Investment Rating - The report maintains a "Buy" rating for the company [1][6]. Core Insights - The company achieved a revenue of 21.908 billion yuan in 2023, representing a year-on-year growth of 46.7%. The net profit attributable to shareholders was 1.547 billion yuan, up 30.6% year-on-year [6]. - The company has a strong order backlog, with annualized sales from new project orders exceeding 24.5 billion yuan. The intelligent cockpit segment generated revenue of 15.802 billion yuan, a 34.4% increase year-on-year, while the intelligent driving segment saw revenue growth of 74.4%, reaching 4.485 billion yuan [6]. - The company has made significant progress in international market expansion, securing new clients such as AUDI and TATA MOTORS, and establishing a research center in Japan [6]. - The report forecasts net profits for 2024, 2025, and 2026 to be 2.054 billion yuan, 2.669 billion yuan, and 3.636 billion yuan, respectively, indicating a robust growth trajectory [6]. Financial Summary - Revenue (in million yuan): - 2022: 14,933 - 2023: 21,908 - 2024E: 27,519 - 2025E: 34,315 - 2026E: 42,472 - Year-on-year growth rates for revenue: - 2022: 56% - 2023: 47% - 2024E: 26% - 2025E: 25% - 2026E: 24% [3][6]. - Net profit (in million yuan): - 2022: 1,184 - 2023: 1,547 - 2024E: 2,054 - 2025E: 2,669 - 2026E: 3,636 - Year-on-year growth rates for net profit: - 2022: 42% - 2023: 31% - 2024E: 33% - 2025E: 30% - 2026E: 36% [3][6].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 145.55 CNY [3]. Core Insights - The company's 2023 revenue reached 21.908 billion CNY, a year-on-year increase of 46.7%, with a net profit attributable to shareholders of 1.547 billion CNY, up 30.6% [1][2]. - The fourth quarter saw a revenue of 7.438 billion CNY, representing a 54.2% year-on-year growth and a 29.4% quarter-on-quarter increase [1]. - The company plans to distribute a dividend of 8.4 CNY per 10 shares for 2023 [1]. Financial Performance - The gross margin for 2023 was 20.4%, a decrease of 2.6 percentage points year-on-year, while the fourth quarter gross margin improved to 21.5% [1]. - Operating cash flow for 2023 was 1.141 billion CNY, an increase of 87.2% year-on-year, attributed to increased sales collections [1]. - The company reported a 12.9% expense ratio for 2023, down 2.4 percentage points year-on-year [1]. Business Segments - The smart cockpit business generated 15.802 billion CNY in revenue, a 34.4% increase year-on-year, with a gross margin of 20.6% [1]. - The smart driving and connected services segments saw revenues of 4.485 billion CNY and 1.621 billion CNY, respectively, with year-on-year growth rates of 74.4% and 167.4% [1]. - The company secured new project orders from over 10 automotive manufacturers, including Li Auto and Aion, contributing to a projected annual sales of over 80 billion CNY for the smart driving segment [1]. Earnings Forecast - The report adjusts revenue and profit forecasts, projecting EPS for 2024-2026 to be 3.55 CNY, 4.49 CNY, and 5.65 CNY respectively [1][2]. - The average PE ratio for comparable companies in the automotive electronics and components sector is estimated at 41 times for 2024 [1].

本报告仅供 Choice 东方财富 使用，请勿传阅。 公司快报 2024 年 04 月 02 日 德 赛西威(002920.SZ) 证券研究报告 业绩持续高增，智驾业务迎来海外突破 汽车零部件Ⅲ 投资评级 买入-A 事件概述 维持评级 德赛西威于近期发布2023年年报。公司2023年实现营业收入219.08 6个月目标价 154.4元 亿元，同比增长 46.71%，实现归母净利润 15.47 亿元，同比增长 股价 (2024-04-01) 125.40元 30.57%，扣非归母净利润14.67 亿元，同比增长41.47%。 交易数据 智能座舱和智能驾驶双轮驱动，单Q4毛利率环比修复 总市值(百万元) 69,597.76 收入端，得益于智能座舱和智能驾驶业务的双轮驱动，公司全年实现 流通市值(百万元) 69,159.69 营收 219.08 亿元，同比增长 46.71%。其中，1）智能座舱业务实现 总股本(百万股) 555.01 收入 158 亿元，同比增长34%，高于行业水平。我们认为座舱业务的 流通股本(百万股) 551.51 持续高增主要系新产品如域控制器的放量以及海外客户拓展。2）智 12个月价格区间 ...

