证券研究报告 | 季报点评 gszqdatemark 2024 10 30 年 月 日 德赛西威（002920.SZ） 三季报利润超预期，稳健毛利率与得当控费带来利润增长空间 事件：2024/10/30 晚，公司发布三季报，2024 年单三季度，公司实现营 业收入 72.82 亿元，同比增长 26.74%；实现归母净利润 5.68 亿元，同比 增长 60.90%。 收入增速健康良性，利润端增长超预期。2024 年单三季度，公司营业收入 同比增长 26.74%，增速稳健健康；归母净利润同比增长 60.90%，扣非后 归母净利润同比增长 96.11%，超预期。 毛利率持续稳健，体现行业竞争格局趋于稳定化，公司领军地位进一步巩 固。公司前三季度销售毛利率达到 20.55%，相比前二季度毛利率 20.33%， 在稳定的基础上出现一定边际提升。毛利率的持续稳健，体现出汽车行业 竞争格局趋于稳定化，公司领军地位进一步巩固。 控费得当，优异的管理为公司带来利润空间。2024 年单三季度，公司销 售、管理、研发费用率，相比 2023 年同期都出现了边际降低，体现出公 司的控费能力。公司优秀的管理，为公司带来利润空间。 维持" ...

Revenue and Profit Growth - Revenue for the third quarter reached RMB 7.28 billion, a year-on-year increase of 26.74%[2] - Net profit attributable to shareholders of the listed company for the third quarter was RMB 568.39 million, up 60.90% year-on-year[2] - Total revenue for the first nine months of 2024 was RMB 18.97 billion, a 31.13% increase compared to the same period last year[2] - Net profit attributable to shareholders for the first nine months was RMB 1.41 billion, up 46.49% year-on-year[2] - Total revenue for the period reached 18,974,765,447.01 RMB, up from 14,470,391,710.46 RMB in the previous period, indicating strong revenue growth[15] - Net profit attributable to the parent company's owners increased to 5,466,047,466.49 RMB from 4,525,509,117.22 RMB, showing improved profitability[14] - Net profit attributable to parent company shareholders reached 1,406,806,972.61 yuan, an increase of 46.5% compared to the same period last year[16] - Revenue from sales of goods and services reached 19,883,026,667.72 yuan, up 49.1% from the previous year[18] - Basic earnings per share rose to 2.55 yuan, a 46.6% increase compared to the same period last year[17] - The company's total comprehensive income reached 1,412,947,153.28 yuan, representing a 47.6% year-over-year growth[17] Cash Flow and Financial Position - Operating cash flow for the first nine months was RMB 839.04 million, a 94.35% increase compared to the same period last year[2] - Operating cash flow increased by 94.35% to 839,035,141.40 RMB in the first nine months of 2024, driven by increased sales and customer repayments[8] - Investment cash flow decreased by 146.22% to -1,001,798,333.54 RMB due to increased cash outflows for fixed asset purchases[8] - Financing cash flow decreased by 211.16% to -393,568,388.09 RMB, mainly due to reduced borrowing and increased dividend payments[8] - Operating cash flow increased by 94.3% year-over-year to 839,035,141.40 yuan[18] - Investment cash outflow increased by 62.4% to 1,184,774,440.21 yuan, mainly due to increased capital expenditures[19] - Cash and cash equivalents decreased by 555,776,555.27 yuan, primarily due to increased investment activities[19] Asset and Liability Changes - Total assets as of September 30, 2024, were RMB 19.32 billion, a 7.25% increase from the end of the previous year[2] - Short-term borrowings increased by 53.41% to RMB 308.80 million due to higher bank loans[6] - Contract liabilities surged by 101.23% to RMB 694.16 million, reflecting an increase in advance payments[6] - Monetary funds decreased to 615,922,634.96 RMB at the end of the period from 1,275,610,667.54 RMB at the beginning[12] - Accounts receivable increased to 8,635,167,055.21 RMB from 7,168,091,903.87 RMB, reflecting growth in receivables[12] - Inventory increased to 4,002,507,642.12 RMB from 3,259,942,818.97 RMB, indicating higher stock levels[12] - Total current assets increased to 14,571,902,722.99 RMB from 13,675,161,455.51 RMB, showing overall growth in liquid assets[12] - Fixed assets slightly increased to 2,106,062,534.59 RMB from 2,099,727,457.39 RMB, reflecting ongoing capital investments[12] - Total assets increased to 19,319,287,484.02 RMB from 18,014,086,502.65 RMB, reflecting growth in the company's asset base[13] - Short-term borrowings grew to 308,798,896.47 RMB from 201,293,456.06 RMB, reflecting increased short-term financing needs[13] - Contract liabilities increased significantly to 694,159,112.39 RMB from 344,952,727.29 RMB, indicating higher advance payments from customers[13] - Total liabilities rose to 10,243,842,275.29 RMB from 9,953,950,597.00 RMB, reflecting an increase in the company's financial obligations[13] - Intangible assets grew to 428,623,561.50 RMB from 397,795,112.39 RMB, suggesting increased investment in intellectual property and other intangible assets[13] - Total assets increased by 12.8% compared to the beginning of the year, reaching 13.56 billion yuan[18] Investment and R&D - The company's investment in construction projects increased significantly, with the value of construction in progress rising by 255.38% to RMB 591.84 million[6] - Research and development expenses rose to 1,651,320,904.19 RMB, compared to 1,379,298,376.37 RMB in the prior period, highlighting increased investment in innovation[15] - R&D investment increased significantly, with cash payments for fixed assets and intangible assets reaching 1,000,414,440.21 yuan, up 59.1% year-over-year[19] Shareholder and Equity Information - Guangdong Desay Group Co., Ltd. holds 28.31% of the company's shares, totaling 157,106,250 shares[9] - Huizhou Innovation Investment Co., Ltd. holds 26.49% of the company's shares, totaling 147,012,350 shares[9] - The company's equity attributable to the parent company's owners increased to 8,955,958,033.81 RMB from 7,952,283,330.30 RMB, reflecting growth in shareholder value[14] Financial Expenses and Other Income - Financial expenses rose sharply by 233.68% to RMB 87.85 million, mainly due to increased foreign exchange losses[7] - Other comprehensive income decreased to 124,284,932.32 RMB from 128,632,630.69 RMB, indicating a slight decline in non-operating income[14] - The company's operating profit margin improved to 7.35%, up from 6.89% in the same period last year[16]

