Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.62 CNY [2][5] Core Insights - The company's gross margin has improved year-on-year, and it is accelerating the layout of production capacity and intelligent computing centers [1] - The company is expected to achieve significant revenue growth, with projected EPS for 2025-2027 at 4.43, 5.43, and 6.67 CNY respectively [2] - The automotive industry's intelligentization is driving the company's core business growth, with substantial new project orders expected [10] Financial Performance Summary - Revenue is projected to grow from 21,908 million CNY in 2023 to 49,027 million CNY in 2027, with a CAGR of approximately 19.6% [4] - Operating profit is expected to increase from 1,537 million CNY in 2023 to 3,899 million CNY in 2027, reflecting a strong growth trajectory [4] - Net profit attributable to the parent company is forecasted to rise from 1,547 million CNY in 2023 to 3,702 million CNY in 2027, with a consistent growth rate [4] - The gross margin is expected to stabilize around 19.9% by 2027, while the net margin is projected to improve to 7.6% [4] Market Position and Competitive Landscape - The company has secured new project orders with an annual sales value exceeding 27 billion CNY for 2024, indicating strong demand for its products [10] - The company is expanding its production capacity both domestically and internationally, with new facilities planned in Europe, Japan, Southeast Asia, and North America [10]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 138.66 RMB [8][9]. Core Insights - The company's Q1 revenue reached 6.792 billion RMB, representing a year-over-year increase of 20.26% and a quarter-over-quarter decrease of 21.42%. The net profit attributable to the parent company was 582 million RMB, up 51.32% year-over-year and down 2.65% quarter-over-quarter, exceeding expectations due to a significant improvement in gross margin [1][2]. - The company is benefiting from the wave of automotive intelligence and is committed to an overseas expansion strategy, which is expected to unlock growth potential. Revenue and profit are projected to maintain rapid growth from 2025 to 2027 [1][4]. Summary by Sections Q1 Performance - Q1 revenue was 6.792 billion RMB, with a year-over-year growth of 20.26% and a quarter-over-quarter decline of 21.42%. The net profit attributable to the parent company was 582 million RMB, reflecting a year-over-year increase of 51.32% [1][2]. - The gross margin for Q1 was 20.52%, showing a year-over-year increase of 1.18 percentage points and a quarter-over-quarter increase of 2.12 percentage points [3]. Market Position and Strategy - The company holds leading market shares in cockpit domain control and intelligent driving domain control, with respective market shares of 16.1% and 26.7%. It is expected to continue benefiting from the automotive intelligence trend [2][4]. - The overseas order scale is projected to exceed 5 billion RMB in 2024, with new facilities established in Germany, France, and Spain to support its "new business + new market" dual-engine strategy [4]. Financial Forecast - The company maintains its profit forecast, expecting revenues of 34.2 billion RMB, 41.2 billion RMB, and 49.6 billion RMB for 2025, 2026, and 2027 respectively, with net profits of 2.6 billion RMB, 3.2 billion RMB, and 4.0 billion RMB for the same years [5][7]. - The estimated PE ratio for 2025 is set at 29.6 times, reflecting a 10% premium due to the company's leading position in automotive intelligence and accelerated globalization [5].

Financial Performance - The company's revenue for Q1 2025 reached ¥6,791,962,528.76, representing a 20.26% increase compared to ¥5,647,731,859.41 in the same period last year[5] - Net profit attributable to shareholders was ¥582,248,536.62, up 51.32% from ¥384,770,978.67 year-on-year[5] - Basic earnings per share rose to ¥1.05, a 50.00% increase from ¥0.70 in the previous year[5] - Net profit for the current period was ¥586,731,378.21, representing a 50.4% increase from ¥389,874,356.71 in the previous period[23] Cash Flow - The net cash flow from operating activities increased by 205.60%, amounting to ¥606,517,480.64 compared to ¥198,468,612.94 in Q1 2024[5] - Cash generated from operating activities was ¥7,765,578,858.88, an increase from ¥6,620,868,846.17 in the prior year[25] - Net cash flow from operating activities was $606.52 million, an increase of 205.5% compared to $198.47 million in the previous period[26] - Total cash inflow from operating activities reached $7.94 billion, up from $6.65 billion, representing a growth of 19.4%[26] - Cash inflow from financing activities was $428.09 million, significantly higher than $57.47 million, marking a growth of 644.5%[26] - The net increase in cash and cash equivalents was $177.88 million, contrasting with a decrease of $223.74 million in the previous period[26] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥22,008,190,508.44, reflecting a 2.44% increase from ¥21,483,325,692.05 at the end of the previous year[5] - Total current assets amount to ¥16,997,056,960.95, an increase from ¥16,434,310,809.14 at the beginning of the period[19] - Total liabilities decreased slightly to ¥11,654,940,514.89 from ¥11,717,785,116.37[21] - Total liabilities include accounts payable of ¥4,397,999,906.12, down from ¥5,241,051,910.31[20] Investment and Expenses - The company reported a significant increase in investment income to ¥79,762,682.42, compared to a loss of ¥6,378,674.60 in Q1 2024, marking a 1350.46% change[12] - Research and development expenses increased to ¥655,376,500.57, a rise of 25.3% compared to ¥523,037,588.65 last year[23] - The company experienced a 47.20% increase in selling expenses, totaling ¥70,795,045.19, due to expanded operations[12] Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,798[16] - Guangdong Desay Group holds 28.31% of shares, totaling 157,106,250 shares[16] - Huizhou Innovation Investment holds 24.63% of shares, totaling 136,699,536 shares[16] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22] Accounting and Auditing - The company did not undergo an audit for the first quarter report[27] - The new accounting standards will be implemented starting in 2025[27]

