◎陈铭 记者 邓贞 上市公司2025年三季报披露收官，Choice数据显示，在256家汽车零部件上市公司中，超六成实现归母 净利润正增长，其中同比增幅超50%的公司有51家，增幅超100%的达到28家。 "从细分赛道来看，壁垒较高的零部件通常具备更强的议价能力，价格下行压力相对可控。"一位汽车行 业分析师在接受上海证券报记者采访时表示，"燃油车时代的发动机、变速箱、底盘系统因技术复杂度 高、客户黏性强，在当前行业切换中依然表现稳健；而参与者众多、技术壁垒相对薄弱的轮胎、打铁件 等零部件更容易受到整车厂'年降'压力影响，利润压缩更为显著。" 智能化提速 技术型企业加速成长 随着智能座舱、车载显示、底盘域控制等系统方案大规模应用，具备研发优势与集成能力的企业正加速 抢占市场，构建竞争优势。记者梳理发现，多家头部企业在智能化产品订单增长、客户结构优化等方面 均释放出积极信号。 上海证券报记者梳理发现，汽车零部件行业正加快从"制造"向"智造"转型，各细分赛道呈现结构性分化 的特征。智能底盘系统、电子电气架构等高技术、高壁垒细分领域持续释放增长动能，传统低附加值零 部件则在竞争加剧与成本压力下相对承压。与此同时，多家企 ...

Core Insights - Desay SV's sensor business is experiencing rapid growth due to increased market demand for advanced driver assistance systems (ADAS) [1] - The company offers a variety of products including cameras, radars, and smart antennas to meet diverse needs of automotive manufacturers [1] - Desay SV has secured new project orders from leading domestic and international automotive companies such as Changan Automobile, Geely, SAIC Volkswagen, Renault, Honda, and Dongfeng Nissan [1] Company Overview - Desay SV has a strong portfolio in intelligent driving sensors, catering to different levels of ADAS and various vehicle models [1] - The company is positioned to address different cost considerations for automotive manufacturers [1] Market Demand - There is a notable increase in demand for ADAS features in the automotive market, driving growth in Desay SV's sensor business [1] - The company is well-equipped to fulfill the diverse requirements of various automotive clients [1]

Core Insights - The market demand for advanced driver assistance systems (ADAS) is increasing, leading to rapid growth in the company's sensor business [1] - The company offers a variety of products including cameras, radars, and smart antennas for intelligent driving, catering to diverse needs of different automotive manufacturers [1] - The company has secured new project orders from leading domestic and international automotive companies such as Changan Automobile, Geely Automobile, and SAIC Volkswagen [1]

Group 1: Financial Performance - The company's revenue for the first three quarters of 2025 was 223.37 million yuan, with a net profit attributable to shareholders of 5.65 million yuan in Q3 [5] - The gross profit margin for Q3 was 18.51%, with a net cash flow from operations of 6.22 million yuan [5] - The R&D expense ratio for Q3 was 8.79%, indicating a sustained investment in research and development [5] Group 2: Customer Structure and Market Position - The company has established long-term and stable partnerships with numerous domestic and international automotive manufacturers [5] - The customer structure has improved and become more balanced, reflecting a diversified client base [5] Group 3: Product Development and Innovation - The company’s sensor business is rapidly growing due to increased market demand for advanced driver-assistance systems [5] - The company offers a variety of products, including cameras, radars, and smart antennas, to meet diverse needs of automotive clients [5] - The autonomous vehicle business focuses on cost reduction, business model innovation, and urban experience, covering key areas such as vehicle design and core software/hardware development [5] Group 4: Technical Capabilities - The algorithms used in the company’s products are self-developed, enhancing synergy with the company's autonomous driving capabilities [7] - The core competencies lie in technical collaboration and practical application, leveraging the company's accumulated expertise in intelligent driving [7]

Core Viewpoint - The company has received new project orders from several leading automotive manufacturers, indicating a strong demand for its intelligent driving sensors and laser radar products in the market [2]. Company Summary - The company offers a variety of intelligent driving sensors, including cameras, radars, and smart antennas, catering to diverse needs of different automotive manufacturers based on various levels of assisted driving, vehicle types, and cost considerations [2]. - The company has secured new project orders from prominent domestic and international automotive brands such as Changan Automobile, Geely Automobile, SAIC Volkswagen, Renault, Honda, and Dongfeng Nissan during the reporting period [2].