Core Insights - The article highlights the integration of AI technologies in urban management and logistics in Shenzhen's Meilin area, showcasing a future where autonomous vehicles and drones enhance community services and governance [1][3][4]. Group 1: AI Applications and Innovations - Meilin has developed 65 AI application scenarios across urban governance, public health, and community services, with 15 functional autonomous vehicle routes covering over 50 kilometers [3][4]. - The area has seen the establishment of 82 AI-related companies, creating a complete industrial chain from chip development to scene application [8][9]. - The deployment of drones and autonomous vehicles has transformed traditional logistics and urban management, improving efficiency and reducing costs [3][4][6]. Group 2: Corporate Developments - Yuhua Group has established a new headquarters in Meilin, focusing on smart city operations and AI-driven solutions for urban services [4][6]. - Puzhou Technology has developed advanced drones with unique features for various applications, including power inspection and emergency rescue [6][8]. - The establishment of a robot data collection center by Yuhua Group aims to address labor shortages and improve operational efficiency in the sanitation industry [4][12]. Group 3: Policy and Ecosystem Support - Shenzhen is experiencing a "policy and scene" resonance period, facilitating the growth of AI industries through systematic support and market validation [9][10]. - The creation of public service platforms and incubators in Meilin has attracted numerous enterprises, fostering a collaborative environment for innovation [10][11]. - The district's focus on a "platform empowerment + scene opening + carrier incubation" strategy has led to the successful implementation of over 30 benchmark projects [12][14]. Group 4: Economic Impact - The Shenzhen New Generation Industrial Park has achieved an annual output value exceeding 200 billion yuan, making it one of the highest in Shenzhen [14]. - Meilin is home to four unicorn companies with a total valuation of 45.6 billion USD, representing 29% of Shenzhen's total, establishing it as a leading area for innovation and economic growth [14][15]. - The region's advancements in AI and technology are not only enhancing economic density but also improving quality of life and urban governance [14][15].

德赛西威 20251225 摘要 德赛西威预计中长期毛利率稳定在 20%左右，受益于传统合资品牌智驾 渗透率提升及海外业务收入溢价。公司通过与客户协商分担成本、上游 保供和下游稳定配套来应对物料价格上涨，特别是内存涨价。 座舱领域仍有单车价值量提升空间，高性能芯片具备市场潜力。随着 L3 自动驾驶推进，驾驶员和乘客对座舱需求增加，需要更高性能的芯片支 持，如特斯拉 Grok AI 交互体验需要硬件升级。 德赛西威明年智能驾驶领域增量客户主要来自今年未上车的传统品牌和 子品牌，他们将在明年逐步实施自驾方案。今年第四季度已看到自主品 牌采用英伟达高阶芯片，预示客户结构转变。 截至今年第三季度，德赛西威海外收入占比为 7.5%，预计全年不到 10%。明年第四季度将在塔塔项目上量产智能化舱驾一体方案，目标是 在 2030 年前将海外收入占比提高到 20%。 德赛西威与国内自驾芯片厂商保持紧密合作，具备从 OV 平台迁移到其 他平台的能力。机器人域控制器与车规级域控复用率高，公司已进入调 试和送样阶段，预计明年上半年会有小规模交付。 Q&A 德赛西威目前代工业务的现状及其对毛利率的影响如何？ 合作模式将保持稳定，即使是 ...

