上 市 公 司 计算机 2024 年04月 21 日 德赛西威 (002920) 公 司 研 究 ——收入高增符合预期，利润经常性项目可圈可点 公 司 点 报告原因：有业绩公布需要点评 评 买入 投资要点： （维持）  事件：公司披露2024年一季度报告，公司2024年第一季度实现营业收入 56.48亿元， 同比增长41.78%；归母净利润3.85亿元，同比增长16.41%；扣非净利润3.7亿元，同 证 市场数据： 2024年04月19日 比增长27.23%。 券 收盘价（元） 118.01 研 一年内最高/最低（元） 179.5/76.44  收入符合预期。公司一季度收入增长 42%，我们此前预测增速 45%，基本符合预期。 究 市净率 7.8 报 息率（分红/股价） 0.71 2024Q1乘用车上限量增长17.2%，公司收入体现出较强的alpha。 告 流通A股市值（百万元） 65084 上证指数/深证成指 3065.26/9279.46  利润略低预期，可能由于额外的资产减值损失，以及ADAS销售占比提升带来的毛利率下 注：“息率”以最近一年已公布分红计算 降。 基础数据: 2024年03月31日 ...

[Table_Page] 季报点评|计算机 证券研究报告 [德Table_赛Title] 西威（002920.SZ） [公Tab司le_I评nves级t] 增持 当前价格 118.01元 收入高增持续兑现，海外项目有望提振盈利能力 合理价值 142.94元 前次评级 增持 [ 核Tabl 心e_Su 观mm 点ary] ： 报告日期 2024-04-21 ⚫ 收入表现符合预期，低毛利率智驾业务占比抬升叠加 OEM 价格竞争 [相Tab对le_P市icQ场uote表] 现 压力仍存在，导致对毛利率带来一定压力。公司发布2024年一季度报 告，24Q1公司营收为56.5亿元，同比+41.8%，归母净利润3.8亿元， 52% 同比+16.4%，扣非归母净利润3.7亿元，同比+27.2%。24Q1毛利率 36% 19% 同比-1.75pct，主因系相对低毛利率的智驾业务增长更快，营收占比抬 3% 升，此外OEM价格竞争压力也有一定影响。全年规模效应释放有望支 04-23 06-23 08-23 10-23 12-23 02-24 04-24 -14% 撑毛利率，叠加加大资产减值风险管控，我们仍看好全年盈利能力。我 - ...

Stock Data - Total Shares Outstanding / Float (billion shares): 5.55 / 5.55 [1] - Total Market Cap / Float (billion RMB): 727.72 / 727.72 [1] - 12-Month High / Low Price (RMB): 179.5 / 76.44 [1] Company Performance - Q1 2024 Revenue: 5.648 billion RMB, up 41.78% YoY [2] - Q1 2024 Net Profit Attributable to Parent Company: 385 million RMB, up 16.41% YoY [2] - Q1 2024 Non-GAAP Net Profit: 371 million RMB, up 27.23% YoY [2] - Q1 2024 Non-GAAP Net Profit Margin: 6.56%, down 0.75pct YoY [2] - Q1 2024 Sales / Management / R&D / Financial Expense Ratios: 1.28% / 1.78% / 9.26% / 0.64%, with changes of -0.17pct / -0.58pct / -0.83pct / +0.43% YoY [2] Overseas Expansion - Significant breakthroughs in Europe, Southeast Asia, India, and Japan in 2023 [2] - New R&D center established in Yokohama and new factory built in Mexico [2] - Plans to establish a new factory in Europe [2] - Continued focus on expanding in Japan, Europe, the US, Southeast Asia, and South Korea [2] Financial Projections - 2024-2026 Revenue Projections: 29.631 billion RMB, 37.293 billion RMB, 47.023 billion RMB, with growth rates of 35.25%, 25.86%, and 26.09% respectively [2][3] - 2024-2026 Net Profit Attributable to Parent Company Projections: 2.029 billion RMB, 2.625 billion RMB, 3.313 billion RMB, with growth rates of 31.17%, 29.40%, and 26.19% respectively [2][3] - 2024-2026 PE Ratios: 34x, 27x, 21x [2][3] Investment Rating - Maintained "Buy" rating due to strong order book, intelligent product matrix, and accelerated international expansion [2] Financial Metrics - 2024-2026 Gross Margin Projections: 20.14%, 19.81%, 19.46% [4] - 2024-2026 Net Profit Margin Projections: 6.85%, 7.04%, 7.05% [4] - 2024-2026 ROE Projections: 20.37%, 20.90%, 20.90% [4] - 2024-2026 EPS Projections: 3.66 RMB, 4.73 RMB, 5.97 RMB [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a strong revenue growth of 42% year-on-year in Q1 2024, but profits faced slight pressure, resulting in overall performance below expectations [3] - Revenue growth was primarily driven by increased sales from key clients, with significant year-on-year increases from major customers such as Li Auto (+44%), Geely (+55%), and Chery (+88%) [3] - The company is expected to benefit from new project launches throughout 2024, particularly with the updated L series models from Li Auto and new clients in the intelligent driving sector [3] - Gross margin faced pressure due to changes in product mix, with a gross margin of 19.3% in Q1 2024, down 1.8 percentage points year-on-year [3] - The company is positioned as a leader in intelligent driving components and is expected to benefit from the industry's growth, with new project orders projected to generate annual sales of over 24.5 billion [3] Financial Forecasts and Valuation - Revenue forecasts for 2024-2026 are set at 285 billion, 369 billion, and 462 billion respectively, with year-on-year growth rates of 30% for 2024 and 2025, and 25% for 2026 [4] - Net profit forecasts for the same period are 22.9 billion, 30.8 billion, and 39.6 billion respectively, with growth rates of 48% for 2024, 34% for 2025, and 29% for 2026 [4] - The corresponding P/E ratios are projected to be 29, 21, and 17 for 2024, 2025, and 2026 respectively [4]

