东吴证券研报指出，德赛西威2025年上半年实现归母净利润12.2亿元，同比+46%，其中2025年二季度实现归母净利润6.4亿元，同环比+41%/+10%；业绩超预期。分业务看，2025H1智能座舱业务收入95亿元，同比+18.8%，智能驾驶业务收入41亿元，同比+55.49%，网联服务及其他业务收入10亿元，同比-2.1%，智能驾驶业务贡献较多收入增量，主因系技术进步及客户需求增长，显示该产品市场具有较高成长性，同时多款旗舰产品规模化量产，为小米、理想、小鹏、长城等知名车企提供配套支持，新增长城、吉利、奇瑞等新项目订单，协调驱动收入稳步增长。依靠公司技术能力持续提升及全球化布局的深化，海外业务未来有望成为公司业绩重要支撑。公司作为智能驾驶零部件板块龙头标的，看好公司长期成长能力，维持“买入”评级。
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