Core Viewpoint - Desay SV Automotive plans to issue A-shares to raise up to 439.88 million yuan for various projects, including the construction of a new base and R&D for smart automotive electronics [1][6]. Company Overview - Desay SV Automotive specializes in the R&D, design, production, and sales of automotive electronic products, focusing on smart cockpits, intelligent driving, and connected services [2]. - The company serves major domestic and international automotive manufacturers, including Li Auto, Chery, and Volkswagen, and has over 3,600 patents [2]. Financial Performance - For the year 2024, the company reported a revenue of 2,761.81 million yuan and a net profit of 201.81 million yuan [4][6]. - The company's asset-liability ratio stands at 54.54%, and the weighted average return on equity is 23.07% [4]. Fundraising Details - The funds raised will be allocated to three main projects: the construction of a base in Central and Western China, production of smart automotive electronic systems, and R&D for an intelligent computing center [1][4]. - The construction periods for these projects are 48 months, 60 months, and 36 months, respectively [1][6]. Shareholder Structure - The company has no controlling shareholder, with the two largest shareholders being Desay Group and Huichuang Investment, holding 28.31% and 26.49% of shares, respectively [2][4].

Core Insights - BYD's "Tian Shen Zhi Yan" has initiated the "Intelligent Driving Equality" era, shifting competition in the automotive industry from price to intelligence [1] - Desay SV's 2024 performance shows a profit growth of nearly 30%, but fourth-quarter results indicate pressure from price wars in the supply chain [1][2] Financial Performance - Desay SV reported a revenue of 27.618 billion yuan in 2024, a year-on-year increase of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% [2] - The company's revenue growth in the first three quarters was 31.13%, with net profit growth of 46.49%, indicating a slowdown in the fourth quarter [2][3] - The fourth quarter saw revenue of 8.643 billion yuan, with net profit growth slowing to 2% year-on-year [3] Cash Flow and Financial Health - Desay SV's operating cash flow reached a net inflow of 1.494 billion yuan, the highest in its history, but overall cash decreased by 4.12 billion yuan [5] - The company's accounts receivable increased significantly, indicating extended payment terms from downstream manufacturers [7] - The inability to convert receivables into commercial bills has increased financing costs for Desay SV [8] Industry Dynamics - The automotive industry is experiencing a price war, with OEMs applying pressure on suppliers, as highlighted by a notable email from a car manufacturer [9][10] - Desay SV's management attributes performance issues to currency fluctuations and accounting adjustments rather than price pressures from clients [11] - The introduction of BYD's "Tian Shen Zhi Yan" is seen as a move that could compress profit margins across the intelligent driving supply chain [12] Future Outlook - The year 2025 is anticipated to be a pivotal year for intelligent driving, presenting both opportunities and challenges for companies like Desay SV [13]

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 证券代码：002920 证券简称：德赛西威 公告编号：2025-028 惠州市德赛西威汽车电子股份有限公司 关于向特定对象发行股票募集说明书（注册稿）等相关文件 更新财务数据的提示性公告 惠州市德赛西威汽车电子股份有限公司董事会 2025 年 3 月 24 日 公司向特定对象发行股票的申请已收到中国证券监督管理委员会（以下简称 "中国证监会"）出具的《关于同意惠州市德赛西威汽车电子股份有限公司向特 定对象发行股票注册的批复》（证监许可〔2025〕315 号），同意公司向特定对象 发行股票的注册申请，具体内容详见公司于 2025 年 3 月 6 日在巨潮资讯网 （www.cninfo.com.cn）上披露的《关于向特定对象发行股票申请获得中国证券监 督管理委员会同意注册批复的公告》（公告编号：2025-014）。 鉴于公司已于 2025 年 3 月 15 日披露了《2024 年年度报告》，根据《监管规 则适用指引——发行类第 7 号》等相关要求，公司会同相关中介机构对募集说明 书等申 ...