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[德ITnaf 赛bol]e 西_Ti威tle]( 002920) [评Tab级le_：Inv est] 增持 上次评级： 增持 全年实现高增长，海外业务持续突破 目标价格： 156.09 上次预测： 156.09 公 德赛西威 2023年年度报告点评 当前价格： 126.00 司 吴晓飞(分析师) 多飞舟(分析师) 2024.03.31 更 0755-23976003 010-83939800 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com duofeizhou026148@gtjas.com 证书编号 S0880517080003 S0880523020001 52周内股价区间（元） 80.54-172.50 报 总市值（百万元） 69,931 告 本报告导读： 总股本/流通 A股（百万股） 555/552 公司系国内汽车电子龙头，充分受益于汽车智能化浪潮，未来公司智能驾驶、智能座 流通 B股/H股（百万股） 0/0 流通股比例 99% 舱等产品需求有望快速提升，带 ...

证券研究报告 | 公司动态点评 2024 年 03月 28日 德赛西威（002920.SZ） 业绩再创新高，持续拓展产品和市场，看好公司受益汽车智能化升 级快速发展 财务指标 2022A 2023A 2024E 2025E 2026E 买入（维持评级） 营业收入（百万元） 14,933 21,908 28,174 35,555 43,982 股票信息 增长率yoy（%） 56.0 46.7 28.6 26.2 23.7 归母净利润（百万元） 1,185 1,547 2,088 2,814 3,278 行业 汽车 增长率yoy（%） 42.2 30.6 35.0 34.8 16.5 2024年3月27日收盘价（元） 120.00 ROE（%） 17.9 19.1 23.2 25.7 24.6 总市值（百万元） 66,600.73 EPS最新摊薄（元） 2.13 2.79 3.76 5.07 5.91 流通市值（百万元） 66,181.52 P/E（倍） 59.0 45.2 33.5 24.9 21.3 总股本（百万股） 555.01 P/B（倍） 10.8 8.8 7.3 5.8 4.7 流通股本（百万股） 5 ...

Investment Rating - The investment rating for the company is "Buy" with initial coverage [1]. Core Views - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, up 30.6% year-on-year [1]. - The significant increase in orders is driving revenue growth, with new projects expected to inject long-term growth potential into the business [1]. - The company is accelerating its expansion into international markets, securing new projects with major clients in Europe, Asia, and the Americas [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.2%, and a net profit of 590 million yuan, up 19.1% year-on-year [1]. - The revenue growth is driven by a 46.1% increase in sales volume and an annualized sales amount of over 24.5 billion yuan from new project orders [1]. - The smart cockpit and intelligent driving segments generated revenues of 15.80 billion yuan and 4.49 billion yuan, respectively, with year-on-year growth rates of 34.4% and 74.4% [1]. Market Expansion - The company has made significant strides in international markets, including securing new projects with Volkswagen, Audi, and Stellantis in Europe, and establishing a new R&D center in Japan [1]. - A new factory in Mexico has been completed to meet product and service demands in North America [1]. Profitability Forecast - The company is expected to maintain high growth rates in net profit, with projections of 2.07 billion yuan, 2.79 billion yuan, and 3.48 billion yuan for 2024, 2025, and 2026, respectively [3]. - The projected P/E ratios for the next three years are 33.32, 24.79, and 19.88, indicating a favorable valuation trend [3].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][4]. Core Insights - The company achieved a revenue of 21.9 billion yuan in 2023, representing a year-on-year growth of 46.71%, with a net profit of 1.547 billion yuan, up 30.65% year-on-year [1][5]. - In Q4 2023, the company reported a revenue of 7.438 billion yuan, a year-on-year increase of 54.24%, and a net profit of 586 million yuan, up 19.29% year-on-year [1][5]. - The company’s smart cockpit and smart driving products saw significant sales increases, with Q4 revenue growth outpacing the automotive industry's production growth by 31 percentage points [1][11]. - The company has a robust order backlog, with annualized new project orders exceeding 24.5 billion yuan, indicating strong future revenue potential [2][15]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.908 billion yuan, with a compound annual growth rate (CAGR) of 47.70% from 2020 to 2023 [3][5]. - The net profit for 2023 was 1.547 billion yuan, with a CAGR of 30.57% over the same period [3][5]. - The company’s gross margin for Q4 2023 was 21.5%, with a year-on-year decrease of 0.0 percentage points, while the net margin was 7.8%, down 2.2 percentage points year-on-year [1][11]. Business Segments - The smart cockpit segment generated revenue of 15.802 billion yuan in 2023, growing 34% year-on-year, while the smart driving segment achieved 4.485 billion yuan, a 74.43% increase year-on-year [1][5]. - The company has secured new project orders for its third and fourth generation smart cockpit products from major clients such as Chery and BYD [1][18]. - The smart driving business is expanding rapidly, with new project orders exceeding 8 billion yuan, supported by partnerships with various automotive manufacturers [1][19]. Market Position and Strategy - The company is focusing on enhancing its international presence, having secured new project orders from global clients including AUDI and VOLKSWAGEN [1][20]. - The company’s strategy includes a strong emphasis on research and development, with R&D expenditures amounting to 2.029 billion yuan in 2023, representing 9.26% of sales [21][22]. - The workforce in R&D has increased to 3,886 employees, accounting for 45.26% of the total workforce, indicating a commitment to innovation and product development [21][22].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company has shown strong performance with a significant increase in orders, indicating a robust growth trajectory in the global market [4][6]. - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year growth of 46.71%, and a net profit of 1.55 billion yuan, up 30.57% year-on-year [4]. - The company is positioned as a leader in the smart automotive sector, with expectations for continued high growth in the coming years [4][5]. Financial Performance Summary - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.24%, and a net profit of 586 million yuan, up 19.13% year-on-year [4]. - The smart cockpit business generated revenue of 15.80 billion yuan, growing 34.42% year-on-year, while the smart driving business saw revenue of 4.49 billion yuan, a growth of 74.43% [5]. - The company secured new project annual sales exceeding 24.5 billion yuan, with significant contributions from both the smart cockpit and smart driving sectors [6]. Business Growth and Market Position - The company has established a strong competitive position with its products, leading to rapid growth across all business segments [5]. - The gross margin for the smart cockpit business was 20.58%, a slight decline of 0.76 percentage points year-on-year, while the smart driving business had a gross margin of 16.22%, down 5.30 percentage points [5]. - The company is expected to benefit from the ongoing trend of automotive industry intelligence, expanding from a domestic to a global market presence [6].

