6 July 2025 | 2:08PM HKT Desay SV (002920.SZ): Mgmt. visit: Smart driving continues to grow; full stack solutions to accelerate deployment We visited Desay SV in Huizhou recently. Management remains positive on the smart driving trend, domain controllers growth, full stack solutions, and ongoing costs control and operation efficiency. We are positive on Desay SV's product expansion from smart cockpit to smart driving and automotive software, supporting them to better ride on the growing smart driving trend ...

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) is preparing for an IPO on the Hong Kong Stock Exchange, focusing on the growing market for Head-Up Displays (HUD) in the automotive sector [1][3]. Company Overview - Zejing Electronics has 22 major automotive clients, including NIO, Li Auto, Xiaomi, BYD, and others, with 90 models designated for HUD solutions [3]. - The company holds a 16.2% market share in China's HUD market, ranking second among domestic suppliers, with Huayang Group being the leader [3]. Market Trends - The penetration rate of HUDs in the Chinese passenger car market is expected to rise from 11% in 2023 to 16% in 2024, with projected deliveries of 3.56 million equipped vehicles, a year-on-year increase of over 55% [3][18]. - The HUD market is transitioning from traditional W-HUD to AR-HUD, which offers enhanced interactive experiences and is seen as the future direction of HUD technology [10][18]. Product Offerings - Zejing Electronics provides W-HUD solutions (CyberLens) and AR-HUD solutions (CyberVision), with a focus on customized software and hardware architectures for different vehicle models [4][6]. - The sales volume of HUD solutions is projected to increase from 175,700 units in 2022 to 624,600 units in 2024, with HUD solutions contributing significantly to revenue, rising from 80% in 2022 to 93.6% in 2024 [6][7]. Financial Performance - The gross profit from HUD solutions is expected to grow from RMB 35.53 million in 2022 to RMB 149.17 million in 2024, with gross margins improving from 20.8% to 27.6% [7]. - Despite increasing sales, the average selling price of CyberLens has decreased from RMB 970.9 to RMB 837.1, while CyberVision's price has fluctuated significantly, indicating competitive pricing pressures in the market [15][18]. Competitive Landscape - The HUD market is becoming increasingly competitive, with domestic manufacturers capturing a growing share, reaching 56.78% by 2024, compared to 90.16% held by international companies in 2019 [11][13]. - The AR-HUD market is projected to grow at a compound annual growth rate of 112% from 2020 to 2025, while W-HUD is expected to grow at only 16.1% [18]. Future Outlook - The success of Zejing Electronics' IPO is crucial for its ability to navigate the competitive landscape and establish a sustainable profit model in the rapidly evolving HUD market [18].

证券代码：603202 证券简称：天有为 公告编号：2025-003 黑龙江天有为电子股份有限公司 关于使用募集资金置换预先投入募投项目 及已支付发行费用的自筹资金的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： ●本次使用募集资金置换预先投入募投项目的自筹资金285,045,265.72元及 已支付发行费用的自筹资金8,915,094.35元，共计293,960,360.07元。本次募集资 金置换时间距离募集资金到账时间未超过6个月，符合相关法律法规的要求。 一、募集资金基本情况 根据中国证券监督管理委员会（以下简称"中国证监会"）《关于同意黑龙 江天有为电子股份有限公司首次公开发行股票注册的批复》（证监许可〔2024〕 开发行人民币普通股（A股）4,000万股，发行价格为93.50元/股，募集资金总额 后 ， 公 司 本 次 募 集 资 金 净 额 为 3,526,941,817.64 元 ， 其 中 超 募 资 金 为 对上述募集资金到位情况进行了审验，并出具了《验资报告》 （信会师报字【2025】 ...

中信建投证券股份有限公司关于黑龙江天有为电子股份有 限公司使用募集资金置换预先投入募投项目及已支付发行 费用的自筹资金的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为黑龙江天有为电子股份有限公司（以下简称"天有为"、"公司"）首次公开 发行股票并在主板上市的保荐机构，根据《证券发行上市保荐业务管理办法》 《上 市公司监管指引第2号—上市公司募集资金管理和使用的监管要求》 《上海证券交 易所股票上市规则》《上海证券交易所上市公司自律监管指引第1号—规范运作》 等相关法律、法规和规范性文件的规定，中信建投证券对天有为使用募集资金置 换预先投入募投项目及已支付发行费用的自筹资金的事项进行了审慎核查，核查 具体情况如下： 一、募集资金基本情况 截至2025年5月9日，公司以自筹资金预先投入募集资金投资项目的实际投资 金额为28,504.53万元，公司拟置换募集资金投资金额为28,504.53万元，具体情况 如下： 单位：万元 调整后拟投 序 项目投资 自筹资金预 拟用募集资 项目名称 入募集资金 号 总额 先投入金额 金置换金额 数额 汽车电子智能工厂建设 项目 智能座舱生产基地建 ...