中信证券股份有限公司 关于 惠州市德赛西威汽车电子股份有限公司 2024年度向特定对象发行A股股票 之 发行保荐书 保荐人（主承销商） 广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座 二〇二五年三月 惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对象发行 A 股股票 发行保荐书 声 明 中信证券股份有限公司（以下简称"中信证券"或"保荐人"）接受惠州市 德赛西威汽车电子股份有限公司（以下简称"德赛西威""发行人"或"公 司"）的委托，担任惠州市德赛西威汽车电子股份有限公司 2024 年度向特定对 象发行 A 股股票（以下简称"本次证券发行""本次向特定对象发行"或"本 次发行"）的保荐人，为本次发行出具发行保荐书。 保荐人及指定的保荐代表人根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市 公司证券发行注册管理办法》（以下简称"《注册管理办法》"）《证券发行上 市保荐业务管理办法》等有关法律、法规和中国证券监督管理委员会（以下简称 "中国证监会"）的有关规定，诚实守信，勤勉尽责，严格按照依法制订的业务 规则、行业执业规范和 ...

Financial Performance - In 2024, the company achieved a revenue of 27.618 billion CNY, representing a year-on-year growth of 26.06%, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [7] - The net profit attributable to shareholders reached 2.005 billion CNY, a year-on-year increase of 29.62%, with a CAGR of 34.01% from 2021 to 2024 [7] International Expansion - The company has established factories in Germany and Spain, expected to be completed by the end of 2025, to supply smart cockpit and intelligent driving products to European clients [7] - In 2024, overseas order annual sales exceeded 1 billion CNY, marking a year-on-year growth of 50% [7] Intelligent Driving Business - The intelligent driving business generated a profit of 2.005 billion CNY in 2024, with a year-on-year growth of 29.62% [7] - New project orders in the intelligent driving sector have an annual sales value exceeding 2.7 billion CNY, laying a solid foundation for future growth [7] - The company has secured new project orders from renowned international automakers such as TATA Motors, Volkswagen, Ford, Audi, Lexus, Suzuki, and Honda [7] Intelligent Cockpit Development - The fourth-generation intelligent cockpit platform achieved mass production in 2024, successfully supplying clients like Li Auto [9] - The fifth-generation intelligent cockpit platform, based on a new AI chip, is designed to meet diverse user needs across various devices [9] Competitive Advantages - The intelligent cockpit business generated a revenue of 18.230 billion CNY in 2024, with new project orders exceeding 16 billion CNY [11] - The company is focused on building a new human-machine interaction relationship to adapt to future intelligent travel scenarios [11]

Financial Performance - In 2024, the company achieved operating revenue of CNY 27.618 billion, a year-on-year increase of 26.06% [3] - Net profit attributable to shareholders reached CNY 2.005 billion, up 29.62% year-on-year [3] - The compound annual growth rate (CAGR) from 2021 to 2024 for operating revenue was 42.38%, and for net profit, it was 34.01% [3] Cash Flow and Investment - The net cash flow from operating activities increased by 30.89% year-on-year, despite a 40% decrease in net cash inflow compared to the previous year [2] - The decrease in cash and cash equivalents was primarily due to increased capital expenditures and investments in fixed assets [2] Order Growth and Market Expansion - New project orders for 2024 exceeded CNY 27 billion, with overseas orders surpassing CNY 5 billion, reflecting a year-on-year growth of over 120% [3][10] - The company has established a strong order backlog, with annualized sales from new project orders increasing from CNY 20 billion in 2022 to CNY 27 billion in 2024 [3] Strategic Partnerships - Collaborations with Xiaopeng Motors and Horizon Robotics include smart driving domain controllers, sensors, and cockpit products [3] - The company has successfully mass-produced products for major clients such as Ideal Auto, Chery, and Geely, enhancing its market position [5] Product Development and Innovation - The company is focusing on enhancing its smart driving and smart cockpit products, with significant investments in R&D to meet diverse market demands [4][5] - The smart cockpit business generated CNY 18.230 billion in revenue in 2024, with new project orders exceeding CNY 16 billion [6] International Operations - The company is expanding its manufacturing capabilities in Europe, with operational factories in Germany and a new facility in Spain expected to be completed by the end of 2025 [6] - In Southeast Asia and Mexico, the company is establishing local manufacturing and service capabilities to cater to North and South American markets [6] Competitive Landscape - The smart cockpit market is becoming increasingly competitive, yet the company maintains a leading position through product diversification and strong customer relationships [7] - The integration of smart driving and smart cockpit technologies is expected to enhance overall vehicle efficiency and customer experience [7] Future Outlook - The company anticipates continued growth in smart driving and smart cockpit sectors, driven by advancements in AI and technology [9] - The expected increase in smart driving penetration rates will directly benefit the company's sales in this segment [4]

