Summary of Huizhou Desay SV Automotive Co Ltd Conference Call Company Overview - **Company**: Huizhou Desay SV Automotive Co Ltd - **Industry**: China Autos & Shared Mobility - **Stock Ticker**: 002920.SZ - **Market Cap**: Rmb68,527 million - **Current Stock Price**: Rmb124.00 - **Price Target**: Rmb160.00, indicating a 29% upside potential Key Financial Results - **4Q24 Earnings**: Reported earnings grew 2% YoY to Rmb598 million, but recurring earnings fell 18% YoY to Rmb497 million, missing market expectations [1][4] - **Impairment Loss**: Rmb325 million impairment loss in 4Q24, up 13% YoY and 150% QoQ, primarily affecting inventory and account receivable provisions [1] - **Gross Margin**: Decreased by 1.8 percentage points YoY to 18.4% in 4Q24, indicating pressure from OEMs due to auto price competition [1] - **Revenue Growth**: Total revenue for 2024 reached Rmb27,618 million, a 26% increase YoY [4] Revenue Segments - **Smart Driving Revenue**: Revenue from autonomous domain controllers surged 63% YoY in 2024 and 76% YoY in 2H24, driven by projects from Li Auto, Xiaomi, and Zeekr [2] Future Outlook - **Growth Potential**: Anticipated benefits from the rising adoption of L2-3 smart driving technologies and integrated smart cockpit solutions [3] - **Partnership with Nvidia**: Potential to supply domain controllers for Nvidia's humanoid computing platform Jetson Thor, which could enhance Desay's valuation [3] Risks and Challenges - **Price Competition**: Increasing pressure from competitors in the automotive sector could impact margins and profitability [1][11] - **Supply Chain Risks**: Potential supply risks for upstream components may affect production and delivery capabilities [11] Valuation Metrics - **P/E Ratio**: Expected to decrease from 46.5 in 2023 to 22.1 by 2026, indicating improving valuation as earnings grow [6] - **EBITDA Growth**: Projected EBITDA growth from Rmb2,155 million in 2023 to Rmb4,069 million by 2026 [6] Conclusion - Despite a modest shortfall in 4Q24 earnings, the company is positioned to benefit from the growing demand for smart driving solutions and partnerships with key technology players. However, it faces challenges from competitive pricing pressures and supply chain risks. The overall outlook remains positive with a recommendation to stay overweight on the stock.

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. 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 attributable to shareholders of 2.005 billion yuan, up 29.62% year-on-year [2][4]. - The fourth quarter of 2024 saw revenues of 8.643 billion yuan, reflecting a 16.21% increase year-on-year, while the net profit for the same period was 598 million yuan, a 1.99% increase year-on-year [2]. - The company is expanding its smart driving and smart cockpit business, with significant revenue contributions from these segments [2][4]. Financial Performance Summary - **Revenue Growth**: The company achieved a total revenue of 27.618 billion yuan in 2024, with projected revenues of 33.980 billion yuan, 41.202 billion yuan, and 49.049 billion yuan for 2025, 2026, and 2027 respectively, indicating growth rates of 23.0%, 21.3%, and 19.0% [4][9]. - **Net Profit**: The net profit attributable to shareholders for 2024 was 2.005 billion yuan, with forecasts of 2.628 billion yuan, 3.404 billion yuan, and 4.377 billion yuan for the following three years, corresponding to growth rates of 31.1%, 29.5%, and 28.6% [4][9]. - **Earnings Per Share (EPS)**: The EPS for 2024 is projected at 3.61 yuan, increasing to 4.74 yuan, 6.13 yuan, and 7.89 yuan in the subsequent years [4][9]. Business Segment Performance - **Smart Cockpit**: Revenue from smart cockpit solutions reached 18.230 billion yuan, a 15.36% increase year-on-year, with a new AI chip enabling the fifth-generation smart cockpit platform [2][4]. - **Smart Driving**: This segment generated 7.314 billion yuan in revenue, marking a 63.06% increase year-on-year, with significant new orders contributing to future growth [2][4]. - **Connected Business**: Revenue from connected services was 2.074 billion yuan, up 27.99% year-on-year, with ongoing collaborations with major automotive brands [2][4]. Valuation and Price Target - The report sets a target price of 165.9 yuan for the company's stock, based on a price-to-earnings (P/E) ratio of 35 for 2025 [4][9].

