Investment Rating - The report maintains a "Buy" rating for the company with a target price of 168.34 CNY, based on a projected EPS of 4.43, 5.43, and 6.67 CNY for 2025-2027 [2][6]. Core Views - The company is expected to experience 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 in 2025, 40.99 billion CNY in 2026, and 49.03 billion CNY in 2027, reflecting a year-on-year growth of 22.1%, 21.5%, and 19.6% respectively [4][12]. Financial Performance Summary - **Revenue**: The company reported a revenue of 21.91 billion CNY in 2023, with a year-on-year growth of 46.7%. The revenue is projected to grow to 27.62 billion CNY in 2024, 33.73 billion CNY in 2025, and continue to increase through 2027 [4][12]. - **Net Profit**: The net profit attributable to the parent company is expected to rise from 1.55 billion CNY in 2023 to 3.70 billion CNY in 2027, with a growth rate of 30.6% in 2023 and maintaining around 22.6% growth in subsequent years [4][12]. - **EPS**: The earnings per share are projected to increase from 2.79 CNY in 2023 to 6.67 CNY in 2027, indicating a strong upward trend in profitability [4][12]. - **Profit Margins**: The gross margin is expected to stabilize around 19.9% over the forecast period, while the net margin is projected to improve slightly from 7.1% in 2023 to 7.6% in 2027 [4][12]. Business Segment Insights - **Smart Cockpit**: The smart cockpit business is anticipated to generate 182.30 billion CNY in revenue in 2024, with a year-on-year growth of 15.4%. The company has secured new project orders exceeding 16 billion CNY annually [9][12]. - **Intelligent Driving**: The intelligent driving segment is projected to achieve revenues of 73.14 billion CNY in 2024, reflecting a significant growth of 63.1%. The gross margin for this segment is expected to improve by 4.0 percentage points [9][12].

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 15 年 月 日 德赛西威（002920.SZ） 2024 年报业绩增长亮眼，智能驾驶业务景气度持续高企 事件：2025/3/14 晚，公司发布 2024 年报。2024 年，公司营业收入同比 增长 26.06%，归母净利润同比增长 29.62%，公司业绩增速稳健亮眼。 智能座舱业务增长稳健，彰显公司扎实基本盘。2024 年，公司智能座舱 业务在产品组合多元化、市场延伸策略以及新客户订单的强劲推动下，继 续保持快速增长，全年营业收入达到 182.30 亿元，新项目订单年化销售 额超过 160 亿元。报告期内，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。同时，公司持续获得奇瑞汽车、吉 利汽车、广汽丰田、理想汽车、广汽埃安、TATA 等多家车企的新项目订 单，进一步巩固了市场地位。 智能驾驶业务成长强劲，下游需求景气度持续高企。报告期内，公司智能 驾驶业务持续保持强劲增长态势，全年实现营业收入 73.14 亿元，同比增 长 63.06%，新项目订单年化销售额接近 100 亿元。随着智能驾驶技术的 快速普及，城市 ...

Investment Rating - The report maintains a "Buy" rating for the company [2][5]. Core Views - The company reported a robust performance in 2024, with operating revenue increasing by 26.06% year-on-year, and net profit attributable to shareholders rising by 29.62% year-on-year, indicating strong growth momentum [1]. - The smart cockpit business demonstrated steady growth, achieving operating revenue of 18.23 billion yuan, driven by product diversification, market expansion strategies, and strong new customer orders [1]. - The smart driving business showed significant growth, with operating revenue reaching 7.31 billion yuan, a year-on-year increase of 63.06%, supported by the rapid commercialization of advanced driving features [2]. - The company effectively controlled costs, leading to improved profit margins, as evidenced by a marginal decrease in sales, management, and R&D expense ratios compared to the previous year [2]. Financial Summary - In 2024, the company achieved operating revenue of 27.62 billion yuan and a net profit of 2.01 billion yuan, with projected profits for 2025, 2026, and 2027 expected to be 2.80 billion yuan, 3.60 billion yuan, and 4.62 billion yuan respectively [4]. - The company's earnings per share (EPS) for 2024 was 3.61 yuan, with projections of 5.04 yuan, 6.48 yuan, and 8.32 yuan for the following years [4]. - The price-to-earnings (P/E) ratio is projected to decrease from 34.3 in 2024 to 14.9 by 2027, indicating potential for value appreciation [4].