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：2025-027 惠州市德赛西威汽车电子股份有限公司 关于持股 5%以上股东减持公司股份实施情况公告 持股 5%以上股东惠州市创新投资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 11 月 30 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《关于公司股东减持股 份预披露公告》（公告编号：2024-072）。公司股东惠州市创新投资有限公司（以 下简称"惠创投"）因自身资金需求，计划在上述公告披露之日起 15 个交易日后 的 3 个月内以集中竞价或大宗交易方式减持公司股份不超过 11,000,000 股，不超 过公司总股本的 2%。 2、股东本次减持前后持股情况 | 股东名称 | 股份性质 | 本次减持前持有股份 | | 本次减持后持有股份 ...

Summary of Desay SV (002920.SZ) Conference Call Company Overview - **Company**: Desay SV - **Ticker**: 002920.SZ - **Industry**: Automotive technology, focusing on AI, smart driving, and smart cockpit solutions Key Points Financial Performance - **4Q24 Results**: - Net income increased by 2% YoY but missed estimates by 29% and 20% compared to Goldman Sachs and Bloomberg consensus respectively [1] - Revenue growth slowed to 16% YoY in 4Q24, down from 27% YoY in 3Q24, leading to a total revenue growth of +26% YoY for 2024 [7] - Gross margin (GM) declined to 18.4% in 4Q24 from 20.9% in 3Q24, attributed to accounting adjustments, foreign exchange impacts, and accrued liabilities [1][7] - Operating expenses improved to 9.5% of revenue, better than consensus estimates [7] Revenue Growth Outlook - **2025 Revenue Growth**: Expected to be solid at +38% YoY, driven by the rise of smart EVs in China and advancements in generative AI [1] - **Smart Cockpit Revenue Guidance**: New orders annualized revenue guidance is over Rmb16 billion for FY2025, up from Rmb15 billion in early 2024 [2] - **Smart Driving Revenue Guidance**: New orders annualized revenue guidance is close to Rmb10 billion for FY2025, up from Rmb8 billion in early 2024 [3] Product Development - **Smart Cockpit**: - Gen-4 smart cockpit is in mass production, with Gen-5 launched based on AI chipsets for real-time decision-making [2] - First Head-Up Display (HUD) has started mass production, penetrating markets in Japan and Germany [2] - **Smart Driving**: - High-end smart driving domain controller (IPU04) received new orders from various car OEMs [3] - Collaboration with Chery to develop a central computing platform integrating smart cockpit and smart driving domains [3] Market Expansion - **Overseas Expansion**: - Construction of a smart factory in Spain to support European market expansion [7] - New foreign OEM customers include Honda, TATA Motors, VW, and others [7] Competitive Landscape - **Gross Margin Outlook**: Expected to stabilize at 20% from 2025 to 2027, despite competitive pressures [1] - **Market Position**: Desay SV maintains a leading market position, with a product mix upgrade expected to offset modest automotive market growth in China [10] Valuation and Investment Outlook - **Target Price**: Maintained at Rmb137, with a Neutral rating due to fair valuation [17] - **Risks**: Include competition among Chinese car OEMs, product line expansion speed, and development of automotive software and services [18] Financial Metrics - **2024 Revenue**: Rmb27.6 billion, with a gross profit of Rmb5.49 billion and a net income of Rmb2.005 billion [12] - **2025 Estimates**: Revenue expected to reach Rmb38.1 billion, with net income projected at Rmb3.028 billion [12] Conclusion Desay SV is positioned for growth driven by advancements in smart driving and cockpit technologies, alongside strategic market expansions. However, competitive pressures and market dynamics in China pose risks to its financial performance and margins.

