock issuance resolution [1] - For the first half of 2025, Desay SV's revenue composition was 100% from automotive electronics [1] - As of the report date, Desay SV's market capitalization was 68.3 billion yuan [1] Group 2 - Haidilao's sub-brands have a survival rate of less than 50% [1] - The company has diversified into various sectors, including opening a bakery by West Lake and entering the high-end hotel market [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown strong performance with a revenue of 32.96 billion yuan in the first half of 2025, representing a year-on-year increase of 14.18%. The net profit attributable to shareholders reached 1.14 billion yuan, up 32.68% year-on-year [2][3] - The company's vertical integration strategy has proven effective, particularly in the smartphone and computer segments, which generated revenue of 27.18 billion yuan, a 13.19% increase year-on-year [3] - The automotive business is accelerating, with revenue from smart automotive and cockpit products reaching 3.165 billion yuan, a 16.45% increase year-on-year [3] - Emerging fields such as AI-enabled products are expanding, with revenue from smart glasses and wearables at 1.647 billion yuan, up 14.74% year-on-year [3] - The company is expected to achieve net profits of 5.251 billion yuan, 6.919 billion yuan, and 8.026 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 30.39, 23.07, and 19.88 [3][4] Financial Summary - The total revenue for 2023 is projected at 54.491 billion yuan, with a year-on-year growth rate of 16.7%. By 2027, revenue is expected to reach 132.023 billion yuan, with a growth rate of 17.5% [4] - The net profit attributable to shareholders for 2023 is estimated at 3.021 billion yuan, with a year-on-year growth of 23.4%. This is projected to increase to 8.026 billion yuan by 2027, with a growth rate of 16.0% [4] - The gross margin is expected to stabilize around 15.9% from 2025 to 2026, with a slight increase to 16.3% by 2027 [4] - The return on equity (ROE) is projected to improve from 6.5% in 2023 to 12.4% in 2027 [4]

Investment Rating - The report maintains a "Recommended" rating for the company [4][6]. Core Insights - The company plans to acquire 60% of Kobotar Intelligent Technology for a cash consideration of 345 million yuan, increasing its stake to 80% [2]. - Kobotar specializes in high-performance automotive intelligent central computing platforms and related domain controllers, with total assets of 779 million yuan and a net asset of 75 million yuan as of July 31, 2025 [2]. - The acquisition is expected to enhance the company's technology, product offerings, and customer base, with a projected cumulative net profit of no less than 630 million yuan from Kobotar from August 2025 to 2030 [2]. - The company is transitioning to a platform-based automotive electronics supplier, with strong capabilities in both software and hardware, and has begun mass production of body and chassis domain controllers [3]. - The company has established a global strategy, expanding its client base from Volkswagen to various new energy vehicle manufacturers, and is set to enter global production with the acquisition of IMI [3]. Financial Projections - Revenue is projected to grow from 7.87 billion yuan in 2025 to 12.20 billion yuan in 2027, with net profit increasing from 1.05 billion yuan to 1.71 billion yuan during the same period [5][10]. - The earnings per share (EPS) are expected to rise from 2.61 yuan in 2025 to 4.24 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 21 to 13 [4][5].

Core Viewpoint - The article provides an in-depth analysis of the components within an Engine Control Unit (ECU), detailing the functions and importance of various integrated circuits and components used in modern automotive systems [5][8][11]. Group 1: Main Control MCU - The main control MCU in the ECU is the Infineon TC17xx series, specifically the SAK-TC1762-128F66HLAC, which processes all data related to engine operation and other vehicle control systems [8]. - It has five primary functions: reading sensor signals, processing data through control algorithms, sending control signals to actuators, managing communication networks (CAN/LIN), and performing fault monitoring [11]. Group 2: Additional MCUs - Another MCU present is the ST10F275-CFG, which also collects sensor signals and processes them for engine and transmission control [14]. - This MCU operates independently to enhance reliability and efficiency in controlling both the engine and transmission systems [14]. Group 3: Power Integrated Circuits - The Bosch 30639 integrated circuit is a smart power IC that controls various vehicle actuators, including fuel injectors and EGR valves, and is designed to withstand harsh engine conditions [15]. - Another driver IC, model 40048, acts as an interface between the main MCU and external signals, converting analog signals to digital for processing [19]. Group 4: Low-Side Power Output Drivers - The Infineon TLE6232GP is a low-side power output driver used for controlling smaller load components like fuel pump relays and cooling fan relays [21]. - This driver enhances system stability and provides effective protection for the MCU by managing smaller load outputs [21]. Group 5: Auxiliary Components - Various capacitors, including filter capacitors, are used for noise filtering and voltage stabilization within the ECU [39][41]. - Diodes play a crucial role in reverse polarity protection and voltage spike absorption, ensuring the safety of integrated circuits [41]. Group 6: Comparison of Different ECUs - The article compares ECUs from vehicles with automatic and manual transmissions, noting that the main difference lies in the absence of transmission control components in manual transmission ECUs [56]. - Despite the differences, the fundamental components and their functions remain similar across different types of ECUs, emphasizing the importance of understanding each component's role [61].