Core Viewpoint - The article highlights the significant earnings forecasts and performance reports of various listed companies for the year 2024, indicating a positive trend in several sectors, particularly in hardware, chemicals, and machinery industries [1][5][10]. Group 1: Company Earnings Forecasts - Hongmian Co. has revised its 2024 earnings forecast upwards, expecting a net profit increase of approximately 425 million yuan, with a projected net profit of 500 million to 530 million yuan, representing a year-on-year growth of 568.16% to 608.24% [3]. - CATL reported a net profit of 50.745 billion yuan for 2024, a year-on-year increase of 15.01%, and plans to distribute a cash dividend of 45.53 yuan for every 10 shares [6]. - Dongfang Fortune achieved a total revenue of 11.604 billion yuan, a 4.72% increase year-on-year, with a net profit of 9.610 billion yuan, up 17.29% [7]. - Ping An Bank's net profit for 2024 was 44.508 billion yuan, a decrease of 4.2% year-on-year, with total assets of 5.769 trillion yuan, a 3.3% increase [7]. - Desay SV reported a revenue of 27.618 billion yuan, a 26.06% increase, and a net profit of 2.005 billion yuan, up 29.62% [7]. - Shaanxi Coal's projected revenue for 2024 is 184.145 billion yuan, a 7.77% increase, with a net profit of 22.196 billion yuan, up 4.51% [7]. - Chang Aluminum's revenue reached 7.818 billion yuan, a 13.73% increase, with a net profit of 70.7708 million yuan, up 368.46% [7]. - Founder Securities reported a revenue of 7.718 billion yuan, an 8.42% increase, with a net profit of 2.207 billion yuan, up 2.55% [8]. Group 2: Market Trends and Sector Performance - As of March 14, a total of 2,815 listed companies have disclosed their annual earnings forecasts, with 950 companies reporting positive results, accounting for 33.75% of the total [10]. - The hardware, chemicals, and machinery sectors have the highest number of companies reporting positive earnings, with 131, 105, and 97 companies respectively [10]. - Recent favorable news in the capital market includes the introduction of childcare subsidies in Inner Mongolia, which is expected to boost birth rates and related sectors such as maternal and infant products [12]. - Financial institutions are encouraged to develop consumer finance to stimulate consumption, with expectations of increased policy support for consumption-related sectors [12]. - Key investment themes suggested include hard technology sectors like optical chips and smart cockpits, digital economy infrastructure benefiting from fiscal expansion, and stable profit sectors with high dividend yields [13].

【业绩】 亚钾国际：第一大股东将变更为汇能集团。 人民财讯3月14日电，【热点】 【增减持】 【回购】 兆丰股份：目前兆丰智能装备公司尚未开展经营业务。 深水海纳：与水环境相关的海洋工程智能装备等业务在公司主营业务收入中占比极低。 宁德时代：2024年净利润同比增长15.01%，拟10派45.53元。 东方财富：2024年净利润96.1亿元，同比增长17.29%。 平安银行：2024年净利润445.08亿元同比下降4.2%。 陕西煤业：2024年净利润221.96亿元，同比下降3.97%。 方正证券业绩快报：2024年净利润22.07亿元，同比增长2.55%。 天茂集团：国华人寿保险前2月保费收入约为80.35亿元。 中国国航：2月旅客周转量同比下降3%。 中国中冶：1—2月新签合同额同比下降27.5%。 常铝股份业绩快报：2024年净利润7077.08万元，同比增368.46%。 招商港口：2月集装箱总计1429万TEU，同比增长6.6%。 中国神华：2月煤炭销售量同比下降11.4%。 尚太科技：2024年净利润同比增长15.97%，拟10派8元。 德赛西威：2024年净利润同比增长29.62%，拟10派1 ...

Group 1 - The company reported a revenue of 27.618 billion yuan for 2024, representing a year-on-year growth of 26.06% [1] - The net profit for 2024 reached 2.005 billion yuan, with a year-on-year increase of 29.62% [1] - The basic earnings per share were 3.63 yuan [1] Group 2 - The company plans to distribute a cash dividend of 12 yuan (including tax) for every 10 shares to all shareholders [2] - The company is seizing opportunities in automotive intelligence development, leading to significant growth in its core business [2] - The market penetration rates for high-end intelligent cockpits and high-end intelligent driving products continue to rise, expanding the customer base for product lines such as displays and infotainment systems [2]

