惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 编号：2024-016 | --- | --- | --- | |----------------|---------------------|----------------------------| | | | | | | √ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系活动 | □ 新闻发布会 | □ 路演活动 | | 类别 | □ 现场参观 | | | | □ 其他 | （请文字说明其他活动内容） | | | 汇添富基金 | | | | 汇添富基金 | | | | 汇添富基金 | | | | 汇添富基金 | | | | | | | | 汇添富基金 | | | | 汇添富基金 | | | | | | | | 申万宏源 | | | | 博时基金 | | | | 博时基金 | | | | 博时基金 | | | | 博时基金 | | | | 博时基金 | | | | 方正证券 | | | | 富国基金 | | | | 富 ...

Investment Rating - Buy (Maintained) [1] Core Views - The company has successfully captured industry dividends during both the SUV era (pre-2017) and the electrification era (post-2020), leveraging structural changes in downstream automakers and industry trends such as large-screen car cabins and smart driving [2] - The management team has maintained a forward-looking approach, with the current leadership consisting of founding employees and a strategy that includes employee equity incentives to retain core talent [2] - The market's pessimism towards the automotive electronics supply chain is exaggerated, and the company, as an industry leader, is expected to benefit from the broadening capabilities of the supply chain due to E/E architecture upgrades and software-defined trends [2] - The company is well-positioned to capitalize on the growing market space for automotive electronics both domestically and internationally, with significant growth expected in smart cabins and smart driving domain controllers [3] Market Space and Growth Projections - The domestic and international market space for smart cabins (including screen instruments, HUD, and cabin domain controllers) is expected to grow from 119.1 billion/181 billion in 2024 to 200 billion/250.7 billion by 2027 [3] - The market space for low-to-mid-tier smart driving domain controllers in China is projected to increase from 21.8 billion in 2024 to 25.3 billion by 2027, while high-tier smart driving domain controllers are expected to grow from 19.3 billion/3.9 billion in 2024 to 44.2 billion/30.1 billion by 2027 [3] - The integration of cabin and driving functions is anticipated to begin scaling in 2025, with a long-term market space exceeding 10 billion [3] Financial Projections - Revenue is forecasted to grow from 149.33 billion in 2022 to 461.73 billion by 2026, with a compound annual growth rate (CAGR) of 25% [1] - Net profit attributable to the parent company is expected to increase from 1.185 billion in 2022 to 3.963 billion by 2026, with a CAGR of 28.71% [1] - Earnings per share (EPS) is projected to rise from 2.13 yuan in 2022 to 7.14 yuan by 2026 [1] Competitive Advantages - The company has a strong foothold in the automotive electronics supply chain, with a history of adapting to industry shifts and maintaining a competitive edge through strategic management and technological advancements [2] - The company's ability to secure key clients and adapt to the evolving demands of the automotive industry, particularly in the areas of smart cabins and smart driving, positions it as a leader in the sector [2][3] Industry Trends - The automotive industry is transitioning from electrification to intelligence, with the next phase expected to be driven by the penetration of intelligent features [174] - The company is expected to benefit from the "democratization of smart driving," where high-tier smart driving features become accessible to a broader range of vehicles, and from the globalization of automotive electronics, expanding its reach from domestic to global markets [181]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2] Core Views - The company reported a revenue of 7.28 billion yuan for Q3 2024, representing a year-on-year increase of 27% and a quarter-on-quarter increase of 20%. The net profit