智驾"独角兽"企业地平线股价在富途证券暗盘交易中收涨36%，将于10月24日在港交所挂牌上市，其 率先提出聚焦深度神经网络计算方向，收入构成以汽车解决方案为主，车型定点累计截至2024年上半 年已超270个，分析师看好在汽车智能化中具有优势地位且软件能力领先的A股公司。 智能驾驶（锐明技术、德赛西威、经纬恒润）精要： ①智驾"独角兽"企业地平线股价在富途证券暗盘交易中收涨36%，报5.43港元/股，总市值超700亿港 元，将于10月24日在港交所挂牌上市； ②地平线于2015年7月成立，率先提出聚焦深度神经网络计算方向，收入构成以汽车解决方案为主，车 型定点累计截至2024年上半年已超270个； ③财通证券杨烨看好锐明技术、德赛西威、经纬恒润等在汽车智能化中具有优势地位且软件能力领先的 公司； ④风险提示：汽车智能化渗透率提升速度低于预期；政策法规的支持不及预期；芯片等原材料短缺等。 智驾"独角兽"企业地平线股价在香港暗盘交易收涨36%，分析师看好在汽车智能化中具有优势地位且软 件能力领先的公司 事件：智驾"独角兽"企业地平线股价在富途证券暗盘交易中收涨36%，报5.43港元/股，总市值超700亿 港元。公司 ...

①工信部印发《工业重点行业领域设备更新和技术改造指南》，国内工业软件企业替代有望进一步加 速； ②英伟达在中国支持的第一家本土自动驾驶Tier 1，在汽车智能化高景气度的驱动下，有望进一步 受益。 【研选·大事件——读懂大市】 1、国务院副总理、中美经贸中方牵头人何立峰20日在京会见来华出席中美经济工作组第五次会议的美 国财政部副部长尚博一行。 2、国务院国资委：五年内央企将全面建立"科学、理性、高效"的董事会。 3、证监会全面优化券商风控指标体系，或释放近千亿资金。 4、美"生物安全法案"未被纳入参议院2025财年国防授权法案。 5、贵州茅台：拟以30亿元-60亿元回购股份用于注销，上市以来首次发布回购计划。 【研选·行业】 工业软件|工信部印发《工业重点行业领域设备更新和技术改造指南》，国内工业软件企业替代有望进 一步加速 根据工信部官网，2024年9月20日，工信部发布《工业重点行业领域设备更新和技术改造指南》，细化 了石化化工等二十七个重点行业与工业软件、工业网络设备等四个重点领域的设备更新和技术改造工作 的具体目标与方向。指南指出，到2027年完成约200万套工业软件和80万台套工业操作系统更新换代 ...