Investment Rating - The investment rating for the company is "Buy" (maintained) [4][9] Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% year-on-year [1] - The intelligent driving business showed strong growth, with a revenue increase of 63.06% year-on-year, and the company secured new project orders from several international automotive brands [2][4] - The company’s overseas order scale exceeded 5 billion yuan, with a year-on-year growth rate of over 120% [4] Summary by Sections Financial Performance - In Q4 2024, the company reported a revenue of 8.643 billion yuan, a 16.21% increase year-on-year, and a net profit of 598 million yuan, which is a 1.99% increase year-on-year [1] - The comprehensive gross margin for 2024 was 19.9%, slightly down by 0.6 percentage points from 2023, primarily due to a decline in the gross margin of the intelligent cockpit business [2] - The company’s expenses for sales, research and development, and management grew by 9% year-on-year, significantly lower than the revenue growth rate, leading to a decrease in expense ratio by 2 percentage points to 11% [3] Business Segments - Revenue from the intelligent cockpit, intelligent driving, and connected services segments were 18.230 billion yuan, 7.314 billion yuan, and 2.074 billion yuan respectively, with year-on-year growth rates of 15.36%, 63.06%, and 27.99% [2] - The intelligent driving business's gross margin improved significantly, with a year-on-year increase of approximately 3.7 percentage points to 19.9% [2] Future Outlook - The company expects to maintain revenue growth in 2025, with projected revenues of 35.048 billion yuan, 43.436 billion yuan, and 51.146 billion yuan for 2025, 2026, and 2027 respectively [9] - The company has secured new project orders from major automotive manufacturers, indicating a strong pipeline for future growth [4][8]

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [1] - The intelligent driving business showed strong growth, with a revenue increase of 63.06% year-on-year, and the overall new project order annualized sales exceeded 27 billion yuan, laying a solid foundation for future growth [2][4] - The company successfully expanded its overseas orders, surpassing 5 billion yuan, with a year-on-year growth of over 120% [4] Financial Performance - In Q4 2024, the company reported a revenue of 8.643 billion yuan, a year-on-year increase of 16.21%, while the net profit attributable to shareholders was 598 million yuan, up 1.99% year-on-year [1] - The overall gross margin for 2024 was 19.9%, slightly down from the previous year, but the gross margin for the intelligent driving business improved by approximately 3.7 percentage points to 19.9% [2][3] - The company effectively controlled expenses, with total sales, research and management expenses growing by only 9% year-on-year, significantly lower than the revenue growth rate [3] Business Segments - The intelligent cockpit segment generated revenue of 18.230 billion yuan, growing by 15.36% year-on-year, while the intelligent driving segment reached 7.314 billion yuan, with a growth rate of 63.06% [2] - The company secured new project orders from several international automotive brands, including TATA Motors, Volkswagen, and Toyota, indicating strong market demand [4][8] Future Outlook - The company expects to maintain revenue growth in 2025, with projected revenues of 35.048 billion yuan, representing a growth rate of 26.90% [9] - The forecast for net profit attributable to shareholders for 2025 is 2.661 billion yuan, reflecting a year-on-year increase of 32.74% [11]