attributable to the parent company was 570 million yuan, up 61% year-on-year and 25% quarter-on-quarter. The gross margin was 20.9%, an increase of 2.2 percentage points year-on-year, while the net profit margin was 7.84%, up 1.7 percentage points year-on-year [5] - The company is focusing on the development of three main business areas: intelligent cockpits, intelligent driving, and connected services. The fourth-generation intelligent cockpit domain controller has been mass-produced for clients such as Li Auto and has received multiple new project orders from various automotive manufacturers [5][6] - The company expects revenues of 27.6 billion yuan, 34.6 billion yuan, and 42 billion yuan for the years 2024, 2025, and 2026, respectively, with net profits of 2.039 billion yuan, 2.667 billion yuan, and 3.368 billion yuan for the same years. The estimated EPS for these years is 3.67 yuan, 4.81 yuan, and 6.07 yuan [6][7] Summary by Sections Financial Performance - For Q3 2024, the company achieved a revenue of 7.28 billion yuan, a year-on-year growth of 27% and a quarter-on-quarter growth of 20%. The net profit was 570 million yuan, reflecting a year-on-year increase of 61% and a quarter-on-quarter increase of 25% [5] - The company’s gross margin was reported at 20.9%, with a net profit margin of 7.84% [5] Business Development - The company is deeply focused on the development of intelligent cockpits, intelligent driving, and connected services. The fourth-generation intelligent cockpit domain controller has been successfully mass-produced for clients like Li Auto and has secured new project orders from several automotive manufacturers [5][6] - The high-performance intelligent driving domain controller has also been mass-produced for clients such as Li Auto and Zeekr, and has received new project orders from major clients including Toyota and Great Wall Motors [6] Earnings Forecast - The company forecasts revenues of 27.6 billion yuan, 34.6 billion yuan, and 42 billion yuan for 2024, 2025, and 2026, respectively. The net profit is expected to be 2.039 billion yuan, 2.667 billion yuan, and 3.368 billion yuan for the same years, with EPS projected at 3.67 yuan, 4.81 yuan, and 6.07 yuan [6][7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 145.54 yuan [4][2]. Core Insights - The company's performance meets expectations, with a revenue of 18.975 billion yuan for the first three quarters, representing a year-on-year growth of 31.1%. The net profit attributable to the parent company reached 1.407 billion yuan, up 46.5% year-on-year [1]. - The gross margin has improved year-on-year, with a gross margin of 20.6% for the first three quarters, an increase of 0.7 percentage points. The operating cash flow for the first three quarters was 839 million yuan, a significant increase of 94.3% year-on-year [1]. - The company continues to release high-performance intelligent driving products, enhancing its product structure. Recent product launches include a central computing platform and a high-performance intelligent driving controller [1]. - The company plans to raise up to 4.5 billion yuan through a private placement to expand production capacity to meet growing order demands [1]. Financial Summary - For 2023, the company reported a revenue of 21.908 billion yuan, with a year-on-year growth of 46.7%. The net profit attributable to the parent company was 1.547 billion yuan, reflecting a year-on-year increase of 30.6% [3]. - The earnings per share (EPS) for 2024-2026 are projected to be 3.83, 4.87, and 6.19 yuan respectively, with a maintained average PE valuation of 38 times for comparable companies in 2024 [2][3]. - The gross margin is expected to stabilize around 21.1% to 21.7% from 2024 to 2026, while the net profit margin is projected to improve gradually [3].

惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 编号：2024-015 | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------|--------------------------------------------------------|--------| | | √ 特定对象调研 | □ 分析师会议 | | | | □ 媒体采访 | □ 业绩说明会 | | | 投资者关系活动 类别 | □ 新闻发布会 | □ 路演活动 | | | | □ 现场参观 | | | | | □ 其他 | （请文字说明其他活动内容） | | | | 上海睿郡资产 陆士杰 | | | | | 诺德基金 周建胜 华美国际投资集团有限公司 | 齐全 | | | | 华美国际投资集团有限公司 | 王书伟 | | | | | | | | | 国泰投信 鄭宗傑 | | | ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported strong performance in Q3 2024, with revenue reaching 18.975 billion yuan, a year-on-year increase of 31.13%, and a net profit attributable to shareholders of 1.407 billion yuan, up 46.49% year-on-year [3][7] - The company's gross margin for Q3 was 20.91%, an increase of 2.2 percentage points year-on-year, although it decreased slightly by 0.34 percentage points quarter-on-quarter [7] - The company plans to raise up to 4.5 billion yuan through a private placement to fund three projects aimed at expanding production capacity in smart automotive electronics [7] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 18.975 billion yuan, with a quarterly revenue of 7.282 billion yuan in Q3, reflecting a year-on-year growth of 26.74% and a quarter-on-quarter growth of 20.48% [7] - The net profit for Q3 was 568 million yuan, representing a year-on-year increase of 60.90% and a quarter-on-quarter increase of 25.29% [7] - The company expects revenues for 2024-2026 to be 28.319 billion yuan, 35.421 billion yuan, and 42.342 billion yuan, with corresponding year-on-year growth rates of 29.26%, 25.08%, and 19.54% respectively [7][8] Valuation Metrics - The company’s earnings per share (EPS) for 2024-2026 are projected to be 3.80 yuan, 4.92 yuan, and 6.08 yuan, with a three-year compound annual growth rate (CAGR) of 29.73% [7][8] - The price-to-earnings (P/E) ratio is expected to decrease from 58.8 in 2022 to 33.0 in 2024, and further to 20.6 by 2026 [8] - The price-to-book (P/B) ratio is projected to decline from 10.8 in 2022 to 7.3 in 2024, and to 4.9 in 2026 [8]

Investment Rating - The report maintains a "Buy" rating for Desay SV (002920 SZ) [1] Core Views - Desay SV achieved a 31 13% YoY increase in revenue to 18 975 billion yuan and a 46 49% YoY increase in net profit attributable to the parent company to 1 407 billion yuan in the first three quarters of 2024 [1] - The company's Q3 2024 revenue grew 26 74% YoY to 7 282 billion yuan, driven by new customers and product launches [1] - Desay SV's Q3 2024 non-GAAP net profit attributable to the parent company surged 96 11% YoY to 659 million yuan, benefiting from cost control and efficiency improvements [1] - The company is expanding its domestic and international production capacity, including a 4 5 billion yuan fundraising plan for domestic projects and the construction of a smart factory in Spain [1] Financial Performance - Desay SV's 2024 Q3 gross margin was 20 91%, with a period expense ratio of 11 46% [1] - The company's sales expense ratio, management expense ratio, R&D expense ratio, and financial expense ratio decreased YoY by 0 22pct, 0 15pct, 0 26pct, and 0 01pct respectively [1] - The report forecasts Desay SV's net profit attributable to the parent company to reach 2 074 billion yuan in 2024, 2 787 billion yuan in 2025, and 3 475 billion yuan in 2026 [1][2] Valuation and Comparison - Desay SV's current PE ratio is 31 7x for 2024E, lower than the industry average of 37 3x [1][3] - The company's PB ratio is projected to decrease from 6 9x in 2024E to 4 3x in 2026E [2] - Desay SV's ROE is expected to increase from 21 37% in 2024E to 22 65% in 2026E [5] Growth Prospects - Desay SV has secured new projects from major clients including Toyota, Great Wall Motors, GAC Aion, SAIC-GM, and Dongfeng Nissan for its high-computing power intelligent driving domain controller [1] - The company has obtained new project designations from Chery and FAW Hongqi for its lightweight intelligent driving domain control products [1] - Desay SV is developing a new generation of high-computing power central computing platform chips to meet L4 level autonomous driving requirements [1] Financial Projections - The company's revenue is expected to grow from 27 556 billion yuan in 2024E to 43 269 billion yuan in 2026E, with a CAGR of 25 47% [2] - Desay SV's EPS is projected to increase from 3 74 yuan in 2024E to 6 26 yuan in 2026E [2] - The company's EV/EBITDA ratio is forecasted to decline from 25 54x in 2024E to 16 14x in 2026E [5]