股 票 研 究 [Table_industryInfo] 运输设备业/可选消费品 [ Table_Main[德ITnaf 赛bol]e 西_Ti威tle]( 002920) [评Tab级le_：Inv est] 增持 上次评级： 增持 Q1 收入同比高增长，海外业务持续开拓 目标价格： 156.09 上次预测： 156.09 公 德赛西威 2024年一季度财报点评 当前价格： 131.12 司 吴晓飞(分析师) 多飞舟(分析师) 2024.04.20 更 0755-23976003 010-83939800 [交Ta易bl数e_M据a rket] 新 wuxiaofei@gtjas.com duofeizhou026148@gtjas.com 证书编号 S0880517080003 S0880523020001 52周内股价区间（元） 80.54-172.50 报 总市值（百万元） 72,772 告 本报告导读： 总股本/流通 A股（百万股） 555/552 公司系国内汽车电子龙头，充分受益于汽车智能化浪潮，未来公司智能驾驶、智能座 流通 B股/H股（百万股） 0/0 流通股比例 99% 舱等产品需求有望快速 ...

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：2024-028 惠州市德赛西威汽车电子股份有限公司 2023 年年度权益分派实施公告 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。 一、 股东大会审议通过权益分派方案情况 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"）2023 年度权益分派方案已获 2024 年 4 月 18 日召开的 2023 年度股东大会审议通过。 现将权益分派事宜公告如下： 2、自 2023 年度权益分派方案披露至实施期间，公司股本总额未发生变化。 3、本次实施的权益分派方案以固定总额的方式分配，与 2023 年年度股东 大会审议通过的分配方案一致。 4、本次实施分配方案距离股东大会审议通过的时间未超过两个月。 二、本次实施的权益分派方案 本公司 2023 年年度权益分派方案为：以公司现有总股本剔除已回购股份 0 股后的 555,006,100 股为基数，向全体股东每 10 股派 8.400000 元人民币现金（含 税；扣税后，通过深股通持有股份的香港市场投资者、QFII、R ...

证券研究报告 公 2024年04月19日 司 报 告 德赛西威(002920) │ 行 业： 计算机/软件开发 公 投资评级： 司 当前价格： 118.01元 季 自主品牌客户放量，2024 年 Q1 收入高增 目标价格： 报 点 事件： 评 基本数据 4月18日，公司发布2024年一季度业绩报告，2024年Q1公司实现营业收 总股本/流通股本(百万股) 555.01/551.51 入 56.48 亿元，同比增长 41.78%；实现归母净利润 3.85 亿元，同比增长 流通A股市值(百万元) 65,084.01 16.41%；实现扣非归母净利润3.71亿元，同比增长27.23%。 每股净资产(元) 15.06 ➢ 受益自主客户放量，2024年Q1收入高增 2024年Q1公司实现营业收入56.48亿元，同比增长41.78%，收入保持较 资产负债率(%) 54.18 高增速。下游客户来看，合资客户表现分化，一汽大众/上汽大众/一汽丰 一年内最高/最低(元) 179.50/76.44 田/广汽丰田2024年Q1销量同比增速分别为4.6%/9.6%/1%/-29.1%；自主 股价相对走势 方面，奇瑞汽车/理想汽车/吉 ...

