香港交易所的交易大厅，近期可能频繁回荡着智能汽车与高端制造企业的上市锣声。这股始于2025年的 热潮，在2026年开年呈现出加速态势。智能座舱龙头德赛西威1月6日晚发布筹划H股上市的公告。就在 同一周，导远科技、曦华科技、臻驱科技也先后向港交所递交了上市申请。 一时间，智能汽车产业链上的关键企业正集结成"舰队"，然而它们正冲入的，是一个技术、客户与人才 等多重竞争压力并存的红海。战场正变得异常拥挤。 从德赛西威的角度而言，赴港上市的这步棋就算它不走，市场可能都会替它着急。德赛西威在公告里给 出了港股上市的标准理由：推进国际化、提升品牌、打造海外资本平台。 赴港募资的紧迫性，实际上直接来自技术战场的前线。翻阅公司2025年12月的投资者交流记录，能清晰 看到两条主线：一是守住基本盘，二是攻坚下一代技术。在"舱驾一体"关键赛道，德赛西威明确表示， 公司研发的8775舱驾一体方案，优势在于"对比同级非两域融合方案，预期有较大的成本优化，性能挖 掘更彻底""我们拥有智能座舱、智能驾驶双领域领先的优势，舱驾一体配套的软件系统能力突出"。 的确，目前行业正在从提供单独的智能座舱或智能驾驶模块，转向提供将两者深度融合的"中 ...

香港交易所的交易大厅，近期可能频繁回荡着智能汽车与高端制造企业的上市锣声。这股始于2025年的 热潮，在2026年开年呈现出加速态势。智能座舱龙头德赛西威（002920）1月6日晚发布筹划H股上市的 公告。就在同一周，导远科技、曦华科技、臻驱科技也先后向港交所递交了上市申请。 一时间，智能汽车产业链上的关键企业正集结成"舰队"，然而它们正冲入的，是一个技术、客户与人才 等多重竞争压力并存的红海。战场正变得异常拥挤。 从德赛西威的角度而言，赴港上市的这步棋就算它不走，市场可能都会替它着急。德赛西威在公告里给 出了港股上市的标准理由：推进国际化、提升品牌、打造海外资本平台。 国际化也是生存与发展的必然选择，香港作为国际金融中心，上市本身就是全球品牌广告。港股上市正 是实现这一目标的最佳跳板。 德赛西威2025年半年报也提出，站在全球视角，尽管逆全球化贸易环境加剧、区域差异化突出，但以技 术进步推动的智能化全球普及趋势不可逆转，公司的国际化战略依然坚定向前。但需要注意的是，尽管 将港股作为全球化的跳板，上市公司也必须面对诸多压力。 如今汽车产业链竞争早已不是"圈地自萌"，而是跨界混战。驭势科技等自动驾驶初创公司正从 ...

惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 编号：2026-001 | | √特定对象调研 | □分析师会议 | | --- | --- | --- | | | □媒体采访 | □业绩说明会 | | 投资者关系活动 类别 | □新闻发布会 | □路演活动 | | | □现场参观 | | | | □其他 | （请文字说明其他活动内容） | | | 泰康资管 倪辰晖 | | | | 西部证券 齐天翔 | | | | 西部证券 庄恬心 | | | | 西部证券 张旭欣 | | | | 平安资产 樊建岐 | | | | 平安资产 张昕洁 | | | | 台州金控 陈俊伍 | | | | 台州金控 徐嘉威 | | | 活动参与人员 | 国信证券 唐旭霞 | | | | 国信证券 杨钐 | | | | 招商基金 张香滢 | | | | 招商基金 吴潇 | | | | 招商基金 李崟 | | | | 招商基金 杨成 | | | | 招商基金 杨鹏 | | | | 招商基金 张松 | | | | 招商基金 蔡文涛 | | | | 上投摩根 臧云飞 | | | 时间 | 2026 年 1 月 7-8 日 | | ...

关于舱驾一体趋势，德赛西威认为该趋势将更加显著。公司的8775舱驾一体方案对比同级非两域融合方案，预期有较大的成本优化，性能挖掘更彻底。公司 在该领域的优势在于首发示范，且拥有智能座舱、智能驾驶双领域领先的优势，舱驾一体配套的软件系统能力突出。 1月6日，德赛西威发布公告称，为进一步推进公司国际化战略布局，提升品牌国际影响力，加快海外业务拓展，打造国际化资本运作平台，助力公司高质量 发展及整体竞争力提升，正在筹划境外发行股份（H股）并在香港联合交易所有限公司上市事项。 据了解，截至目前，德赛西威正在就本次H股发行上市的相关工作进行商讨，相关细节尚未最终确定。本次H股发行上市不会导致公司控制权发生变化。 针对市场关注的公司国内市场份额维持策略，德赛西威近日在接受机构调研时表示，一方面将凭借自身独特优势，积极打造人无我有、人有我优的产品，公 司智能化业务已实现行业引领，并将持续高水平投入研发，始终保持首发量产优势；另一方面，公司具备在智能座舱、智能驾驶领域的软硬全栈能力，通过 聚合产业头部资源，可更快推出可规模化量产的融合方案、全栈方案、创新方案，打造更快实现、更好质量、更优成本、更高保障的产品和服务。同时，公 ...