公司报告 | 公司点评 定增扩产彰显公司增长信心 事件：公司于 9 月 6 日发布了《2024 年度向特定对象发行 A股股票预案》， 拟向不超过 35 名（含 35 名）的特定对象发行股票。 具体内容包括： 募集金额：不超过 45 亿元（含本数） 发行数量：不超过公司本次发行前总股本的 30%，即不超过 166,501,830 股（含本数） 募集用途： 1）德赛西威汽车电子中西部基地建设项目（一期）：预计总投资 19.6 亿元， 拟投入 18 亿元，项目建设期为 48 个月，主要进行成都厂房建设，用于生 产仪表、中控显示屏、座舱域控平台等智能座舱系列产品； 2）智能汽车电子系统及部件生产项目：预计总投资 29.12 亿元，拟投入募 集资金 19.8 亿元，项目建设期为 60 个月，主要用于在惠州引入先进的生 产设备，以及招聘高素质且经验丰富的生产及管理人员，扩大汽车电子产 品产能； 3）智算中心级舱驾融合平台研发项目：预计总投资 8.71 亿元，拟投入募 集资金 7.2 亿元，计划在惠州和成都进行建设，建设周期为 36 个月。其中， 智算中心主要为公司目前客户新项目定点订单所涉及的高阶智能化产品开 发提供算力 ...

Investment Rating - Strong Buy (Maintained) with a target price of 109.5 RMB [1] Core Views - The company is a leader in automotive electronics, strategically focusing on smart cockpit, smart driving, and connected services, benefiting from the rapid growth of intelligent vehicle products driven by the increasing penetration of new energy vehicles [1] - The smart cockpit market is evolving into a "third living space," with significant growth potential in the cockpit domain controller market, expected to reach 13.5 billion RMB by 2026 [1][8] - The smart driving market is advancing towards higher levels of autonomy, with L3 autonomous driving expected to be officially implemented after pilot programs, driving the demand for high-performance domain controllers [1][8] - The company's international expansion and high-performance products, developed in collaboration with NVIDIA, have led to significant growth in smart driving business, with new project orders exceeding 8 billion RMB in 2023 [1] Financial Projections - Revenue for 2024-2026 is projected to be 28.913 billion RMB, 36.615 billion RMB, and 45.116 billion RMB, with year-on-year growth rates of 32.0%, 26.6%, and 23.2% respectively [1][2] - Net profit attributable to the parent company for 2024-2026 is expected to be 2.026 billion RMB, 2.621 billion RMB, and 3.309 billion RMB, with year-on-year growth rates of 31.0%, 29.4%, and 26.3% respectively [1][2] Industry Analysis Smart Cockpit - The smart cockpit market is transitioning towards a "third living space," with the cockpit domain controller being the core of development, expected to reach a market size of 13.5 billion RMB by 2026 [1][8] - The penetration rate of cockpit domain controllers in the 10-200k RMB vehicle segment is around 20%, indicating significant growth potential [1][8] - The company is a leading domestic supplier of cockpit domain controllers, with a market share of 17.3% in 2023 [1][52] Smart Driving - The smart driving market is advancing towards higher levels of autonomy, with L3 autonomous driving expected to be officially implemented after pilot programs, driving the demand for high-performance domain controllers [1][8] - The penetration rate of NOA (Navigate on Autopilot) in the Chinese market was 5.21% in Q1 2024, with further growth expected as L2+ advanced driver assistance systems continue to be deployed [1][8] - The smart driving domain controller market is expected to reach 91.5 billion RMB by 2027, driven by the increasing demand for computing power to support more complex driving scenarios [1][8] Company Strategy - The company is focusing on smart cockpit and smart driving businesses, with smart driving business accounting for 20.47% of revenue in 2023, a year-on-year increase of 74.43% [1] - The company has developed high-performance products IPU03 and IPU04 in collaboration with NVIDIA, securing new project orders from over ten automakers [1] - The company is expanding its international presence, with breakthroughs in key markets such as Europe, North America, Japan, and Southeast Asia, securing new project orders from clients like Audi, Tata Motors, Volkswagen, and Suzuki [1] Valuation - The company is valued at 30x PE for 2024, with a target price of 109.5 RMB, based on its leading position in the industry, capacity adjustments, and deepening internationalization [1][10]

