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 | | ...

每经AI快讯，云意电气（SZ 300304，收盘价：13.16元）9月26日晚间发布公告称，公司第六届第三次 董事会会议于2025年9月26日在公司会议室以现场表决的方式召开。会议审议了《关于第二期员工持股 计划预留份额分配的议案》等文件。 2025年1至6月份，云意电气的营业收入构成为：汽车电子占比94.2%，其它占比4.48%，电力占比 1.31%。 截至发稿，云意电气市值为116亿元。 每经头条（nbdtoutiao）——5年增长33倍，这类新险种卖爆了，身边很多人都需要，30多家险企蜂拥而 入⋯⋯ （记者 张明双） ...

天眼查App显示，近日，安徽鼎毅汽车电子有限公司成立，法定代表人为徐云鹏，注册资本2000万人民 币，经营范围为一般经营项目：汽车零部件及配件制造；汽车零部件再制造；货物进出口；技术进出 口；技术服务、技术开发、技术咨询、技术交流、技术转让、技术推广；电子元器件制造；电子元器件 与机电组件设备制造；计算机软硬件及外围设备制造；机械电气设备销售；机械电气设备制造；电子产 品销售；信息系统集成服务；信息技术咨询服务（除许可业务外，可自主依法经营法律法规非禁止或限 制的项目）。 ...

Investment Rating - The report does not explicitly provide an investment rating for the industry or specific companies [26] Core Insights - The market experienced a downward trend, with the North Exchange A-share trading volume reaching 24.4 billion yuan, an increase of 3.19 billion yuan from the previous trading day. The North Exchange 50 Index closed at 1547.45, down 2.63%, with a PE_TTM of 72.65 times. The specialized and innovative index closed at 2690.95, down 2.96% [1][7] - Among the 276 companies listed on the North Exchange, only 19 saw an increase in stock price, while 255 experienced declines. The top five gainers included Chuangyuan Xinke (up 12.4%), Jiezong Technology (up 6.3%), and Wuxin Tunnel Equipment (up 6.0%). Conversely, the top five losers included Kangle Weishi (down 11.8%) and Kaitie Co. (down 8.7%) [1][15] Summary by Sections Market Review - On September 23, the North Exchange A-share trading volume was 24.4 billion yuan, a rise of 3.19 billion yuan from the previous day. The North Exchange 50 Index fell by 2.63%, while the specialized and innovative index dropped by 2.96% [1][7] - The performance of individual stocks showed significant disparity, with only 19 out of 276 companies increasing in value [15] Important News - TSMC is reportedly increasing prices for its 2nm process node by at least 50%, which could impact the pricing of SoCs for major smartphone brands [18] - Dongfeng Group is deepening its collaboration with Huawei, indicating a trend towards greater smart technology integration in the automotive sector [19] Key Company Announcements - Fangsheng Co. plans to use up to 40 million yuan of idle fundraising for cash management, focusing on safe and liquid financial products [20] - Deyuan Pharmaceutical's major shareholder intends to reduce its holdings by up to 2,346,300 shares, representing 2% of the total share capital [21] - Zecheng Electronics plans to invest up to 100 million yuan of idle funds in safe and liquid financial products [22]

Group 1: Aerospace Applications - The company's aerospace application products mainly include accelerometers, precision manufacturing, aerospace auxiliary materials, and testing and control equipment [2] - The technology level of the company's accelerometers and other inertial devices is at a leading domestic level, widely used in the aerospace field [2] - The company's self-developed accelerometers are known for their high precision, reliability, compact size, and lightweight, making them the preferred product for inertial navigation systems over the past 20 years [2] Group 2: Automotive Electronics - The automotive electronics business includes three main areas: safety, comfort, and autonomous driving, with key products such as seat belt detection systems [3] - The domestic automotive electronics business primarily focuses on commercial vehicles, while the overseas business centers on automotive electronic sensors [3] - Core products in the overseas market include in-cabin sensors, which cover features like reminder devices and occupant classification systems [3] Group 3: Asset Management - The recent asset sales are aimed at implementing the company's strategic planning, focusing on core responsibilities, and reallocating resources to drive company growth [2] Group 4: Internet of Vehicles - The company has developed a comprehensive service cloud platform for the Internet of Vehicles, including smart logistics and regulatory platforms for hazardous materials transportation [3] - The Internet of Vehicles business has competitive advantages in markets such as Shandong, Guizhou, Jiangxi, and Ningxia, with ongoing expansion in other provinces [3]

