伐谋-中小盘信息更新 德赛西威（002920.SZ） Q1 业绩靓丽，首发全栈辅助驾驶解决方案 2025 年 04 月 29 日 投资评级：买入（维持） | 日期 | 2025/4/28 | | --- | --- | | 当前股价(元) | 103.40 | | 一年最高最低(元) | 144.50/82.87 | | 总市值(亿元) | 573.82 | | 流通市值(亿元) | 570.26 | | 总股本(亿股) | 5.55 | | 流通股本(亿股) | 5.52 | | 近 3 个月换手率(%) | 74.87 | 中小盘研究团队 zhaoxuyang@kysec.cn 赵旭杨（分析师） 王镇涛（联系人） wangzhentao@kysec.cn 证书编号：S0790124070021 2025Q1 业绩稳健增长，发布智驾解决方案拓展成长空间 公司发布 2025 年一季报，2025Q1 实现营业收入 67.92 亿元，同比+20.26%；实 现归母净利润 5.82 亿元，同比+51.32%；实现扣非净利润 4.97 亿元，同比+34.08%， 2025Q1 非经常性损益为 0.85 亿，主要由于处 ...

证券研究报告·公司研究简报·软件开发 德赛西威（002920） 外延内生并驱，走向 AI 时代 2025 年 04 月 29 日 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） | 21,908 | 27,618 | 36,938 | 46,173 | 56,469 | | 同比（%） | 46.71 | 26.06 | 33.75 | 25.00 | 22.30 | | 归母净利润（百万元） | 1,547 | 2,005 | 2,756 | 3,670 | 4,710 | | 同比（%） | 30.57 | 29.62 | 37.45 | 33.19 | 28.32 | | EPS-最新摊薄（元/股） | 2.79 | 3.61 | 4.97 | 6.61 | 8.49 | | P/E（现价&最新摊薄） | 37.83 | 29.19 | 21.24 | 15.94 | 12.42 | [Table_Tag] [ ...

德赛西威（002920） 外延内生并驱，走向 AI 时代 2025 年 04 月 29 日 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） | 21,908 | 27,618 | 36,938 | 46,173 | 56,469 | | 同比（%） | 46.71 | 26.06 | 33.75 | 25.00 | 22.30 | | 归母净利润（百万元） | 1,547 | 2,005 | 2,756 | 3,670 | 4,710 | | 同比（%） | 30.57 | 29.62 | 37.45 | 33.19 | 28.32 | | EPS-最新摊薄（元/股） | 2.79 | 3.61 | 4.97 | 6.61 | 8.49 | | P/E（现价&最新摊薄） | 37.83 | 29.19 | 21.24 | 15.94 | 12.42 | [Table_Tag] [Table_Summary] 投资要点 ...

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpit, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, an increase of 1.61 percentage points year-on-year [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY, 40.081 billion CNY, and 47.846 billion CNY for the years 2025, 2026, and 2027, respectively [5][10]. - Net profit attributable to shareholders is expected to be 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY for the same years [5][10]. - Earnings per share (EPS) are forecasted to be 4.92 CNY, 5.70 CNY, and 6.83 CNY for 2025, 2026, and 2027, respectively [5][10].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 103.16 CNY per share on April 24, 2025 [6]. Core Insights - The company reported significant year-on-year growth in revenue and profit for Q1 2025, with revenue reaching 6.792 billion CNY, up 20.26% year-on-year, and net profit attributable to shareholders at 582 million CNY, up 51.32% year-on-year [1][2]. - The company is accelerating its internationalization process, with overseas orders exceeding 5 billion CNY, a year-on-year increase of over 120% [4]. - The company is focusing on three main business segments: smart cockpits, intelligent driving, and connected services, all of which are experiencing strong growth and technological innovation [3]. Revenue and Profit Growth - In Q1 2025, the company's revenue was 67.92 billion CNY, with a gross margin of 20.52%, reflecting a year-on-year increase of 1.61 percentage points [2]. - The net profit margin reached 8.57%, up 1.76 percentage points year-on-year, indicating improved profitability [2]. Business Segment Performance - The smart cockpit segment generated revenue of 18.23 billion CNY in 2024, growing 15.36% year-on-year, with new orders exceeding 16 billion CNY annually [3]. - The intelligent driving segment achieved revenue of 2.074 billion CNY in 2024, a year-on-year increase of 63.06% [3]. - The connected services segment reported revenue of 7.314 billion CNY in 2024, up 27.99% year-on-year [3]. Financial Forecast - The company is projected to achieve revenues of 33.431 billion CNY in 2025, 40.081 billion CNY in 2026, and 47.846 billion CNY in 2027, with corresponding net profits of 2.728 billion CNY, 3.162 billion CNY, and 3.790 billion CNY respectively [5][9]. - Earnings per share (EPS) are expected to rise from 4.92 CNY in 2025 to 6.83 CNY in 2027, with a price-to-earnings (PE) ratio decreasing from 21 in 2025 to 15 in 2027 [5][9].