惠州市德赛西威汽车电子股份有限公司 股票代码：002920 股票简称：德赛西威 惠州市德赛西威汽车电子股份有限公司 投资者关系活动记录表 编号：2024-014 | --- | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------|---------------------------------------------------|----------------------------------------------|--------------------------------------|-------| | 投资者关系活动 类别 | □ 媒体采访 \n□ 新闻发布会 \n□ 现场参观 \n□ 其他 | \n（请文字说明其他活动内容） | □ 业绩说明会 \n□ 路演活动 | | | | | √ 特定对象调研 | | □ 分析师会议 | | | | | | BlackRock Asset Management Alex Tang | | | ...

展 证券研究报告 非金融公司|公司点评|德赛西威（002920） 新订单有力支撑，定增扩产助力长远发 请务必阅读报告末页的重要声明 glzqdatemark1 2024年09月09日 证券研究报告 |报告要点 2024 年 9 月 6 日，公司发布公告：董事会和监事会审议通过了公司向特定对象发行股票的相 关议案，拟向不超过 35 名特定对象发行不超过 1.67 亿股，募资总额不超过 45 亿元。募集资 金用于三个项目：1）德赛西威汽车电子中西部基地建设项目（一期）；2）智能汽车电子系统 及部件生产项目；3）智算中心及舱驾融合平台研发项目。这三个募投项目可以有效扩大智能 驾驶、智能座舱等汽车电子产品的产能；并优化公司产能布局，提升区域客户集群配套服务能 力；同时持续研发有竞争力的产品，实现公司的可持续发展。 |分析师及联系人 高登 黄程保 SAC：S0590523110004 SAC：S0590523020001 请务必阅读报告末页的重要声明 1 / 5 2023/9 2024/1 2024/5 2024/9 非金融公司|公司点评 glzqdatemark2 2024年09月09日 德赛西威(002920) 新 ...

2024 年 08 月 26 日 公司点评 买入/维持 德赛西威(002920) 目标价: 昨收盘:89.07 智能汽车的国际 Tier1 成长之路 ◼ 走势比较 (50%) (38%) (26%) (14%) (2%) 10% 23/8/2823/11/824/1/1924/3/3124/6/1124/8/22 德赛西威 沪深300 ◼ 股票数据 总股本/流通(亿股) 5.55/5.55 总市值/流通(亿元) 494.34/494.34 12 个月内最高/最低价 (元) 154/76.44 相关研究报告 | --- | |--------------------------------| | 证券分析师：刘虹辰 | | 电话：010-88321818 | | E-MAIL：liuhc@tpyzq.com | | 分析师登记编号：S1190524010002 | | --- | |------------------------------------------------------------------------------------------------------------------| ...

[Table_MainInfo] 公司研究/汽车与零配件/汽车零配件 证券研究报告 德赛西威（002920）公司半年报点评 2024 年 08 月 28 日 [Table_InvestInfo] 投资评级 优于大市 维持 股票数据 | --- | --- | |---------------------------------------------------------|--------------| | 08[Table_StockInfo 月 27日收盘价（元）] | 87.00 | | 52 周股价波动（元） | 76.44-154.00 | | 总股本/流通 A 股（百万股） | 555/552 | | 总市值/流通市值（百万元） | 48286/47982 | | 相关研究 | | | [Table_ReportInfo] 《智能化持续进行，成长动力持续显现》 | | 2023.10.30 市场表现 [Table_QuoteInfo] 德赛西威 海通综指 -44.37% -33.37% -22.37% -11.37% -0.37% 2023/8 2023/11 2024/2 2024/5 | - ...