Investment Rating - The investment rating for the company is "Buy" with initial coverage [1]. Core Views - The company achieved a revenue of 21.91 billion yuan in 2023, representing a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, up 30.6% year-on-year [1]. - The significant increase in orders is driving revenue growth, with new projects expected to inject long-term growth potential into the business [1]. - The company is accelerating its expansion into international markets, securing new projects with major clients in Europe, Asia, and the Americas [1]. Summary by Relevant Sections Financial Performance - In Q4 2023, the company reported a revenue of 7.44 billion yuan, a year-on-year increase of 54.2%, and a net profit of 590 million yuan, up 19.1% year-on-year [1]. - The revenue growth is driven by a 46.1% increase in sales volume and an annualized sales amount of over 24.5 billion yuan from new project orders [1]. - The smart cockpit and intelligent driving segments generated revenues of 15.80 billion yuan and 4.49 billion yuan, respectively, with year-on-year growth rates of 34.4% and 74.4% [1]. Market Expansion - The company has made significant strides in international markets, including securing new projects with Volkswagen, Audi, and Stellantis in Europe, and establishing a new R&D center in Japan [1]. - A new factory in Mexico has been completed to meet product and service demands in North America [1]. Profitability Forecast - The company is expected to maintain high growth rates in net profit, with projections of 2.07 billion yuan, 2.79 billion yuan, and 3.48 billion yuan for 2024, 2025, and 2026, respectively [3]. - The projected P/E ratios for the next three years are 33.32, 24.79, and 19.88, indicating a favorable valuation trend [3].

证券研究报告 | 2024年04月01日 德赛西威（002920.SZ） 买入 2023 年年化新项目订单超 245 亿，智能驾驶营收高速增长 核心观点 公司研究·财报点评 2023Q4德赛西威净利润5.9亿元，同比增长19%。公司2023年实现营收 汽车·汽车零部件 219.08亿元，同比+46.71%，归母净利润15.47亿元，同比+30.65%。2023Q4 证券分析师：唐旭霞 证券分析师：杨钐 实现营收74.38亿元，同比+54.24%，环比+29.44%，归母净利润5.86亿元， 0755-81981814 0755-81982771 tangxx@guosen.com.cn yangshan@guosen.com.cn 同比+19.29%，环比+66%。公司智能座舱、智能驾驶产品销量同比增加，2023Q4 S0980519080002 S0980523110001 公司营收增速超越汽车行业产量增速31pct（2023Q4汽车产量同比+23%）。 基础数据 2023Q4毛利率环比提升2.8pct，净利率环比提升1.7pct。2023Q4公司毛利 投资评级 买入(维持) 合理估值 率为21.5%，同比 ...

伐谋-中小盘信息更新 中 小 盘 德赛西威（002920.SZ） 业绩订单持续高增，迈向全球打开成长空间 研 究 2024年03月29日 ——中小盘信息更新 投资评级：买入（维持） 任浪（分析师） 赵旭杨（分析师） renlang@kysec.cn zhaoxuyang@kysec.cn 证 书编号：S0790519100001 证书编号：S0790523090002 日期 2024/3/28 当前股价(元) 126.00  全年业绩符合预期，智驾龙头快速成长 公司发布2023年年报，2023年公司实现营业收入219.08亿元，同比增长46.71%； 中 一年最高最低(元) 179.50/76.44 小 总市值(亿元) 699.31 实现归母净利润15.47亿元，同比增长30.57%。Q4单季度，公司实现营业收入 盘 流通市值(亿元) 694.91 74.38亿元，同比增长54.24%；实现归母净利润5.86亿元，同比增长19.13%。 信 息 总股本(亿股) 5.55 公司作为本土智能汽车的领军企业，持续实现业绩高增长，彰显龙头实力。我们 更 流通股本(亿股) 5.52 维持预计公司 2024-2025 ...