证券研究报告 公 2024年03月29日 司 报 告 德赛西威(002920) 行 业： 计算机/软件开发 │ 公 投资评级： 司 当前价格： 126.00元 智驾保持高成长，平台化能力持续提升 年 目标价格： 报 点 事件： 评 基本数据 3月27日，德赛西威发布2023年年报，公司2023年实现营业收入219.1 总股本/流通股本(百万股) 555.01/551.51 亿元，YOY+47%；实现归母净利润 15.5 亿元，YOY+31%。其中 Q4 实现营业 流通A股市值(百万元) 69,490.59 收入74.4亿元，YOY+54%；实现归母净利润5.9亿元，YOY+19%。 每股净资产(元) 14.33 ➢ 智驾业务保持高增速，全年业绩符合预期 2023年公司实现营业收入219.1亿元，YOY+47%，实现归母净利润15.5亿 资产负债率(%) 55.26 元，YOY+31%，全年业绩符合预期。分业务来看，智能座舱业务实现营收158 一年内最高/最低(元) 179.50/76.44 亿元，YOY+34%，智能驾驶业务实现营收45亿元，YOY+74%，核心业务营业 股价相对走势 收入保持高增速。核心客户 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2023 annual results, which exceeded expectations, achieving a total revenue of 21.9 billion yuan, a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, a year-on-year increase of 30.6% [3][4] - The cabin and intelligent driving businesses are driving growth, with cabin revenue reaching 15.8 billion yuan, up 34% year-on-year, and intelligent driving revenue reaching 4.49 billion yuan, up 74% year-on-year [4] - The company has a strong order backlog, with annualized sales from new projects exceeding 24.5 billion yuan, supporting future revenue growth [4][5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 21.9 billion yuan, with a year-on-year growth of 46.7% and a net profit of 1.55 billion yuan, reflecting a 30.6% increase [3] - The fourth quarter of 2023 saw revenue of 7.44 billion yuan, with a year-on-year increase of 54.2% and a net profit of 586 million yuan, up 19.3% year-on-year [3][4] Business Segments - The cabin business saw a revenue increase of 34% year-on-year, driven by new product launches and increased production from key clients [4] - The intelligent driving business reported a revenue increase of 74% year-on-year, significantly outperforming the overall market [4] Future Projections - Revenue forecasts for 2024 and 2025 have been raised to 28.5 billion yuan and 36.9 billion yuan, respectively, with expected growth rates of 30% for both years [5] - The projected net profit for 2024 is 2.29 billion yuan, with a year-on-year growth of 48% [5] Market Position - The company has accelerated its globalization strategy, securing new international clients and establishing a manufacturing facility in Mexico [4][5] - The stock is currently priced at 126 yuan, with a market capitalization of approximately 69.93 billion yuan [7]