RIYADH, Saudi Arabia, May 15, 2025 (GLOBE NEWSWIRE) -- DDPAI hosted its exclusive VIP Product Experience Event in Riyadh, gathering invited guests for a premium, invitation-only experience under the theme “DDPAI SmartGuard.” Set against an elegant backdrop, the event reflected the brand’s core philosophy—“For Everyone’s Journey Safety”—while unveiling innovations tailored to the evolving needs of Middle Eastern drivers. At the heart of the event was DDPAI’s holistic approach to smart driving safety. Rather ...

【WitsView整理】 5月13日，武汉海微科技股份有限公司（以下简称"海微科技"）与东湖高新区签 约，将在武汉未来科技城建设海微科技总部及研发制造基地项目二期，打造海微科技车载智能座舱 研发生产基地。 #车载显示 #智能座舱 #海微科技 图片来源：中国光谷 据介绍，海微科技成立于2012年，是智能座舱产品研发及制造领域企业，产品涵盖车载显示屏、座 舱域控制器、车联网远程监控终端等，已为蔚来、理想、东风、上汽等14家汽车品牌提供智能座舱 零部件产品，搭载在售车型32款。 海微科技总部及研发制造基地项目涵盖智能制造、研发运营及生活成长三大功能区，分两期建设。 项目一期工程占地50.44亩，建筑面积为7.5万平方米，已于今年1月封顶，预计10月正式投产，每年 汽车电子零部件产能可达420万台（套）。项目二期将建设海微汽车研究院以及高端装备研究院，包 含25条产品线以及总部功能配套。预计2026年12月全面入驻，可容纳2000余名员工。 值得一提的是，2024年12月，海微科技完成IPO辅导备案，正式启动A股上市进程。 目前，海微科技已完成三轮融资，投资方包括蔚来资本、上汽恒旭、广汽资本、湖北长江产业基 金、武汉 ...

Core Insights - Stoneridge, Inc. has launched the SE5000 Smart 2 tachograph, which integrates OSNMA technology to enhance security for European commercial vehicles [1][3] - The new tachograph complies with the EU Mobility Package I regulations aimed at improving road safety and ensuring fair competition in international transport [2] - The SE5000 Smart 2 features updated software for improved performance and user experience, benefiting fleets, drivers, and workshops [3] Product Features - The SE5000 Smart 2 utilizes GNSS technology, specifically the Galileo satellite system, requiring stable reception from at least three satellites for accurate vehicle positioning [1] - OSNMA technology adds a layer of security by verifying the authenticity of GNSS signals, thus mitigating spoofing risks [1] - Existing SE5000 Smart 2 units can be upgraded to the new OSNMA features via a software update [4] Regulatory Compliance - The tachograph meets the requirements set forth by the EU Mobility Package I, which mandates the installation of second-generation smart tachographs in new vehicles from August 21, 2023, and retrofitting in vehicles involved in international transport by August 19, 2025 [2]

Strong Quarter-to-Quarter Margin Progression MirrorEye® and SMART 2 Tachograph Set Quarterly Sales RecordsMaintaining Previously Provided Full-Year 2025 Guidance 2025 First Quarter Results Sales of $217.9 million Gross profit of $46.3 million (21.2% of sales) Adjusted gross profit of $47.7 million (21.9% of sales) Operating loss of $(3.2) million ((1.5)% of sales) Adjusted operating loss of $(0.4) million ((0.2)% of sales) Net loss of $(7.2) million ((3.3)% of sales) Adjusted net loss of $(5.1) million ((2. ...

证券研究报告·公司点评报告·软件开发 经纬恒润-W（688326） 2024 年报及 2025 一季度报点评：降本增效 收入释放，业绩拐点将至 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,678 | 5,541 | 7,149 | 8,044 | 9,291 | | 同比（%） | 16.30 | 18.46 | 29.02 | 12.51 | 15.50 | | 归母净利润（百万元） | (217.26) | (550.32) | 22.84 | 174.20 | 265.70 | | 同比（%） | (192.17) | (153.30) | 104.15 | 662.57 | 52.53 | | EPS-最新摊薄（元/股） | (1.81) | (4.59) | 0.19 | 1.45 | 2.21 | | P/E（现价&最新摊薄） | (42.51) | (16.78) | 404.33 | 53 ...

买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 4,678 | 5,541 | 7,149 | 8,044 | 9,291 | | 同比（%） | 16.30 | 18.46 | 29.02 | 12.51 | 15.50 | | 归母净利润（百万元） | (217.26) | (550.32) | 22.84 | 174.20 | 265.70 | | 同比（%） | (192.17) | (153.30) | 104.15 | 662.57 | 52.53 | | EPS-最新摊薄（元/股） | (1.81) | (4.59) | 0.19 | 1.45 | 2.21 | | P/E（现价&最新摊薄） | (42.51) | (16.78) | 404.33 | 53.02 | 34.76 | 证券研究报告·公司点评报告·软件开发 经纬恒润-W（688326） 2024 年报及 2025 一季度报点评：降本增 ...