格隆汇1月22日丨德赛西威(002920.SZ)在互动平台表示，公司智能驾驶业务处于行业领先地位，多样 化、灵活的智驾方案能满足不同车企在不同辅助驾驶等级、不同车型定位及不同成本考量下的多样化需 求。公司智能驾驶业务包括辅助驾驶域控制器以及传感器相关产品。 ...

Core Insights - The automotive industry is undergoing a significant transformation, with the supply chain demonstrating resilience and evolving from a follower to a leader in electric, intelligent, connected, and low-carbon technologies [2] - The "14th Five-Year Plan" period has seen various companies achieve notable advancements and innovations, setting the stage for the "15th Five-Year Plan" [3][4][5][6][8][9] Achievements and Experiences - Desay SV achieved a compound annual growth rate of 34% in R&D investment over the past five years, establishing 12 global R&D centers and successfully launching multiple innovative technologies [3] - MogoCar released the first deep understanding model, MogoMind, and secured a project for L4 autonomous buses in Singapore, marking international recognition of its technology [4] - Times Intelligent introduced an integrated intelligent chassis, achieving global-leading performance in energy management and safety [5] - Yuanrong Qixing delivered over 200,000 vehicles equipped with its urban NOA system, showcasing its mass production capabilities [6][7] - Pony.ai became one of the few companies to operate fully unmanned L4 Robotaxis, accumulating over 10 million kilometers of safe driving [8] - Baixinniu's L4 autonomous logistics vehicles are operational in over 170 cities, emphasizing the importance of understanding logistics scenarios for sustainable value creation [9] Challenges and Solutions - Desay SV faces challenges in integrating technology and brand value in diverse regional markets, implementing a "2+1+1" international organizational model to address this [10] - MogoCar's main challenge is adapting autonomous vehicles to complex urban environments, which it addresses by enhancing AI capabilities and real-time data integration [11] - Times Intelligent is working to establish trust in its innovative chassis technology amidst a lack of industry maturity [12] - Yuanrong Qixing focuses on the VLA model to handle complex urban scenarios, continuously optimizing its data collection and processing [13] - Pony.ai aims to overcome technical, policy, and market acceptance challenges through technology enhancement and collaboration [14] - Baixinniu has refined its logistics focus to address commercial viability and customer needs, establishing partnerships with major logistics companies [15] Technological Trends - Desay SV is focused on AI technology driving innovation in smart vehicles, anticipating 2025 as the year AI cockpit models will be widely adopted [17] - MogoCar emphasizes the scaling of L4 autonomous driving technology, particularly in public transport [18] - Times Intelligent is concentrating on L3 to L4 autonomous driving technology and integrated control systems [19] - Yuanrong Qixing is advancing the VLA model for enhanced understanding and reasoning in complex driving scenarios [20] - Pony.ai identifies AI as a key driver for industry development, leveraging advancements in integrated circuits and deep learning [21] - Baixinniu is focused on end-to-end architecture and world models for logistics vehicles, aiming for breakthroughs in safety and efficiency [22] Future Development Expectations - Desay SV plans to accelerate international market expansion and enhance user experience through technological innovation [23] - MogoCar aims to deepen AI model capabilities and expand its market presence, starting with Singapore [24] - Times Intelligent seeks to scale its products in passenger vehicles and promote international collaboration [24] - Yuanrong Qixing targets a cumulative delivery of 1 million vehicles by 2026, focusing on mass production of assisted driving [25] - Pony.ai aims for profitability while advancing core technology and industry collaboration [25] - Baixinniu anticipates significant growth in L4 autonomous logistics vehicles, aiming for a global market presence [25] Differentiated Competitive Advantage - Desay SV emphasizes an "open, full-stack, rapid realization" growth model to achieve resilient, high-quality growth [27] - MogoCar focuses on integrating AI capabilities with real-world data to adapt to complex urban scenarios [28] - Times Intelligent aims to build a high-barrier system capability through innovative technologies and a sustainable supply chain [28] - Yuanrong Qixing believes in a long-term, consistent technology roadmap combined with strong engineering and user understanding [29] - Pony.ai prioritizes continuous R&D investment to build a robust technological moat [30] - Baixinniu integrates various supply chain elements to create a comprehensive operational model for sustainable growth [31]

Core Viewpoint - Horizon Together Holding Ltd. has increased its stake in Youjia Innovation by acquiring a total of 688,200 H-shares, reflecting confidence in the company's long-term business development [2][3] Group 1: Investment Details - Horizon Together, a wholly-owned subsidiary of Horizon Robotics, has made this purchase in the open market [2] - The acquisition is based on the strong collaborative foundation between Horizon Robotics and Youjia Innovation over the years [3] Group 2: Business Collaboration - Youjia Innovation and Horizon Robotics have a deep partnership in the development of intelligent driving solutions and L4 unmanned logistics vehicle solutions [2] - Youjia Innovation's auxiliary driving domain controller products, developed based on Horizon Robotics' processing hardware, have achieved large-scale production and are being utilized by several leading domestic and international passenger and commercial vehicle manufacturers [2]

Core Viewpoint - Horizon Together, a cornerstone investor of Youjia Innovation (02431), has purchased a total of 688,200 H-shares in the open market, reflecting confidence in the company's long-term business development [1][2] Group 1: Investment Activity - Horizon Together acquired 688,200 shares of Youjia Innovation, indicating strong belief in the company's future prospects [1] - The acquisition was made in the open market, showcasing Horizon Together's commitment to the company's growth [2] Group 2: Strategic Partnership - Horizon Together's decision to increase its stake is based on the long-standing collaboration between its parent company, Horizon Robotics, and Youjia Innovation [2] - The partnership focuses on the development of intelligent driving solutions and L4 unmanned logistics vehicles, aiming to leverage technology and resources for rapid business growth [2] - The board of Youjia Innovation views this acquisition as a strong endorsement of the company's future and long-term development [2]