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics and Intelligent Driving Solutions Key Points Financial Performance - **Q3 Revenue Decline**: Desay SV experienced a quarter-on-quarter revenue decline primarily due to changes in sales volume and vehicle value fluctuations. The adjustment in the OEM model and the revenue settlement cycle for R&D expenses also contributed to this decline. However, net profit did not significantly decrease, indicating that these changes are short-term fluctuations and do not affect the long-term business nature [2][3][13]. Customer Structure Optimization - **Risk Diversification**: The company has optimized its customer structure, ensuring that no single core customer accounts for more than 20% of total revenue. This strategy helps to mitigate risks while promoting new business developments in autonomous driving, cockpit integration, and other areas. Collaborations with Nvidia, Qualcomm, and domestic chip manufacturers are also underway, showing positive development trends [2][5]. Growth in Autonomous Delivery Vehicles - **Delivery Vehicle Orders**: The autonomous delivery vehicle business is rapidly developing, with a significant increase in intended orders. Desay SV is in discussions with major clients like Meituan, JD.com, and the postal service, expecting to deliver thousands of units by 2026, marking it as a crucial growth area for the future [2][6]. International Market Expansion - **Overseas Market Strategy**: Desay SV's international market strategy focuses on Europe, Japan, and Southeast Asia. The company is collaborating with Toyota on the Qualcomm 8,650 project and developing high-performance domain control systems for European luxury brands. The stability and production planning in overseas markets are considered stronger compared to domestic markets [2][9]. Future Profitability Outlook - **Profitability Influencers**: Future profitability will be influenced by the proportion of OEM business, sales scale of new force brands, and the development speed of traditional self-owned brands. A rapid increase in orders from traditional brands is expected in Q4, which will positively impact profitability due to higher demand for high-value products [2][11][12]. R&D Investment and Trends - **R&D Focus**: The company is expanding its R&D team, particularly in software and algorithms. The increase in R&D expense ratio in Q3 was partly due to stock incentive plans affecting core personnel. Overall, R&D levels are expected to remain stable [2][10]. Sensor and Cockpit Product Developments - **Product Upgrades**: Upgrades in cockpit products have significantly improved average selling prices (ASP) and gross margins. The demand for new configurations in collaboration with Toyota has doubled, and the next-generation AI cockpit chip's computing power has increased significantly [2][15]. Market Competition and Strategy - **Competitive Landscape**: The market is becoming increasingly competitive, with third-party manufacturers developing comprehensive solutions. Desay SV's strategy involves maintaining quality and supply assurance to navigate this competitive environment [2][32]. Future Market Trends - **Growth in Autonomous Driving Technology**: The demand for advanced autonomous driving technology is expected to grow, with traditional brands showing a rising need for high-value solutions. Desay SV has secured numerous orders from brands like Great Wall, Chery, and Changan, indicating a positive outlook for future growth [2][19]. Cost Management and Profit Margins - **Cost Structure**: The company aims to maintain a gross margin of around 20% in the future, with potential for improvement if competitive pressures ease. The actual gross margin in Q3 was similar to Q2, and adjustments for R&D and patent fees could lead to better margins [2][21][24]. Conclusion - Desay SV is strategically positioned to leverage its diversified customer base, innovative product offerings, and international market expansion to drive future growth and profitability in the automotive electronics sector. The focus on R&D and collaboration with key industry players will further enhance its competitive edge in the rapidly evolving landscape of intelligent driving solutions [2][34].

Summary of Conference Call on Autonomous Vehicle Industry Trends Industry Overview - The conference call discusses the trends in the L4 autonomous driving technology industry, highlighting its broad application prospects across various sectors, particularly in robotaxi and unmanned delivery vehicles [1][2][3]. Key Points and Arguments L4 Autonomous Driving Technology - L4 autonomous driving technology is experiencing significant advancements due to breakthroughs in algorithms, supply chain standardization, and a decrease in the cost of laser radar [1][5]. - The market for unmanned delivery vehicles is expected to grow, driven by cost reductions and the opening of road rights, particularly in logistics where time sensitivity is lower [1][8]. Economic Viability - Specific scenarios have already demonstrated significant economic benefits, with unmanned delivery vehicles showing potential for cost savings in logistics, reducing delivery costs to as low as 0.08 CNY per package [3][21][22]. - The logistics industry is beginning to adopt unmanned vehicles, with major express companies like SF Express planning to increase their procurement significantly in 2025 [17]. Future Trends - The future of the unmanned delivery vehicle industry is characterized by two main trends: companies with sufficient funding engaging in price wars through internet models, and operational entities benefiting from reduced labor costs [9][24]. - The potential market for unmanned vehicles in logistics could reach hundreds of thousands of units, contingent on the suitability of various delivery scenarios [18]. Policy Support - There is a growing trend of policy support for unmanned delivery technology, with various regions opening up road rights and the Ministry of Transport promoting AI integration in transportation [23]. Additional Important Insights - The shift in thinking from a research-driven approach to one focused on applicability has allowed many unmanned vehicle companies to gain traction in recent years [5][8]. - The logistics sector's characteristics, such as large volumes and lower time sensitivity, make it particularly suitable for the development of unmanned delivery vehicles [7][9]. - The integration of unmanned vehicles into logistics could lead to a transformation in business models, allowing for more efficient use of human resources [24]. Investment Opportunities - Recommended investment targets include direct logistics companies like SF Express and Debon, as well as leading franchise logistics companies such as Shentong, Zhongtong, and YTO Express, which are expected to benefit from the changes in the industry [25][26].