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 ...

Group 1: Stock Movements - Emperor International (00163) rose nearly 6% after reaching an agreement with banks to restore existing loan arrangements based on previously agreed commercial terms [1] - Gaming stocks generally increased, with MGM China (02282) up 3.43%, Melco International Development (00200) up 2.24%, Sands China (01928) up 2.32%, and Galaxy Entertainment (00027) up 1.81%. Morgan Stanley reported that total gaming revenue for the first 23 days of the month was MOP 15.6 billion, averaging MOP 678 million per day [1] - Dongyue Group (00189) increased nearly 5% as PVDF market prices rose from CNY 49,000 per ton at the beginning of November to CNY 52,000 per ton as of November 20 [1] - UBTECH Robotics (09880) surged over 4% after announcing a successful bid for a humanoid robot data collection and training center project in Jiangxi, valued at CNY 143 million [1] Group 2: Strategic Partnerships and Collaborations - China Energy Storage Technology (02399) fell over 6% after announcing a non-binding memorandum of understanding for strategic cooperation with Guo Heng Group Pte. Ltd. [2] - Yujian Technology (02432) rose over 6% after signing a strategic cooperation framework agreement with Green Source Group (02451) to promote the application of 5,000 robotic dogs in smart store upgrades [2] - Junsheng Electronics (00699) and Hezhima Intelligent (02533) continued to rise, with Junsheng up 4.14% after announcing a strategic cooperation to jointly develop robot control systems and solutions [3] Group 3: Market Trends and Consumer Behavior - Gold stocks collectively rose, with Zhenfeng Gold (01815) up 5.8%, China Silver Group (00815) up 2.99%, Lingbao Gold (03330) up 4.66%, Chifeng Gold (06693) up 3.3%, and China Gold International (02099) up 5.38%. Recent comments from Federal Reserve officials and delayed economic data have supported expectations for interest rate cuts [2] - Mixue Group (02097) saw a nearly 3% increase amid speculation about launching a breakfast menu, with initial trials in select cities [3] - Pop Mart (09992) rose nearly 4% following a government initiative aimed at enhancing consumer goods supply and promoting diverse consumption [4]

Core Viewpoint - Junsheng Electronics and Hezhima Intelligent have formed a strategic partnership to enhance innovation in robot control systems and promote the integration of intelligent manufacturing and computing platforms [1] Group 1: Strategic Collaboration - The collaboration focuses on joint research and development of robot domain controllers [1] - Both companies will work on optimizing intelligent computing platforms and developing industry-specific solutions [1] - The partnership aims to improve independent innovation capabilities and industrial competitiveness [1]

Core Insights - Junsheng Electronics and Hezhima Intelligent have established a strategic partnership to focus on the joint development of robot domain controllers, optimization of intelligent computing platforms, and collaborative solutions for industry scenarios [1][3] - The collaboration aims to enhance innovation capabilities and industrial competitiveness in the field of intelligent manufacturing and embodied intelligence technology [1][3] Group 1: Company Collaboration - The partnership will leverage the strengths of both companies in key areas such as robot controllers, intelligent computing platforms, and typical industry applications [3] - Junsheng Electronics has been actively expanding its robot component business since 2025, building on its deep expertise in the automotive parts sector [1] - Hezhima Intelligent specializes in high-performance AI SOC chips and intelligent computing solutions, with its products widely used in intelligent driving and robotics [2] Group 2: Technological Development - Junsheng Electronics has developed a comprehensive solution for robot controllers based on various chip platforms, which will now extend to domestic chip platforms through the partnership with Hezhima Intelligent [1] - Hezhima Intelligent has launched the SesameX multi-dimensional intelligent computing platform aimed at the robotics industry, enhancing its capabilities in robot control and perception decision-making [2] - The collaboration is expected to drive the development, validation, and implementation of next-generation embodied intelligent robot control systems and solutions [3]

Core Insights - Junsheng Electronics and Hezhima Intelligent have reached a strategic cooperation agreement focusing on the joint development of robotic domain controllers, collaborative optimization of intelligent computing platforms, and the co-construction of industry scenario solutions [1] Group 1 - The collaboration aims to promote innovation in robotic control systems and demonstrate typical scenarios [1] - The partnership seeks to enhance autonomous innovation capabilities and industrial competitiveness [1]