Core Viewpoint - Horizon Together, a cornerstone investor, has purchased a total of 688,200 shares of Youjia Innovation (02431) in the open market, reflecting confidence in the company's long-term business development [1][2] Group 1: Investment Activity - Horizon Together, fully owned by Horizon Robotics, has made this investment based on a long-standing collaboration with Youjia Innovation and a positive outlook on the company's future [2] - The acquisition of shares is seen as a demonstration of confidence in the company's future prospects and long-term development [2] Group 2: Company Collaboration - Youjia Innovation and Horizon Robotics have a deep collaboration in the development of intelligent driving solutions and L4 unmanned logistics vehicle solutions [1] - The partnership has led to the mass production of auxiliary driving domain controllers based on Horizon Robotics' processing hardware, which are now deployed in various leading passenger and commercial vehicle manufacturers both domestically and internationally [1]

Core Viewpoint - Desay SV's announcement of planning to issue H-shares and list on the Hong Kong Stock Exchange aims to enhance its international strategy and brand influence while accelerating overseas business expansion [1] Group 1: Company Developments - Desay SV's stock reached a limit-up on January 6, closing at 137.39 yuan per share, with a market capitalization of 82 billion yuan [2] - The company focuses on three main areas: smart cockpits, intelligent driving, and connected services, maintaining a leading position in the industry [2] - In the first half of 2025, the sales revenue from the smart cockpit business is projected to reach 9.459 billion yuan, an increase of 18.76% year-on-year, while the intelligent driving business is expected to generate 4.147 billion yuan, up 55.49% year-on-year [2] Group 2: Client and Market Engagement - Desay SV's fourth-generation smart cockpit has been mass-produced for clients such as Li Auto, Xiaomi, and Geely, with new project orders from GAC Passenger Vehicle and others [2] - The company holds the top market share in the domestic auxiliary driving domain, providing flagship auxiliary driving controllers to major automakers including Xiaomi, Li Auto, Great Wall Motors, and others [2] - Desay SV has deepened strategic cooperation with global core chip manufacturers and OEMs, securing new project allocations from VW and Toyota in the first half of 2025 [2] Group 3: Global Expansion and Supply Chain - The company is building an international supply chain system with global R&D and manufacturing capabilities, having established branches in key countries such as Germany, France, Spain, Japan, and Singapore [3] - Desay SV's production capacity will begin contributing in Indonesia by May 2025, enhancing supply chain resilience in Southeast Asia, while a plant in Monterrey, Mexico, will provide localized services for the Americas [3] - The smart factory in Spain is expected to start production in 2026, offering advanced products in the smart cockpit and auxiliary driving sectors for the European market [3] Group 4: Financial Performance - For the first three quarters of 2025, Desay SV achieved a revenue of 22.337 billion yuan, reflecting a year-on-year growth of 17.72%, and a net profit of 1.788 billion yuan, up 27.08% year-on-year [3]

Core Viewpoint - Desay SV Automotive (德赛西威) is actively engaged in the intelligent driving sector, offering a range of products and solutions that cater to various market needs, from high-end performance to more accessible applications [1] Group 1: Business Overview - The company’s intelligent driving business includes advanced driver assistance system (ADAS) domain controllers and various sensor products [1] - Desay SV Automotive provides a diverse array of ADAS solutions that address multiple scenarios in the market [1]

Core Viewpoint - Desay SV Automotive has successfully achieved large-scale production of multiple auxiliary driving domain controllers, providing support to several well-known automotive companies [1] Group 1: Company Developments - Desay SV Automotive has received new project orders from clients including Great Wall Motors, Changan Automobile, Geely Automobile, Chery Automobile, and GAC Aion [1] - The company is currently supplying auxiliary driving domain controllers to major automotive manufacturers such as Xiaomi Auto, Li Auto, Great Wall Motors, Xpeng Motors, GAC Toyota, Geely, and GAC Aion [1]

Group 1 - Chongqing Changan Automobile Co., Ltd. and BAIC BluePark Magna Automotive Co., Ltd. have submitted applications for L3 level conditional autonomous driving vehicles to the Ministry of Industry and Information Technology (MIIT) [1] - The MIIT has conditionally approved these applications in the 401st batch of announcements after processing, reviewing, and publicizing the submissions [1] - Desay SV Automotive (002920.SZ) confirmed on the investor interaction platform that it has successfully achieved mass production of multiple auxiliary driving domain controllers [1] Group 2 - Desay SV Automotive provides supporting products for several well-known car manufacturers, including Xiaomi Auto, Li Auto, Great Wall Motors, Xpeng Motors, GAC Toyota, Geely, and GAC Aion [1] - The company has received new project orders from clients such as Great Wall Motors, Changan Automobile, Geely, Chery, and GAC Aion, indicating continued customer recognition and demand [1]

Core Viewpoint - Desay SV Automotive has successfully achieved mass production of multiple auxiliary driving domain controllers, providing support to several well-known automotive companies, indicating strong market demand and customer recognition [1] Group 1: Company Developments - Desay SV Automotive has successfully achieved mass production of various auxiliary driving domain controllers [1] - The company is providing support to major automotive manufacturers including Xiaomi, Li Auto, Great Wall Motors, Xpeng Motors, GAC Toyota, Geely, and GAC Aion [1] - The company has received new project orders from clients such as Great Wall Motors, Changan Automobile, Geely, Chery, and GAC Aion, reflecting ongoing customer recognition and trust [1]