Group 1 - The core viewpoint of the articles highlights that Junsheng Electronics is a leader in smart cockpits, smart driving, new energy management, and automotive safety systems, with a strong growth trajectory in new orders for 2024 [1][2] - Junsheng Electronics has secured new projects in automotive safety with a total lifecycle value of approximately 57.4 billion yuan, marking a historical high, and has exceeded expectations in the Chinese, Asia-Pacific, and European markets, particularly regaining large-scale orders from Japanese clients [1] - The company is expanding its production capacity, with the first phase of its new automotive safety base in Hefei completed and operational by the second half of 2023, expected to achieve an annual production capacity of 4 million steering wheels and 10 million airbags [1] Group 2 - Junsheng Electronics has received multiple high-level advanced driver assistance orders from a well-known domestic automaker, providing advanced intelligent driving domain controller solutions [2] - The company is entering the robotics sector, positioning itself as an "automotive + robotics Tier 1" supplier, leveraging its automotive technology and global customer base to offer hardware and software solutions to intelligent robotics manufacturers [2] - According to Tianfeng Securities, Junsheng Electronics is expected to benefit from the growing demand for smart driving and humanoid robots, with projected revenues of 64.51 billion yuan, 71.63 billion yuan, and 78.82 billion yuan from 2025 to 2027, and net profits of 1.565 billion yuan, 1.877 billion yuan, and 2.299 billion yuan respectively, with a target price of 27.75 yuan [2]

摘要 德赛西威 20250429 • 德赛西威预计 2025 年整体年降水平与往年持平，约 4%-6%，但通过舱 驾一体化方案如 8,775 等设计创新，可实现单车 20%-30%的降本，已与 奇瑞、塔塔汽车合作，旨在保持盈利并提升整车性能。 • 公司与高通达成全面战略合作，覆盖自动驾驶（8,620 至 8,650）、舱驾 一体（8,775 至 8,797）及座舱（8,155、8,295 及未来 8,997 AI 芯片） 领域，旨在提升性价比和推动量产，同时推进英伟达 X2 系列及 SOAR 方 案。 • 德赛西威预计到 2026 年市场占有率将继续提升，尤其在座舱域控领域， 高通方案市场占有率有望超过 30%。随着座舱与驾驶一体化发展，产业竞 争将收敛，配置标准化程度提高。 • 公司通过整套解决方案替代分散产品实现降本，为车厂带来 20%-30%的 降本空间，并保持盈利水平。软硬结合方面，公司在成熟硬件中植入自研 算法，相较于软件公司切入硬件更具优势。 • 海外业务是德赛西威重点发展方向，预计 2025 年开始大量订单上量，未 来两三年内海外销售占比接近 20%。初期主要上量产品为显示屏及中控、 仪表等，2 ...