惠州市德赛西威汽车电子股份有限公司 特别提示； 持有惠州市德赛西威汽车电子股份有限公司（以下简称"公司"或"德赛西威"） 股份 152,418,750 股（占公司当前总股本比例 27.46%）的股东惠州市创新投资有 限公司（以下简称"惠创投"）计划在本公告披露之日起 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 5,500,000 股，不超过公司 当前总股本的 1%。 公司于 2024 年 4 月 26 日收到股东惠创投出具的《关于公司股份减持计划的 告知函》，现将有关情况公告如下： 一、股东的基本情况 证券代码：002920 证券简称：德赛西威 公告编号：2024-029 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的预披露公告 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。 5、减持期间：本公告披露之日起 15 个交易日后的 3 个月内； 4、持股数量与占比：截至本公告日，惠创投持有公司股份数量为 152, ...

公司研究 | 季报点评 德赛西威 002920.SZ 营收实现较高增长，新客户及产品拓展顺 买入 （维持） 股价（2024年04月26日） 118.03元 利 目标价格 145.55元 52周最高价/最低价 179.5/76.44元 总股本/流通A股（万股） 55,501/55,151 A股市值（百万元） 65,507 核心观点 国家/地区 中国 行业 汽车与零部件 ⚫ 1季度业绩符合预期。1季度营收56.48亿元，同比增长41.8%；归母净利润3.85 报告发布日期 2024年04月26日 亿元，同比增长16.4%；扣非归母净利润3.71亿元，同比增长27.2%。1季度公司 订单同比增加，带动公司营收与利润实现较快增长。 1周 1月 3月 12月 ⚫ 毛利率略有承压，费用率同比改善。1季度毛利率19.3%，同比下降1.7个百分 绝对表现% 0.02 -3.72 27.08 16.79 点。1季度期间费用率为13.0%，同比降低1.2个百分点；其中销售费用率同比下降 相对表现% -1.18 -4.86 19.57 26.26 0.2个百分点，管理费用率同比下降0.6个百分点，研发费用率同比下降0.8个百分 沪 ...

] y r t s u d n I _ e l b a T [ [ 德Ta 赛bl 西e_ 威T （itl 0e 0] 2 920）2023年报&一季报点评 公 24Q1业绩增长继续兑现，海外开拓新项 司 研 目订单充足 挖掘价值 投资成长 究 / [Table_Rank] 增持 交 （首次） 运 设 2024 年 04 月 23 日 备 / 证 [东Ta方bl财e_富Au证th券or研] 究所 券 [【Ta投bl资e_要Su点mm】ar y] 证券分析师：邹杰 研 究 证书编号：S1160523010001 报 联系人：袁泽生 告  2024年3月28日，德赛西威公告2023年年报，并在4月22日披露 一季度业绩预告。2023年公司实现营业收入 219.08 亿元，同比增长 电话：021-23586475 46.71%；实现归母净利润15.47亿元，同比增长30.65%。单四季度来 [相T对ab指le数_P表ic现Qu ote] 看，公司实现营收74.38亿元，同比增长54.24%，环比增长29.44%； 64.51% 实现归母净利润5.86亿元，同比增长19.29%，环比增长66.00%。公 46.97 ...

证券研究报告 | 2024年04月22日 德赛西威（002920.SZ） 买入 一季度营收同比增长 42%，域控制器产品持续放量 核心观点 公司研究·财报点评 2024Q1德赛西威归母净利润3.85亿元，同比+16%。公司2024Q1实现营收 汽车·汽车零部件 56.48亿元，同比+41.78%，环比-24.07%，公司营收增速超越汽车行业产量 证券分析师：唐旭霞 证券分析师：杨钐 增速35.5pct，归母净利润3.85亿元，同比+16.41%，环比-34.39%，扣非归 0755-81981814 0755-81982771 tangxx@guosen.com.cn yangshan@guosen.com.cn 母净利润3.71亿元，同比+27.23%，环比-38.56%。整体来看， 2024Q1，随 S0980519080002 S0980523110001 着公司高阶智能座舱和高阶智能驾驶产品渗透率持续快速提升，以及显示 基础数据 屏、导航等产品客户群的进一步拓展，公司经营业绩持续增长。 投资评级 买入(维持) 合理估值 2024Q1毛利率同比下降1.8pct，四费率同比下降1.2pct。2024Q1公 ...

