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]

Investment Rating - Investment Rating: "Accumulate" (Maintain) [2] Core Views - The report highlights that Desay SV's revenue for 2024 reached 27.618 billion yuan, a year-on-year increase of 26.06%, with a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [5][11] - The company is focusing on the integration of automotive intelligence, expanding its smart cockpit, smart driving, and smart connectivity sectors, benefiting from market growth opportunities [11] Revenue and Profitability - Revenue momentum remains strong, with smart cockpit business generating 18.229 billion yuan, up 15.36% year-on-year, and smart driving business achieving 7.314 billion yuan, a significant increase of 63.06% year-on-year [6] - The overall gross margin was 19.88%, with smart cockpit and smart driving margins at 19.11% and 19.97% respectively [7] International Expansion - The company has secured new project orders exceeding 16 billion yuan for smart cockpit and over 10 billion yuan for smart driving, with overseas orders surpassing 5 billion yuan, reflecting a growth rate of over 120% [8] - A new smart factory in Spain is under construction, expected to be completed by the end of 2025, which will enhance production capacity [8] Research and Development - Desay SV is advancing its product offerings with the launch of the fifth-generation smart cockpit platform and is actively collaborating with Chery to develop a central computing platform [10] - The company is investing in AI technology to build advanced computing infrastructure, reducing reliance on external resources [10] Financial Forecast - The forecast for net profit attributable to shareholders is projected to be 2.591 billion yuan in 2025, 3.385 billion yuan in 2026, and 4.267 billion yuan in 2027, with respective year-on-year growth rates of 29.2%, 30.6%, and 26.1% [11][12]

Investment Rating - The report maintains a "Buy" rating for the company [2][19] Core Insights - The company reported a revenue of 27.618 billion yuan for 2024, a year-on-year increase of 26.06%, and a net profit of 2.005 billion yuan, up 29.62% year-on-year [7][8] - The smart driving business saw a significant revenue increase of 63%, with new project annual sales orders nearing 10 billion yuan [7][9] - The overall performance aligns with market expectations, with actual figures closely matching prior forecasts [9] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 32.517 billion yuan in 2025, 40.267 billion yuan in 2026, and 46.018 billion yuan in 2027, with respective growth rates of 17.7%, 23.8%, and 14.3% [6][21] - The net profit forecast for 2025 is 2.666 billion yuan, with a growth rate of 33.0% [6][21] - The company’s gross margin for 2024 is reported at 19.88%, with adjustments for accounting standards indicating a stable gross margin when excluding certain impacts [11][19] Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion yuan, reflecting a 15.36% year-on-year increase, while the smart driving segment achieved 7.314 billion yuan, a 63.06% increase [10][9] - New project orders in the smart cockpit segment exceeded 16 billion yuan, with contributions from major manufacturers such as Chery, Geely, and GAC Toyota [10][9] International Expansion - The company's overseas revenue for 2025 is projected at 1.71 billion yuan, a year-on-year increase of 3.89%, with expectations for accelerated growth following the completion of funding and the launch of a smart factory in Spain [17][19] - The report highlights that the company has secured over 5 billion yuan in overseas orders, marking a growth of over 120% [19]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expected return over the next 6-12 months [5][13]. Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year increase of 26.1%. The net profit attributable to shareholders was 2.005 billion yuan, up 29.6% year-on-year, while the net profit after deducting non-recurring items was 1.946 billion yuan, reflecting a 32.7% increase [1][5]. - The company's Q4 revenue reached 8.64 billion yuan, marking a 16.2% year-on-year increase and an 18.7% quarter-on-quarter increase. However, the net profit for Q4 was 600 million yuan, a modest increase of 1.99% year-on-year but a decrease of 17.54% quarter-on-quarter [1][5]. - The company is expanding its global footprint, with overseas orders exceeding 5 billion yuan, a growth of over 120% year-on-year. The expansion includes new production facilities in Germany, Mexico, and Spain, with the latter expected to be completed by the end of 2025 [2][5]. Financial Summary - The company forecasts revenues of 35.058 billion yuan, 43.419 billion yuan, and 53.839 billion yuan for 2025, 2026, and 2027, respectively. The projected net profits for the same years are 2.724 billion yuan, 3.591 billion yuan, and 4.553 billion yuan [3][4]. - The company's earnings per share (EPS) are expected to grow from 3.61 yuan in 2024 to 8.20 yuan in 2027, with corresponding price-to-earnings (P/E) ratios decreasing from 33.6 to 14.8 [4][3].

