Revenue and Profit Growth - Revenue for the third quarter reached RMB 7.28 billion, a year-on-year increase of 26.74%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 568.39 million, up 60.90% year-on-year[2] - Total revenue for the first nine months of 2024 was RMB 18.97 billion, a 31.13% increase compared to the same period last year[2] - Net profit attributable to shareholders for the first nine months was RMB 1.41 billion, up 46.49% year-on-year[2] - Total revenue for the period reached 18,974,765,447.01 RMB, up from 14,470,391,710.46 RMB in the previous period, indicating strong revenue growth[15] - Net profit attributable to the parent company's owners increased to 5,466,047,466.49 RMB from 4,525,509,117.22 RMB, showing improved profitability[14] - Net profit attributable to parent company shareholders reached 1,406,806,972.61 yuan, an increase of 46.5% compared to the same period last year[16] - Revenue from sales of goods and services reached 19,883,026,667.72 yuan, up 49.1% from the previous year[18] - Basic earnings per share rose to 2.55 yuan, a 46.6% increase compared to the same period last year[17] - The company's total comprehensive income reached 1,412,947,153.28 yuan, representing a 47.6% year-over-year growth[17] Cash Flow and Financial Position - Operating cash flow for the first nine months was RMB 839.04 million, a 94.35% increase compared to the same period last year[2] - Operating cash flow increased by 94.35% to 839,035,141.40 RMB in the first nine months of 2024, driven by increased sales and customer repayments[8] - Investment cash flow decreased by 146.22% to -1,001,798,333.54 RMB due to increased cash outflows for fixed asset purchases[8] - Financing cash flow decreased by 211.16% to -393,568,388.09 RMB, mainly due to reduced borrowing and increased dividend payments[8] - Operating cash flow increased by 94.3% year-over-year to 839,035,141.40 yuan[18] - Investment cash outflow increased by 62.4% to 1,184,774,440.21 yuan, mainly due to increased capital expenditures[19] - Cash and cash equivalents decreased by 555,776,555.27 yuan, primarily due to increased investment activities[19] Asset and Liability Changes - Total assets as of September 30, 2024, were RMB 19.32 billion, a 7.25% increase from the end of the previous year[2] - Short-term borrowings increased by 53.41% to RMB 308.80 million due to higher bank loans[6] - Contract liabilities surged by 101.23% to RMB 694.16 million, reflecting an increase in advance payments[6] - Monetary funds decreased to 615,922,634.96 RMB at the end of the period from 1,275,610,667.54 RMB at the beginning[12] - Accounts receivable increased to 8,635,167,055.21 RMB from 7,168,091,903.87 RMB, reflecting growth in receivables[12] - Inventory increased to 4,002,507,642.12 RMB from 3,259,942,818.97 RMB, indicating higher stock levels[12] - Total current assets increased to 14,571,902,722.99 RMB from 13,675,161,455.51 RMB, showing overall growth in liquid assets[12] - Fixed assets slightly increased to 2,106,062,534.59 RMB from 2,099,727,457.39 RMB, reflecting ongoing capital investments[12] - Total assets increased to 19,319,287,484.02 RMB from 18,014,086,502.65 RMB, reflecting growth in the company's asset base[13] - Short-term borrowings grew to 308,798,896.47 RMB from 201,293,456.06 RMB, reflecting increased short-term financing needs[13] - Contract liabilities increased significantly to 694,159,112.39 RMB from 344,952,727.29 RMB, indicating higher advance payments from customers[13] - Total liabilities rose to 10,243,842,275.29 RMB from 9,953,950,597.00 RMB, reflecting an increase in the company's financial obligations[13] - Intangible assets grew to 428,623,561.50 RMB from 397,795,112.39 RMB, suggesting increased investment in intellectual property and other intangible assets[13] - Total assets increased by 12.8% compared to the beginning of the year, reaching 13.56 billion yuan[18] Investment and R&D - The company's investment in construction projects increased significantly, with the value of construction in progress rising by 255.38% to RMB 591.84 million[6] - Research and development expenses rose to 1,651,320,904.19 RMB, compared to 1,379,298,376.37 RMB in the prior period, highlighting increased investment in innovation[15] - R&D investment increased significantly, with cash payments for fixed assets and intangible assets reaching 1,000,414,440.21 yuan, up 59.1% year-over-year[19] Shareholder and Equity Information - Guangdong Desay Group Co., Ltd. holds 28.31% of the company's shares, totaling 157,106,250 shares[9] - Huizhou Innovation Investment Co., Ltd. holds 26.49% of the company's shares, totaling 147,012,350 shares[9] - The company's equity attributable to the parent company's owners increased to 8,955,958,033.81 RMB from 7,952,283,330.30 RMB, reflecting growth in shareholder value[14] Financial Expenses and Other Income - Financial expenses rose sharply by 233.68% to RMB 87.85 million, mainly due to increased foreign exchange losses[7] - Other comprehensive income decreased to 124,284,932.32 RMB from 128,632,630.69 RMB, indicating a slight decline in non-operating income[14] - The company's operating profit margin improved to 7.35%, up from 6.89% in the same period last year[16]

