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：2024-053 惠州市德赛西威汽车电子股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 2、股东大会的召集人：公司董事会 3、会议主持人：董事长高大鹏先生 4、会议召开的合法、合规性：本次股东大会会议的召集、召开程序符合《中 华人民共和国公司法》、《上市公司股东大会规则》和《惠州市德赛西威汽车电子 股份有限公司章程》的有关规定。 5、会议召开时间： （1）现场会议时间：2024 年 9 月 5 日下午 14:45 （2）网络投票时间：2024 年 9 月 5 日 通过深圳证券交易所交易系统进行投票的具体时间为 2024 年 9 月 5 日上午 9:15 至 9:25、9:30 至 11:30，下午 13:00 至 15:00；通过深圳证券交易所互联网投 票系统进行投票的时间为 2024 年 9 月 5 日上午 9:15 至下午 15:00。 1、本次股东大会无否决、修改、增加议案的情形； 2、本次股东大会不 ...

致：惠州市德赛西威汽车电子股份有限公司 国浩律师（深圳）事务所 关于 惠州市德赛西威汽车电子股份有限公司 2024 年第三次临时股东大会之 法律意见书 GLG/SZ/A2577/FY/2024-914 国浩律师（深圳）事务所（以下简称"本所"）接受惠州市德赛西威汽 车电子股份有限公司（以下简称"公司"）的委托，指派律师出席了公司 2024 年第三次临时股东大会（以下简称"本次股东大会"）。现根据《中华人民 共和国公司法》《中华人民共和国证券法》《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指引》等法律、法规、规范性文 件以及《惠州市德赛西威汽车电子股份有限公司章程》（以下简称"《公司 章程》"）的规定，对本次股东大会的召集和召开程序、召集人和出席人员 资格、本次会议审议的议案、会议表决程序和表决结果等事宜出具法律意见。 为出具本法律意见书，本所律师对本次股东大会所涉及的事项进行了审 查，查阅了本所律师认为出具法律意见书所必需查阅的文件，并对有关问题 进行了必要的核查和验证。 公司于 2024 年 8 月 20 日召开第四届董事会第二次会议，决议于 2024 年 9 月 5 日召开 2 ...

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：2024-054 惠州市德赛西威汽车电子股份有限公司 关于回购注销部分限制性股票减少注册资本暨通知债权人的公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、误导 性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"）于 2024 年 8 月 20 日召 开了第四届董事会第二次会议和第四届监事会第二次会议以及于 2024 年 9 月 5 日召开公 司 2024 年第三次临时股东大会，审议通过了《关于调整 2021 年限制性股票激励计划回购 价格及回购注销部分限制性股票的议案》和《关于变更注册资本及修订<公司章程>的议案》。 鉴于公司《2021 年限制性股票激励计划》（以下简称"《激励计划》"、"本次激励计划"） 所涉及的 14 名激励对象因个人原因已离职，根据本次激励计划中的相关规定，上述离职 人员已不再符合《激励计划》中规定的激励对象范围，因此，由公司对其已获授但尚未解 除限售的合计 46,666 股限制性股票进行回购注销。公司回购注销后，公司的总股本将由 555,006,10 ...