时隔4年，北京国际车展将于2024年4月25日-5月4日在北京中国国际展览中心顺义馆举行。智能化将会 是本届车展的一大重要看点，届时小米SU7、享界S9、智己L6、华为问界M9、理想L6等爆款车型将同 步亮相。4月19日，A股三大指数集体下跌，聚焦汽车智能化的智能车ETF（159888）跌幅居前，盘中一 度跌超3%，持仓股德赛西威跌停，韦尔股份跌超6%，科大讯飞、锐明技术、联创电子、沪电股份、拓 普集团等均跌超4%。全球汽车智能化趋势不改，回调或迎布局良机。 全球汽车电动化大趋势不改，新能源汽车产销和动力电池装机持续向好。在智能化领域，AI技术的革 新涌现，加速了汽车智能化的推广，同时政策端也在持续探索推动L3自动驾驶的落地，助力行业发 展。未来智能化将为汽车板块带来更多机会，拉动产业链发展。 智能车ETF（159888）追踪中证智能车主题指数，选取为智能车提供终端感知、平台应用的公司，以及 其他受益于智能车的代表性沪深A股作为样本股，反映智能车产业公司的整体表现，从申万一级行业的 权重分布上看，成分股主要分布在电子、计算机、汽车、通信等优质行业赛道，科技属性鲜明。 特别提示：目前华夏基金旗下汽车零部件ETF ...

惠州市德赛西威汽车电子股份有限公司 2023 年度股东大会 之 法律意见书 GLG/SZ/A2577/FY/2024-290 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 2023 年度股东大会（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。 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 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。 本所同意将本法律意见书随公司本次股东大会的决议一起予以公告，并 依法对本所出具的法律意见承担相应的责任。 根据相关法律法规的 ...

