21 August 2025 | 6:04PM HKT Desay SV (002920.SZ): Smart driving in expansion with more diversified customers; 2Q25 in line; Neutral We are positive on Desay SV's continuous product mix upgrade and diversifying customers: (1) smart driving toward high-end domain controllers, and smart cockpit also toward domain controllers from legacy business (e.g. infotainment system, digital dashboard, etc.); (2) diversifying customer base with rising overseas car OEMs (e.g. Japan, Europe); and (3) integrated solutions ac ...