Investment Rating - The investment rating for the company is "Outperform the Market" [3][4][22] Core Views - The company achieved a net profit of 568 million yuan in Q3 2024, representing a year-on-year increase of 61%. For the first three quarters of 2024, the company reported a revenue of 18.975 billion yuan, up 31.13% year-on-year, and a net profit of 1.407 billion yuan, up 46.49% year-on-year [4][22] - The growth in revenue and profit is attributed to the successful launch and development of new products and technologies, as well as the expansion of new customers and businesses [4][22] - The company is focusing on building a foundation for automotive computing (smart driving) and interaction (smart cockpit) [4][22] Summary by Sections Financial Performance - In Q3 2024, the company achieved a revenue of 7.282 billion yuan, a year-on-year increase of 26.74% and a quarter-on-quarter increase of 20.48%. The net profit for the same period was 568 million yuan, up 60.90% year-on-year and 25.29% quarter-on-quarter [4][22] - The gross margin for Q3 2024 was 20.9%, an increase of 2.2 percentage points year-on-year, while the net margin was 7.8%, up 1.7 percentage points year-on-year [4][22] Business Segments - The smart cockpit business generated a revenue of 7.965 billion yuan in the first half of 2024, a year-on-year increase of 27.4%. The third-generation smart cockpit domain controller has been mass-produced for various clients, including Li Auto and Chery [4][22] - The smart driving business reported a revenue of 2.667 billion yuan in the first half of 2024, a year-on-year increase of 45.1%. High-performance smart driving domain controllers have been mass-produced for clients such as Li Auto and Zeekr [4][22] Customer Growth - The company has seen significant growth from existing customers, with notable sales increases from clients such as Li Auto (+45%), Geely (+16%), and Chery (+30%) in Q3 2024 [4][22] - The company is actively expanding its international presence, establishing subsidiaries and production bases in various regions to better serve global clients [4][22] Future Outlook - The company maintains its revenue forecasts for 2024, 2025, and 2026, expecting revenues of 28.49 billion yuan, 36.14 billion yuan, and 45.11 billion yuan respectively, with corresponding net profits of 2.07 billion yuan, 2.694 billion yuan, and 3.464 billion yuan [4][22]

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][10]. Core Views - The company achieved significant growth in Q3 2024, with a year-on-year increase in net profit attributable to shareholders of 60.9% and a quarter-on-quarter increase of 25.3% [3][4]. - The smart driving domain controller is expected to support rapid growth in the smart driving business, with mass production already underway for major clients such as Li Auto and Zeekr [4]. - The company has secured new project orders from mainstream clients like Toyota and Great Wall, indicating a strong demand for its products [4]. Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 18.975 billion yuan, a year-on-year increase of 31.1%, and a net profit of 1.407 billion yuan, up 46.5% year-on-year [3]. - In Q3 2024 alone, the company achieved revenue of 7.282 billion yuan, a 26.7% increase year-on-year, and a net profit of 568 million yuan, reflecting a 60.9% year-on-year growth [3]. - The net profit margin improved to 7.84% in Q3 2024, an increase of 1.71 percentage points year-on-year [4]. Future Earnings Forecast - The company is expected to achieve total revenue of 28.121 billion yuan in 2024, with a year-on-year growth rate of 28%, and a net profit of 2.140 billion yuan, reflecting a growth rate of 38% [5][8]. - Projections for 2025 and 2026 indicate continued revenue growth, with expected revenues of 34.872 billion yuan and 41.702 billion yuan, respectively, and net profits of 2.881 billion yuan and 3.690 billion yuan [8][10].

证券研究报告·公司点评报告·软件开发 德赛西威（002920） 2024 年三季报点评：非经营科目压制不减高 业绩兑现度，业绩再超预期 2024 年 11 月 01 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|-------|-------|-------|-------|-------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 14933 | 21908 | 28511 | 36938 | 46173 | | 同比（ % ） | 56.05 | 46.71 | 30.14 | 29.56 | 25.00 | | 归母净利润（百万元） | 1185 | 1547 | 2290 | 3079 | 3963 | | 同比（ % ） | 42.22 | 30.57 | 48.07 | 34.43 | 28.71 | | EPS- 最新摊薄（元 / 股） | 2.13 | 2.79 | 4 ...