Investment Rating - The report maintains a "Buy" rating for the company [3] Core Views - The company achieved a revenue of 27.62 billion yuan in 2024, representing a year-on-year growth of 26.06%, and a net profit attributable to shareholders of 2.00 billion yuan, up 29.62% year-on-year [8] - The three main business segments of the company showed positive growth, with the smart cockpit business generating 18.23 billion yuan in revenue, a 15.36% increase, and the smart driving business reaching 7.31 billion yuan, a 63.06% increase [8] - The company successfully secured new project orders from domestic automakers such as Great Wall Motors and Chery, as well as international clients including Tata Motors and Toyota, with overseas orders exceeding 5 billion yuan, a growth of over 120% [8] Financial Forecasts - Revenue forecasts for 2025 and 2026 are maintained at 36.94 billion yuan and 46.17 billion yuan, respectively, with expected year-on-year growth rates of 34% and 25% [3] - The net profit forecasts for 2025 and 2026 are adjusted to 2.76 billion yuan and 3.67 billion yuan, with year-on-year growth rates of 37% and 33% [3] - The report projects earnings per share (EPS) to be 3.61 yuan in 2024, increasing to 4.97 yuan in 2025 and 6.62 yuan in 2026 [3]

证券研究报告·公司点评报告·软件开发 德赛西威（002920） 2024 年年报点评：双智驱动业绩高增，海内 外订单齐突破 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 21908 | 27618 | 36938 | 46173 | 56469 | | 同比（%） | 46.71 | 26.06 | 33.75 | 25.00 | 22.30 | | 归母净利润（百万元） | 1547 | 2005 | 2756 | 3673 | 4711 | | 同比（%） | 30.57 | 29.62 | 37.45 | 33.30 | 28.25 | | EPS-最新摊薄（元/股） | 2.79 | 3.61 | 4.97 | 6.62 | 8.49 | | P/E（现价&最新摊薄） | 43.59 | 33.63 | 24.47 | 18.35 | 14.31 | [Table_Tag] [Table_Summary ...

公司 24 年营收 276.18 亿元（yoy+26.1%），归母净利 20.05 亿元 （yoy+29.6%），扣非归母 19.46 亿元（yoy+32.7%）。Q4 营收 86.43 亿元 （yoy+16.2%，qoq+18.7%），归母净利 5.98 亿元（yoy+2.0%，qoq+5.2%）。 年度收入符合预期，归母净利略低于我们的预期约 4.6%。考虑到公司订单 落地节奏、25 年将受益于智驾平权加速、以及海外市场将逐渐放量，我们 预计 25-27 年公司营收和利润有望保持较快增长，维持"买入"。 24 年智驾业务营收增速和毛利率表现较好，新增年化订单超 270 亿 24 年营收 276.18 亿元，基本符合我们年度预测（预测值 276.08 亿元）。24 年座舱/智驾/网联及其他业务收入分别 182.30/73.14/20.74 亿，同比 +15.36%/+63.06%/+27.99%。24H2 智驾收入 46.47 亿元，同环比+75.58% /74.24%，毛利率同环比+4.81pct/1.54pct 至 20.48%，我们预计小米 SU7 带来重要贡献。24H2 座舱收入 102.65 亿元 ...

3 月 14 日晚公司发布 2024 年年度报告，2024 年分别实现营收、归母净利 润、扣非归母净利润 276.18、20.05、19.46 亿元，同比分别+26.06%、 +29.61%、+32.65%；销售毛利率 19.88%；销售净利率 7.31%。 证券研究报告 | 公司点评报告 2025 年 03 月 17 日 德赛西威（002920.SZ） 2024 年业绩高增，智驾业务维持高速增长 中游制造/汽车 ❑ 2024Q4 营收净利双升。2024Q4，公司分别实现营收、归母、扣非归母 86.43、 5.98、4.97 亿元，同比分别+16.20%、+2.05%、-17.58%，环比分别+18.69%、 +5.28%、-24.58%。毛利率 18.40%，同比-3.14pct，环比-2.51pct；净利率 6.95%，同比-0.89pct，环比-0.89pct。 ❑ 智能座舱：2024 年，智能座舱业务实现营收 182.30 亿元，同比+15.36%。 智能座舱域控：2024 年，公司智能座舱新项目订单年化销售额超 160 亿元。 公司第四代智能座舱平台已实现规模化量产，并在理想汽车等客户中成功配 套。 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating an expected stock price increase of over 15% relative to the benchmark index within the next 12 months [6][13]. Core Views - The company achieved a revenue of 27.618 billion yuan in 2024, representing a year-on-year growth of 26.06%. The net profit attributable to shareholders reached 2.005 billion yuan, up 29.62% year-on-year [1][5]. - The company is experiencing rapid revenue growth driven by strong sales from major clients, with Q4 2024 revenue reaching 8.643 billion yuan, a 16.21% increase year-on-year [2]. - The company is expanding its international presence, with overseas orders exceeding 5 billion yuan, a growth of over 120% year-on-year [4]. Summary by Sections Financial Performance - In 2024, the company reported a total revenue of 27.618 billion yuan, with a net profit of 2.005 billion yuan. The projected revenues for 2025, 2026, and 2027 are 33.431 billion yuan, 40.081 billion yuan, and 47.846 billion yuan respectively, with corresponding net profits of 2.616 billion yuan, 3.135 billion yuan, and 3.744 billion yuan [5][9]. - The gross profit margin for Q4 2024 was 18.40%, showing a slight decline compared to the previous year [2]. Business Segments - The smart cockpit segment generated 18.230 billion yuan in revenue for 2024, growing 15.36% year-on-year. The smart driving segment saw a significant increase of 63.06%, reaching 7.314 billion yuan [3]. - The connected services segment achieved a revenue of 2.074 billion yuan, marking a year-on-year growth of 27.99% [3]. International Expansion - The company has successfully entered new international markets, including securing orders from Honda. The expansion of production capacity includes a completed facility in Germany and a new factory in Mexico, with a smart factory in Spain expected to be operational by the end of 2025 [4]. Investment Outlook - The company is well-positioned to benefit from trends in large-screen and multi-screen smart cockpit products, as well as advancements in smart driving technologies. The projected earnings per share (EPS) for 2025, 2026, and 2027 are 4.71 yuan, 5.65 yuan, and 6.75 yuan respectively, with corresponding price-to-earnings (PE) ratios of 26, 22, and 18 [4][5].