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-068 惠州市德赛西威汽车电子股份有限公司 二、会议审议情况 第四届监事会第四次会议决议公告 （一）审议通过《关于公司 2024 年第三季度报告的议案》 经审核，监事会认为：董事会编制和审核《公司 2024 年第三季度报告》的程序 符合法律、行政法规和中国证监会的规定，报告内容真实、准确、完整地反映了公司 的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 表决结果：3 票赞成，0 票反对，0 票弃权。表决结果：通过 一、监事会会议召开情况 惠州市德赛西威车电子股份有限公司（以下简称"公司"）第四届监事会第四次会 议通知于 2024 年 10 月 21 日以电子邮件的形式发出，并于 2024 年 10 月 30 日在公司 会议室召开。本次会议由公司监事会主席余孝海先生召集并主持，应到监事 3 人，实 到 3 人。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以及 《公司章程》的规定。 公司第四届监 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-067 惠州市德赛西威汽车电子股份有限公司 第四届董事会第四次会议决议公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 一、董事会会议召开情况 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）第四届董事会第四次 会议通知于 2024 年 10 月 21 日以电子邮件的形式发出，并于 2024 年 10 月 30 日以现 场及通讯表决方式召开。本次会议由公司董事长高大鹏先生召集并主持，应到董事 9 人，实到 9 人，其中董事徐建先生和独立董事熊明良先生、罗中良先生以通讯方式参 加。本次会议的召集和召开符合《公司法》等法律、行政法规、规范性文件以及《公 司章程》的规定。 二、会议审议情况 （一）审议通过《关于公司 2024 年第三季度报告的议案》 表决结果：9 票赞成，0 票反对，0 票弃权。表决结果：通过 具体内容详见公司于同日在《证券日报》、《证券时报》、《上海证券报》、《中国证 券报》和巨潮资讯网（www.cninfo.com.cn）上披露的公司《202 ...

关于公司 2024 年 1-9 月计提资产减值准备的公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2024 年 10 月 30 日召开的第四届董事会第四次会议、第四届监事会第四次会议审议通 过了《关于公司 2024 年 1-9 月计提资产减值准备的议案》，根据《深圳证券 交易所股票上市规则》等法律法规、规范性文件及《公司章程》等相关规定， 本次事项无需提交股东大会审议。具体内容公告如下： 一、本次计提信用与资产减值准备的概述 （一）本次计提信用与资产减值准备的原因 惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-069 惠州市德赛西威汽车电子股份有限公司 根据《企业会计准则》、《深圳证券交易所股票上市规则》相关规定的要求， 为了更加客观、真实、准确地反映公司截止 2024 年 9 月 30 日的资产状况和财务 状况，基于谨慎性原则，按照《企业会计准则》和公司相关会计处理规定，公司 及合并报表范围内各公司对 2024 年 9 月 30 日所属资产 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-065 2、股东本次减持前后持股情况 惠州市德赛西威汽车电子股份有限公司 关于公司特定股东减持计划期限届满的公告 股东深圳市神华投资集团有限公司保证向公司提供的信息披露内容真实、准 确、完整，没有虚假记载、误导性陈述或重大遗漏。 本公司及全体董事会成员保证公告内容与信息披露义务人提供的信息一致。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"或"本公司"）于 2024 年 3 月 22 日在巨潮资讯网（http://www.cninfo.com.cn）及《证券时报》《证 券日报》《上海证券报》《中国证券报》披露了《关于公司特定股东减持股份预 披露公告》（公告编号：2024-011），公司股东深圳市神华投资集团有限公司（以 下简称"神华投资"）因自身资金需求，计划在上述公告之日起 3 个交易日后的 6 个月内以集中竞价方式或大宗交易方式减持本公司股份不超过 7,980,268 股（占 本公司总股本比例 1.4379%）。 公司于 2024 年 9 月 26 日收到神华投资出具的《关于公司股份减持计划期限 届 ...

