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 | | ...

上 市 公 司 计算机 | 基础数据: | 2025 年 06 月 30 日 | | --- | --- | | 每股净资产（元） | 32.73 | | 资产负债率% | 57.25 | | 总股本/流通 A 股（百万） | 120/90 | | 流通 B 股/H 股（百万） | -/- | 2025 年 08 月 29 日 经纬恒润 (688326) ——盈利拐点已现，厚积薄发正当时 报告原因：有业绩公布需要点评 增持（上调） | 市场数据： | 2025 年 08 月 28 日 | | --- | --- | | 收盘价（元） | 120.59 | | 一年内最高/最低（元） | 127.70/59.02 | | 市净率 | 3.7 | | 股息率%（分红/股价） | - | | 流通 A 股市值（百万元） | 10,858 | | 上证指数/深证成指 | 3,843.60/12,571.37 | | 注："股息率"以最近一年已公布分红计算 | | 一年内股价与大盘对比走势： 08-28 09-28 10-28 11-28 12-28 01-28 02-28 03-31 04-30 05-31 06-3 ...

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics and Intelligent Driving Solutions Key Points Financial Performance - In the first half of 2025, Desay SV's profitability improved, primarily due to optimization in sensor business solutions, scale expansion, and an increased proportion of intelligent driving domain control business. However, the gross margin slightly declined in Q2 due to the impact of the OEM business for Li Auto [2][4] - The annualized sales from new project orders exceeded 18 billion, with cockpit business nearing 10 billion and driving-related orders close to 8 billion [2][7] - The gross margin for overseas business significantly increased due to the implementation of large projects, with expectations for continued growth in the second half of the year, targeting a long-term goal of 20%-30% [2][8] Customer Structure - The customer structure in the first half of 2025 did not change significantly, but the ranking and proportion of major clients adjusted. Li Auto remains the largest customer, but its share has decreased, while Xiaomi and Chery have seen rapid growth [3][22] Product and Market Trends - The cockpit business is experiencing a trend towards multi-screen and large-screen solutions, with a significant number of display orders secured in the European market [2][31] - Desay SV is focusing on an "all-in-one" intelligent driving solution, which has gained orders from both domestic and international brands, leveraging cost advantages and innovative integration solutions [2][17] Gross Margin Expectations - For the second half of 2025, Desay SV anticipates a controlled impact from the ramp-up of Li Auto's OEM business, with gross margins expected to remain stable or slightly decline [2][7] - The gross margin for sensor business is lower than the overall company level but has improved compared to previous periods [6] Strategic Initiatives - Desay SV is committed to open sharing and actively participates in OEM projects to consolidate market position and prevent potential competitors from entering new business areas [2][16] - The company is also exploring emerging fields such as robotics and unmanned delivery, with a focus on rapid commercialization in unmanned delivery scenarios [14] Competitive Landscape - The market is competitive, with many companies attempting to develop their own chips, which may lead to inefficiencies. Desay SV aims to adapt and leverage its strengths during this transitional phase [15] - The company collaborates with multiple chip manufacturers, including NVIDIA and Qualcomm, to stay competitive and meet customer demands [23][24] Future Outlook - Desay SV does not plan to adjust its growth targets for 2025 despite strong performance in the first half, maintaining confidence for the second half [37] - The company is optimistic about the potential for significant opportunities in lightweight solutions and expects increased order acquisition and production scale in 2026 [18] Additional Insights - The gross margin for traditional non-OEM projects is around 20%, while OEM business margins range from 10-15%, significantly impacting overall profitability [30] - Desay SV's overseas market strategy is focused on sensor products, particularly in Europe and Japan, with no immediate plans to expand into the U.S. market [21] This summary encapsulates the key insights from Desay SV's conference call, highlighting the company's financial performance, customer dynamics, product trends, strategic initiatives, and future outlook.