| 日期 | 2025/3/18 | | --- | --- | | 当前股价(元) | 120.00 | | 一年最高最低(元) | 144.50/82.87 | | 总市值(亿元) | 665.95 | | 流通市值(亿元) | 663.76 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.53 | | 近 3 个月换手率(%) | 75.79 | 伐谋-中小盘信息更新 德赛西威（002920.SZ） 智能驾驶业务快速增长，海外布局提速打开成长空间 2025 年 03 月 18 日 投资评级：买入（维持） 中小盘研究团队 任浪（分析师） 赵旭杨（分析师） renlang@kysec.cn 证书编号：S0790519100001 zhaoxuyang@kysec.cn 证书编号：S0790523090002 2024 年业绩稳健增长，营收三年复合增长率达到 42.38%彰显龙头实力 2024 年，公司实现营业收入 276.18 亿元，同比+26.06%，实现归母净利润 20.05 亿元，同比+29.62%；2024 年四季度，公司实现营业收入 86.43 亿元，同比+16.21%， ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Insights - The company is experiencing rapid growth in its intelligent driving business, with significant overseas expansion opening up growth opportunities [1][5] - In 2024, the company achieved a revenue of 27.618 billion yuan, a year-on-year increase of 26.06%, and a net profit attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [3][6] - The company has a strong order backlog and competitive advantages, maintaining a robust growth outlook despite slight downward adjustments in profit forecasts for 2025-2026 [3][4] Financial Performance Summary - Revenue for 2024 is projected at 27.618 billion yuan, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [3] - The company’s gross margin is 19.88%, and net margin is 7.31%, with a slight year-on-year decrease in gross margin [4][6] - The earnings per share (EPS) for 2025 is estimated at 4.90 yuan, with a price-to-earnings (P/E) ratio of 24.5 times [3][6] Business Segment Performance - The intelligent cockpit and intelligent driving segments generated revenues of 182.30 billion yuan and 73.14 billion yuan, respectively, with year-on-year growth of 15.37% and 63.08% [4] - The company has secured new project orders from well-known enterprises, contributing to a significant increase in overseas order scale, which exceeded 5 billion yuan, growing over 120% year-on-year [5] Market Position and Strategy - The company is positioned as a leading player in the intelligent automotive components sector, with a strong focus on expanding its international market presence [3][5] - The company is actively penetrating high-end and joint venture brands in the domestic market, enhancing its competitive edge [5]

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation of stock performance that exceeds the market by 10% to 20% over the next six months [1][12]. Core Insights - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%, with a compound annual growth rate (CAGR) of 42.38% from 2021 to 2024 [3][8]. - The net profit attributable to shareholders reached 2.005 billion yuan, a 29.62% increase year-on-year, with a CAGR of 34.01% from 2021 to 2024 [3][8]. - The company is actively expanding its international market presence, with overseas orders exceeding 5 billion yuan, marking a growth of over 120% [9][8]. Financial Performance Summary - **Revenue Growth**: The company reported a revenue of 27.618 billion yuan in 2024, with projections of 34.369 billion yuan in 2025, 42.261 billion yuan in 2026, and 51.228 billion yuan in 2027, reflecting a year-on-year growth rate of 26.1% for 2025 [7][10]. - **Profitability**: The net profit for 2024 was 2.005 billion yuan, with forecasts of 2.660 billion yuan in 2025, 3.362 billion yuan in 2026, and 4.215 billion yuan in 2027, indicating a year-on-year growth of 29.6% for 2025 [7][10]. - **Margins**: The gross margin is projected to be 19.9% in 2024, improving to 20.6% in 2025 and remaining stable thereafter [7][10]. Business Segment Performance - **Smart Cockpit**: Revenue from the smart cockpit segment reached 18.230 billion yuan in 2024, growing by 15.36% year-on-year, with new project orders exceeding 16 billion yuan [8][9]. - **Smart Driving**: The smart driving segment saw a revenue increase of 63.06% to 7.314 billion yuan in 2024, with new project orders nearing 10 billion yuan [9][8]. - **Connected Services**: Revenue from connected services and other businesses was 2.071 billion yuan, reflecting a year-on-year growth of 27.99% [9][8]. International Expansion - The company has secured new project orders from several international automotive manufacturers, including Tata Motors, Volkswagen, and Toyota, contributing to a significant increase in overseas order volume [9][8]. - The establishment of a smart factory in Spain is underway, expected to be completed by the end of 2025, which will enhance the company's strategic positioning in the European market [9][8].