中 伐谋-中小盘信息更新 小 盘 德赛西威（002920.SZ） 一季度营收延续高增长，看好公司长期发展 研 究 2024年04月22日 ——中小盘信息更新 投资评级：买入（维持） 任浪（分析师） 赵旭杨（分析师） renlang@kysec.cn zhaoxuyang@kysec.cn 日期 2024/4/22 证 书编号：S0790519100001 证书编号：S0790523090002 当前股价(元) 117.43  2024年一季度营收延续高增长趋势，利润实现稳健增长 中 一年最高最低(元) 179.50/76.44 2024Q1公司实现营业收入56.48亿元，同比增长41.78%，得益于下游市场的加 小 总市值(亿元) 651.74 速开拓与客户结构优化，营收延续高增长趋势；实现归母净利润 3.85 亿元，同 盘 流通市值(亿元) 647.64 比增长16.41%，实现扣非归母净利润3.71亿元，同比增长27.23%。受分红后财 信 息 总股本(亿股) 5.55 务费用增加影响，我们小幅下调公司盈利预测，预计公司2024-2026年归母净利 更 流通股本(亿股) 5.52 润 22.08/30. ...

上 市 公 司 计算机 2024 年04月 21 日 德赛西威 (002920) 公 司 研 究 ——收入高增符合预期，利润经常性项目可圈可点 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司披露2024年一季度报告，公司2024年第一季度实现营业收入 56.48亿元， 同比增长41.78%；归母净利润3.85亿元，同比增长16.41%；扣非净利润3.7亿元，同 证 市场数据： 2024年04月19日 比增长27.23%。 券 收盘价（元） 118.01 研 一年内最高/最低（元） 179.5/76.44  收入符合预期。公司一季度收入增长 42%，我们此前预测增速 45%，基本符合预期。 究 市净率 7.8 报 息率（分红/股价） 0.71 2024Q1乘用车上限量增长17.2%，公司收入体现出较强的alpha。 告 流通A股市值（百万元） 65084 上证指数/深证成指 3065.26/9279.46  利润略低预期，可能由于额外的资产减值损失，以及ADAS销售占比提升带来的毛利率下 注：“息率”以最近一年已公布分红计算 降。 基础数据: 2024年03月31日 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 142.94 CNY per share, reflecting a reasonable PE of 35 times for 2024 [4][16]. Core Views - The company's revenue performance is in line with expectations, with a significant increase in revenue driven by new products and key customer growth. In Q1 2024, the company reported revenue of 5.65 billion CNY, a year-on-year increase of 41.8%, and a net profit attributable to shareholders of 380 million CNY, up 16.4% year-on-year [2][13]. - The company is expected to benefit from overseas projects, which are anticipated to contribute significantly to performance by 2026. Recent breakthroughs in Europe and Japan indicate a positive outlook for long-term profitability [2][14]. - The report forecasts net profits for 2024-2026 to be 2.267 billion CNY, 2.962 billion CNY, and 4.195 billion CNY, respectively, driven by a robust order book and successful business expansion [16][19]. Financial Summary - In Q1 2024, the company achieved a gross margin of 19.34%, a decrease of 1.75 percentage points year-on-year, primarily due to the faster growth of lower-margin intelligent driving business and OEM price competition [2][13]. - The company expects a revenue growth rate of approximately 31.4% for 2024, which is projected to help reduce the expense ratio significantly [2][13]. - The company’s financial metrics indicate a strong growth trajectory, with expected revenue growth rates of 56.0% in 2022, 46.7% in 2023, and 31.4% in 2024 [19][20]. Profitability and Valuation - The report highlights the company's strong market position and growth certainty, with a projected ROE of 22% for 2024, compared to lower figures for comparable companies [16][17]. - The company is expected to see a significant increase in profitability, with net profit growth rates projected at 46.6% for 2024 and 30.7% for 2025 [19][20]. Strategic Outlook - The company is making substantial progress in international markets, with new projects from major clients like Volkswagen and Audi, and plans for a new factory in Europe [2][14]. - The report emphasizes the potential benefits from advancements in AI and smart vehicle technology, which could enhance the company's core business prospects [14].

