9月25 - 26日，惠州市德赛西威汽车电子股份有限公司通过电话会议形式，接受了长城基金、合远基 金、国泰基金、中信资管、高盛等80家机构的特定对象调研，证券事务代表林洵沛先生参与接待。以下 为本次调研的精彩要点： 智能座舱与智能驾驶业务发展良好 德赛西威旗下"川行致远"车规级无人车获市场关注与客户订单。产品引入车规级设计开发与生产制造体 系，提升无人车爬坡高度至25%，自研"远行"电池通过多项试验，正常运行可达6年30万公里以上，还 具备领先的L4自动驾驶端到端算法并自建数据中心。 智能化全栈能力突出 德赛西威发布全栈辅助驾驶解决方案，覆盖多元场景需求。其"三大核心"为硬件集成、系统融合与核心 算法。硬件集成提升开发效率与系统稳定性；系统融合实现"一芯双系统"高效协同与资源复用；核心算 法灵活调度确保算力高效利用。公司还采用"同套硬件、两套算法"模式，提供定制化解决方案。 声明：市场有风险，投资需谨慎。 本文为AI大模型基于第三方数据库自动发布，任何在本文出现的信 息（包括但不限于个股、评论、预测、图表、指标、理论、任何形式的表述等）均只作为参考，不构成 个人投资建议。受限于第三方数据库质量等问题，我们无法 ...

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]

Core Viewpoint - The company reported a significant increase in net profit and revenue for the first half of the year, driven by improved customer payments and strong growth in overseas income [2][3]. Financial Performance - The company achieved operating revenue of 14.644 billion yuan, a year-on-year increase of 25.25% [2]. - Net profit attributable to shareholders reached 1.223 billion yuan, reflecting a growth of 45.82% year-on-year [2]. - Operating cash flow net amount increased by 166% year-on-year, totaling 1.6 billion yuan [2]. Business Segments - The intelligent cockpit business generated sales of 9.459 billion yuan, up 18.76% year-on-year [3]. - The intelligent driving segment saw revenue of 4.147 billion yuan, marking a growth of 55.49% [3]. - The company’s new project orders in the intelligent cockpit segment have an annualized sales value exceeding 18 billion yuan [2]. Market Position and Developments - The company’s fourth-generation intelligent cockpit has been mass-produced for clients such as Li Auto, Xiaomi, and Geely, with ongoing orders from other major automakers [3]. - The company maintains the leading market share in the domestic auxiliary driving domain controller sector [3]. - The company is expanding its global market share in intelligent cockpit products, securing new project orders from various domestic and international clients [3].

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]

Core Insights - Desay SV's revenue for the first half of 2025 reached 14.64 billion yuan, a year-on-year increase of 25.2%, while net profit attributable to shareholders was 1.22 billion yuan, up 45.8% [1] - The company has successfully launched its fourth-generation intelligent cockpit in mass production for clients such as Li Auto, Xiaomi Auto, and Geely Auto, and continues to secure new project orders from various automakers [1][2] Financial Performance - The operating cash flow net amount was 1.638 billion yuan, reflecting a significant year-on-year growth of 166.2% [1] - In Q2 2025, the company reported revenue of 7.85 billion yuan, a 29.9% increase year-on-year, and a net profit of 640 million yuan, up 41.1% [1] Technological Advancements - The company is capitalizing on the trends of AI and 5G, focusing on the evolution from high-speed NOA in 2022 to urban NOA in 2024, and aiming for full-scene vehicle-to-vehicle (D2D) capabilities by 2025 [2] - Desay SV has developed an integrated cockpit solution that has been validated in real-world conditions, addressing key challenges in complex traffic scenarios [2] Strategic Initiatives - The company is actively exploring new business areas such as smart transportation, unmanned delivery, and robotics, aiming to create a new growth curve for sustainable development [2] - By leveraging existing automotive-grade supply chain resources and technological foundations, the company aims to enter new markets with lower costs and faster speeds [2]

Core Viewpoint - Desay SV's net profit increased by nearly 46% year-on-year in the first half of the year, outpacing revenue growth, with significant improvements in cash flow and international sales [1] Group 1: 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, reflecting a growth of 45.82% [1] - Operating cash flow net amount increased by 166% year-on-year, reaching 1.6 billion yuan [1] Group 2: Business Segments - The intelligent driving segment saw a revenue increase of 55%, while the intelligent cockpit segment grew by nearly 19% [1][3] - The intelligent cockpit business generated sales of 9.459 billion yuan, up 18.76% year-on-year [2] - New project orders in the intelligent cockpit segment have an annualized sales value exceeding 18 billion yuan [1] Group 3: Market Dynamics - The global automotive market showed a "rise in the East and a slowdown in the West," with global vehicle sales reaching 46.32 million units, a 5% increase year-on-year [3] - Domestic sales in China increased by 24%, with the country’s automotive production and sales exceeding 15 million units for the first half of the year [3] - The company’s overseas sales accounted for approximately 7% of total revenue, marking a nearly 37% increase [3] Group 4: Strategic Developments - The company is focusing on full-stack integration in intelligent cockpit, intelligent driving, and connected services, maintaining its industry-leading position [1] - New production capacities are set to contribute in Indonesia by May 2025, and a plant in Monterrey, Mexico, is expected to enhance local service efficiency [3] - The company is building a diversified and localized supply network by introducing high-quality local suppliers to meet global layout requirements [3]