国浩律师（深圳）事务所 致：惠州市德赛西威汽车电子股份有限公司 国浩律师（深圳）事务所（以下简称"本所"）接受惠州市德赛西威汽 车电子股份有限公司（以下简称"公司"）的委托，指派律师出席了公司 2024 年第四次临时股东大会（以下简称"本次股东大会"）。现根据《中华人民 共和国公司法》《中华人民共和国证券法》《深圳证券交易所上市公司自律 监管指引第 1 号——主板上市公司规范运作》等法律、行政法规、规范性文 件以及《惠州市德赛西威汽车电子股份有限公司章程》（以下简称"《公司 章程》"）的规定，对本次股东大会的召集和召开程序、召集人和出席人员 资格、本次会议审议的议案、会议表决程序和表决结果等事宜出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进行了审 查，查阅了本所律师认为出具法律意见书所必需查阅的文件，并对有关问题 进行了必要的核查和验证。 本所同意将本法律意见书随公司本次股东大会的决议一起予以公告，并 依法对本所出具的法律意见承担相应的责任。 关于 惠州市德赛西威汽车电子股份有限公司 2024 年第四次临时股东大会 之 法律意见书 GLG/SZ/A2577/FY/2024-976 根 ...

惠州市德赛西威汽车电子股份有限公司 证券代码：002920 证券简称：德赛西威 公告编号：2024-064 惠州市德赛西威汽车电子股份有限公司 2024 年第四次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、本次股东大会无否决、修改、增加议案的情形； 2、本次股东大会不涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 5、会议召开时间： （1）现场会议时间：2024 年 9 月 24 日下午 14:30 （2）网络投票时间：2024 年 9 月 24 日 通过深圳证券交易所交易系统进行投票的具体时间为 2024 年 9 月 24 日上 午 9:15 至 9:25、9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互联 网投票系统进行投票的时间为 2024 年 9 月 24 日上午 9:15 至下午 15:00。 6、会议召开地点：广东省惠州市惠城区惠南高新科技产业园惠泰北路 6 号 惠州市德赛西威汽车电子股份有限公司 德赛西威会议室。 1、股东大会届次：2024 年第四次临时股东大会 ...

惠州市德赛西威汽车电子股份有限公司 （1）现场会议时间：2024 年 9 月 24 日下午 14:30 4、会议召开日期和时间 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"本公司"或"德 赛西威"）第四届董事会第三次会议审议通过了《关于提议召开公司 2024 年第四 次临时股东大会的议案》，决定于 2024 年 9 月 24 日召开公司 2024 年第四次临 时股东大会，公司已于 2024 年 9 月 7 日在巨潮资讯网（http://www.cninfo.com.cn） 和《证券时报》、《中国证券报》、《上海证券报》、《证券日报》上披露了《关于召 开 2024 年第四次临时股东大会的通知》（公告编号：2024-060）。本次股东大会 采取现场投票与网络投票结合的方式进行，现将本次股东大会的有关事项再次通 知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第四次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的合法、合规性：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》《上市公司股东大会规则》和《惠州市德赛西威汽车电子 股份有限公司章程》的有关规定。 证券 ...

