Analysis on Desay SV and Joyson Electronic's Electrification, Connectivity, Intelligence and Sharing, 2025
Research on Desay SV and Joyson Electronic: Who is the No.1 Intelligent Supplier?
Both Desay SV and Joyson Electronic are leading domestic suppliers in automotive intelligence. "Analysis on Desay SV and Joyson Electronic's Electrification, Connectivity, Intelligence and Sharing, 2025" comprehensively analyzes the layout and development strategies of both parties in the ECIS (electrification, connectivity, intelligence, and sharing).
I. Joyson Electronic Has a Larger Revenue Scale, While Desay SV Boasts Stronger Profitability
Joyson Electronic has formed a two-wheel-drive mode of automotive safety (62.53%) + automotive electronics (27.53%), while over 99% of Desay SV's revenue comes from automotive electronics.
In the first half of 2025, Desay SV achieved a revenue growth rate of 25.25% and a net profit growth rate of 45.82%, demonstrating strong business scale effects. Joyson Electronic's revenue grew by 12.07% and net profit by 11.13%, with basically synchronized growth; its automotive electronics business achieved high growth (+38.3%), while the safety business had low growth (+1.12%), and the business structure is adjusting towards a high-margin direction. Meanwhile, Joyson Electronic's gross margin increased quarter by quarter: 17.9% in Q1 and 18.4% in Q2 (a new high in a single quarter in nearly 5 years), indicating improving profitability.
In H1 2025, Desay SV's operating cash flow reached 1.6 billion yuan (+166%), with a significant improvement in cash flow and abundant free cash flow, providing financial support for R&D investment and capacity expansion. Joyson Electronic's operating cash flow was 1.906 billion yuan (+2%), and its investing cash flow was -2.461 billion yuan (vs. -1.233 billion yuan last year), with a substantial increase in capital expenditure, part of which was invested in the robot business.
As of H1 2025, Desay SV's asset-liability ratio was 45.73%, with moderate financial leverage and strong risk resistance. Joyson Electronic's asset-liability ratio was 69.22%, with interest-bearing liabilities of 20.408 billion yuan, facing significant debt repayment pressure; its goodwill was 7.25 billion yuan (accounting for over 40% of net assets), posing impairment risks.
II. Comparison Between Desay SV and Joyson Electronic in the ADAS Field
Desay SV's strategy is highly focused. Its biggest advantage lies in establishing high technical and market barriers in the field of high-performance domain controllers through close cooperation with NVIDIA, directly benefiting from the rapid growth of the industry. However, this deep binding also brings dependence on a single chip supply chain, and the high cost restricts it to mainly serving the mid-to-high-end market.
Joyson Electronic is based on its solid global automotive safety business. Its intelligent transformation is built on two core advantages: first, its inherent global network, which can efficiently serve Chinese brands going overseas and global mainstream automakers; second, as a platform-based supplier, it has more comprehensive underlying hardware integration capabilities when promoting cross-domain integration such as cockpit-driving fusion and central computing. Joyson Electronic faces the challenge of balancing traditional business and emerging investments, and its large scale may affect the innovation speed in the intelligent field.
III. Binding Trends Between Comprehensive Tier1 and Leading ADAS Enterprises
From 2024 to 2025, ADAS has entered a popularization period with fierce competition. Market share is concentrating on leading enterprises, making it difficult for second and third-tier ADAS suppliers to survive.
To cope with fierce market competition, comprehensive Tier1 enterprises have begun to bind with leading ADAS companies, such as Bosch + WeRide, Continental + Horizon Robotics, NavInfo + PhiGent Robotics, and Joyson Electronic + Momenta. It is reported that Desay SV is also conducting in-depth cooperation with a leading NOA supplier.
In 2025H1, Joyson Electronic and Momenta reached a strategic cooperation to jointly develop high-level Autonomous Driving solutions. In the second half of 2025, it won an over 1 billion yuan Autonomous Driving domain controller project from a well-known independent brand, which is expected to be mass-produced in 2026; it also obtained an L2/L2++ intelligent driving order from an overseas automaker, covering hundreds of thousands of vehicles.
Previously, Momenta had close cooperation with Desay SV. Why did it start cooperating closely with Joyson Electronic in 2025?
In short, the cooperation between Desay SV and Momenta has not terminated, but the cooperation between Joyson Electronic and Momenta has been fully deepened, forming an end-to-end solution of "algorithm + domain controller + system integration". Joyson Electronic has supplemented its shortcomings in intelligent driving algorithms through cooperation, while Momenta has obtained a global landing channel, achieving a win-win situation.
IV. Comparison Between Desay SV and Joyson Electronic in the Cockpit Field
With the evolution of automotive electronic architecture towards "central computing", Desay SV is upgrading from high-performance domain controllers to cockpit-driving integration; while Joyson Electronic, relying on its platform capabilities, directly layouts Central Computing Units (CCU) to achieve corner overtaking. Meanwhile, Joyson Electronic also has layouts in the chassis domain and power domain, and has stronger solution integration capabilities in the era of central computing units.
In summary, Desay SV is currently in a leading position in the domestic automotive intelligence market and has reaped the first wave of dividends from automotive intelligence. However, the overseas automotive intelligence market is still in its early stage. Joyson Electronic is expected to turn the tables in the future with its international advantages and reap the second wave of dividends from automotive intelligence.
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