德赛西威(002920)8月11日晚间披露半年报，上半年净利润同比增长近46%，客户回款增加，境外收入增 速高于境内收入，整体经营活动现金流净额同比增长1.66倍。 具体来看，上半年公司实现营业收入146.44亿元，同比增长25.25%；归属于上市公司股东的净利润 12.23亿元，同比增长45.82%。另外，由于销售规模扩大，客户回款增加，公司经营活动产生的现金流 量净额同比增加1.66倍，达到16亿元。 2025年汽车行业开始"反内卷"，众多车企发布声明，承诺对供应商的支付账期不超过60天。据Wind统 计，德赛西威最新半年报应收账款周转天数为112.97天，相比今年一季度的119.81天，略为改善。 报告期内，公司智能座舱业务销售额达到94.59亿元，同比增长18.76%。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。公司推出第四代旗舰级智能座舱域控产品，已在奇瑞汽车配套量产，并持续开拓国内外领先 车企新项目订单；公司第五代智能座舱已获得理想汽车新项目订单，并获得多家全球顶级主机厂关注。 同时，公司信息娱乐系统、显示系统、 ...

Core Viewpoint - Desay SV's half-year report shows significant growth in net profit and revenue, driven by increased customer payments and overseas income growth outpacing domestic income [1][2] Financial Performance - The company achieved operating revenue of 14.644 billion yuan, a year-on-year increase of 25.25% [1] - Net profit attributable to shareholders reached 1.223 billion yuan, up 45.82% year-on-year [1] - Operating cash flow net amount increased by 166% year-on-year, reaching 1.6 billion yuan [1] Accounts Receivable and Payment Terms - The accounts receivable turnover days improved slightly to 112.97 days from 119.81 days in the first quarter [1] - In 2025, the automotive industry is expected to reduce payment terms to suppliers to no more than 60 days [1] Business Segments - The smart cockpit business generated sales of 9.459 billion yuan, a growth of 18.76% [2] - The fourth-generation smart cockpit has been mass-produced for clients such as Li Auto, Xiaomi, and Geely, with new project orders from several leading automakers [2] - The smart driving business achieved revenue of 4.147 billion yuan, growing by 55.49% [2] - The company maintains the largest market share in the domestic auxiliary driving domain controller sector [2]

Group 1: Financial Performance - In Q1 2025, the company achieved revenue of 2.489 billion CNY, a year-on-year increase of 25.03% [4] - The net profit attributable to shareholders was 155 million CNY, reflecting a growth of 9.27%, which is lower than the revenue growth rate [4] - The gross profit margin decreased due to changes in accounting policies and pricing pressures from new automotive electronic products [5] Group 2: Business Development - The company’s automotive electronics business has expanded its customer base, including domestic and international automakers, with a significant increase in major clients [6] - New projects with clients such as Stellantis, Ford, and Volkswagen have been secured, contributing to a balanced distribution among the top five clients [6] - The total new orders received in Q1 2025 showed a substantial year-on-year growth [6] Group 3: Product Innovation - The company has launched the VPD product, which integrates multiple technologies for enhanced user experience and is now in mass production [6] - The cockpit domain control products have seen rapid growth in shipments, with new projects from major clients like BAIC and Changan [7] - The company is focusing on AI cockpit solutions in collaboration with芯驰科技, aiming to enhance automotive intelligence [7] Group 4: Market Strategy - Direct exports to the US accounted for 2.78% of revenue in 2024, with minimal impact from recent tariff policies [7] - The establishment of subsidiaries in Thailand and Mexico aims to mitigate geopolitical risks and enhance operational capabilities overseas [7]