公司报告 | 公司点评 定增扩产彰显公司增长信心 事件：公司于 9 月 6 日发布了《2024 年度向特定对象发行 A股股票预案》， 拟向不超过 35 名（含 35 名）的特定对象发行股票。 具体内容包括： 募集金额：不超过 45 亿元（含本数） 发行数量：不超过公司本次发行前总股本的 30%，即不超过 166,501,830 股（含本数） 募集用途： 1）德赛西威汽车电子中西部基地建设项目（一期）：预计总投资 19.6 亿元， 拟投入 18 亿元，项目建设期为 48 个月，主要进行成都厂房建设，用于生 产仪表、中控显示屏、座舱域控平台等智能座舱系列产品； 2）智能汽车电子系统及部件生产项目：预计总投资 29.12 亿元，拟投入募 集资金 19.8 亿元，项目建设期为 60 个月，主要用于在惠州引入先进的生 产设备，以及招聘高素质且经验丰富的生产及管理人员，扩大汽车电子产 品产能； 3）智算中心级舱驾融合平台研发项目：预计总投资 8.71 亿元，拟投入募 集资金 7.2 亿元，计划在惠州和成都进行建设，建设周期为 36 个月。其中， 智算中心主要为公司目前客户新项目定点订单所涉及的高阶智能化产品开 发提供算力 ...

Investment Rating - Strong Buy (Maintained) with a target price of 109.5 RMB [1] Core Views - The company is a leader in automotive electronics, strategically focusing on smart cockpit, smart driving, and connected services, benefiting from the rapid growth of intelligent vehicle products driven by the increasing penetration of new energy vehicles [1] - The smart cockpit market is evolving into a "third living space," with significant growth potential in the cockpit domain controller market, expected to reach 13.5 billion RMB by 2026 [1][8] - The smart driving market is advancing towards higher levels of autonomy, with L3 autonomous driving expected to be officially implemented after pilot programs, driving the demand for high-performance domain controllers [1][8] - The company's international expansion and high-performance products, developed in collaboration with NVIDIA, have led to significant growth in smart driving business, with new project orders exceeding 8 billion RMB in 2023 [1] Financial Projections - Revenue for 2024-2026 is projected to be 28.913 billion RMB, 36.615 billion RMB, and 45.116 billion RMB, with year-on-year growth rates of 32.0%, 26.6%, and 23.2% respectively [1][2] - Net profit attributable to the parent company for 2024-2026 is expected to be 2.026 billion RMB, 2.621 billion RMB, and 3.309 billion RMB, with year-on-year growth rates of 31.0%, 29.4%, and 26.3% respectively [1][2] Industry Analysis Smart Cockpit - The smart cockpit market is transitioning towards a "third living space," with the cockpit domain controller being the core of development, expected to reach a market size of 13.5 billion RMB by 2026 [1][8] - The penetration rate of cockpit domain controllers in the 10-200k RMB vehicle segment is around 20%, indicating significant growth potential [1][8] - The company is a leading domestic supplier of cockpit domain controllers, with a market share of 17.3% in 2023 [1][52] Smart Driving - The smart driving market is advancing towards higher levels of autonomy, with L3 autonomous driving expected to be officially implemented after pilot programs, driving the demand for high-performance domain controllers [1][8] - The penetration rate of NOA (Navigate on Autopilot) in the Chinese market was 5.21% in Q1 2024, with further growth expected as L2+ advanced driver assistance systems continue to be deployed [1][8] - The smart driving domain controller market is expected to reach 91.5 billion RMB by 2027, driven by the increasing demand for computing power to support more complex driving scenarios [1][8] Company Strategy - The company is focusing on smart cockpit and smart driving businesses, with smart driving business accounting for 20.47% of revenue in 2023, a year-on-year increase of 74.43% [1] - The company has developed high-performance products IPU03 and IPU04 in collaboration with NVIDIA, securing new project orders from over ten automakers [1] - The company is expanding its international presence, with breakthroughs in key markets such as Europe, North America, Japan, and Southeast Asia, securing new project orders from clients like Audi, Tata Motors, Volkswagen, and Suzuki [1] Valuation - The company is valued at 30x PE for 2024, with a target price of 109.5 RMB, based on its leading position in the industry, capacity adjustments, and deepening internationalization [1][10]