[Key Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) [Key Accounting Data and Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) The company achieved steady growth in Q1 2024, with significant increases in operating revenue, net profit, total assets, and shareholder equity Key Financial Indicators for Q1 2024 | Indicator | Current Period | Prior-Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 5,647,731,859.41 | 3,983,427,024.66 | 41.78% | | Net Profit Attributable to Shareholders (Yuan) | 384,770,978.67 | 330,525,213.28 | 16.41% | | Net Profit after Non-recurring Items (Yuan) | 370,530,965.09 | 291,239,259.29 | 27.23% | | Net Cash Flow from Operating Activities (Yuan) | 198,468,612.94 | 192,607,804.95 | 3.04% | | Basic Earnings Per Share (Yuan/Share) | 0.70 | 0.60 | 16.67% | | Weighted Average Return on Equity | 4.72% | 4.96% | -0.24% | | **Indicator** | **End of Current Period** | **End of Prior Year** | **Period-over-Period Change (%)** | | Total Assets (Yuan) | 18,483,103,014.85 | 18,014,086,502.65 | 2.60% | | Equity Attributable to Shareholders (Yuan) | 8,356,224,727.17 | 7,952,283,330.30 | 5.08% | [Non-recurring Profit and Loss Items and Amounts](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Total non-recurring profit and loss for the period was ¥14.24 million, primarily composed of ¥19.71 million in government subsidies Details of Non-recurring Profit and Loss for Q1 2024 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -546,403.50 | | Government Subsidies Included in Current Profit/Loss | 19,708,247.06 | | Fair Value Change Gains/Losses on Financial Assets/Liabilities | -504,679.20 | | Other Non-operating Income and Expenses | -2,055,878.61 | | **Total** | **14,240,013.58** | [Analysis of Changes in Key Financial Indicators](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) Significant changes occurred in financial indicators, including growth in financial assets and receivables, a 41.78% revenue increase, and reduced net cash flows from investing and financing activities - **Trading financial assets** increased by **194.68%** YoY, mainly due to an increase in floating-rate wealth management products[9](index=9&type=chunk) - **Other receivables** increased by **131.50%** YoY, mainly due to an increase in tax refunds receivable at the end of the period[9](index=9&type=chunk) - **Contract liabilities** increased by **45.07%** YoY, mainly due to an increase in advance payments received[9](index=9&type=chunk) - **Other current liabilities** increased by **1530.26%** YoY, mainly due to an increase in output tax corresponding to advance receipts[9](index=9&type=chunk) - **Operating revenue** increased by **41.78%** YoY, mainly due to an increase in orders during the period[10](index=10&type=chunk) - **R&D expenses** increased by **30.10%** YoY, reflecting the company's continued investment in research and development[10](index=10&type=chunk) - **Financial expenses** increased by **325.99%** YoY, mainly due to an increase in foreign exchange losses[10](index=10&type=chunk) - **Asset impairment losses** changed significantly by **-6585.02%** YoY, mainly due to increased provisions for inventory write-downs[10](index=10&type=chunk) - **Net cash flow from investing activities** net outflow decreased by **30.17%** YoY, mainly due to a reduction in wealth management investments[10](index=10&type=chunk) - **Net cash flow from financing activities** net inflow decreased by **90.29%** YoY, mainly due to a reduction in bank credit borrowings[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) [Shareholding of Common Stockholders](index=4&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of the reporting date, the company had 32,706 common stockholders, with a concentrated ownership structure led by two major shareholders holding 28.31% and 27.46% respectively - As of the end of the reporting period, the total number of common stockholders was **32,706**[12](index=12&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholding Ratio (%) | Number of Shares | | :--- | :--- | :--- | | Guangdong Desay Group Co, Ltd | 28.31% | 157,106,250.00 | | Huizhou Innovation Investment Co, Ltd | 27.46% | 152,418,750.00 | | Xinyu Weili De Investment Consulting Partnership (Limited Partnership) | 3.46% | 19,177,494.00 | [Other Important Matters](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) Effective February 3, 2024, the company's control structure changed to having no controlling shareholder or actual controller due to the restoration of certain shareholder voting rights - Effective February 3, 2024, the company transitioned to a state of **no controlling shareholder and no actual controller** due to the restoration of certain shareholder voting rights[14](index=14&type=chunk) [Quarterly Financial Statements](index=5&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) [Consolidated Balance Sheet](index=5&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of March 31, 2024, total assets were ¥18.48 billion, up 2.60%, while total liabilities were ¥10.01 billion, and equity attributable to shareholders grew by 5.08% to ¥8.36 billion Key Items of the Consolidated Balance Sheet | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | **Total Assets** | **18,483,103,014.85** | **18,014,086,502.65** | | Total Current Assets | 13,975,734,121.56 | 13,675,161,455.51 | | Total Non-current Assets | 4,507,368,893.29 | 4,338,925,047.14 | | **Total Liabilities** | **10,013,563,582.65** | **9,953,950,597.00** | | Total Current Liabilities | 8,783,939,756.92 | 8,722,675,954.02 | | Total Non-current Liabilities | 1,229,623,825.73 | 1,231,274,642.98 | | **Total Equity** | **8,469,539,432.20** | **8,060,135,905.65** | | Equity Attributable to Parent Company | 8,356,224,727.17 | 7,952,283,330.30 | [Consolidated Income Statement](index=7&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2024, the company's total operating revenue was ¥5.65 billion, up 41.78% YoY, with net profit attributable to the parent company reaching ¥385 million, a 16.41% increase Key Items of the Consolidated Income Statement | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 5,647,731,859.41 | 3,983,427,024.66 | | Total Operating Costs | 5,305,646,263.49 | 3,718,853,610.02 | | R&D Expenses | 523,037,588.65 | 402,031,516.04 | | Operating Profit | 455,259,697.87 | 389,646,764.79 | | Total Profit | 452,657,415.76 | 389,690,154.52 | | Net Profit | 389,874,356.71 | 329,545,260.52 | | Net Profit Attributable to Parent Company | 384,770,978.67 | 330,525,213.28 | | Basic Earnings Per Share | 0.70 | 0.60 | [Consolidated Cash Flow Statement](index=9&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Net cash from operating activities was ¥198 million in Q1 2024, while net cash used in investing activities decreased and net cash from financing activities significantly declined Key Items of the Consolidated Cash Flow Statement | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 198,468,612.94 | 192,607,804.95 | | Net Cash Flow from Investing Activities | -453,192,106.33 | -648,984,657.35 | | Net Cash Flow from Financing Activities | 32,696,940.76 | 336,797,098.58 | | Net Increase in Cash and Cash Equivalents | -223,744,626.05 | -110,373,856.63 | | Ending Balance of Cash and Cash Equivalents | 909,415,728.39 | 926,450,901.73 | [Audit Status](index=11&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's financial report for the first quarter of 2024 has not been audited - The company's first-quarter report is **unaudited**[25](index=25&type=chunk)