Stock Data - Total Shares Outstanding / Float (billion shares): 5.55 / 5.55 [1] - Total Market Cap / Float (billion RMB): 727.72 / 727.72 [1] - 12-Month High / Low Price (RMB): 179.5 / 76.44 [1] Company Performance - Q1 2024 Revenue: 5.648 billion RMB, up 41.78% YoY [2] - Q1 2024 Net Profit Attributable to Parent Company: 385 million RMB, up 16.41% YoY [2] - Q1 2024 Non-GAAP Net Profit: 371 million RMB, up 27.23% YoY [2] - Q1 2024 Non-GAAP Net Profit Margin: 6.56%, down 0.75pct YoY [2] - Q1 2024 Sales / Management / R&D / Financial Expense Ratios: 1.28% / 1.78% / 9.26% / 0.64%, with changes of -0.17pct / -0.58pct / -0.83pct / +0.43% YoY [2] Overseas Expansion - Significant breakthroughs in Europe, Southeast Asia, India, and Japan in 2023 [2] - New R&D center established in Yokohama and new factory built in Mexico [2] - Plans to establish a new factory in Europe [2] - Continued focus on expanding in Japan, Europe, the US, Southeast Asia, and South Korea [2] Financial Projections - 2024-2026 Revenue Projections: 29.631 billion RMB, 37.293 billion RMB, 47.023 billion RMB, with growth rates of 35.25%, 25.86%, and 26.09% respectively [2][3] - 2024-2026 Net Profit Attributable to Parent Company Projections: 2.029 billion RMB, 2.625 billion RMB, 3.313 billion RMB, with growth rates of 31.17%, 29.40%, and 26.19% respectively [2][3] - 2024-2026 PE Ratios: 34x, 27x, 21x [2][3] Investment Rating - Maintained "Buy" rating due to strong order book, intelligent product matrix, and accelerated international expansion [2] Financial Metrics - 2024-2026 Gross Margin Projections: 20.14%, 19.81%, 19.46% [4] - 2024-2026 Net Profit Margin Projections: 6.85%, 7.04%, 7.05% [4] - 2024-2026 ROE Projections: 20.37%, 20.90%, 20.90% [4] - 2024-2026 EPS Projections: 3.66 RMB, 4.73 RMB, 5.97 RMB [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong revenue growth of 42% year-on-year in Q1 2024, but profits faced slight pressure, resulting in overall performance below expectations [3] - Revenue growth was primarily driven by increased sales from key clients, with significant year-on-year increases from major customers such as Li Auto (+44%), Geely (+55%), and Chery (+88%) [3] - The company is expected to benefit from new project launches throughout 2024, particularly with the updated L series models from Li Auto and new clients in the intelligent driving sector [3] - Gross margin faced pressure due to changes in product mix, with a gross margin of 19.3% in Q1 2024, down 1.8 percentage points year-on-year [3] - The company is positioned as a leader in intelligent driving components and is expected to benefit from the industry's growth, with new project orders projected to generate annual sales of over 24.5 billion [3] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 are set at 285 billion, 369 billion, and 462 billion respectively, with year-on-year growth rates of 30% for 2024 and 2025, and 25% for 2026 [4] - Net profit forecasts for the same period are 22.9 billion, 30.8 billion, and 39.6 billion respectively, with growth rates of 48% for 2024, 34% for 2025, and 29% for 2026 [4] - The corresponding P/E ratios are projected to be 29, 21, and 17 for 2024, 2025, and 2026 respectively [4]

Investment Rating - The report maintains an "Accumulate" rating for Desay SV (002920) with a target price of 156.09 CNY, unchanged from the previous rating [1][2]. Core Insights - Desay SV is positioned as a leading player in the automotive electronics sector, benefiting from the wave of automotive intelligence. The demand for products related to intelligent driving and smart cockpits is expected to drive revenue growth [1]. - The company reported a significant year-on-year revenue growth of 41.8% in Q1 2024, with total revenue reaching 5.65 billion CNY. The net profit attributable to shareholders was 390 million CNY, reflecting a 16.4% increase year-on-year [1][2]. - The gross margin for Q1 2024 was reported at 19.3%, showing a slight decline compared to the previous quarter, attributed to increased market competition [1]. Financial Performance Summary - Revenue is projected to grow from 21.91 billion CNY in 2023 to 27.21 billion CNY in 2024, representing a 24% increase [3][4]. - The operating profit (EBIT) is expected to rise from 1.57 billion CNY in 2023 to 2.13 billion CNY in 2024, indicating a growth rate of 36% [3][4]. - The net profit attributable to shareholders is forecasted to increase from 1.55 billion CNY in 2023 to 2.02 billion CNY in 2024, a growth of 30% [3][4]. Market Expansion and Strategy - The company is accelerating its international market expansion and strengthening its customer base. It aims to build a global service system and has already secured new project orders from key international clients [1]. - Desay SV plans to enhance its product supply categories for core customers while focusing on high-end brands and tackling key clients in the market [1].