Group 1 - The company Kobot has announced a cash acquisition of 60% equity in Shanghai Kobot Intelligent Technology from Shanghai Keshih, with a transaction price of 345 million yuan [2] - Following the acquisition, Kobot Intelligent Technology will become a subsidiary of the listed company and will be included in the consolidated financial statements starting from September 30, 2025 [2] - The acquisition aligns with the Chinese government's policy to encourage listed companies to focus on their core business and improve development quality through mergers and acquisitions [2] Group 2 - Kobot Intelligent Technology, established in October 2022, specializes in the research and production of automotive intelligent central computing platforms and related domain controllers [2] - The company has established deep collaborations with leading software algorithm companies and semiconductor solution providers, aiming to develop intelligent driving solutions for major global automotive brands [2] - The projected sales revenue from its designated projects is expected to exceed 20 billion yuan, with two domestic mainstream automotive brands already achieving large-scale production of related products [2] Group 3 - The agreement includes a profit commitment from Shanghai Keshih, ensuring that Kobot Intelligent Technology achieves a cumulative net profit of no less than 630 million yuan from August to December 2025 and during the 2026-2030 period [3] - Despite the profit commitment, the company has been operating at a loss since its establishment, and its business is influenced by macroeconomic conditions, industry cycles, and technological development [3] - Kobot emphasizes that the acquisition will enable it to quickly enter the core product segment of automotive intelligence, enhancing its technological capabilities and market resources [3] Group 4 - The transaction is expected to enhance cooperation with leading semiconductor manufacturers, improve the high-end semiconductor supply chain, and promote the upgrade of manufacturing processes towards "efficient intelligent manufacturing" [3] - This strategic move is anticipated to elevate the company's core competitiveness and market position in the automotive electronics sector [3] - The acquisition is in line with the company's development strategy and is expected to open new business growth opportunities, enhancing profitability and sustainable development [3]

Core Viewpoint - The Ministry of Industry and Information Technology and the State Administration for Market Regulation have issued the "Action Plan for Stable Growth of the Electronic Information Manufacturing Industry (2025-2026)", which outlines 16 specific measures to promote industrial upgrading, enhance the high-quality supply system, facilitate economic circulation, and drive technological and industrial innovation integration [1][3]. Group 1: Expected Goals - The average growth rate of the value-added in the computer, communication, and other electronic equipment manufacturing industries is projected to be around 7% from 2025 to 2026, with the annual revenue growth rate of the electronic information manufacturing industry expected to exceed 5% when including related fields such as lithium batteries and photovoltaics [3]. - By 2026, it is anticipated that the revenue scale and export ratio will maintain the top position among 41 industrial categories, with five provinces achieving over 1 trillion yuan in electronic information manufacturing revenue, and the server industry scale exceeding 400 billion yuan [3]. - The domestic market penetration rate for color televisions of 75 inches and above is expected to exceed 40%, while personal computers and mobile phones will advance towards higher levels of intelligence and premium quality [3]. Group 2: Industrial Upgrading and Innovation - The plan emphasizes promoting high-end electronic complete machines and enhancing product supply levels, focusing on key areas and industry applications, and continuously strengthening the supply level of electronic products [3]. - It encourages the integration of artificial intelligence terminals with end products, developing a grading method and standards for the intelligence of AI terminals, and promoting innovative applications of AI terminals across various regions [3]. Group 3: Quality Development and Consumption Expansion - The plan aims to eliminate "involution" competition in the photovoltaic sector and achieve high-quality development by legally addressing low-price competition in photovoltaic products [4]. - It supports the orderly layout of photovoltaic and lithium battery industries at the local level, implements quality management for photovoltaic modules and lithium battery products, and strengthens policy coordination with investment, finance, and safety [4]. - To expand consumption scenarios, the plan proposes improving the design level of smart products for the elderly and increasing the supply of high-quality terminal products for smart health and elderly care [4].

Core Insights - The last-mile logistics sector is likened to the "capillaries" of urban commerce, facing challenges such as rising labor costs, management difficulties, and safety risks, which have attracted numerous companies, including traditional automotive electronics giant Desay SV [1] - On September 2, Desay SV launched its new brand "Chuanxing Zhiyuan" focused on low-speed unmanned vehicles, introducing the S6 series as its first vehicle-grade platform product, aiming to enhance efficiency and drive intelligent transformation in urban last-mile logistics [1][3] - The S6 series features six industry-first technologies, including full vehicle-grade development from parts, an intelligent axial control system, a 25% climbing ability, and a battery life standard of 6 years or 300,000 kilometers, with a modular design catering to various high-frequency application scenarios in last-mile logistics [3] Company Strategy - Desay SV's CEO emphasized that the company is not blindly entering the market but is making strategic decisions based on the maturity of technology, regulatory policies, and market demand, positioning itself as a "foundation provider for intelligent mobility platforms" rather than a direct competitor to operators [3] - The S6 platform includes four major vehicle types: a winged version for industrial logistics and forklift collaboration, a side-door version for express delivery, a cold chain version for precise temperature control from -20°C to 12°C, and a version for irregular cargo transfer, addressing key challenges in the industry [3][5] Industry Context - Despite the popularity of unmanned vehicle concepts, there remains a scarcity of products that possess vehicle-grade reliability and sustainable commercial deployment capabilities, highlighting a critical challenge in the industry [5]