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：2024-052 惠州市德赛西威汽车电子股份有限公司 关于召开 2024 年第三次临时股东大会的提示性公告 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或重大遗漏。 惠州市德赛西威汽车电子股份有限公司（以下简称"公司"、"本公司"或"德 赛西威"）第四届董事会第二次会议审议通过了《关于提议召开公司 2024 年第三 次临时股东大会的议案》，决定于 2024 年 9 月 5 日召开公司 2024 年第三次临时 股东大会，公司已于 2024 年 8 月 21 日在巨潮资讯网（http://www.cninfo.com.cn） 和《证券时报》、《中国证券报》、《上海证券报》、《证券日报》上披露了《关于召 开 2024 年第三次临时股东大会的通知》（公告编号：2024-051）。本次股东大会 采取现场投票与网络投票结合的方式进行，现将本次股东大会的有关事项再次通 知如下： 一、召开会议的基本情况 1、股东大会届次：2024 年第三次临时股东大会 2、股东大会的召集人：公司董事会 3、会议召开的 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][7]. Core Views - The company achieved a revenue of 11.692 billion yuan in H1 2024, representing a year-on-year increase of 34.02%, with a net profit attributable to shareholders of 838 million yuan, up 38.11% year-on-year [2]. - The company is focused on becoming an international Tier 1 supplier in the smart automotive sector, emphasizing smart cockpits, intelligent driving, and connected services [2][3]. - The report projects revenues of 28.2 billion yuan, 35.3 billion yuan, and 43.5 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 2.178 billion yuan, 2.704 billion yuan, and 3.469 billion yuan [4][5]. Financial Performance - In Q2 2024, the company reported revenue of 6.045 billion yuan, a year-on-year increase of 27.5%, and a net profit of 454 million yuan, up 64.05% year-on-year [2]. - The gross margin reached 21.25%, an increase of 0.96 percentage points year-on-year, while the net margin was 7.5%, up 1.67 percentage points year-on-year [2]. - The company’s sales, management, and R&D expense ratios for Q2 2024 were 0.91%, 1.96%, and 8.66%, respectively, showing a decrease compared to the previous year [2]. Business Segments - Revenue from smart cockpits, intelligent driving, and connected services for H1 2024 was 7.965 billion yuan, 2.667 billion yuan, and 1.060 billion yuan, respectively, with year-on-year growth rates of 27.43%, 45.05%, and 66.90% [2]. - The company has successfully scaled production of its third-generation smart cockpit domain controller and has secured new project orders with annual sales exceeding 15 billion yuan [2][3]. Market Expansion - The company is increasing its investment in overseas markets, with new projects in Europe, including a technology park and a smart factory [2][3]. - Strategic partnerships have been established with major automotive manufacturers to meet the demand for advanced autonomous driving systems [2].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][13]. Core Views - The report highlights that the company achieved a revenue of 11.69 billion yuan in the first half of 2024, representing a year-on-year increase of 34%. The net profit attributable to shareholders was 840 million yuan, up 38% year-on-year, with a gross margin of 20.3% [5][6]. - The company is focusing on the development of three main business areas: intelligent cockpits, intelligent driving, and connected services. It has secured multiple new project orders from major clients such as Li Auto, GAC, and Geely [5][6]. - The report projects revenues for 2024, 2025, and 2026 to be 27.65 billion yuan, 34.79 billion yuan, and 42.27 billion yuan respectively, with net profits of 2.08 billion yuan, 2.66 billion yuan, and 3.30 billion yuan [7][9]. Summary by Sections Financial Performance - In the first half of 2024, the company reported a revenue of 11.69 billion yuan, with a net profit of 840 million yuan. The gross margin was 20.3% and the net margin was 7.2% [5][6]. - The company expects to achieve revenues of 27.65 billion yuan in 2024, with a year-on-year growth rate of 26.2% [7][9]. Business Development - The company has launched its fourth-generation intelligent cockpit domain controller, which is already in mass production for clients like Li Auto. It has also received new orders for HUD products and electronic rearview mirrors [5][6]. - The intelligent driving business is supported by high-performance domain controllers that have been mass-produced for clients such as Li Auto and Geely, with new project orders from major automotive manufacturers [6]. Profitability Forecast - The report forecasts earnings per share (EPS) of 3.75 yuan, 4.78 yuan, and 5.94 yuan for the years 2024, 2025, and 2026 respectively [7][9]. - The company is expected to maintain a net profit margin of around 7.5% in the coming years, with a projected net profit growth rate of 34.7% in 2025 [9].

Investment Rating - The report maintains a "Buy" rating for the company [2][6]. Core Insights - The company reported significant growth in revenue and net profit for the first half of 2024, with revenue reaching 11.69 billion yuan, a year-on-year increase of 34.0%, and net profit attributable to shareholders at 840 million yuan, up 38.1% year-on-year [4][5]. - The second quarter of 2024 saw revenue of 6.04 billion yuan, with year-on-year growth of 27.5% and a net profit of 450 million yuan, reflecting a 64.1% increase year-on-year [4][5]. - The company is accelerating its expansion in the European market, establishing a new technology park in Weimar, Germany, and opening an office in Paris, France [5][6]. - The gross margin improved in Q2 2024, attributed to the price reduction of NVIDIA chips and an increase in new projects from companies like Xiaomi [5][6]. Summary by Sections Financial Performance - For H1 2024, the company's revenue was 11.69 billion yuan, with a net profit of 840 million yuan and a non-recurring net profit of 790 million yuan, showing year-on-year increases of 34.0%, 38.1%, and 49.7% respectively [4][5]. - In Q2 2024, the gross margin was 21.3%, up 1.9 percentage points year-on-year, driven by cost reductions and new project contributions [5][6]. Business Segments - The smart cockpit business generated 7.97 billion yuan in H1 2024, a 27.4% increase year-on-year, while the smart driving business reached 2.67 billion yuan, up 22.8% year-on-year [4][5]. - The company has secured multiple new project orders from major automotive clients, including Li Auto, GAC, and Geely, for its fourth-generation smart cockpit and high-performance smart driving controllers [6]. Market Expansion - The company is focusing on local production capabilities in Europe to enhance delivery speed and service responsiveness to market demands [5][6]. - The establishment of a smart factory in Spain is part of the company's strategy to strengthen its presence in the European market [5][6]. Profitability Forecast - The company has adjusted its net profit forecasts for 2024-2026 to 2.044 billion yuan, 2.884 billion yuan, and 3.660 billion yuan respectively, reflecting strong growth expectations [6].