Summary of Key Points Core Viewpoint The company, Huizhou Desay SV Automotive Electronics Co., Ltd., has announced a share repurchase plan aimed at enhancing investor confidence and implementing employee incentive programs. The total repurchase amount will range from RMB 300 million to RMB 600 million, with a maximum repurchase price of RMB 120 per share. Group 1: Repurchase Plan Details - The total repurchase amount is set between RMB 300 million and RMB 600 million [2][11] - The maximum repurchase price is capped at RMB 120 per share, which is 150% of the average trading price over the last 30 trading days prior to the board's decision [2][10] - The estimated number of shares to be repurchased ranges from 2.5 million shares (0.45% of total shares) to 5 million shares (0.90% of total shares) based on the maximum repurchase amount [2][14] Group 2: Funding and Loan Details - The repurchase will be funded through the company's own funds and a special repurchase loan, with a commitment letter from the Industrial and Commercial Bank of China for up to RMB 540 million [2][12] - The loan term will not exceed three years [2][12] Group 3: Purpose and Use of Repurchased Shares - The repurchased shares will be used for employee stock ownership plans or equity incentive plans [4][9] - If the shares are not utilized within 36 months post-repurchase, they will be legally canceled [9] Group 4: Implementation Timeline - The repurchase period will last for three months from the board's approval date [3][15] - The company has established a dedicated securities account for the repurchase [5] Group 5: Compliance and Conditions - The repurchase plan complies with relevant regulations, including having been listed for over six months and no major legal violations in the past year [8] - The company assures that the repurchase will not harm its debt repayment ability or ongoing operations [19][20]

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：2025-034 惠州市德赛西威汽车电子股份有限公司 关于回购公司股份报告书 （六） 回购用途：本次回购的股份将用于实施股权激励计划或员工持股 1 惠州市德赛西威汽车电子股份有限公司 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。 重要内容提示： 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）拟使用自有资金 及回购专项贷款以集中竞价交易方式回购公司部分人民币普通股 A 股股份。 （一） 回购资金总额：拟使用不低于人民币 3 亿元（含本数）且不超过 人民币 6 亿元（含本数）自有资金及回购专项贷款。 （二） 回购价格：回购价格上限为 120 元/股，不高于公司董事会审议通 过回购股份决议前 30 个交易日公司股票交易均价的 150%。 （三） 回购数量：假设按照回购资金总额上限 6 亿元、回购价格上限 120 元/股进行测算，预计回购股份数量为 5,000,000 股，约占公司当前总股本的 0.90%；按照回购资金总额下限 3 亿元、回购价格上限 120 元/股进行测算 ...

证券代码：002920 证券简称：德赛西威 公告编号：2025-036 惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司 关于首次回购公司股份的公告 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。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2025 年 4 月 15 日召开第四届董事会第八次会议，审议通过了《关于回购公司股份方案的议案》， 同意公司以自有资金及回购专项贷款通过集中竞价交易的方式回购部分公司发行 的人民币普通股（A 股） 用于实施股权激励计划或员工持股计划。本次回购的资 金总额不低于人民币 3 亿元（含本数）且不超过人民币 6 亿元（含本数），回购价 格上限为 120 元/股，具体回购股份的数量以回购结束时实际回购的股份数量为准。 本次回购股份的实施期限为自公司董事会审议通过本次回购方案之日起 3 个月内。 具体内容详见信息披露 媒体巨潮资讯网 http://www.cninfo.com.cn、《证券时报》 《中国证券报》《上海证券报》《证券日报》披露的相关公告。 一、 首次回购公司股份的具体情况 根据《上市公司 ...

德赛西威（002920）公告，公司于2025年4月17日首次通过股票回购专用证券账户以集中竞价交易方式 回购公司股份50.73万股，占目前公司总股本的比例为0.09%，最高成交价为98.91元/股，最低成交价为 97.9元/股，成交总金额为4993.25万元(不含交易费用)。本次回购的资金总额不低于人民币3亿元且不超 过人民币6亿元，回购价格上限为120元/股，具体回购股份的数量以回购结束时实际回购的股份数量为 准。 ...

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：2025-033 惠州市德赛西威汽车电子股份有限公司 第四届董事会第八次会议决议公告 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"）第四届董事会第八 次会议通知于 2025 年 4 月 12 日以电话方式发出，并于 2025 年 4 月 15 日以通讯方式 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。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 审议通过《关于回购公司股份方案的议案》 基于对公司未来发展的信心和对公司价值的认可，为增强投资者对公司的投资信 心，同时为进一步健全公司长效激励机制，充分调动员工的积极性，有效地将股东利 益、公司利益和员工个人利益紧密结合在一起，促进公司健康、稳定、可持续发展， 在综合考虑公司业务发展前景、经营情况、财务状况、盈利能力等基础上，公司拟使 用不低于人民币 3 ...

德赛西威：拟使用自有资金及贷款回购公司股份 金十数据4月16日讯，德赛西威公告称，公司拟使用不低于3亿元（含本数）且不超过6亿元（含本数） 自有资金及回购专项贷款，以集中竞价交易方式回购部分人民币普通股A股股份。回购价格上限为120 元/股。预计回购股份数量为500万股至250万股，约占公司当前总股本的0.90%至0.45%。回购资金来源 包括自有资金及中国工商银行广东省分行提供的不超过5.4亿元贷款。回购期限为董事会审议通过之日 起3个月内。回购股份将用于实施股权激励计划或员工持股计划。 ...