『RSM 容 诚 容诚审字[2025]518Z0009 号 审计报告 容诚会计师事务所(特殊普通合伙) 中国 北京 惠州市德赛西威汽车电子股份有限公司 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://ac.mof.exi.com.com.com.com.com.com.co.） 进行在 目 录 | 序号 | 内 容 | 页码 | | --- | --- | --- | | 1 | 审计报告 | 1 - 6 | | 2 | 合并资产负债表 | 7 | | 3 | 合并利润表 | 8 | | 4 | 合并现金流量表 | 9 | | 5 | 合并所有者权益变动表 | 10 - 11 | | 6 | 母公司资产负债表 | 12 | | 7 | 母公司利润表 | 13 | | 8 | 母公司现金流量表 | 14 | | 9 | 母公司所有者权益变动表 | 15 - 16 | | 10 | 财务报表附注 | 17 - 133 | 审计报告 容诚审字[2025]518Z0009 号 惠州市德赛西威汽车电子股份有限公司全体股东: 一、审计意见 我们审计了惠州市德赛西威汽车电子股份有限公司(以下简称德赛 ...

【RSM 容 诚 非经营性资金占用及其他关联资金 往来情况专项说明 惠州市德赛西威汽车电子股份有限公司 我们接受委托,依据中国注册会计师审计准则审计了惠州市德赛西威汽车电 子股份有限公司(以下简称德赛西威公司)2024年12月 31 日的合并及母公司资 产负债表,2024年度的合并及母公司利润表、合并及母公司现金流量表和合并及 母公司所有者权益变动表以及财务报表附注,并于 2025年 3 月 14 日出具了容诚 审字[2025]518Z0009 号的无保留意见审计报告。 根据中国证券监督管理委员会《上市公司监管指引第 8 号——上市公司资金 往来、对外担保的监管要求》的要求及深圳证券交易所《深圳证券交易所上市公司 自律监管指南第 1 号 -- 业务办理》,德赛西威公司管理层编制了后附的惠州市 德赛西威汽车电子股份有限公司 2024年度非经营性资金占用及其他关联资金往来 情况汇总表(以下简称汇总表)。如实编制和对外披露汇总表并保证其真实、准确、 完整是德赛西威公司管理层的责任。 我们对汇总表所载信息与本所审计德赛西威公司 2024年度财务报表时所复核 的会计资料和经审计的财务报表的相关内容进行了核对,在所有重大 ...

『RSM | 容 诚 内部控制审计报告 惠州市德赛西威汽车电子股份有限公司 容诚审字[2025|518Z0010 号 容诚会计师事务所(特殊普通合伙) 中国北京 您可使用手机"扫一扫"或进入"注册会计师行业统一监管平台（http://acc.or.eov.cn）"进行变 。 【在一扫"或进入"注册会计师行业统一监管平台（http://acconf.gov.cn）"进行查验 2 内部控制审计报告 容诚审字[2025]518Z0010 号 惠州市德赛西威汽车电子股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我 们审计了惠州市德赛西威汽车电子股份有限公司(以下简称"德赛西威公司")2024 年 12 月 31 日的财务报告内部控制的有效性。 一、企业对内部控制的责任 三、内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于 情况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低, 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为,德赛西威公司于 2024年 12月 31 日 ...

惠州市德赛西威汽车电子股份有限公司 惠州市德赛西威汽车电子股份有限公司 独立董事 2024 年度述职报告 各位股东及股东代表： 本人作为惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）的独立 董事，在任职期间严格按照《公司法》《上市公司独立董事管理办法》《深圳证 券交易所上市公司自律监管指引第 1 号——主板上市公司规范运作》等相关法律法 规以及《公司章程》、《独立董事工作制度》等制度的有关规定，2024 年度勤勉、 诚信、独立的履行了相关职责，按时出席各项会议，认真审议各项会议的所有议 案，利用自己的专业知识对公司重大事项发表了独立意见，切实维护了公司和股 东尤其是中小股东的利益，充分发挥了独立董事应有的作用。现将 2024 年度的履 职情况汇报如下： 一、 独立董事的基本情况 本人熊明良，男，汉族，博士，经济学博士后，会计学副教授、高级会计师。 1997 年 7 月至 2018 年 7 月，历任中铁十八局集团会计核算员、副科长、科长、 副处长、处长等职务。2018 年 7 月入职惠州学院，2020 年 5 月至 2024 年 1 月， 任惠州学院审计学系主任、审计学专业负责人，会计学副教授；2024 ...