证券研究报告 公 2024年03月29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： 126.00元 智驾保持高成长，平台化能力持续提升 年 目标价格： 报 点 事件： 评 基本数据 3月27日，德赛西威发布2023年年报，公司2023年实现营业收入219.1 总股本/流通股本(百万股) 555.01/551.51 亿元，YOY+47%；实现归母净利润 15.5 亿元，YOY+31%。其中 Q4 实现营业 流通A股市值(百万元) 69,490.59 收入74.4亿元，YOY+54%；实现归母净利润5.9亿元，YOY+19%。 每股净资产(元) 14.33 ➢ 智驾业务保持高增速，全年业绩符合预期 2023年公司实现营业收入219.1亿元，YOY+47%，实现归母净利润15.5亿 资产负债率(%) 55.26 元，YOY+31%，全年业绩符合预期。分业务来看，智能座舱业务实现营收158 一年内最高/最低(元) 179.50/76.44 亿元，YOY+34%，智能驾驶业务实现营收45亿元，YOY+74%，核心业务营业 股价相对走势 收入保持高增速。核心客户 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported its 2023 annual results, which exceeded expectations, achieving a total revenue of 21.9 billion yuan, a year-on-year increase of 46.7%, and a net profit attributable to shareholders of 1.55 billion yuan, a year-on-year increase of 30.6% [3][4] - The cabin and intelligent driving businesses are driving growth, with cabin revenue reaching 15.8 billion yuan, up 34% year-on-year, and intelligent driving revenue reaching 4.49 billion yuan, up 74% year-on-year [4] - The company has a strong order backlog, with annualized sales from new projects exceeding 24.5 billion yuan, supporting future revenue growth [4][5] Summary by Sections Financial Performance - In 2023, the company achieved total revenue of 21.9 billion yuan, with a year-on-year growth of 46.7% and a net profit of 1.55 billion yuan, reflecting a 30.6% increase [3] - The fourth quarter of 2023 saw revenue of 7.44 billion yuan, with a year-on-year increase of 54.2% and a net profit of 586 million yuan, up 19.3% year-on-year [3][4] Business Segments - The cabin business saw a revenue increase of 34% year-on-year, driven by new product launches and increased production from key clients [4] - The intelligent driving business reported a revenue increase of 74% year-on-year, significantly outperforming the overall market [4] Future Projections - Revenue forecasts for 2024 and 2025 have been raised to 28.5 billion yuan and 36.9 billion yuan, respectively, with expected growth rates of 30% for both years [5] - The projected net profit for 2024 is 2.29 billion yuan, with a year-on-year growth of 48% [5] Market Position - The company has accelerated its globalization strategy, securing new international clients and establishing a manufacturing facility in Mexico [4][5] - The stock is currently priced at 126 yuan, with a market capitalization of approximately 69.93 billion yuan [7]

Investment Rating - The report maintains a "Recommend" rating for the company [2][7] Core Views - The company achieved significant revenue growth in 2023, with total revenue reaching 21.91 billion yuan, a year-on-year increase of 46.71% [4][6] - The net profit attributable to shareholders was 1.55 billion yuan, up 30.57% year-on-year, indicating strong profitability [4][6] - The company is expanding its presence in high-end and international markets, with a focus on smart cockpit, smart driving, and connected services [6][7] Summary by Sections Financial Performance - In 2023, the company reported revenue of 21.91 billion yuan, with a compound annual growth rate (CAGR) of 47.70% from 2020 to 2023 [4][5] - The smart cockpit segment generated 15.80 billion yuan in revenue, a 34.42% increase, accounting for 72.13% of total revenue [4][5] - The smart driving segment saw revenue of 4.49 billion yuan, growing 74.43%, representing 20.47% of total revenue [4][5] - The connected services segment experienced a remarkable growth of 167.39%, reaching 1.62 billion yuan, contributing 7.40% to total revenue [4][5] Business Development - The company has established a comprehensive business matrix centered on smart cockpit, smart driving, and connected services [4][6] - New product launches, including advanced smart cockpit solutions, have enhanced user experience and market competitiveness [4][6] - The company has secured new project orders with major automotive brands, expanding its customer base significantly [6][7] Market Expansion - The company is actively pursuing high-end market opportunities and has made significant inroads into international markets, including Europe, Southeast Asia, Japan, and North America [6][7] - The company has received multiple awards from automotive manufacturers, reflecting its strong partnerships and reputation in the industry [6][7] Future Outlook - The company is expected to continue its growth trajectory, with projected net profits of 2.06 billion yuan in 2024, 2.73 billion yuan in 2025, and 3.56 billion yuan in 2026 [5][7] - Earnings per share (EPS) are forecasted to increase to 3.72 yuan in 2024, 4.92 yuan in 2025, and 6.41 yuan in 2026 [5][7]

Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company's revenue for 2023 reached 21.908 billion yuan, a year-on-year increase of 46.71%, with a net profit attributable to shareholders of 1.547 billion yuan, up 30.65% year-on-year [1]. - The intelligent driving and connected products business experienced significant revenue growth, with the three main product lines generating revenues of 15.802 billion yuan, 4.485 billion yuan, and 1.621 billion yuan, reflecting year-on-year increases of 34.42%, 74.43%, and 167.39% respectively [1]. - The company has established close partnerships with leading new energy vehicle manufacturers, resulting in a robust order backlog that supports sustained high performance [1]. Financial Summary - The company forecasts revenues of 26.075 billion yuan, 29.689 billion yuan, and 32.593 billion yuan for 2024, 2025, and 2026 respectively, with corresponding net profits of 2.007 billion yuan, 2.505 billion yuan, and 2.800 billion yuan [2][3]. - The gross profit margin for 2023 was 20.44%, a decrease of 2.59 percentage points year-on-year, primarily due to a decline in the gross margin of intelligent driving products [1]. - The company’s operating expenses as a percentage of sales decreased, driven by the scaling effects of production and reduced promotional costs for new products [1]. Order and Project Highlights - The company has secured new project orders with major clients such as Chery, GAC, and BYD, with annual sales from new project orders in intelligent cockpits exceeding 15 billion yuan [1]. - The intelligent driving segment has new project orders with an annual sales potential exceeding 8 billion yuan, contributing to the company's core revenue growth [1].