Group 1: eCall Business Overview - The company has been early in the eCall product field, accumulating rich experience in certification and project management since 2013 [2] - In 2019, the company obtained the first EU eCall certification in China and was among the first globally to receive the UN-R144 standard certification [2] - As of January 6, 2025, the company received the next-generation NG eCall certification, becoming one of the first globally certified for this standard [2][5] - The company has expanded its certification scope to include countries like the UK, UAE, and Saudi Arabia, making it one of the few domestic companies with comprehensive certifications [2] Group 2: Involvement in National Standards - The company is one of the drafting units for the national standard AECS and has participated in the preparation of standard texts and technical specifications [3] - Recent tests conducted by the China Automotive Technology Research Center on the company's products have been successful, laying a solid foundation for the future application of the AECS system in vehicles [3] Group 3: R&D and Innovation - The company emphasizes forward-looking R&D, closely following industry trends and customer needs, leading to a steady increase in R&D expenses [3] - The R&D system is built on a "platform and modular" concept, allowing for rapid market introduction of new features and products tailored to customer demands [3] Group 4: Market Response and Competitive Advantage - The national standard AECS has been released, with mandatory implementation set for July 1, 2027, although certification and implementation will take time [4] - The company holds a first-mover advantage in the eCall sector, having passed the EU e-Call standard certification in March 2019 and continuously updating its products and technologies [5] Group 5: Production Capacity and Future Planning - The company has a flexible production line and an intelligent manufacturing system to meet the production needs of automotive-grade products [6] - The company collaborates with external manufacturers for non-core components, ensuring quality and compliance with production standards [6] Group 6: Digital Energy Management Solutions - The company's digital energy management solutions have been in development for several years and entered a new phase in the first half of this year [7] - These solutions support battery lifecycle management and digital operations for battery rental and charging stations, positioning the company for growth in high-value energy trading areas [7]

Group 1 - The core point of the news is that Kobotda's stock price increased by 5.41% to 97.70 CNY per share, with a trading volume of 378 million CNY and a turnover rate of 0.99%, resulting in a total market capitalization of 39.457 billion CNY [1] - Kobotda Technology Co., Ltd. is located in the China (Shanghai) Free Trade Pilot Zone and was established on September 12, 2003, with its listing date on October 15, 2019. The company primarily engages in the research, production, and sales of automotive electronic products [1] - The main business revenue composition of Kobotda is 96.77% from automotive parts and 3.23% from other sources [1] Group 2 - From the perspective of fund holdings, Huafu Fund has one fund heavily invested in Kobotda, specifically the Huafu Times Selected Mixed A (016119), which held 48,100 shares in the second quarter, accounting for 3.93% of the fund's net value, ranking as the seventh largest holding [2] - The Huafu Times Selected Mixed A (016119) was established on December 1, 2022, with a latest scale of 58.5449 million CNY. It has achieved a year-to-date return of 31.18%, ranking 2796 out of 8173 in its category, and an annual return of 80.58%, ranking 1258 out of 7996 [2] - The fund managers of Huafu Times Selected Mixed A are Chen Qi and Wang Yiwei, with Chen having a tenure of 5 years and 341 days and a total fund asset scale of 817 million CNY, while Wang has a tenure of 3 years and 332 days with a total fund asset scale of 422 million CNY [2]

Company Overview - Shenzhen Haon Automotive Electronics Equipment Co., Ltd. is located in Longhua District, Shenzhen, Guangdong Province, and was established on January 13, 2010. The company went public on July 4, 2023. It specializes in the research, design, manufacturing, and sales of automotive intelligent driving perception systems, with main products including onboard camera systems, onboard video driving recorders, and ultrasonic radar systems [2]. Financial Performance - For the first half of 2025, the company achieved operating revenue of 805 million yuan, representing a year-on-year growth of 36.20%. However, the net profit attributable to the parent company was 46.86 million yuan, a slight decrease of 0.25% year-on-year [2]. - As of June 30, 2025, the company had a total of 12,500 shareholders, an increase of 25.92% compared to the previous period. The average circulating shares per person were 1,869 shares, a decrease of 20.58% [2]. Stock Performance - On September 23, the company's stock price increased by 4.38%, with a trading volume of 1.304 billion yuan. The margin trading data indicated a financing purchase amount of 146 million yuan and a financing repayment of 172 million yuan, resulting in a net financing outflow of 26.23 million yuan [1]. - The total margin trading balance for the company as of September 23 was 497 million yuan, with the financing balance accounting for 11.00% of the circulating market value, which is above the 90th percentile level over the past year [1]. - The company has cumulatively distributed dividends of 138 million yuan since its A-share listing [3]. Shareholding Structure - As of June 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 210,600 shares, which is a decrease of 510,200 shares compared to the previous period [3].