➢ 营收高速增长 订单再创新高。1）收入端：2024Q4 营收 86.43 亿元，同比 +16.21%，环比+18.69%。2024Q4，公司主要客户中，理想销量同比+20.40%， 环比+3.84%，奇瑞销量同比+24.06%，环比+26.11%，吉利销量同比+35.01%， 环比+25.34%，驱动公司收入快速增长；2）利润端：2024Q4 归母净利 5.98 亿 元，同比+1.99%，环比+5.22%；扣非后归母净利 4.97 亿元，同比-17.54%， 环比-24.50%。2024Q4 毛利率达 18.40%，同比-1.76pct，环比-2.51pct，归母 净利率达 6.92%，同比-0.96pct，环比-0.88pct。归母净利实现稳步增长；3） 费 用 端 ： 2024Q4 销 售 / 管 理 / 研 发 / 财 务 费 用 率 分 别 0.31%/1.94%/6.99%/0.81%，同比分别-0.88/-0.41/-1.11/+0.51pct，环比分 别-0.84/-0.08/-1.32/+0.83pct，规模效应带动公司费用率整体下降，降本增效 成果逐步显现。 ➢ 三大业务裂变升级 深化汽车 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 168.34 CNY, based on an expected EPS of 4.43, 5.43, and 6.67 CNY for 2025-2027 [2][6]. Core Views - The company is expected to see steady growth in its smart cockpit and intelligent driving businesses, driven by new customers and projects [1][9]. - The revenue forecast for 2025-2027 shows a growth trajectory with expected revenues of 33.73 billion CNY, 40.99 billion CNY, and 49.03 billion CNY respectively, reflecting a year-on-year growth of 22.1%, 21.5%, and 19.6% [4][12]. Financial Performance Summary - The company reported a revenue of 27.62 billion CNY in 2024, a year-on-year increase of 26.1%, with a net profit of 2.01 billion CNY, up 29.6% [9]. - The gross margin for 2024 is projected to be 19.9%, with a net margin of 7.3% [4][12]. - The earnings per share (EPS) are expected to grow from 2.79 CNY in 2023 to 6.67 CNY by 2027 [4][12]. Business Segment Insights - The smart cockpit business is anticipated to grow by 15.4% in 2024, with new project orders exceeding an annualized sales amount of 16 billion CNY [9]. - The intelligent driving business is projected to see a significant increase in revenue, with a year-on-year growth of 63.1% in 2024, reaching 7.31 billion CNY [9].

预计新客户、新项目促进智能座舱及智驾 业务稳步增长 核心观点 盈利预测与投资建议 ⚫ 调整收入、毛利率及费用率等，新增 2027 年预测，预测 2025-2027 年 EPS 为 4.43、5.43、6.67 元（原 2025-2026 年 4.87、6.19 元），可比公司 2025 年 PE 平 均估值 38 倍，目标价 168.34 元，维持买入评级。 风险提示 乘用车行业销量低于预期；车载娱乐系统、车载信息系统和驾驶信息系统配套量低于预 期；车联网、液晶显示屏及 ADAS 业务收入低于预期。 公司主要财务信息 | | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入(百万元) | 21,908 | 27,618 | 33,728 | 40,993 | 49,027 | | 同比增长 (%) | 46.7% | 26.1% | 22.1% | 21.5% | 19.6% | | 营业利润(百万元) | 1,537 | 2,099 | 2,590 | 3,176 | 3,899 | | ...