二级市场方面，德赛西威1月6日涨停，最新报收137.39元/股，市值820亿元。 德赛西威深度聚焦于智能座舱、智能驾驶及网联服务三大领域的全栈融合，行业地位持续领先。2025年 上半年，公司智能座舱业务销售额达94.59亿元，同比增长18.76%；智能驾驶业务实现营业收入41.47亿 元，同比增长55.49%。 1月6日晚间，德赛西威（002920）发布公告，公司正在筹划境外发行股份(H股)并在香港联交所上市事 项。目前相关细节尚未最终确定，预计不会改变公司控制权。该事项需提交董事会和股东会审议，并经 中国证监会备案和香港联交所、香港证监会等监管机构审核和批准。 目前，德赛西威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；第五代智能座舱平台已获得理想汽车新项目订单。 德赛西威表示，筹划赴港上市旨在推进国际化战略布局，提升公司品牌国际影响力，加快海外业务拓 展，同时打造国际化资本运作平台。 除打入海外客户供应链外，德赛西威逐步构建全球研发与制造、区域供应商协同、全球采购与风控、数 字化运营及区域差异化本土服务能力的国际化供应链体系，目 ...

Group 1: Company Performance - Jiejie Microelectronics reported a revenue of 1.6 billion yuan in H1 2025, a year-on-year increase of 26.77%, with major revenue sources being MOSFETs, protective devices, and thyristors [1] - Hongsoft Technology's revenue in Q2 fluctuated due to project acceptance delays, but the company remains optimistic about growth in mobile smart terminal business [2] - Luwei Optoelectronics achieved a revenue of 544 million yuan in H1 2025, a 37.48% increase year-on-year, with a net profit of 106 million yuan, up 29.13% [3] - Desay SV reported a revenue of 14.644 billion yuan in H1 2025, a 25.25% increase, with a net profit of 1.223 billion yuan, up 45.82% [4] - East China Pharmaceutical made significant progress in innovative drug development, with several products entering clinical stages [5] - Guangwei Composite's carbon fiber business faces challenges due to price competition and overcapacity, but it is optimistic about future demand [6] Group 2: Market Position and Strategy - Jiejie Microelectronics has a production capacity of 6W pieces/month for 6-inch lines and 11W pieces/month for 8-inch lines, with a focus on cash flow management [1] - Hongsoft Technology is transitioning to pure software licensing in its smart automotive business, targeting a gross margin of 90% [2] - Luwei Optoelectronics aims to become a world-class mask manufacturer, with a market share of 25.52% in G11 mask sales [3] - Desay SV has established overseas branches and is expanding its smart cockpit and driving assistance business, with a focus on technology development [4] - East China Pharmaceutical is planning to release important data at academic conferences and has multiple aesthetic medicine products expected to launch in the next two years [5] - Guangwei Composite is expanding its R&D efforts to enhance carbon fiber applications across various sectors [6]

Summary of Desay SV's Conference Call Company Overview - **Company**: Desay SV - **Industry**: Automotive Electronics and Intelligent Cockpit Solutions Key Points and Arguments Financial Performance and Projections - Desay SV expects a consistent annual decline of approximately 4%-6% in 2025, but anticipates a cost reduction of 20%-30% per vehicle through integrated cockpit solutions like the 8,775 design innovation [2][6] - The gross margin for Q1 2025 improved compared to Q4 2024 and Q1 2024, returning to a normal level due to product structure changes and the increasing share of domain control products [3][10] Strategic Partnerships and Innovations - A comprehensive strategic partnership with Qualcomm covers autonomous driving, integrated cockpit, and cockpit domains, aiming to enhance cost-effectiveness and promote mass production [2][7] - The fifth-generation intelligent cockpit platform is expected to enter mass production in 2026, maintaining costs around 5,000 to 6,000 yuan, with Qualcomm's solutions projected to capture 70% of the market share by 2024 [5][22] Market Share and Competitive Landscape - Desay SV anticipates an increase in market share, particularly in the cockpit domain control area, with Qualcomm's solutions expected to exceed 30% market share by 2026 [2][9] - The integration of cockpit and driving systems is expected to standardize configurations and reduce competition, benefiting larger enterprises with scale advantages [18][19] Cost Reduction Strategies - The company aims to replace scattered products with a complete solution to achieve cost reductions of 20%-30% for automakers while maintaining profitability [11][12] - The integration of self-developed algorithms into mature hardware provides a competitive edge over software companies entering hardware [13] International Expansion - Desay SV's overseas business is a key growth area, with expectations of significant order volumes starting in 2025, potentially reaching nearly 20% of total sales in the next two to three years [20] - Initial products for international markets will include displays and central control units, with intelligent driving products expected to follow in 2026 [20] Profitability and Margin Outlook - The gross margin for domestic operations was around 20% in 2024, with expectations of improvement as overseas sales increase, particularly in high-margin intelligent driving products [21] - The company aims to maintain stable gross margins despite potential impacts from changes in customer structure and the introduction of new clients [30] Future Product Development - The company plans to expand its algorithm team in Shanghai to enhance R&D capabilities, focusing on mid-to-low tier scenarios like parking and highway driving [16] - New product lines, including AI HUD and electronic rearview mirrors, are being developed to enhance competitiveness [25] Investment Opportunities - Investors are encouraged to focus on opportunities in the Intelligent Connected Vehicle (ICV) sector, as the overall valuation is at a historical low, indicating potential for growth [31] Additional Important Insights - The competitive landscape is expected to stabilize as smaller competitors face challenges, leading to a more rational market environment [17] - Desay SV's strategy includes adapting algorithms for local markets, with a preference for increasing the share of proprietary algorithms in their offerings [23][24]