Investment Rating - The report maintains a "Buy" rating for the company [8][16]. Core Insights - The company reported a revenue of 21.908 billion yuan for 2023, a year-on-year increase of 46.71%, and a net profit of 1.547 billion yuan, up 30.57% year-on-year [8][11]. - The company has secured new project orders with an annualized sales amount exceeding 24.5 billion yuan, indicating a strategy focused on customer retention rather than solely profit margins [12][16]. - The company’s overseas revenue reached 1.644 billion yuan, growing 52% year-on-year, outpacing domestic growth [15][16]. Summary by Sections Financial Performance - In 2023, the company achieved a total revenue of 21.908 billion yuan, with a net profit of 1.547 billion yuan, and a non-recurring net profit of 1.467 billion yuan, reflecting growth rates of 46.71%, 30.57%, and 41.37% respectively [8][11]. - The fourth quarter alone saw a revenue of 7.438 billion yuan, marking a 54.24% increase year-on-year, surpassing market expectations [12][16]. Cost and Margin Analysis - The company’s gross margin began to stabilize in Q4 2023, with cash flow metrics indicating a healthy balance between cash inflow and outflow [12][16]. - R&D expenses grew at a slower rate than revenue, achieving a "positive scissors effect" in cost management [13][16]. Market Expansion - The company has made significant strides in international markets, securing new clients in Europe and Japan, and establishing a new R&D center in Yokohama [15][16]. - New project orders in the ADAS segment reached 8 billion yuan, with over 10 new project orders from various automotive manufacturers [15][16]. Future Projections - The report forecasts revenues of 27.020 billion yuan and 34.030 billion yuan for 2024 and 2025 respectively, with net profits projected at 2.249 billion yuan and 2.833 billion yuan [16][17].

证券研究报告 | 年报点评报告 2024年03月28日 德赛西威（002920.SZ） 年报业绩亮眼，汽车智能化景气度高企带来饱满订单 事件：2024/3/27，公司发布2023年报，2023年公司实现营业收入219.08 买入（维持） 亿元，同比增长46.71%，实现归母净利润15.47亿元，同比增长30.57%。 股票信息 年报业绩亮眼，汽车智能化产业大趋势带来饱满订单。近年来，汽车行业一 行业 软件开发 直处于“新四化”变革以及整合的阶段，汽车智能化特别是高级别智能驾驶 前次评级 买入 功能应用提速，促进中国汽车电子行业加速发展。2023 年度，公司营业收 3月28日收盘价(元) 126.00 入突破 200亿，达到 219.08 亿元，同比增长 46.71%，2020-2023年复合 总市值(百万元) 69,930.77 增长率 47.70%；实现归属于上市公司股东的净利润 15.47 亿，同比增长 总股本(百万股) 555.01 30.57%，2020-2023年复合增长率43.99%；获得新项目订单年化销售额突 其中自由流通股(%) 99.37 破245亿元。 30日日均成交量(百万股) 8.07 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][6] Core Insights - The company achieved a revenue of 21.908 billion yuan in 2023, representing a year-on-year increase of 46.7%. The net profit attributable to shareholders was 1.547 billion yuan, up 30.6% year-on-year. The non-recurring net profit was 1.467 billion yuan, reflecting a growth of 41.4% [3][4] - The growth in revenue is attributed to a rapid release of orders, with a significant increase in sales volume of automotive electronic products by 46.11% compared to the previous year. The smart cockpit business generated 15.802 billion yuan, up 34.4%, while the smart driving business saw a revenue of 4.485 billion yuan, increasing by 74.4%. The connected services and other businesses achieved 1.621 billion yuan, a remarkable growth of 167.4% [3][4] - The company is focusing on three main growth engines: smart cockpit, smart driving, and connected services. The third-generation high-performance smart cockpit products are driving growth, with new products in development for major clients. The smart driving segment includes a variety of high-tech products, and the connected services encompass a wide range of offerings, with new orders from various clients [3][4] Revenue and Profit Forecast - The company is expected to achieve total revenue of 28.121 billion yuan in 2024, with a year-on-year growth rate of 28%. The net profit attributable to shareholders is projected to be 2.039 billion yuan, reflecting a growth rate of 32% [4][5] - For the years 2025 and 2026, the revenue is forecasted to be 34.872 billion yuan and 41.702 billion yuan, with growth rates of 24% and 20% respectively. The net profit for these years is expected to be 2.715 billion yuan and 3.492 billion yuan, with growth rates of 33% and 29% respectively [4][5] Financial Metrics - The company's overall gross margin for 2023 was 20.44%, with the smart cockpit business gross margin at 20.58% and the smart driving business gross margin at 16.22% [3][4] - The earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 3.67 yuan, 4.89 yuan, and 6.29 yuan respectively, with corresponding price-to-earnings (P/E) ratios of 34, 26, and 20 times [4][5][6]