2)虹软科技(金鹰基金参与公司业绩说明会&电话会议) 调研纪要：虹软科技在2025年上半年的机构调研中，详细介绍了公司在手机业务、AI眼镜、智能辅助驾驶等多个领域的进展。手机业务方面，Q2 收入波动主要因客户项目验收延迟，但全年仍看好移动智能终端业务成长性。AI眼镜业务已与5-6个品牌签约，未来将从1.0音频眼镜发展到3.0带 屏幕AR眼镜，解决对焦、成像质量等核心问题。智能辅助驾驶产品方面，智能停车辅助系统和智能辅助驾驶系统完成技术验证，L2级解决方案进 入商业化落地阶段。毛利率下滑因智能汽车业务软硬一体产品出货，未来将转向纯软件授权，目标毛利率90%。研发人员数量保持稳定，下半年 不会大幅增加。手机业务增长逻辑包括智能芯片和硬件升级、扩大渗透率、开发影像和视觉相关应用，降低硬件成本。 调研纪要：捷捷微电2025年半年度报告显示，公司实现营业收入160,047.70万元，同比增长26.77%。晶闸管、防护器件和MOSFET为主要收入来 源，分别占主营业务收入的17.94%、34.31%和47.75%。2025年第二季度，晶闸管、防护器件和MOSFET的营收分别为1.51亿、3.15亿和4.25亿。毛 利率下 ...

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]