公 司 报 告 证 券 研 究 报 告 2024年08月27日 计算机 推荐 ( 维持) 事项： 股价:89.76元 平安观点： 行情走势图 研究助理 主要数据 | --- | --- | |-------------------|-----------------------------| | 行业 | 计算机 | | 公司网址 | www.desaysv.com | | 大股东/持股 | 广东德赛集团有限公司/28.31% | | 实际控制人 | | | 总股本(百万股) | 555 | | 流通A股(百万股) | 552 | | 流通B/H股(百万股) | | | 总市值(亿元) | 498 | | 流通A股市值(亿元) | 495 | | 每股净资产(元) | 15.07 | | 资产负债率(%) | 50.8 | 闫磊 投资咨询资格编号 S1060517070006 YANLEI511@pingan.com.cn 黄韦涵 投资咨询资格编号 S1060523070003 HUANGWEIHAN235@pingan.com.cn | --- | --- | --- | --- | --- | --- | ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price adjusted to 116.16 CNY from the previous 154.98 CNY [4][5]. Core Insights - The company has demonstrated strong revenue growth, with a 34.0% year-on-year increase in H1 2024 revenue, reaching 11.69 billion CNY, and a 38.1% increase in net profit attributable to shareholders, amounting to 840 million CNY [4]. - The company is benefiting from the demand for intelligent products driven by technological advancements and the trend of international expansion [4]. - The gross margin for Q2 improved to 21.3%, up 1.0 percentage points year-on-year, attributed to optimized product and customer structure [4]. Summary by Sections Financial Performance - H1 2024 revenue was 11.69 billion CNY, a 34.0% increase year-on-year, while net profit was 840 million CNY, up 38.1% [4]. - Q2 2024 revenue reached 6.05 billion CNY, reflecting a 27.5% year-on-year increase and a 7.0% quarter-on-quarter increase, with net profit of 450 million CNY, a 64.1% year-on-year increase [4][10]. Cost Management - Q2 2024 gross margin was 21.3%, with significant cost reduction achievements reflected in the overall expense ratio, which decreased year-on-year [4]. International Expansion - The company is actively pursuing an internationalization strategy, with the establishment of a new technology park in Germany and an office in Paris to enhance local service capabilities [4].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 134.90 CNY [2][4] Core Insights - The company's performance met expectations, with a revenue of 11.692 billion CNY in the first half of the year, representing a year-on-year growth of 34.0%. The net profit attributable to the parent company was 838 million CNY, up 38.1% year-on-year [1][2] - The gross margin improved in the second quarter, reaching 21.3%, a year-on-year increase of 1.0 percentage points, attributed to the enhanced gross margin of smart driving products and an increase in the proportion of connected services [1] - The smart cockpit business continues to expand in both domestic and international markets, generating revenue of 7.965 billion CNY, a year-on-year increase of 27.4% [1] - The intelligent driving and connected services business maintained rapid growth, with revenues of 2.667 billion CNY and 1.060 billion CNY, respectively, reflecting year-on-year growth of 45.1% and 66.9% [1] Financial Summary - The company achieved a net cash flow from operating activities of 615 million CNY, a year-on-year increase of 103.4% [1] - The forecasted EPS for 2024-2026 is 3.55 CNY, 4.49 CNY, and 5.65 CNY, respectively, with an average PE of 38 times for comparable companies in 2024 [2][3] - The gross margin for 2023 is projected to be 20.4%, with a net profit margin of 7.1% [3][4]