Financial Performance - The company's revenue for the first half of 2025 reached 1.46 billion yuan, representing a year-on-year growth of 25.25% [10] - Gross margin was 20.33%, with a net profit margin of 8.43%, showing increases of 0.29% and 1.19% respectively compared to the previous year [10] - New project orders secured during the first half of the year have an annualized sales value exceeding 18 billion yuan [10] Strategic Goals - The company aims to maintain strong growth and achieve international transformation, aspiring to enter the top tier of global automotive parts suppliers [10] - Key strategic directions include stabilizing domestic business, high-level R&D investment, and continuous innovation in intelligent solutions [12] Market Expansion - The company is focusing on overseas markets, particularly Europe, Japan, and Southeast Asia, with tailored strategies for each region [12][15] - In Europe, the company is establishing a complete research, production, and sales capability, while in Japan, it is making steady progress with major automotive brands [15] Product Development - The company is advancing its intelligent driving and cockpit products, with a focus on high-value, high-technology content products [10] - The integration of hardware and software capabilities is emphasized, with a full-stack approach to product development [18] Regulatory Compliance - New regulations in intelligent driving are seen as beneficial for the industry's healthy development, with the company actively participating in standard-setting [12] - The company is enhancing its capabilities to meet stricter safety and reliability requirements for intelligent driving systems [12][14] Competitive Advantage - The company maintains a competitive edge through innovative product offerings and a diverse product matrix that meets a wide range of customer needs [12][14] - Continuous investment in R&D and a focus on high-performance, cost-effective solutions are key to sustaining market leadership [12][14] Future Outlook - The company is exploring new business opportunities in areas such as autonomous delivery and robotics, aiming for sustainable long-term growth [12][16] - The development of low-speed autonomous vehicles is underway, targeting applications in logistics and special modifications [16]

25Q1业绩超预期兑现： | 投资要点 | | --- | 2030战略启新程，科技生态人文协同： 公司于2025年4月发布2030战略，以"智新境，向远大"为主题，围绕"科技×生态×人文"三维协 同新范式展开，科技是底层引擎，生态是价值放大器，人文是终极目标，让技术回归「为人服 务」的本质。智能化领域，构建了"量产一代、研发一代、储备一代"的矩阵策略，在辅助驾驶 领域，已经具备"硬件平台+软件算法+系统集成"的全栈能力；全球化布局方面采用「走进去、 属地化」战略，利用技术基因+本土化适配模式，更好地服务全球客户，也能够规避地缘风 险。 用户分类以需定品，需求导向引领技术演进： 公司于2025年4月发布《德赛西威AI出行趋势研究报告》，将用户群体分为三大类， AI辅助一 族年龄相对较大持保守渐进态度， AI协同一族对AI技术接受度高， AI共生一族对技术依赖程 度高，对未来发展持乐观态度；技术演进与设计革新方面，通过AR-HUD案例，展现从需求出 发进行技术融合的全新设计力体系，为后续研发提供「需求洞察-技术验证-商业落地」范式； 报告推演出需求驱动下AI-Space六大趋势，全息守护：AI感知。自然调律：捕 ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company is positioned to benefit significantly from the intelligent driving industry, with a projected revenue growth of 34% in 2025, 25% in 2026, and 22% in 2027 [1][47] - The company has launched its 2030 strategy focusing on a three-dimensional collaboration of technology, ecology, and humanity, aiming to enhance user experience and service [7][12] - The first quarter of 2025 showed strong performance with a total revenue of 6.792 billion yuan, a year-on-year increase of 20.26%, and a net profit of 582 million yuan, up 51.32% [39][40] Summary by Sections 1. 2030 Development Strategy - The company released its 2030 strategy themed "Smart New Realm, Towards Greatness," emphasizing a collaborative approach in technology, ecology, and humanity [12] - It aims for significant revenue growth through increased R&D investment and a global presence with localized strategies [13][17] 2. Intelligent Cockpit and Driving Assistance - The company introduced the industry's first integrated cockpit solution based on Qualcomm's SA8775P, optimizing costs and enhancing performance [31] - The fifth-generation intelligent cockpit platform G10PH was successfully launched, showcasing advanced AI capabilities and high-performance computing [34] 3. Financial Performance - The company reported a strong Q1 2025 performance with a gross margin of 20.52%, reflecting improvements in profitability [39][40] - The projected revenue for 2025-2027 is set at 36.9 billion, 46.2 billion, and 56.5 billion yuan, respectively, with corresponding net profits of 2.76 billion, 3.67 billion, and 4.71 billion yuan [1][47] 4. Investment Forecast - The report forecasts a PE ratio of 21 for 2025, 16 for 2026, and 12 for 2027, indicating a favorable valuation outlook [1][47] - The company is expected to maintain its leading position in the intelligent driving sector, benefiting from its strategic initiatives and market positioning [1][47]