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（以下简称"公司"）于 4 月 15 日召开 的第四届董事会第八次会议，审议通过了《关于回购公司股份方案的议案》，同意 公司使用自有资金及回购专项贷款以集中竞价交易方式回购部分公司已发行的人 民币普通股 A 股股份，回购的股份将用于实施股权激励计划或员工持股计划。本 次回购价格上限为 120 元/股，回购资金金额不低于人民币 3 亿元（含本数）且不 超过人民币 6 亿元（含本数）。回购股份期限自公司董事会审议通过回购股份方案 之日起 3 个月内，具体回购股份的数量以回购结束时实际回购的股份数量为准。 具体内容详见公司于 4 月 17 日在《证券日报》、《证券时报》、《上海证券报》、《中 国证券报》和巨潮资讯网（www.cninfo.com.cn）上披露的《关于回购公司股份方 案的公告》（公告编号：2025-032）及于 4 月 18 日披露的《关于回购公司股份报告 书》（公告编号：2025-034）。 截至本公告披露之日，公司本次回购股份方案已实施完成。根据《上市公司 股份回购规则》《深圳证券交易所上市公司自律监管指引第 9 号——回购股份 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.62 CNY [2][5] Core Insights - The company is expected to see significant growth in earnings per share (EPS), projected at 4.43 CNY, 5.43 CNY, and 6.67 CNY for the years 2025 to 2027 respectively [2] - The company has shown a strong performance in Q1, with a revenue of 6.792 billion CNY, representing a year-on-year growth of 20.3%, and a net profit of 582 million CNY, up 51.3% year-on-year [10] - The gross margin improved to 20.5%, an increase of 1.2 percentage points year-on-year, indicating better cost management and operational efficiency [10] - The company has a robust order backlog, with new project orders expected to generate an annual sales revenue exceeding 27 billion CNY for 2024, including over 5 billion CNY from overseas projects [10] - The company is expanding its production capacity and intelligent computing center, which will support its R&D in smart cockpit and intelligent driving technologies [10] Financial Summary - The company's projected revenue for 2023 is 21.908 billion CNY, with a year-on-year growth of 46.7%, and is expected to reach 49.027 billion CNY by 2027 [4] - Operating profit is forecasted to grow from 1.537 billion CNY in 2023 to 3.899 billion CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 22.8% [4] - The net profit attributable to the parent company is expected to increase from 1.547 billion CNY in 2023 to 3.702 billion CNY in 2027, with a consistent growth rate of around 22.6% [4] - The company's gross margin is projected to stabilize around 19.9% from 2025 to 2027, while the net margin is expected to improve slightly from 7.1% in 2023 to 7.6% in 2027 [4]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 150.62 CNY [2][5] Core Insights - The company's gross margin has improved year-on-year, and it is accelerating the layout of production capacity and intelligent computing centers [1] - The company is expected to achieve significant revenue growth, with projected EPS for 2025-2027 at 4.43, 5.43, and 6.67 CNY respectively [2] - The automotive industry's intelligentization is driving the company's core business growth, with substantial new project orders expected [10] Financial Performance Summary - Revenue is projected to grow from 21,908 million CNY in 2023 to 49,027 million CNY in 2027, with a CAGR of approximately 19.6% [4] - Operating profit is expected to increase from 1,537 million CNY in 2023 to 3,899 million CNY in 2027, reflecting a strong growth trajectory [4] - Net profit attributable to the parent company is forecasted to rise from 1,547 million CNY in 2023 to 3,702 million CNY in 2027, with a consistent growth rate [4] - The gross margin is expected to stabilize around 19.9% by 2027, while the net margin is projected to improve to 7.6% [4] Market Position and Competitive Landscape - The company has secured new project orders with an annual sales value exceeding 27 billion CNY for 2024, indicating strong demand for its products [10] - The company is expanding its production capacity both domestically and internationally, with new facilities planned in Europe, Japan, Southeast Asia, and North America [10]

Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of 138.66 RMB [8][9]. Core Insights - The company's Q1 revenue reached 6.792 billion RMB, representing a year-over-year increase of 20.26% and a quarter-over-quarter decrease of 21.42%. The net profit attributable to the parent company was 582 million RMB, up 51.32% year-over-year and down 2.65% quarter-over-quarter, exceeding expectations due to a significant improvement in gross margin [1][2]. - The company is benefiting from the wave of automotive intelligence and is committed to an overseas expansion strategy, which is expected to unlock growth potential. Revenue and profit are projected to maintain rapid growth from 2025 to 2027 [1][4]. Summary by Sections Q1 Performance - Q1 revenue was 6.792 billion RMB, with a year-over-year growth of 20.26% and a quarter-over-quarter decline of 21.42%. The net profit attributable to the parent company was 582 million RMB, reflecting a year-over-year increase of 51.32% [1][2]. - The gross margin for Q1 was 20.52%, showing a year-over-year increase of 1.18 percentage points and a quarter-over-quarter increase of 2.12 percentage points [3]. Market Position and Strategy - The company holds leading market shares in cockpit domain control and intelligent driving domain control, with respective market shares of 16.1% and 26.7%. It is expected to continue benefiting from the automotive intelligence trend [2][4]. - The overseas order scale is projected to exceed 5 billion RMB in 2024, with new facilities established in Germany, France, and Spain to support its "new business + new market" dual-engine strategy [4]. Financial Forecast - The company maintains its profit forecast, expecting revenues of 34.2 billion RMB, 41.2 billion RMB, and 49.6 billion RMB for 2025, 2026, and 2027 respectively, with net profits of 2.6 billion RMB, 3.2 billion RMB, and 4.0 billion RMB for the same years [5][7]. - The estimated PE ratio for 2025 is set at 29.6 times, reflecting a 10% premium due to the company's leading position in automotive intelligence and accelerated globalization [5].

Financial Performance - The company's revenue for Q1 2025 reached ¥6,791,962,528.76, representing a 20.26% increase compared to ¥5,647,731,859.41 in the same period last year[5] - Net profit attributable to shareholders was ¥582,248,536.62, up 51.32% from ¥384,770,978.67 year-on-year[5] - Basic earnings per share rose to ¥1.05, a 50.00% increase from ¥0.70 in the previous year[5] - Net profit for the current period was ¥586,731,378.21, representing a 50.4% increase from ¥389,874,356.71 in the previous period[23] Cash Flow - The net cash flow from operating activities increased by 205.60%, amounting to ¥606,517,480.64 compared to ¥198,468,612.94 in Q1 2024[5] - Cash generated from operating activities was ¥7,765,578,858.88, an increase from ¥6,620,868,846.17 in the prior year[25] - Net cash flow from operating activities was $606.52 million, an increase of 205.5% compared to $198.47 million in the previous period[26] - Total cash inflow from operating activities reached $7.94 billion, up from $6.65 billion, representing a growth of 19.4%[26] - Cash inflow from financing activities was $428.09 million, significantly higher than $57.47 million, marking a growth of 644.5%[26] - The net increase in cash and cash equivalents was $177.88 million, contrasting with a decrease of $223.74 million in the previous period[26] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥22,008,190,508.44, reflecting a 2.44% increase from ¥21,483,325,692.05 at the end of the previous year[5] - Total current assets amount to ¥16,997,056,960.95, an increase from ¥16,434,310,809.14 at the beginning of the period[19] - Total liabilities decreased slightly to ¥11,654,940,514.89 from ¥11,717,785,116.37[21] - Total liabilities include accounts payable of ¥4,397,999,906.12, down from ¥5,241,051,910.31[20] Investment and Expenses - The company reported a significant increase in investment income to ¥79,762,682.42, compared to a loss of ¥6,378,674.60 in Q1 2024, marking a 1350.46% change[12] - Research and development expenses increased to ¥655,376,500.57, a rise of 25.3% compared to ¥523,037,588.65 last year[23] - The company experienced a 47.20% increase in selling expenses, totaling ¥70,795,045.19, due to expanded operations[12] Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,798[16] - Guangdong Desay Group holds 28.31% of shares, totaling 157,106,250 shares[16] - Huizhou Innovation Investment holds 24.63% of shares, totaling 136,699,536 shares[16] Future Outlook - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22] Accounting and Auditing - The company did not undergo an audit for the first quarter report[27] - The new accounting standards will be implemented starting in 2025[27]