Group 1 - Lixun Precision has secured a contract to assemble at least one OpenAI device, marking its entry into the AI hardware sector and significantly impacting its stock price and market capitalization, which is approaching 500 billion [2][3] - OpenAI's hardware ambitions include a diverse product matrix, such as smart speakers, smart glasses, digital voice recorders, and wearable badges, expected to launch between late 2026 and early 2027 [3] - The partnership with OpenAI is a result of Lixun's strategic mergers and acquisitions over the past 15 years, enhancing its manufacturing capabilities and global supply chain integration [3][4] Group 2 - Founded in 2004, Lixun Precision initially focused on computer connector manufacturing, primarily serving Foxconn, with early profit margins between 10%-20% [4] - The company went public in 2010, marking a turning point as it began acquiring businesses to enter high-end supply chains, starting with the acquisition of 75% of Boshuo Technology for 168 million yuan [4][5] - By 2011, Lixun's revenue surged from 1.01 billion yuan in 2010 to 2.56 billion yuan, a 152.89% increase, as it transitioned from a Foxconn-dependent manufacturer to a key player in Apple's supply chain [4][5] Group 3 - Lixun continued to build its technical capabilities and customer loyalty through systematic acquisitions, including the purchase of ICT-LANTO LIMITED in 2011 to enhance high-speed data transmission technology [5] - The company further solidified its position in the Apple supply chain by acquiring the remaining 40% of Kunshan Lantao in 2014, achieving full control over its connector business [5][6] - Strategic investments in 2015 and 2016, including an 800 million yuan investment in Meilv Industrial, allowed Lixun to enter the acoustic components supply chain for Apple [6] Group 4 - Lixun's vertical integration strategy led to its transition from component supplier to complete assembly manufacturer, highlighted by its acquisition of Huizhou Meilv and Shanghai Meilv in 2017 [7] - The company began assembling AirPods in 2017 and became a core supplier by 2019, achieving industry-leading product yield rates [7] - In 2020, Lixun invested 3.3 billion yuan to acquire Jiangsu Weichuang and Kunshan Weixin, entering the iPhone assembly sector and securing orders for the iPhone 13 [7][8] Group 5 - In 2021, Lixun acquired over 50% of Rike Computer for 6 billion yuan, expanding its share in the iPhone metal frame business and further solidifying its position in Apple's supply chain [8] - By 2021, Lixun's revenue exceeded 150 billion yuan, with Apple-related business accounting for 70% of its total revenue, establishing it as a global consumer electronics giant [8] Group 6 - Lixun is now targeting the automotive electronics sector, having formed a strategic partnership with Chery Group in 2022 to enhance its capabilities in automotive manufacturing [9] - The acquisition of approximately 74.67% of Huiju Technology in 2022 diversified its client base and reduced reliance on a single sector [9] - Lixun aims to develop its automotive business as a second growth curve, aspiring to become a top global supplier of automotive components within the next decade [9][10] Group 7 - To mitigate risks associated with customer dependency and geopolitical challenges, Lixun is diversifying its client base and optimizing its global supply chain through acquisitions [10] - By 2025, Lixun's revenue is projected to exceed 300 billion yuan, reflecting its evolution from a small manufacturing firm to a global precision manufacturing leader across multiple sectors [10][11] - The company's growth trajectory serves as a model for other domestic manufacturers, demonstrating how strategic mergers and acquisitions can facilitate significant industry advancements [11]

Group 1: Company Overview and Strategy - The company focuses on the integration of hardware and software platforms, combining products with application scenarios to extend its industrial development [3][4] - The 3+1 strategic layout emphasizes building an ecosystem in strong areas first, ensuring stable growth before expanding into more challenging sectors [3][4] - The company has no current plans for mergers and acquisitions but will comply with disclosure obligations if such plans arise [4] Group 2: Product Development and Technology - The company is developing material handling and cleaning robots, with sensor technology applicable in industrial robotics [3] - In the field of immersion energy storage, the company is enhancing safety and efficiency through innovative thermal control and energy conversion technologies [3][4] - The company’s core technologies include a focus on algorithm research based on market demand and application scenarios [4] Group 3: Market Position and Financial Performance - The company aims to improve gross margins through product structure optimization, sales policy adjustments, and increasing the proportion of high-margin products [4] - The company has a robust order backlog and is gradually implementing its strategic layout for future development [5] - The company believes that long-term market valuation will reflect its true value, emphasizing continuous technological investment and product iteration [5]